In the tiny town we now live in, there is a small commercial garage that is up for sale and I can't stop my husband from talking about that every. single. day. He could put all of his cars there, it's in a very convenient spot to have a tower/wrecker, and he could finally finish his 394854757 projects in a dedicated space and not the driveway.
That last point is what sold me.
I began to research how to begin a commercial property purchase and fell down a rabbithole of the pros and cons of both residential and commercial real estate. I learned that there are five simple ways to get started investing in real estate:
Rent Out A Room
This doesn't quite seem like investing in real estate at first, but what it does is teach you about paperwork and what is required of you as a property owner. There is a lot of paperwork involved in real estate and it's in your best interest to know all of the laws/requirements of owning property. Renting out a room is what a lot of people start with instead of jumping into owning a rental property. However, many people do choose to begin with investing in a rental property.
Purchase A Rental Property
This is where many people's real estate investing journey actually begins. Whether you purchase the property or you are gifted the property, owning a rental property is a huge step. It's definitely exciting! I haven't taken that leap yet, but have considered it as an option in the future. You should definitely familiarize yourself with A Beginner's Guide To Real Estate Investing. It's available online here!
Consider Property Flipping
This is what drove me to seriously consider the commercial property purchase. If anything, after fixing it up, we can always flip it. It really is a great property for a garage so it seems like a great investment, either way! There is information everywhere on Google but I found the best tips on how to begin through the connected investors review here.
Attend Real Estate Auctions
Real Estate Auctions can be found all over America. I had attended vehicle auctions before but had not attended one for real estate. It always surprises me the deals you can find here and the cheapskate coupon mom in me LOVES the bargains. It's definitely one of the best places to find your first property!
Research, Research, Research
Use the resources you have at your disposal and read, read, and read even more to learn everything you can.
Now that I think about it, this is my advice for everything in life!
Have you invested in real estate? Share your tips in the comments below!