Is Property Still A Viable Way To Make A Living?

It doesn’t matter whether you are snowed under with a full time job or whether you are considering branching out into entrepreneurship, the world of property is still an enigma when it comes to making money. When watching property auction TV shows, making money and turning a profit looks so easy. You simply have your pick of properties, you do it up on time and to budget and sell it on making a lucrative return on your investment. Sadly, real life isn’t a property auction TV show. There are many ups and downs when it comes to property renovating. Some people choose to invest some of their spare savings pot into a property to then flip to sell on, or renovate to rent out for the long term.

Some people choose to forego the whole property renovation thing and opt for a more hands off approach to investments, deciding to pump their cash into an off plan overseas apartment complex. Or they may choose to take the plunge and become a real estate agent. The avenues down which you can travel when it comes to making money from property seem never ending. Take a look to see if any of these property investments are worth your while.

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If you adore the TV shows that demonstrate how seemingly simple it is to make money from bricks and mortar, then why not take a trip down to your local property auction. Don’t go with a purchase in mind, but just get a feel for the environment. You will soon spot those buyers who are eager to purchase a pad come what may. But you will also spy those individuals who know what they are doing, who set a budget and stick to it, and who are successful property developers. The aim of the game is to make money, so you need to factor in your purchase price, renovation costs, overheads, mortgage repayments and taxes. Only if the projected selling price is over and above this total should you be considering waving your bidding paddle board.

When choosing which property to buy, make sure that you look for the worst house on the best street. You can always upgrade a dwelling but you can very rarely improve on a location all by yourself. This takes community involvement and local government money, both of which you have no control over. While it might be tempting to purchase in an up and coming area, a location like this may have been up and coming for decades without any movement. Focus on the property price values for the previous five years and ensure that the location that you are looking to purchase in has seen price rises consistently. This can help you feel secure in the knowledge that your pad will increase in value.

You may choose to renovate quickly to flip and sell on to make a short term profit. Or you may decide to go for a more long term approach, buying a property to let out over the next decade. Both options are valid, with the latter requiring slightly less risk. Being a landlord can be very difficult if you have a full time job, but relinquish this responsibility to a property management company and you could take a more hands off approach.

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Real Estate

If you fancy going the whole hog and opting for a career switch, then real estate could be your thing. If you are obsessed by property and you know exactly how much a three bed condo would go for in your local area, then it might be time to look into becoming a real estate agent. After obtaining your licence, you will need to try and build up a portfolio of properties. Being new to the scene and with a whole host of already well established rivals, you will need to have some financial incentives for sellers to list their properties with you. Perhaps you can halve your commission, offer to contribute towards legal fees, or set up a free open house.

When you have built up a reputation, and people see that you are selling homes for premium prices and quickly, you will have clients knocking your proverbial door down to list their humble abodes. People like transparency and honesty, so don’t offer to sell a home for $20,000 more than what is realistic just to get the business. You will only end up with an overpriced property on your books for months. This looks bad and savvy property sellers can spot this poor practice a mile off. Instead, be honest, set a fair list price and work on generating leads.

When you are established and have a decent portfolio, it might be time to invest in some real estate CRM software like follow up boss to help you track your leads, organize your viewings and manage your contacts. By having a management system, you can track your sales and analyze your data accurately to improve your future real estate practice.

Holiday Lets

If you’re keen to invest in property but you don’t fancy all the hard graft in flipping property, then holiday lets could be more up your street. Many people who want to keep their full time employed positions use a vacation let as a side hustle. You can purchase a dwelling somewhere with tourist traffic, to ensure that your pad is sought after. You might choose to purchase a home on the edge of a national park, close to a tourist monument or near a scenic mountain range for the ski season. As long as the location is popular with holidaymakers and is accessible, you could find your pad being let out week after week.

Being a more short term let of maybe a week at a time, you can charge a premium and will find your rental yield much higher than a regular young professionals long term let. However your holiday season may be short, so you will have to factor in those months when no one is staying at your property. You will need to ensure that the place is kept spotless and that you provide a little something extra for your customers. A welcome hamper can go a long way to secure a positive review online, cementing your reputation for providing excellent holiday lets for the tourist market.

Off Plan

Investing off plan can be a higher risk investment but the returns can be lucrative. Off plan means investing in a property that hasn’t been built yet; it is still at the planning stage. You are entrusting a building firm to construct a solidly made property that you invest in up front. Once built to a modern and high standard, you can then sell this property on and turn a quick profit.

Ensure any investment you make is in a good location with excellent amenities and transport links. Research the building firm and ensure that all of their past projects have been built on time and to budget. And if you aren’t happy with your research, give the opportunity a wide berth and wait for the next one to come along.

Investing in property is not for the fainthearted. However, property is still an excellent way of making your hard earned savings work more aggressively for you. You can test the waters while still a full time employee by investing in property as a side hustle. Bricks and mortar is a flexible investment option which is why it is such a popular choice for amateurs. Follow this guide and make your foray into property a viable way of topping up your savings for your twilight years.

Brian Robben

Brian Robben is the founder of Take Your Success, a site dedicated to helping entrepreneurs and wantrepreneurs grow a profitable business and reach freedom. For in-depth training, visit: