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Making A Business Out Of Property
If you are thinking of trying to do a business out of property in some way or another, there are many ways in which you can hope to do that. You might already have a portfolio that you are keen to work with, building upon and opening out. Or maybe you are completely new to this world, and you want to try and get started by going straight into the deep end. In either case, doing a business out of property should be pretty straightforward as long as you consider a few key things.
In this post, we’ll take a look at those in detail, so you can hope to get such a business started yourself in due course.
One of the most common – and lucrative – options you have is to get into corporate buy-to-let. As the name suggests, this is when you buy a property with the sole purpose of renting it out to corporations and businesses.
This can work very well, but you need to make sure you can get your foot in the door of the buildings in your local city or town first. And that can take some capital. This is, therefore, a good option for someone who already has something to work with. If you don’t, then you might want to take a look at other options instead.
Another option is to go down the serviced accommodation route. This is simply where you offer accommodation to private individuals who want to rent somewhere out for the weekend or longer.
An example of this would be a hotel, but you no longer have to be a hotelier to run this kind of business. In fact, one way this is achieved today is by owning several Airbnb properties and then doing a business of bringing people into each of those. With proper management, this can work extremely well.
Multiple Occupancy Buildings
Alternatively, you could buy up a large building with many smaller living spaces inside it and rent those out to different families. Multiple occupancy buildings of this kind can be solid earners for the simple fact that they are generally bringing in many streams of cash at once. Be a good landlord, treat your people right, and make sure that communal areas have someone looking after them, and you will be able to charge rent in return. It would help if you also focused on having good security too.
Or maybe you want to go down a completely different kind of property business route altogether and look into the world of town planning. This is an exciting and refreshing way to do business out of the property, and it is a perfect option if you are keen to feel as though you are making a real difference to a local area.
It’s all about making development that will benefit the community, in assistance with the local governing bodies, so there is a lot of politics involved and much wringing of hands. But with the right help, it can be successful and rewarding.
What is commonly referred to as ‘flipping’ houses is a more common way to get into this kind of business. With a flipping model, what you are doing is buying properties that have perhaps seen better days, refurbishing them so that they are liveable again, and then selling them on for more money.
It’s a simple formula, but it works, and the beauty is that you can be as involved or not as you like. You can be painting walls or just hiring someone to do it all. But at the end of the day, you’ll make a decent profit on the whole.
A completely different way to get involved in this kind of business is to look into the world of property auctions. These are happening all over the place, and by getting into it at the right time, you could find that you have a strong business going.
You need to find a local area where you can set yourself up as the go-to auction company for anyone willing to sell their house. You’ll be amazed at how much you can earn on commission just by being the middleman here. Of course, the more of a service you provide, the better.
As you can see, there are plenty of ways to do business out of the lucrative world of property.