If you want to make money, then investments are a good way to start. Investing your savings will do a lot more with your money. One of the best investments to make is a buy-to-let property investment. This is where you buy a property, with the intention of renting it out.
When done correctly, you can make a fortune from this idea. As luck would have it, I have some tips to help you on your way. Read my advice, and start building a buy-to-let empire.
Apartments Are The Way Forward
Part of building your empire is investing in desirable properties. Remember, you have to own properties that people are willing to rent. For me, apartments are the way forward. You find that people prefer to rent these of houses. Normally, this is because the rent is more manageable and cheaper.
This is good for you, as apartments are a nice investment. If you play your cards right, you can find a few new apartments to buy for cheaper than houses in the same area. Save yourself some money, and invest in these smaller apartment properties. The key is to ensure you’re investing in good locations. A new apartment development in an inner city area is ideal. There will be queues of people trying to rent your property.
Try And Keep Maintenance Costs Low
The less you put into a property, the better. It means you’ll spend less, and stand to earn more. One key thing to do is try and keep the maintenance costs down low. As the owner of a rental property, you’re in charge of a lot of maintenance. If there are major problems with the structure of the property, you have to pay to fix it. This is again a reason why apartments are better than homes. There’s a lower maintenance cost to them.
But, I also advise that you only purchase new properties. Don’t go for old apartments, as they can still have higher maintenance costs. There’s more chance of something going wrong when a building is old.
Invest Your Earnings
With buy-to-let, you will earn income from rent every month. This money is now yours to do with as you please. Naturally, you could pocket some and call it your earnings. But, what you should do is reinvest it. Spend your earnings on more properties, and build your empire. Within a year or two, you might have enough to buy a second apartment. Then, you have double the rent coming in.
Slowly but surely, you earn more money and can invest it in more apartments. Before you know it, you have dozens of properties to your name. The more you own, the more money you will make. If you’re serious about building an empire and making money, you have to reinvest a portion of what you earn. You’ll find that the more successful you are, the more money you can keep for yourself while still being able to invest the rest.
Follow these tips, and you’ll be on your way to greatness. It’s a great way to invest your money, and start making a fortune.
***Image thanks to Roland Tanglao***