'LLERO
Join our community today and stay up to date on the latest from 'LLERO


Creating wealth can take a variety of shapes. For some, it’s all about becoming famous and having newspapers write their names on the front page. Others want to launch their own company and become the next Steve Jobs or Mark Zuckerberg. Finally, for some, they dream simply of being a good provider for their families. While the idea people have of success varies greatly depending on your personality, a common way to create wealth and stability is real estate.

Indeed, buying a house is a pretty big deal. In today’s real estate market, the median house price is around $226,800, according to Zillow. Scroll back half a century ago, and the median price was less than $100,000 in comparison – once adjusted for inflation. However, don’t let the increasing real estate cost deter you from becoming a homeowner. As properties are becoming more and more expensive, they also are more valuable. There can be a lot of wealth in a house. Which can lead to financial stability?

It Can Be a Profitable Career Plan 

Everybody needs a home. While the real estate market continues to inflate, there’s no denying that the demand for housing is not slowing down. As a result, it could be a profitable opportunity for enthusiastic professionals to consider learning how to become a realtor. Real estate agents can earn significantly more than the average office job, which makes the profession appealing. Additionally, as the role is typically commission-based, there is the potential to boost your earnings dramatically.

However, it’s fair to say that a realtor’s life doesn’t follow the typical 9-to-5 routine of office occupations. You have to be willing to go the extra mile to meet up with potential clients in the evenings or during the weekend – most buyers work during the week and can’t afford to take time off. While there are plenty of options to make time for your family, you have to be aware of the different income potential. 

Start a Rental Side Hustle at Home

Not everyone necessarily desires to become a real estate agent. But it doesn’t mean you can’t tap into the real estate market. Indeed, more and more homeowners consider sharing maintenance costs with temporary tenants or guests by renting out their guest rooms on platforms such as Airbnb.

Indeed, according to a UCLA study, the typical inhabitant hangs out in the kitchen and the family room during the day while other rooms are left mostly unused. As a result, renting out your guest bedroom and sharing your living space with someone else is not as intrusive as it sounds. Airbnb is especially useful to target temporary guests, such as business travelers or tourists who only need to spend a few days in town. You can build additional income for your home in a matter of days, which can help to tackle your energy, water, and other maintenance bills. For anybody trying to take the edge off a crushing mortgage repayment, renting out is the ideal solution. 

Consider a Rental Property

Once you start renting out, it’s impossible not to fall in love with the potential earnings of a rental business. However, if you’re planning to become a full-time landlord – or landlady – you need to plan your strategy carefully. Indeed, buying a property for the sole purpose of letting it starts with one crucial question: Can you afford a second mortgage? Indeed, while being a landlord can be a lucrative side hustle business, you need to be ready for your responsibilities.

You are responsible for the property maintenance, which means that your job goes far beyond rent collection. From selecting tenants you can trust to ensuring that repair works happen as needed, landlords wear many hats. More importantly, you need to comply with the regulations concerning rentals, in terms of fair housing, safety codes, health codes, and even tenant eviction. Most landlords find that owning multiple rentals is lucratively more rewarding than having only one property. 

Renting Not For You? Try House-Flipping 

As a landlord, you need to establish long-term relationships with your tenants to guarantee a regular income. Admittedly, while you may not be able to recoup your investment within the first few years, rentals have the potential to pay for themselves.

But, if you are after rapid gains, you might prefer to consider the house-flipping market, which enables investors to boost their income in a few months. House-flippers buy a property, repair it, and then proceed to sell it for a profit. It’s fair to note that the flipping process is a calculated risk that isn’t suitable for new and inexperienced investors. The losses can be substantial, if you’re trying to go too quickly through the process or if you lack the funds to see your project through to completion. 

Saving Money is as Good as Making It 

There is a lot of wealth in your house. For a lot of homeowners, maximizing the value of their property means boosting their gains. However, you can also flip your thinking patterns and consider ways of reducing your home-related expenses instead. Indeed, cutting down on unnecessary costs can keep your budget in the green while letting you enjoy all the benefits of homeownership.

Should owning a house break the bank? Today’s homeowners agree to look for cost-saving opportunities, such as downsizing. Indeed, as a recent UCLA study demonstrates, we only use a handful of rooms at home. Why should you pay for a space you don’t utilize in your day-to-day life? The popular tiny home trend is taking the real estate market by storm, driving homeowners to declutter and minimize their lifestyles to boost their incomes. The result is not only positive for your finances but also for your mental health, encouraging people to feel more relaxed and at peace. 

As you can see, there isn’t just one way through the door. Whether it be renting, flipping, owning or simply saving there are myriad of ways to generate wealth through real property. Regardless of which is best suited for you, it can be a strategic step toward financial growth.  

This article is a partnered post that contains affiliate links.

About The Author

‘LLERO Editors

Related Posts

Translate »