When you think about making a real estate investment, what kind of property comes to mind? There's a good chance that you just pictured a relatively small home that could serve as a rental property.
This is probably the most common kind of property that you can invest in. But if you're going to make a real estate investment, you should know that it'll be just one of the many options available to you. There are so many types of properties you can invest in when you shop around in the Hampton Roads area.
Property managers will be able to assist you with whichever type of property you invest in. But you should still give serious thought to which one you'd like to go with.
Here are several of your best options.
Residential Property
If you're going to be making your first real estate investment, residential property is probably where you should start. Residential property will be any home, townhome, or condominium that you can buy and then rent out to others in exchange for monthly rent.
Buying a residential property is a great way to get your feet wet when it comes to investing in real estate. If you're able to stack enough residential properties on top of one another, it'll also prove to be a fantastic way to bring in plenty of passive income.
Just make sure you find the best property managers in Hampton Roads to help you with residential rental properties. They can take care of things like marketing your properties and collecting rent from tenants.
Commercial Property
If you have some experience as far as investing in real estate is concerned, purchasing commercial property will be a wonderful way to take your investments to the next level. Commercial properties will often cost way more than residential ones, but they'll also put you in a position to make more money on them each month.
You'll also want to hire property managers to help with commercial property, maybe even more so than with residential property. It can be challenging trying to look after large commercial properties all the time.
Raw Land
If you aren't overly concerned with making a ton of money on real estate investments right away, you might want to consider buying raw land. It could help you make a pretty penny later on if you play your cards right.
You will need to look for raw land in an area that could potentially be up-and-coming soon. It'll make this raw land more desirable in the future and allow you to either sell it for a profit or develop it with residential and/or commercial properties that'll command high rents.
Hire Property Managers to Help With Your Real Estate Investments
No matter which types of properties you decide to invest in, having property managers in your corner to help with them will be great. They'll be able to take care of so many tasks you would normally need to do on your own.
Renters Warehouse is a property management company in Hampton Roads you can rely on. Reach out to us today to get our assistance.
