Building an investment portfolio that includes real estate assets is a great way to build wealth. Here are four options to consider and the benefits of including long term rentals as part of your strategy.
Real estate investment options
Here are four examples of real estate investment avenues that range in risk, commitment, and cost.
1. Short Term Rentals
These are vacation homes or condos that you put on the market for short term stays. As investments, these properties have huge profit potential, especially in high tourist areas and during busy travel seasons such as Christmas. However, that income isn’t consistent and more management is needed with the quick guest turnaround times.
2. House Flipping
Giving a home a complete renovation seems like the glamorous way to make money. You’re able to redesign a home that was outdated and sold for a good price, to be highly profitable and desired among homebuyers. However, they can be time-consuming projects and often more expensive than expected if not pre-planned correctly. Find out how we can help with your renovation.
3. Real Estate Investment Trusts (REIT)
Basically, these are shares in real estate investment companies and are relatively hands-off in terms of managing. The benefit of investing in trusts is that you don’t need tons of capital to get started, however, there is limited upside or potential for leverage when compared to other real estate assets.
4. Long Term Rentals
This type of real estate investment is quite popular and these properties are rented out to long-term tenants. While finding the right tenants, collecting monthly rent, and managing maintenance calls can be overwhelming, there are a number of benefits to investing in a property as a long term rental. All associated costs, such as the mortgage and utilities, are covered by the tenant and your property will increase in value over time. This means you can sell and rent out for a higher price than you paid all while generating that extra wealth for yourself. Plus, you can hire a tax-deductible property manager to handle the day to day operations to keep your property and tenants in check. Find out how we can help here.
Choosing how to invest in real estate can be a tricky area to navigate. From big commitment projects like flipping a house to real estate investment trusts, there are a number of pros and cons when considering what is best for you. What type of asset are you going to invest in next?
They boost your mood, clean the air, promote happiness, and are a great way to style up any living space! So whether you are looking to spruce up your furnished rental property, or searching for a gift for your tenant, houseplants are an excellent addition to any home. Here are seven low maintenance houseplants perfect for green thumbs and plant newbies alike!
1. Snake Plant
Snake plants are one of the most trendy and easy-to-care plants today. They are nearly foolproof and thrive when they are neglected. Among the 70 variations of this plant, they are one of the rare plants that release oxygen at night, making it the perfect addition to your bedroom.
2. Chinese Evergreen
This popular lush houseplant can tolerate almost any indoor condition. It’s a slow-growing plant so whether you buy it small to live on a desk, or fully grown to accent a corner of the home, you can expect it’s appearance to stay consistent with little maintenance.
Indirect sunlight, little water, and this succulent will thrive! They only need to be watered generously every 3 weeks, and can even be brought outside in warmer months. They make a great decoration for any living room and the aloe gel inside the leaves can be used for any cuts or burns as needed.
4. Jade Plant
This is another popular succulent plant with dark green oval-shaped leaves. It’s also called the money plant and is known as a great housewarming gift for new homeowners (or renters)! It loves lots of sunlight, so it makes the perfect addition to any window sill.
5. Ponytail Palm
With its bulb shaped trunk and wispy leaves, ponytail palm plants can add interest to any room. They do best in semi-dry conditions, so don’t worry if you go weeks without watering. They can grow in low light conditions but moving this plant around the home throughout the year to catch the light is a great tip to help your palm prosper!
These plants are fantastic indoors and they stand 6 feet tall or less. They feature fork-like stems and stiff green leaves with red trimming. Just be careful, it’s easy to overwater these ones and should be left alone in bright indirect sunlight areas. Just leave them be and they are sure to be an eye-catcher in any room.
7. ZZ Plant
This plant’s technical name is zamioculcas zamiifolia. And while that’s extremely complicated to pronounce, taking care of this plant is as easy as it’s shortened name. These plants have bright green waxy leaves and tend to be 2-3 feet tall when fully grown. These plants are drought resistant and do just fine in low light and direct sunlight conditions, which makes them the perfect accent for any room including basements.
Houseplants seem to be making a trendy comeback when it comes to home decorating, but they have many more benefits than just adding some colour to a living space. As a landlord or property manager, take a look at your property to see which plants would be best for each room and start adding some leafy greens to your space today!