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Income Sources in Real Estate (7 Streams)
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Ever wondered what are some of the income sources in real Estate? According to the IRS, most millionaires have at least 7 sources of income. In this video, we'll discuss 7 sources or streams of income in the real estate business. There are more sources, but we will briefly discuss 7 sources that Moms can tackle.
1. Real Estate Agent - represent buyers and sellers in real estate transaction (Mostly single family homes). In most states you will be required to obtain a real estate license.
2. House Flipping - Buying a distressed property, rehab/remodel, then resell for a profit. High potential for big paydays, but you will need to have enough funds to pay for the holding costs and while doing the remodeling.
3. Wholesaling - Connecting a seller and a buyer and make an assignment fee of the difference in the buy and sale price. Low risk method and is a good way to enter into Real Estate.
4. Long Term Rentals - Being a landlord. Buying a property and rent it out. You can leverage other people's money to build wealth over time. You build equity in the property when the value goes up over time, while the mortgage is being paid down. You can also expect a $200-$400 monthly cashflow if executed properly.
5. Notes/Seller Financing/Owner Financing - Be the bank in the real estate transaction. You can help a family who doesn't qualify for a bank loan , buy their dream home. You can connect a buyer with a source of funding and make a spread on the interest rate difference. It is truly a win win win scenario for all parties involved.
6. Short Term Rentals - Most people refer to this as AirBnB. Be a host and provide the hotel experience for guests. Income is higher than long term rental but you will need to be way more involved.
7. Rental Management - Manage other Landlord's properties. It is scalable. Can start with 1 and add on more over time. Market property, and manage the communication between Landlord and Tenant. It is slower money, most charge 8-10% management fee of the monthly rent.
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Who Needs the Bank - Bob Zachmeier
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