I currently buy and hold properties in the Buffalo, NY area.
I am trying to find something else to do in the real estate field to generate revenue but am not sure which way to go. My current thoughts are the following in no particular order:
*Wholesaling (Honestly, Im not quite sure how to do this)
*Teaching others and charging(I feel a little weird about that) I paid a guy when I was 19 and I don't feel that I got much out of it.
Any suggestions on what to look in to or on the best way to get started in these or any other additional revenue avenues would be greatly appreciated.
I think were in the same boat... Looking for some ways to generate some money up front in the middle and on the back end... to improve cashflow over all.
I've been looking into Lease Options, Sandwich Lease Options, Cooperative Lease Options, Sub2...
Primarily Lease Options as an exit strategy... Get paid up front, monthly and on the back end. Beats standard Rentals in the short term from what I can tell.
Cooperative Lease Options - Looks like a good strategy to me as well for some quick up front money for using your expertise to help both seller and buyer.
I have been warned that while these deals do not require alot of up front cash, they do require a quite a bit of knowledge to execute properly and not get into any legal troubles. Depending on your state... some require you to have a license.
I have been warned several times - Seek Legal Advice before proceeding... Located 2 Lawyers who supposedly specialize in Real Estate and will be speaking with them soon.
Living near a military base, I have been running across lots of people transferring to a new base that need debt releif. They are not looking to make any money on their house, they just want to get rid of it for what they owe and stop the payments so they can move on. (Seller)
I also have been running across people who don't have the full downpayment required to buy a house, or have not so great credit but are working on getting it straight. They do not want to rent, but would love to rent a place they can buy in the future when they straighten their credit out. (Tenant/Buyer)
Looks like a great opportunity to glue these guys together somehow and make some profit... If only I could put the deals together and avoid legal trouble... still researching the nuts and bolts on this one.
Not sure if any of this helps, but at least may give you some ideas that you could investigate further.
Free eBook from BiggerPockets!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!