If you’re looking to join the many other wealthy real estate investors, you’ve come to the right place. Let’s go through a couple of the more popular methods — such as flipping houses, renting and wholesaling — that can put you on the fast track of accumulating wealth.

Flipping houses

If you’re looking to get started in investment properties and you love DIY projects, flipping houses may be the way to go. With the right tools and resources, flipping houses can be a great option. The best part is you can choose how big of a project you want to work on. Whether you want to just add a fresh coat of paint or add another bedroom to the house, here are some details to think about before you invest:

• Create a budget.
• Research houses in your price range.
• Determine how much to offer.
• Set short-term and long-term goals for the house.
• Recruit reliable contractors to help on bigger projects.

If you’re willing to put in the hard work of researching, learning and time, then you definitely won’t be disappointed with the results.

Renting

If flipping houses isn’t your style, consider renting out a house. Renting out a house is a fantastic way to maximize your profit. There are many different types of rental properties you can choose from. Those options include the following:

• Single-family homes.
• Luxury homes.
• Vacation homes.
• Townhouses.
• Condominiums.
• Small multifamily buildings.
• Apartment complexes.

Start small and build your way up to multiple properties as you learn the ropes of being a landlord. Once you have decided what type of rental property you want to explore, you will need to make a decision on if you want to do short-term or long-term rentals.

Short-term rentals

Short-term rentals are a perfect option if you like to be strategic with your time. This type of rental lets you be flexible with the fluctuating busy seasons. There are several platforms that not only allow you to advertise your property but also help you manage your bookings:

• Vrbo.
• Airbnb.
• Grand Welcome.

It’s important to remember that there are some extra services that come along with short-term rentals, like house cleaning and meetups to drop off keys.

Long-term rentals

Take advantage of long-term rentals and have the peace of mind of having stability. Finding new renters on a consistent basis can become demanding and stressful. If that isn’t enough of a reason to do long-term rentals, here are four more benefits:

• Reliable income.
• Simple financing.
• Low operating costs.
• Less turnover.

Find the comfort and convenience in having long-term residents in your rental property.

Wholesaling

Do you like the sound of making extra money off of real estate but don’t have a large amount of money to invest? With wholesaling, you are the middleman, which means your investment price significantly decreases. In wholesaling, you will find houses going for cheap, put them under contract and then sell them at a higher price to another buyer in a short period of time. This is somewhat like flipping houses, except — lucky for you — there is no renovating that comes along with this method. When you become a wholesaler, you should experience the following benefits:

• Minimal risk.
• Fast turnaround.
• No credit score needed.

Are you ready to join the ranks of all the other real estate investors? Start your journey today, whether you are interested in doing multiple DIY projects, finding renters or maybe just being the in-between person. Investing in the right property for you can make all the difference!

Lindsey Certonio is a project manager at Stage Marketing, a full-service content marketing agency based in Provo.