“10 Other Real Estate Investments You Could Do” by Michael Lantrip is a comprehensive account of possible ways to make money in real estate. These ways are outside of the normal methods of buying real estate, whether that is single-family homes, apartments, or commercial. I would have never guessed that real estate had so many facets to it. Of particular interest to me were billboards, mobile homes, storage units, and raw land. These are all things that are readily available in my neck of the woods here in Florida. Reading through these different techniques I realized how important it is to read books and learn. I do not want to go on a tangent, but by reading books like this, I start to see the world in a different light. I really enjoy learning how the rich make money. They don’t work for money. They basically spend their time finding deals that will give them a high return on investment. The rest of us try to get promotions. It is very important that we read, learn, and act. Tangent over. Okay, now let’s get into my 5 takeaways.
1) If you have money, then hard money lending and private lending are for you. If you have grinded your way to having a sizable amount of money, you can get a great return on your investment by assisting others in their real estate pursuits.
2) Wholesaling is something that you can do with very little money. However, you need to be able to find really good deals and present them to investors for a fee. You have to be knowledgeable of real estate to get started.
3) Section 121 flipping involves living in a house for two years, renting it out for 3 years, and selling it. If you can pull this off, you would not have to pay taxes because the house was your primary residence for two years. If you can keep doing this, you would have a small fortune. But who on earth wants to move every three years? (military joke)
4) Billboards are very lucrative but very hard to find. Once you have a good collection of billboards they can pay off. You have to do a lot of research in order to get the good ones.
5) Buying a storage unit facility can be very lucrative as well. You should be able to pay it off in 5 years. It takes some management, but the money is there. This is a good way to get into real estate and passive income, without having tenets. Only 10% of storage units are owned by the big guys (Public Storage, etc), so there is room for the little guys like us.
As you can see, there is a ton of information in this book. The author is a lawyer and gives us an excellent legal background on each of these techniques. This is a starter book that will lead to substantial rabbit holes towards information. In fact, my next book is on mobile homes and after that buying land. There is so much information out there, I am glad to live in the digital age where we have access to it at our fingertips. We just have to make use of it.
Join our Facebook group at:
https://www.facebook.com/groups/231490384820780
Follow us on Pinterest at:
Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
Leave a Reply