Passive income through real estate investments allows owners to build wealth and thoroughly enjoy living life on their terms during the golden years of retirement. Typically, the single-family home rental scenario comes to mind when you imagine a real estate investor’s portfolio holdings. However, real estate has much more to offer. There is an astounding array of sub-sectors within each area of real estate that you can use as an opportunity to diversify investments.
Diversification offers security to grow your wealth while building your current cash flow. Should one sector of the market experience a downturn, your income is protected because you have carefully spread your investments across such different income bases. In addition, because rental rates tend to rise with inflation, it also creates protection for your long-term income. Read on to discover five ways to grow your Long Island real estate portfolio in 2021.
Add Mobile Homes
Mobile homes offer another opportunity to grow your Long Island real estate portfolio in 2021. They provide a low-cost way to add units to your portfolio, and affordable housing is always in demand. In addition, several diversification options exist, from buying and flipping or renting one or more single units to owning the entire park. Tenants own and maintain the mobile home while the investor collects rent for the land and maintains the community. Owning a mobile home community also allows for several ways to maximize your revenue, such as adding laundry facilities and vending machines. Finally, whether you are an experienced investor or just beginning your real estate investment journey, you can avoid headaches and locate just the right property by working with a professional buyer like the professional real estate investors at Prestige Home Buyers.
Add Short-Term Rentals
The short-term rental market is a fast-growing real estate sector and a great way to grow your Long Island real estate portfolio in 2021. The evolution of societal norms now favoring less populated temporary housing over busy hotel lobbies and close quarters with high densities of other guests. Time-saving features that these visitors seek include a contactless entry with coded locks, allowing for a private experience, meaning you can carry on with your life while your guests check themselves in. In addition, guests tend to favor the home-like atmosphere of these private short-term rentals, meaning that the cleaning supplies are available for their use during their stay. As a result, you save time and money with fewer turnovers for your cleaning crew. When you work with a professional investor, like those at Prestige Home Buyers, you can relax while our team of pros handles everything for you, including locating the best short-term rentals in Long Island.
Commercial real estate includes any property used for generating income or business purposes and offers some exciting ways to grow your Long Island real estate portfolio in 2021. This section of real estate investments provides rental income from industrial and multi-family to retail businesses and office buildings. Typically, these are more significant investments than other types of real estate. With so much at risk, it is well worth considering seeking input from those who can help you run your numbers and ensure a sound investment strategy. A professional investor like those at Prestige Home Buyers can help guide your investments in commercial assets, from those just getting started to those seeking to add more significant commercial properties to maximize profits through scaling.
Vacant land is another section of real estate that can align with your interests. Investing in land is a great way to grow your Long Island real estate portfolio in 2021. Real estate investors can develop raw land or hold it long-term. Land can be improved and flipped or leased on a short or long-term basis. Seasonal vendors need temporary land to sell goods, while farmers lease land and pay for development and taxes. The correct location is the key to investment success, as with all real estate. You must locate land most suited to fulfilling your investment goals; it is helpful to work with an experienced land buyer, as the professional investors at Prestige Home Buyers.
Work With a Pro
There are many ways to grow your Long Island real estate portfolio in 2021, so why not work with trusted experts like the professional real estate investors at Prestige Home Buyers. At Prestige Home Buyers, we can help you achieve your investment goals, earning the highest return for your investment dollar. Then, when you are ready to retire, you can earn passive income and rely on the professional investors at Prestige Home Buyers and their crew of the most reliable professionals from every walk of the real estate industry to manage your properties. The professional investors at Prestige Home Buyers can help you find just the property you need. And don’t forget to ask about our current inventory of the best investment properties available now in Long Island. Contact Prestige Home Buyers at (631) 336-9166.