It’s always a good idea to diversify investments, branch into different assets, and expand your portfolio. One business that is always a great investment choice, because it has withstood the ever-changing economy, is real estate. And although it comes with high risks, it is profitable if done properly. It requires patience and a lot of learning the ropes.
Investors need to consider factors like location, the type of property to be developed, and who would live in it –all of which can be tedious work and may deter beginners from getting into it.
But one sector of real estate that is easy to navigate is hospitality. The kind that caters to people with short-stay accommodation needs. It’s easy to set up because all you need is to tick a few boxes, and you’re on your way to becoming a property owner.
If you want to get started with hospitality real estate, keep reading to find out three ways to invest and build wealth.
Property Development – The first way is to build your hotel or rental home from scratch. That way, you can set the tone for the type of hospitality accommodation you have in mind. If you’re looking to purchase your land, look for fast-developing neighborhoods because this means the value of the place will continue to go up as more businesses and buildings get developed in that area. Gather all the information about the location and when the purchase has been made, get your permits, and start constructing your ideal hospitality accommodation.
House Flips – Flipping houses is not new. It requires finding durable homes and renovating them. If you don’t want to build from scratch, you can fix these homes up, and turn them into modern rentals. It could be an old duplex turned into smaller blocks of apartments. When searching, look for neighborhoods that are secure and close to commercial areas so the new residences are easy to lease.
Listings – There’s always someone coming into the city and looking for a place to stay. And locals in search of some time away from home. So if you have an apartment that has been sitting empty, it may be a good idea to lease it out as vacation rentals. If you’re not sure where to begin and how to start getting guests, try listing on a 3rd-party site. Look for a platform that’s easy to use and caters to the type of guests you’re hoping to attract. These listings usually require a commission, subscription, or full payment to the site.
Of course, these tips are not so simple to execute –especially when it comes to developing properties, managing facilities, and guests. It can be tedious and take the fun out of real estate. But at The Double H, we’ve created a way for you to invest in real estate without the hassle.
The Double H is raising the bar on luxury short-stays and we are open to partnering with investors already in the industry or looking to get into real estate and who share our vision of creating unforgettable experiences.