Businesses that will do well in today's housing market
Number of sales are down significantly. Prices are down somewhat. Down payments are lower, but monthly payments remain steady thanks to rising interest rates.
1. Property management for landlords
You basically act as the tenant's landlord but instead of paying for the property, you GET PAID a percentage of the monthly rental rate. In my area it's about 6-7%. ($60-$70/month to manage a $1000/mo rental where basically all you have to do is call a plumber occasionally.)
You can also offer to screen and select tenants (if they don't have a tenant already), which earns you a nice bonus commission (about 1-month's rental rate). It also ensures you're working with a tenant you think will be easy to deal with.
What kind of landlord would pay for this? Simple: Out-of-town landlords that don't want to drive to their rental unit every time a tenant can't figure out how to change a light bulb.
2. Buy and hold real estate investing
Now is the time to "buy low". Yes, this is a business and should be treated as such.
3. Getting your real estate license*
No, this is not a business (well, the licensing bureau is, but I don't think you're looking to start that. Or maybe you are? Maybe it's time to disrupt real estate licensing?). But if you've been thinking of getting into real estate sales, now is a fine time to start studying: The market will probably turn around by the time you're licensed, and hopefully some of your competitors will have changed careers during this challenging market.
If the market doesn't turn around by the time you're licensed, they hey, now you can buy up cheap houses more easily since you're your own realtor.
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