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Property is one of the most secure and profitable ways to invest your money and this trend is increasing with every passing year. In this article, a professional property advisor in Melbourne is going to list different types of investment property which can be purchased to produce income or be flipped for a profit.
The Single Family Investment Property
The single-family investment property is a condo or house bought for renting or selling. The best way to invest in these is to buy an undervalued property of the area like foreclosures or fixer-uppers, fix it up and sell it by keeping profit or rent it out.
The Second Home / Vacation Home Investment Property
A second home or vacation home can become a great option for a rental property. If you have the second house which you use only for a few months or any specific time of the year, then for the rest of the year you can rent it to one or more tenants.
The Small Multifamily Investment Property
A two-to four-unit house is one of the most common types of investment property for beginners. It can either be an owner-occupied property or all units can be rent out to tenants.
The Large Multifamily Investment Property
The large multifamily investment property consists of five or more residential units. Apartment complexes lie in this category. This can either be owner-occupied which we don’t see much often, or all units can be rent out to tenants.
The Mixed Use Investment Property
You will often see this type of property in urban areas, it is used for a combination of commercial and residential purposes. It can consist of a combination of stores and apartments, such as a four family with a Laundromat on the first floor and three apartments above it. It could also consist of a combination of apartments and offices.
The Office Investment Property
This can either include one company or multiple offices for multiple companies. This type of property can get you huge rent from office tenants.
The Retail Investment Property
This property could be one tenant, such a small food chain or a large retail store, or it can consist of multiple units for multiple businesses, such as a barbershop with a beauty salon, ice cream parlour, and medical store.
The Industrial Investment Property
This type of property is often occupied by one tenant. For example, it can be a factory for manufacturing, a car showroom or a storage garage.
Investing in property requires a lot of knowledge and patience once you have made a decision to purchase a property. If you need expert advice, you can get in touch with the investment advisor in Melbourne, because it can be challenging to decide which property you need to invest according to your ultimate goals?