In areas where there are a lot of people visiting as tourists, there is a way for an investor to make a lot of money.
Currently in almost all housing markets, there are a lot of foreclosures or houses owned by banks that can be bought at a bargain. If they are in areas where lots of people visit such as areas around Lake Tahoe, and there are people visiting both in the winter for skiing and summer for all the other activities that occur in many of the same villages; then you might have a bargain. People that visit are always looking for a place to stay. Often there are rentals or hotel rooms in these areas that are popular but can be expensive.
But if an investor can buy properties at a great deal such as foreclosures, and they are in good shape, you could turn them around and use them as rentals. Even if you must furnish these rentals, it is still a good business for investors.
Search for foreclosures
To see if this is a good investment are not, the first step is to search on several websites that have foreclosures listed. Just Google “foreclosure Lake Tahoe” and see just exactly how many foreclosures there are. If you know a Realtor® in the area that you have dealt with before, make a list of some properties for them to show you. If the foreclosures are in good shape and near where all the outdoor activities are for both summer and winter and selling for $10,000 are less, this is a property you should consider for your project.
Another idea is to go into projects like this with other investors. You would be sharing the expenses and the income. If you are going to furnish and you willneed too, it might be better to consider second-hand stores to find used but still in good shape furniture. Because of these expenses, it probably would be best to do only one every year, but after you have fixed up 3 or 4 and the income starts being more than the expenses – you may have setup a great cash maker for your business or your family.