1. Option to purchase: This involves giving someone the right, but not the obligation, to purchase a piece of property at a specific price within a certain period of time. The option holder pays the option seller a fee, known as a premium, for the right to purchase the property. If the option holder chooses to exercise the option and purchase the property, the option seller profits from the premium. If the option holder does not exercise the option, the option seller still gets to keep the premium.
2 . Lease option: This is similar to an option to purchase, but instead of giving the option holder the right to purchase the property, it gives them the right to rent the property with the option to purchase later. The option holder pays a higher than market rent, and a portion of the rent paid goes towards the purchase price if the option is exercised.
3 . Buy and hold: This strategy involves purchasing a property and renting it out to tenants. The investor collects rent and can potentially benefit from appreciation in the value of the property over time.
Flipping: This strategy involves buying a property, making improvements to it, and reselling it for a profit. This is a short-term strategy and the investor is looking for a quick return on the investment.
Continous Learning: Real estate market is very dynamic, so it's important to continuously educate yourself on new trends, laws, and market changes. Joining a real estate investment club or taking courses on real estate investing can be very beneficial in keeping yourself updated and educated.
Keep in mind that real estate options can be a great way to build wealth, but they also come with a certain level of risk. It's important to carefully evaluate each potential investment and weigh the potential benefits against the risks involved. With the right strategy and a good understanding of the market, real estate options can be a great way to make money in the long term.