Pick your strategy

Who wouldn’t like to bring in a little extra money on the side? While there are many ways to make more income outside your day job, investing in real estate is not for everyone. You can’t just put your money on the line without having a strategy, warns Colton Brausen, commercial broker for Kris Lindahl Real Estate in Minneapolis.

There are various types of real estate that can bring you profit, from an apartment building or a multifamily home to a commercial building or an industrial space. Consider which option suit you best and go with that. You need to factor in how you will collect the rent, deal with maintenance and repairs, if you need a property management company or you can take care of things on your own. “There is no right answer,” Brausen says. “It depends on you as the investor and where your comfort lies.”