It’s not hard to believe that an effective way to double your wealth, in the long run, is by investing in Lexington single-family rental properties. If so, how much do these real estate investors make in a year? It’s honestly a valid question to ask, and different people may give you different answers. It’s time we delve into how much real estate investors make, and how these investors get the best out of their rentals.
Average Investor Salary
On a national level, the average real estate investor salary is somewhere between $70,000 and $124,000. This, however, is an approximation of various kinds of real estate investing, including house flipping and wholesaling. This is why it’s not the most accurate representation for single-family rental property investors.
Average Rental Property Owner Salary
When you focus on investors who buy and hold rental properties, the average salary for rental property investors changes to a range of $27,500 to $121,000 – an even wider swing than for investors overall. These numbers might not be the most accurate representation, though, since rental property owners are small-time investors who own one or two rentals.
Rental income, quite honestly, is just enough — especially when you take into consideration monthly property expenses, and if the investor is just starting out. Still, as shown in the upper category of the graph, there are rental property investors who earn six-figure incomes — that is on top of their property assets.
Why Aren’t the Numbers More Specific?
It can be very tricky to try and determine exactly how much rental real estate investors earn because there are so many factors to consider. From the amount of cash flow every property generates on a monthly basis to the number of properties owned, there’s a whole lot to look at.
Due to the fact that real estate investing is mostly a local business, the yearly investor’s income will be determined by the local market. The average salary for a real estate investor in North Carolina is about $99,000, whereas, in New York, it’s over $136,000.
How to Increase Your Rental Income
If you intend to augment your salary as a rental property investor, there are certain actions that you can take. There are investors who say that it’s profitable to buy as many properties as you can each year. And there are others who say that it’s better to go for real estate deals that yield higher returns. Other investors may branch out and invest in up-and-coming markets, hoping to capitalize on growth in new markets.
Something that you should do is to ensure that you optimize the rental income for every one of your properties. Without even knowing it, you could have missed a few additional earnings. There are so many efficient and useful ways to increase your rental income. You can make sure that your property is kept in good shape so that you can charge a bit more on rent. There are a lot of inexpensive ways to keep your rental in top shape. Make sure to check the local market assessments when it comes to deciding how much you want to charge for rent.
If all of this has you feeling a bit overwhelmed, you may want to consider bringing in Lexington property managers who are local market experts and can help you make the most of your rental properties. To learn more, contact us online today.
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