Owning property isn't all about dealing with late-night calls from tenants about leaky faucets or unwanted pests. When done wisely, investing in property can offer impressive financial returns and act as a safeguard against market volatility. Property investments can even offer a source of steady income with minimal day-to-day involvement on your part.

However, for many potential investors, the realm of property investment can be daunting. Here are some diverse approaches to profit from property investment, ranging from hands-off to hands-on.

Top Strategies for Property Investment

1. Invest in REITs (Real Estate Investment Trusts)
   REITs offer a hands-off way to enter the property market without physically owning any property. Often likened to mutual funds, REITs are companies that own a variety of commercial properties such as malls, offices, and hotels. They typically provide high dividend payouts, making them a favorite among retirement investors. You can reinvest these dividends to compound your earnings over time. While REITs vary in complexity and risk, newcomers should generally stick to those traded on public exchanges, accessible via brokerage accounts.
2. Participate in Online Property Investment Platforms
   These platforms serve as intermediaries between property developers and individual investors looking to finance projects through debt or equity. While potentially profitable, these investments are high-risk and illiquid. Many platforms cater solely to accredited investors, though there are alternatives like Fundrise and RealtyMogul for those who don't meet the criteria.
3. Dabble in Rental Properties
   Owning and renting out property can be more than just a way to make extra income; it can be an entry point into the world of property investment. Some people, like Tiffany Alexy, stumbled into property investing by buying property and renting out extra rooms or units. This "house hacking" technique allows you to live in one of the units of your property while renting out the others, thus reducing your living expenses and gaining investment experience.
4. Try Your Hand at Property Flipping
   If you've ever been enticed by home renovation shows, property flipping might be for you. Purchase a home below market value, give it the renovations it needs, and then sell it for a profit. But be warned: the task is more challenging and costlier than it may seem on TV, particularly with the rise in material costs. It's wise to partner with someone experienced in renovations and cost estimations.
5. Rent a Room in Your House
   If you're not ready to jump fully into property investment, consider renting out a room in your home. This can help cover your mortgage payments and might even allow you to benefit from your property's value appreciation. For those hesitant to take on a full-time tenant, platforms like Airbnb offer a flexible alternative.

The right property investment for you depends on various factors such as your time availability, financial capacity, and your willingness to deal with tenant issues. If you're not keen on the idea of property management, REITs or online property investment platforms might be more suitable for you.

Remember, all investments carry risks and it's important to do your own research or consult with a financial advisor before making any investment decisions.