It's true that it takes money to make money. However, some construe that to mean that you must have a lot of money to begin making money. That's far from the case.

One of the easiest ways to make money is to invest in solid dividend stocks. And you don't need a huge amount of cash to get started. Here are three of the smartest dividend stocks to buy for less than $50 each right now.

1. Brookfield Renewable 

You have a choice with the first dividend stock on our list. There are actually two ways to invest in Brookfield Renewable. You can buy units of Brookfield Renewable Partners (BEP), a limited partnership. Or you can buy shares of Brookfield Renewable Corporation (BEPC -0.09%). 

Both stocks reflect the same underlying business. Both currently have price tags of a little over $30. And both offer attractive dividend yields of more than 4%. The main difference between the two is that investing in a limited partnership can come with some tax hassles.

But buying either of these stocks should be a move that pays off over the long run. Brookfield Renewable is a leading provider of renewable energy. The company operates hydroelectric, wind, solar, and distributed energy facilities that have a combined capacity of 23 gigawatts.

The demand for renewable energy will almost certainly increase significantly in the coming years. Countries and major corporations across the world plans to slash carbon emissions. Brookfield Renewable is gearing up to meet this surging demand, with a development pipeline capacity of 75 gigawatts. The company should have massive growth ahead. 

2. Enterprise Products Partners

You could potentially buy two shares of Enterprise Products Partners (EPD 0.48%) for $50, depending on how the stock price fluctuates in the near future. The midstream energy provider offers an especially juicy dividend yield of nearly 7.8%.

Enterprise has increased its dividend payout for 24 consecutive years. It would probably be on the way to joining the elite group of Dividend Aristocrats except for one catch. This group only includes S&P 500 members with 25 or more years of dividend hikes. Enterprise Products Partners can't be in the S&P 500 because the index excludes limited partnerships.

Aristocrat or not, Enterprise has trounced the market so far this year and seems likely to continue its winning ways. The company's pipelines transport raw materials, including natural gas, crude oil, and petrochemicals, that are critical to keeping the world running.

Sure, renewable energy sources will become more important than fossil fuels over time. But Enterprise Products Partners co-CEO Jim Teague noted in the company's Q3 call, "That's why in addition to traditional midstream services, we're also focused on investments in lower carbon projects like carbon capture and sequestration and providing blue ammonia into export markets."   

3. Medical Properties Trust

Medical Properties Trust's (MPW -1.51%) share price is only around $12. That's much cheaper than earlier this year because the stock has plunged close to 50%. Some might argue that buying this stock isn't a smart idea. However, there are three main reasons why I disagree.

First, Medical Properties Trust's business is stronger than it might seem based on the dismal stock performance. The real estate investment trust (REIT) leases properties to hospital operators, some of which have faced serious financial challenges recently. But the overall reimbursement outlook for these tenants is improving.

Second, this underlying strength means that Medical Properties Trust's dividend shouldn't be in jeopardy. The company's dividend yield currently tops 10%. Even if the stock treads water, you can reap nice returns with such a high yield.

Third, the stock is dirt cheap. Medical Properties Trust's shares trade at only around six times expected earnings. I don't expect that the REIT's valuation will remain so attractive for too much longer.