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Fixer-Uppers - Create
Instant Gains In A Flat Real Estate Market
Is it still possible to make
a profit now that the boom has cooled off?
Yes, it is possible to still make money in real
estate even when the market is flat. You just have to know
what you are doing. Basically, the idea is to create your own
extra value on the property, rather than waiting for the 'market
value' to push the price up. How do you do this in reality?
The short answer is: Fixer-Uppers!
Planning, preparation and research are the keywords. Don't just
charge in and buy something that's wildly expensive and expect
to sell it at a profit a few months later. That may work in a
boom market, but if you want to deal in real
estate on a regular basis, you can't just hang around waiting
for boom times to happen. You need to add to the value of the
property yourself rather than relying on a boom in prices for
your profit.
There are always real estate bargains to be had if you know where
to look. What you need to do is buy something that is reasonably
priced, then add value yourself by improving it. Don't necessarily
get into structural alterations. If you've done your homework,
there will be no need for that, anyway. Never buy a property
without knowing that the foundations, walls and roof are all
basically sound.
Do the simplest things that
will give you value for money; a new coat of paint, new floor
coverings and even a new kitchen if the old one looks shabby.
Light fittings, new taps and door hardware also smarten up real
estate at a relatively small cost. Don't forget sidewalk appeal.
A well- trimmed lawn and some good quality flowers or shrubs
along the front fence will attract a homebuyer as much as a neat
and clean house.
You can even do this with a rental property. Once the place is
smartened up it will attract more rent. An increase in your rental
returns will help you happily survive such things as interest
rate rises, so renovate your rental property, then increase the
rent by up to 20%. This will lower your financial risk, increase
your cash flow and make sure you have enough to cover any unexpected
costs like repairs.
About the Author
Sal Vannutini is the owner of Fixer Upper Fortunes. Did you know that he is giving away a 14 part e-course for free! Visit now and grab this amazing opportunity, to find out how you too can make profits from your fixer upper home.