Second only behind real estate development, fixer-uppers and renovating properties are one of the absolute best ways to turn a profit and increase your overall worth. Finding homes and apartment complexes or condominiums that are in need of repair, but still structurally sound, of course, is an excellent way to begin making money faster than you ever thought possible.
Here are six reasons why fixer-uppers are more than worth the work involved and why they can be the key to obtaining financial freedom:
1. Accelerated Wealth: By using the buy, repair, and hold method when it comes to fixer-uppers, you're able to increase the equity and the overall value of your personal portfolio, thus, increasing the likelihood you'll be able to quickly purchase the next property and be on your way to being financially secure.
2. Capital Profits: Yet another attractive benefits of the buy, repair, hold method is the capabilities of making an instant profit that averages anywhere from ten to thirty percent, with some even achieving as much as fifty or sixty percent, depending on the stage the property was in when it was purchased and then renovated.
3. The Potential to Earn a Six-Figure Income: If buying fixer-uppers, rehabbing them, and then selling quickly, or flipping as it's sometimes called, is of more interest to you, earning a six-figure income is definitely possible. The timeframe to achieve this milestone, of course, will depend upon the amount you've initially invested, the total cost of the property and its renovations, and how soon you're able to move on to the next investment.
4. The Potential to Quit Your Day Job: Depending on how much time you're willing and able to devote to real estate investing, as well as your current financial situation, the possibility of quitting your day job and working for yourself as a real estate investor doesn't have to be merely a pipe dream or farfetched fantasy you'd never thought would come to fruition. People will always need a place to live, and people will always be buying houses and looking for bargains. And, if you have any knowledge in repairs or renovations, even better as you'll be able to save money on contractors while working full-time at your newfound career.
5. Quick Cash with Long-Term Returns: Ideally, the savvy real estate investor will ensure they have fixer-uppers they intend on renovating and reselling, and those they plan on renting or leasing as well. This approach then gives you a steady flow of income, allowing you to invest more while still increasing your long-term capital growth.
6. Fewer Risks Involved: When compared with other types of investing, investing in real estate is not only less riskier, but it also gives you more control over what happens to your money in the end. While investing in other arenas shouldn't be ignored or forgotten, as doing so helps one to stay abreast of current news and trends in the market as a whole, buying fixer-uppers at reduced prices, doing the renovations and then listing them for a higher selling price definitely presents a lesser risk.
While this list isn't all inclusive by any means, it should still give you a better idea as to how fixer-uppers can generate an incredible amount of money in a reasonable amount of time.
Sal Vannutini is the author of " The 8 Power Profit Secrets To Making More Money With Less Risk In Real Estate, " a free strategy report for investors. Get your complimentary copy at http://www.FastFixerUpperProfits.com today.
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