How to recycle houses, page 1 of 2
By Dr. Stan HelmsletterLink to this article!
How can you recycle houses? When you recycle houses, you can make a lot of money. You can also improve the neighborhood. But, what is your game plan? How can you meet the needs of potential buyers in the neighborhood? Those needs depend on the income, location, and even the neighborhood itself.
Be disciplined!
How can you recycle houses? Be disciplined! Don't overdo the renovation project! Don't try to create a showpiece in an average or below average neighborhood! Avoid any unnecessary exterior changes, because the exterior materials are expensive! And don't waste a full month, just because you hate the closet in the third bedroom!Be selective!
How can you recycle houses? Be selective about what you throw away! For example, old moldings might come handy just before the completion of your renovation project. Or, if you have a couple of broken chairs, you might be able to assemble one good chair from the two broken ones.Buy low, sell high!
How can you recycle houses? Rule number one: always buy low and sell high! Why? Because you want to make money. Because too many people buy high. You cannot make any money, if you keep buying high and keep selling low. Because — contrary to what many people think — unless you hang onto the house for many-many years — you make money not when you sell, but when you buy below market.Do it faster!
How can you recycle houses? Rule number two: buy and sell as quickly as possible! Why? Because — unless you stick with cosmetic improvements — and unless you do it fast — most renovation work costs a lot of time and money. And you cannot possibly make any money, if you take your sweet time, and if you keep servicing many high-interest mortgage loans while you've got neither tenants, nor income, or sales.Keep good records!
How can you recycle houses? Keep a complete, written record of each recycle project. Why? Because you want to make sure you do make money on every house you recycle. Because you want to avoid any problems in the future. Just imagine the delays and difficulties you might face, if you're unable to produce any records — the sales contract, the correspondence with your lawyer, the needed building permits, occupancy permits and your recycling plan. ...More >>Next page >>
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