With the increased popularity of TV programs like “Flip That House” and Property Ladder” there is increased interest in real estate investing. Now, I admit to being slightly addicted to these programs. A bowl of popcorn and an idiot on TV trying to renovate a house with a hammer and duct tape is my idea of an entertaining evening. But what about the real world of flipping houses? Can we look to these programs for any advise?
By and far, one of the best lines I’ve heard is from Richard Davis of “The Real Estate Pros” — He is indeed an investor who has built a successful real estate company and is now capitalizing on that success with a show of his own. The line I love? “Get in, get out and move on.” This is business folks. Run the numbers, buy well, know the market and don’t waste time.
Renovate quickly, hire professionals, get it done! Holding on to a property for too long can eat away at your profit. Trying to “do it yourself” can take valueable time and can cost money if you botch the job and are forced to hire someone to fix your mistakes.
In the business of investing numbers are king. What can you buy for, what can you sell for, how much will it cost to get there. If there is no profit, move on and find another project.
If you are looking for an entertaining hobby, by all means pull out the hammer and duct tape — Just don’t be surprised when your hobby costs instead of pays!
Ok. . .so in reading this over, it sounds like more of a rant than a tip — Hey, we’re all entitled!
If you are looking for investment property in Will County, IL including Joliet, Crest Hill, Plainfield, Lockport or New Lenox give me a call, I can help. 815-207-9703
