FIXIN’ WHERE PROFITS ARE
Attractive properties always sell first – and for the biggest profits! They also rent up much quicker when they look neat and well kept. If you understand this, you’ll have a much better insight as to what needs fixing and what don’t! What I’m saying here is don’t mess around too much with stuff that don’t show. Obviously, I understand it’s necessary to fix things that don’t work – and correct safety hazards. But, don’t fall victim to the old “soft wood trap” and decide all the floors and joists need replacing. Once you start tearing things out – there’s no place to stop. You’ll never make a dime if you tear the house down and rebuild it.
– Daniel Webster said: “The world is governed more by appearance than by reality.” And, that’s exactly how your customers will judge your house fix-up job. If you spend $5000 working under the house, you can consider that money as mostly a gift for the next owner.
Fixing rundown houses for profits is not the same thing as remodeling houses! If it were, lots of custom builders and remodeling contractors would end up rich – And, handyman-types, like me, would probably be working for them! Fixing houses the way I do it has a lot more to do with budgets and accounting than with hammers and wallpaper! There’s no question that fixing is my goal all right, but only if there’s a profit to be made. Don’t forget that last sentence unless you plan to do this for a hobby.
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