Hi all,i am a handyman/builder and can do almost everything in the trade,we are thinking of getting into buying and selling, we have a home that is worth around 450k and owe 140k…………….any tips would be helpfull.
Hi davidjj,
Buy a lemon and transform it into a Gem!!
I think with Reno /sell your got to look for something the is sort after in the area your investing in. On top of that you need to find out what the buyers are after in a Reno and cater to the markets needs.
work out a budget and stick to it.
Make sure you concentrate on the items that every one is going to touch as in door handle, light switches, front doors etc.
Hope this helps
John
thankyou john for your tips
I do the same thing as you are thinking of doing. I buy lemons (specialising in the dead,drunk, demented or drug addicted!) and do very well. However, being good with your hands isn't the main part. It helps but if doing everything delays the sale by more than the mortgage then you are adding less than zero. Cost everything with someone else doing the job and if you still make money you are on a winner. And don't forget all the hidden costs – the big items are stamp, real estate agents on sale, interest on the mortgage, kitchens, baths, plaster and wood houses. Oh, and while I'm on a roll, don't forget that you make your profit at the beginning so buy well. Look for a 20% plus profit margin. And, use your imagination (eg: if its knee deep in dog cack you will make money if you can bear shovelling it all up. Most people take one look at anything hideous and think "leave it alone".)
All the best
Almor
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