What To Know When Buying A Fixer Upper How I Got Started Investing in Fixer Uppers

You are searching about What To Know When Buying A Fixer Upper, today we will share with you article about What To Know When Buying A Fixer Upper was compiled and edited by our team from many sources on the internet. Hope this article on the topic What To Know When Buying A Fixer Upper is useful to you.

How I Got Started Investing in Fixer Uppers

My wife and I took the leap to a more lucrative future in 2002, when we bought my first fixer-upper home, fixed it up, and rented it out.

What inspired us to start Fixer-Upper House was the aftermath of the 9/11 attacks. Funding for environmental projects, like the kind I worked on, was being redirected to military activities, and my job prospects looked shaky.

While answering a newspaper advertisement

Before that I was reading about real estate investing and when my wife and I saw a newspaper ad for a fix-up property in a relatively nice neighborhood, we made an offer on it and bought it. Little did we know what we were jumping into, we were so excited to buy. We learned as we went.

Jack-of-one-trade

We became jacks of all trades in the home repair field, learning to fix-up almost any home repair. But, we were jacks-of-one-trades in our fixer-upper niche business. We focus on what we do best- buy, fix and rent. And, if you do something enough, you get really good at it.

We worked like dogs, we slept like logs and we ate like pigs! But, now our routine is down and we are making good money with less effort in our fixer-upper business.

Investing in fixer-uppers is a great way to start a business in your spare time. This can allow you to gradually build financial security and eventually transition into a career where you control your destiny.

Is now a bad time to invest?

When I bought my first house, many people thought I was crazy. After 9/11 there was great uncertainty about what would happen next. Will the country go to war? Will I lose my job? Will the economy go down the toilet?

People are making the same reasoning today with the possibility of a recession. But remember, you don’t make money buying homes when the economy is strong. Then the prices are very high. You will make your money when the economy is weak and home prices are low and negotiable.

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