If you’re looking for financial freedom from renovating properties, keep reading.
We have a couple of strategies to help you build wealth through renovation projects.
And, before we get into that, I want you to know something very important:
It’s not how many properties you have but the quality of the properties that matter.
What do I mean by that?
I’ve seen lots of people who spend their lives building a portfolio.
And if you look at the properties they have…
Not one of those properties provides them with income.
What’s worse, some properties aren’t even growing in value.
My point is if you’re going to invest in properties, make sure you educate yourself.
Find properties with the potential to grow in equity. And make sure these are located in the right area.
So now, let’s go back to the main topic of this email.
What strategies can you consider in your future renovation project?
1 – Cash flow projects like flips.
The idea is to get a property you can fix.
Spend time and money to renovate it, then you sell it at a higher price.
That’s how you profit from it.
Remember, this strategy can be very high-risk, so you need to be careful with this.
Make sure the right team surrounds you to help you make the right decisions.
2 – Do stacking strategies.
Here, you add more opportunities to existing projects for added profit.
This is a reasonable risk management strategy as it can help you buffer against the changes in the property market.
You can add a land strategy to another strategy, like a subdivision, for example.
But to make it really profitable, make sure you consider the location of the property. There are areas wherein a subdivision strategy may not be feasible.
3 – Find joint venture projects.
This is ideal for those with no training or adequate resources.
With this strategy, you choose someone more experienced than you, and partner with them through a joint venture.
You can learn from their expertise, or their complementary skills and observe how they do renovation projects. The synergy of skills can be very rewarding.
So, what do you think?
Do any of these strategies feel like something you can do for your next project?