Since William Nickerson wrote his famous book, “How I Turned $1,000 Into a Million in Real Estate — in My Spare Time” in the mid ‘60’s, the fixer upper had been a reliable way to escape the treadmill of employment income and move into wealth building.
The formula is simple. Find an ugly house that, due to it’s distressed condition is ignored by the market, and lacking demand is available at a low price. Make the necessary repairs to renovate the property, then resell to a homeowner at top retail price, pocketing the marked up value as your profit.
The secret lies in a little realized fact. That is, $1 of repairs and renovations creates $10+ of retail market value. And owner occupant home buyers don’t want to do the work!
In today’s world of cable and streaming TV, shows about fixing houses, transforming sad, neglected looking houses into grand spectacular new homes proliferate. “Fixer Upper”, “Property Brothers”, “Flipping Out”, “Rehab Addict”, to name just a few.
These shows are fun to watch, but you may not realize that it is quite possible for you to do this too. You do not need a degree in design, or a contractor license.
The only requirements are a bit of working knowledge, and a ‘take action’ mindset. Everything else needed to do deals can be acquired along the way.
How about start your journey today? The concept is simple, and once you learn the basics, earning six figures your first year is not uncommon … if you work at it.