My wife and I made the leap to a more rewarding future in 2002, when we purchased my first remodel, repair, and rent home.
What motivated us to get into high houses was the aftermath of the September 11 attacks. Funds for environmental projects, such as the ones I worked on, were redirected to military activities and the future of my work seemed uncertain.
Respond to a newspaper ad
Before that I had read articles on real estate investing and when my wife and I saw an ad in the newspaper for a renovated property in a relatively nice area we made an offer on it and ended up letting it go. ‘buy. We didn’t have a lot of knowledge about what we got into, but we had a lot of enthusiasm. We learned as we went.
In the home repair business, we have become jacks of every trade, learning how to fix almost anything in a repair house. But, in our upper niche business, we were fangs of a trade. We stay focused on what we do best: buy, fix and rent. And, if you do something often enough, you get pretty good at it.
We worked like dogs, we slept like logs and we ate like pigs! But, now we have the routine down and earn a lot of money with less effort in our repair business.
Investing in fixer-uppers is a great way to start a business in your spare time. It can allow you to gradually build financial security and eventually turn into a career where you are in control of your destiny.
Is this the wrong time to invest?
When I bought my first house, many thought I was crazy. After September 11, there was a lot of uncertainty about what would happen next. Would the country go to war? Would I lose my job? Would the economy go down the toilet?
Today, because of the possibility of a recession, people are making the same arguments. But remember, you don’t make money buying homes when the economy is strong. The prices are then too high. You make money when the economy is weak and house prices are low and negotiable.