You’re more than a home renovator—you’re an entrepreneur. To help you start thinking like a business owner, develop these three habits Hilary Farr shares with other successful real estate entrepreneurs.
PICKING THE PERFECT
Rules of Renovation
Take a drive around and look for
neighborhoods that have had a rough period,
but are coming back. Rebounding
neighborhoods will normally have new stores
and restaurants popping up and they are
likely to have foreclosures and shorts sales,
meaning great deals for you.
Fringe neighborhoods normally sit on the
fringes of popular areas in town. These are
normally within easy commuting distance but
just a little bit further out and can offer a nicer
house at a lower price.
WHAT ARE COMPS SELLING FOR?
Once you’ve found a neighborhood, check
out the listings in the area. Find out what
comparable properties are selling for and
then you can have an idea of what your can
sell your property for.
Remember, real estate investing is all about
playing with numbers.