• How To Upcycle Furniture In Your Home

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    With just a little imagination, you can turn any old furniture into a masterpiece to be adored by many. Here is how to upcycle furniture in your home in a simple yet affordable manner.

    There is an excellent chance that you have some pieces of furniture in your home you just aren’t ready or willing to let go of yet. No matter how far past the due date they are, some wardrobes, chairs or dining tables just make up part of who we are and putting them out to pasture, as it were, is both painful and unacceptable.

    With these kinds of furniture pieces, there are several options when it comes to dealing with them. You could either turn a blind eye and pretend that they are still as new as the day they were manufactured, or you could get creative and decide to do something about improving their current state. If you have decided to go with the latter option, as many of us would, then here are some excellent ideas how to upcycle furniture in your home.

    Repurpose what you can

    If you have an old wardrobe that simply cannot serve its original purpose anymore, how about repurposing it for something else? You could remove its doors, slap on a few shelves and turn it into an ‘antique’ bookshelf. This, of course, will call for a little makeover. Maybe a touch of paint and making sure that it holds choice items such as precious first edition hardcovers or maybe even your fine China?

    Turn your old teacups into candles

    Maybe more than an acceptable number of the pieces that make up a set have been broken or lost. That, however, is not enough to convince you to let go of those cute little tea cups you inherited from your Grandma. In this case, instead of serving tea in badly broken sets, why not transform the remaining cups into candles? All you have to do is melt several candles into each tea cup, stick a wick in there and you have a unique candle that will still remind you of Granny.

    Turn that old door into an exotic coffee table

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    Even an old, unused door can be of use…such as a converted coffee table!

    Maybe you have knocked down a wall and turned two rooms into one. Boarding up one of the entrances just won’t do and neither will letting both doors stand. The next best thing is to unhinge the extra door and turn it into a coffee table. Done right, with the right kind of wood workmanship and paint, you could have an excellent coffee table that will always be a conversation starter in your living room.

    The trick with upcycling is to go wild and crazy with your creativity. Think about it this way, you were going to throw that piece of furniture out anyway, why not make it into something beautiful that you can appreciate. Yes, granted, some ideas will only be appreciated by you since you know what you were going for, but who is to say that you may not find your calling in repurposing old and worn out furniture?

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  • DIY Planter Boxes To Improve The Value Of Any Home

    There are very many inexpensive ways to add great value to your home garden and curb appeal. Here are some benefits of using DIY planter boxes to improve the value of any home.

    I am a big fan of making little yet noticeable changes to my home garden. The problem with our society today is that we have been programmed to think that unless you are spending thousands of dollars on home improvement, then you are not really making an impact. That notion couldn’t be further from the truth as evidenced by this fix-and-flip podcast from Rick Otton’s We Buy Houses Radio programme. You can use the smallest things that cost very little money to make tremendous improvements and upgrade your curb appeal. Take planter boxes for example.

    Cheap curb appeal

    Planter boxes just so happen to be some of the cheapest things to buy or simplest to make (depending on the design you choose). Yet, if positioned properly, they can make your home garden seem like a little slice of paradise. If you have never thought about it before, here are some good reasons why you should strongly consider using DIY planter boxes to improve the value of any home.

    They can be used to make a statement

    We all yearn to be unique and unmatched. If you are creative enough you can go for the kind of planter designs that make a statement. Not only will they mesmerise your visitor, but they will also great visual satisfaction to you and the family as well. Think of using stately containers or large urns to bring great ambiance, structure and amazing presence to your front porch. You can even plant medium sized trees or topiaries to at grand entryways to create an awesome visual effect.

    Use them to bring versatility all year long

    The good thing about using planter boxes is that you do not need to have as much space as you would should you have wanted a garden or some such grand plantation. With planter boxes, even your tiny window seal can be transformed into a beautiful orchard that brings great versatility all year long. Also, with planter boxes, you can actually plant any type of flower you want, regardless of the season. All you have to do is move them around appropriately.

    They can be for everyone

    You may think that because you do not have space nor the skill to make your own planter boxes then they aren’t for you. The truth is, a planter box can be anything you envision it to be. You do not have to go the traditional way of placing them on open surfaces. You can even have vertical planter boxes that adorn any porch that has sturdy vertical space. You can simply buy planter boxes that can be affixed to walls. The good thing is that, not only will these be as unique as it comes but it will also double as wall art.

    As for those who think that they just don’t have the craftsmanship to build their own planter boxes, you should know that you can transform anything into a planter box. From bottles, household containers, pails, and even metal tubs. All it takes is a little creativity and you have a planter box. In fact, repurposing household containers are some of the best ways to ensure that your boxes are unique.

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  • 3 Cheap DIY Tricks To Improve Your Living Room

    With just a few fixes, you can make your living room look more expensive. Here are cheap DIY tricks to fix up your living room and add value to your home.

    I am a strong believer in the art of adding value. There is a common fallacy in the world that you must buy the best products or hire the most expensive decorators if you want to make your living room look good.

    The truth is, you don’t have to spend the phenomenal prices importing antique furniture from Italy would cost you. We are talking about simple DIY projects that are easy to do, but still help in appreciating the Value of your home.

    Add dry plank to your wall

    We have all heard about how much people value the look of exposed brick. Slowly, over the years, this has become a symbol of luxury and style. Well, if you are not exactly into exposed brick but would still want to achieve the kind of look and luxury that it brings, then the next best thing is to use dry plank. All you have to do here is choose a small section of your wall and superimpose dry plank wood onto it. It doesn’t have to be the whole living room, just a section (maybe one wall). Dry plank, depending on the type of wood, is highly affordable, easy to nail to the wall and the finished look will not only be exotic but also bring out the ‘exposed brick effect’.

    Create a gallery wall

    A little-known secret in this world is that some of the most luxurious things are perceived. Of course, some things you simply must buy at great value but that does not mean that you cannot create value from the simplest of things. For example, one of the best ways to create the perception of luxury in your living room is to create a gallery wall. Now, you do not have to hand million dollar Picasso paintings on this wall. In fact, you can just hang a few of your well-taken family portraits and so on. This section of the wall will act as your own personal gallery. This is extremely cheap to do but the kind of effect it will have on all those who lay eyes on it will be unbelievably luxurious. It shows them that you are progressive and a lover of the arts.

    Build your own wine holder

    This is yet another illusion of luxury. Instead of going through all the trouble of transforming your basement into a wine cellar (which you can do by the way; it is a wonderful way to greatly increase the value of your home) you can just simply fashion a simple wine holder for your living room. This has to be nothing fancy, just a simple, yet well-designed structure. Just the fact that you have a wine holder in sight makes the whole place look expensive.

    You do not have to spend a million dollars to achieve luxury. Sometimes it is all about the little things you do. With these creative DIY ideas, you can instantly make your living room look expensive, well thought out and increase the value of your entire home.

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  • 3 Simple and Cheap DIY Ideas That Instantly Improves Home Value

    Here are 3 low-cost DIY property renovation ideas that instantly boost the value of your home!

    Property values tend to fluctuate based on few factors such as location, current market trends and ultimately, the kind of home you have for sale. It is no secret that people will typically offer you less for a dreary home than they would for a beautifully maintained piece of property that has the obvious signs of care.

    Maybe you are planning to put your home on the market, or you are just trying to think of ways through in which you can increase the quality of living standards within your homestead. If you are handy, here are some fun DIY projects to improve the value of your property.

    We all know of the little changes you can make to make your home seem a little up to date. These often include things like adding a fresh coat of paint, swapping those old light fixtures for newer, fancier ones, replacing those run down cabinets and making sure the roof doesn’t leak. Apart from these obvious ones, I have found that there are several other things you can do to give the impression that you have a bigger and better home that you actually do. These include:

    1. Adding seating areas outside

    You do not have to go out of your way to buy £1,000 Persian dining tables and seats for your backyard. All you have to do is add something practical and functional. Maybe a simple picnic table and a few chairs. Not only will this give you somewhere to sit on those hot summer days and nights, but it will create a general bonding area for you and the family as well as make your backyard seem more spacious than it actually is in reality.

    2. Build some visible storage space

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    Visible storage space is attractive to buyers.

    Of course, buyers expect your home to have some kind of storage space, either in the attic or the basement and so on. What most homeowners do not realise is that buyers also like to see some visible storage space out in the open.

    Nothing too space consuming or unsightly – maybe just a few floating shelves to show that they have options to store away clean towels and so on. These things are fairly easy and cheap to build. All you have to do is find the right spot, maybe in the bathroom or even in the hallway, to install a few well-designed floating shelves. These racks can be used for family portrait, book collections or anything else that isn’t too heavy nor basement-worthy.

    3. Strategically place an assortment of mirrors

    It is a natural weakness for almost every human being; we are vain. More often than not, even the most macho of men, tend to look at themselves in the mirror. The reasons for this can be varied, but the point is that mirrors are a welcome option in almost every situation. Find a few eccentrically designed ones and sprinkle them throughout the house; in the hallway, the dining room and even sitting room. For one thing, they tend to make the space look bigger and the other thing is that vanity angle we just talked about.

    These are simple DIY projects that will not cost you that much time or money. If you are doing this just to raise the value of your home before a sale, then the best way to go about it is to ask your realtor what the market is looking for and make the changes/upgrades accordingly. The smallest of things could mean the difference between someone meeting your asking price and people low-balling you.

    If you are looking for other low-cost ideas, I recommend tuning in property podcasts every now and again, since flipping is a very popular topic these days. Better still, many of these shows are readily accessible online, free of charge! One such example is this Rick Otton podcast about fixing and flipping. But there are others available as well.

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  • 7 Fun, Money Saving DIY Projects That Increase the Value of Your Home

    There are quite a number of fun DIY projects to improve the value of your property. Once you learn to have fun with them, you could quite easily and cheaply make your home the most desirable property on the market.

    I like men who enjoy fixing things around the house. You know, the kind of men you will always find wearing a tool belt on the weekends? That kind of man drives me crazy. Not only because he is handy, but because all those little improvements made to my property increases its value. This is not to say that I do not occasionally enjoy a fun little do-it-yourself project, I would just rather have someone else do it. Yes, I know – Michelle is a princess. Let’s try not to focus on that; focus on the value addition.

    If you are keen on slowly but surely adding the value to your property, there are some DIY projects that can guarantee you that. These are not even expensive projects, they are fun, often easy to undertake and best of all, they keep you busy on the weekends. Here is s short list of the best ones.

    1. Paint the kitchen cabinets – This gives them a vibrant new look and infuses a new lease of life into your kitchen.
    2. Upgrade the light fixtures – You will be surprised how much better the interior of your home will look with a different set of light fixtures. They don’t even have to be expensive, they just need to look expensive and go with the entire interior design.
    3. Do you have a den? Install a closet in there – By installing a closet in your den, you quite effectively transform it into yet another bedroom. Now instead of the advert saying that it is a 3 bed, one and a half bath, you can say it is a ‘four bed, one and half bath’. That instantly makes the house seem bigger and roomier.
    4. Upgrade your fence – If you are tired of the old picket fence, you can simply infuse a serious dose of privacy to your property by adding a corrugated steel fence. You might have to check with your local homeowners association to see that it is okay to do so. If so, then this will instantly make your home highly attractive to those homeowners not keen on having prying eyes on them.
    5. Simple paint can help improve your home's value!

      Simple paint can help improve your home’s value!

      Repaint the house – This is by far the cheapest way to increase your curb appeal. Your house will look newer and better kept with a fresh coat of paint.

    6. Get drought tolerant plants on your lawn – This is also another good, easy way to increase your curb appeal. By adding drought resistant plants to your lawn, you can be sure that it will remain greener for longer in spite of any water shortage issues.
    7. Jazz up your walls by installing a few floating bookshelves – This is a nice, easy way to infuse a great deal of life to dull wall space. Plus, it gives you somewhere to put a few things like maybe…books.

    These are all little DIY secrets that save money as well as improve the value of your property tenfold. You can involve the whole family if they are not busy rushing off to the Mall on the weekends.

    Oh, and if you’re in need of a little motivation, I like watching shows or listening to podcasts about refurbishment projects. Home Buildings Show can offer a lot of nice ideas in terms of the general look that you want for your home. For more practical ideas (if you’re on a tight budget), there’s also this fix and flip episode in We Buy Houses Radio from Rick Otton where the guests on the show specialised on quick, low-cost refurbishments that allowed them to buy and sell property with a very quick turnaround. Don’t be afraid to take ideas from the experts. Who knows, you may end up becoming one yourself and eventually make money off those refurb projects.

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  • 3 Common Ways to Make Money in Real Estate

    Is Property a good investment? If you have always asked yourself how to make money in real estate, this article will probably give you some ideas you didn’t know before.

    Is property a good investment? This is probably one of the most common questions that usually arise among people looking for investment opportunities. As I have said it before, if you don’t make money from real estate investing, then it’s not investing – it is spending! That being said, property is a good investment as long as you know how to make money in real estate!

    I guess you may now be thinking, “OK, Michelle, I get it. Show me how to make money in real estate”. If this is so, you came to the right person. I have been a real estate investor for many years now and I have been able to live off of it. Here are some of the best ways to profit from real estate investing.

    1. Fix and Flip

    A “how to make money in real estate” list isn’t complete without the fix and flip strategy. With fix and flip, you simply buy a property, remodel it, and then sell it. The key here is to add VALUE to the property. Let me explain. There are some remodelling projects that offer good returns and there are some that don’t. For instance, adding a bathroom to a property that only has one bathroom or remodelling the kitchen will have a favourable return on investment. On the other hand, changing the roof or building a swimming pool isn’t profitable in general.

    2. REITs

    REITs are a particular way to make money in real estate. This is because there is no actual buying of property as it is done with other methods. With REITs, you invest in real estate just like you would invest in stocks. Real Estate Investment Trusts (REITs) can be defined as large funds (some of which are publicly traded) that have as assets real estate properties. With REITs, the returns you get are dividend yields, which are usually higher than those of other assets in the markets.

    3. Wholesaling

    Wholesaling real estate is one of the least risky ways to profit from real estate. You don’t have to buy a home. What you need are good negotiation skills since you will be connecting buyers and sellers. In short, you become the middleman.

    For example, let’s say John is selling a property for £95,000. As a wholesaler, you would contact him and sign an assignment contract, which basically says that either you or anybody else can buy the property for the £95,000. Let’s say, that you contacted someone who’s interested and you offered the property for £100,000. If the deal is made, you can make $5,000 this way.

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    There is always room to learn new things in real estate

    The above ways of making money are only the tip of the iceberg when it comes to real estate investing. They are a good starting point to get you going. There are many courses available out there that go more in depth on this topic. I have tried many of them and I have found out that most of them weren’t a good “bang for the buck”. However, there was one special course I tried that has made me hundreds of thousands of dollars. Plus, it has made my real estate investing career swifter since I have been able to simplify processes that took me hours upon hours in the past. This is the Intensive Property Cash Camp by Rick Otton. If you are interested in it, you can check it out by following the link below

    Always remember that education is one of the building blocks of real estate investing and investing in general.

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  • Different Ways to Make Money in Real Estate

    Is property a good investment? With well over 100 different ways to make money in real estate and the fact that it is one of the most stable markets, we would say, yes! Property is a good investment.

    I love houses. I mean seriously, haven’t you ever seen one of those houses on a hill overlooking the bright lights of a city (say LA) and thought to yourself, that architect must be a descendant of royalty or divinity? Truth is, we all love a beautifully designed house.

    But you see, people like me are still regular people who need to earn money. So what I do is combine my passion for houses to make money out of it. That is the only reason as to why I invest in real estate. Let it never be said that I was misleading. I am in this for the money. The fact that I get to own (buy and sell) some of the most gorgeous pieces of real estate is just a wonderful perk of my life.

    Now, I understand – ever since that dreadful bubble, people have been a bit more than just a little skeptical when it comes to investing in real estate. Yes, like any other investment opportunity, there is some element of risk attached to it. But, honestly, without that risk, the money you make in real estate just wouldn’t be as exhilarating.

    That being said, even though investing in real estate does have some risk, there is still serious money to be made in this field. If you are still looking for sure-fire ways of how to make money in real estate or are constantly asking yourself, “how can I make money” or “is property a good investment”, pull up a chair, let me tell about a few amazing ways through which I make money in real estate day in and day out.

    How to make money in real estate:

    The first thing you need to do is ask yourself in what kind of property would you like to invest in. You see, real estate is about much more than just houses. Here are your options:

    Raw land:

    Ever heard of ‘The Landed Gentry’? These were noblemen, who above all else, possessed huge tracts of land. And this made them ‘better’ than everyone else around them. Owning raw land still has that kind of clout. Not only is it an investment that will never go bad, but you can also subdivide it to make more money from selling it off piece by piece. Or you could wait until your local council earmarks your property for a development project and then charge them an arm and a leg for it. It is all in the location and research of the property you buy. Either way, this is an investment that can only appreciate.

    Develop the property:

    Once you have land, the best way to raise its value is to develop it. Some people choose to put up commercial buildings while others choose to put up residential buildings (either single homes of duplex/triplex or quads). Not only will you be getting rent from these developments, but you’ll also have financing options available to you. With your land as collateral, it becomes easier to secure financing from traditional institutions.

    Industrial properties:

    Another way to go is to develop industrial properties on your land. These include manufacturing plants, distribution centres, warehouses and so on. These are the kind of developments that hardly ever lay idle.

    Starting Small

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    Don’t feel pressure to do the big deals right away. Start small and work your way up.

    Granted, the first three I mentioned are only possible if you have a sufficient starting capital and contacts in the property development and building circles. What happens if you don’t have either of these? The good news is that it’s always possible to start small in real estate.

    The traditional way is to buy semi-rundown properties, fix them up and put them back on the market with a favourable margin. The goal is to find low-cost properties so you can get in low, and then sell high. Remember, not all refurbishments need to be expensive. You just need to know which projects affect prices the most so you know which projects to prioritise.

    The projected profits from these won’t be as big as when you own a piece of land. But even then, fixing and flipping just one property can net you as much as a year’s worth of extra income if done right. What happens when you do 2 in a year? How about 3? If that sounds too much, understand that seasoned investors who started out small are able to close 10 or more deals in a year – so it is possible to build your way up.

    If you are interested in hearing stories about how ordinary folks are able to start their way in property investing, there is a nice Podcast I tune into hosted by Rick Otton, and these episodes focus on real life deals that aren’t out of reach for the average Jane’s and Joe’s. Nothing like good ol’ inspiring stories to keep you motivated!

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  • Making Money Without Actually Making Money in Real Estate?

    Some say property is a good investment. But why is it that some investors end up struggling just to sustain investment properties?

    Investing in real estate is an effective way to build your personal wealth – at least, that’s what’s usually said. The truth of the matter is there are many property investors who seem to struggle more as they build their property portfolio. So what gives?

    Asset Rich, Cash Poor

    Property investing is a strange little game where ownership of property looks mighty good on paper. The value of your properties actually counts towards your net worth. Except, your property’s value on its own can’t really buy you anything outright. Perhaps, the closest thing to cash you can get from the equity of your property is using it as collateral to get a loan. The problem is, loans need to be paid back. And when you fail to deliver, you end up losing the property altogether.

    So while properties can make you ‘look rich’, it’s not impossible to be cash poor at the same time.

    Understanding Cash Flow

    make money in real estate, how to make money in property, asset rich cash poorI remember the controversy Robert Kiyosaki sparked in his book “Rich Dad, Poor Dad” when he said property isn’t an asset. It seemed like blasphemy against the basic principles of finance. But really, Kiyosaki was merely stressing the point that owning property doesn’t make you financially secure automatically. After all, maintaining properties cost money. If you don’t have a concrete plan on how it could net you income, then money will be leaving your pocket to pay for the house.

    Another property investor echoed the same sentiments. For those of you who have attended Cash Camp Intensive, you would have heard Rick Otton discuss about cash flow. In his course, he talks about different means so that your properties “can pay for themselves” and leave you extra money in your pocket rather than the other way around.

    Unfortunately, not everyone thinks of cash flow and passive income. For many, buying the property is it. As a result, they end up forking a lot of cash just to pay the home loan, the maintenance, the bills etc. The more houses people buy, the more they need to work and cover so many expenses. So while they are “making money in real estate” because of improved net worth, they are actually not making any money at all. In fact, many investors end up losing more money.

    So before investing in property, be sure to consider cash flow ideas, and not just the equity.

    Robert Kiyosaki’s “Rich Dad, Poor Dad” book is available in Amazon

    For more info on Rick Otton’s Cash Camp Intensive, you may visit the events page here: http://rickotton.co.uk/intensive/

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  • 9 Ways On How To Make Money in Real Estate

    The following piece aims to provide the best ways on how to make money in real estate investment. From rental income to buying low and selling high, all the nine options are discussed in a reader friendly manner.

    Property investment is undoubtedly one of the best methods to make money passively and build up massive wealth. Real estate was one of the top-performing asset classes in 2015, giving returns of 13 to 14% for the year, which was incredibly superior to that of other asset classes. For 2016 and the coming years, experts believe that the risk-return profile of real estate will be less obvious. As a result, there will be significant advantages to be achieved through real estate investment.

    Thankfully, in the UK, there are a lot of places where you can network with other property investors to help you get started. There are the Property Investors Network or PIN Meetings that are held regularly. More importantly, these meetings even guest highly successful investors who share proven tricks of the trade like Lisa Oliver, Rick Otton, and the like.

    So really, getting started shouldn’t be as daunting as most people think it is due to the information resources available to anyone.

    If you are interested in investing in property, here are some popular ways on hot to make money in real estate:

    Rental income

    The vast majority of real estate investors earn money through residential property income in form of basic rent. Tenants pay a fixed amount of rent on a monthly basis, which goes up with inflation and demand.

    Buying low

    You can get an instant profit if you achieve to purchase a property for under the current market value. Think of quick sales, foreclosures, and exceptional negotiation skills.

    Commercial Real Estate Income

    Commercial properties can enable you earn massive income through various ways with basic rent being the most common. You can also earn more income in the form of option income. A vast majority of commercial tenants pay fees for contractual options such as the right of the first refusal. Options income is also occasionally used for residential property and law land but they are very uncommon.

    Selling High

    You can earn an attractive profit if you stage your property to attract buyers who are willing to pay more than the market value.

    Increasing Equity

    You can take a mortgage to finance a residential property and end up increasing your equity after each and every mortgage payment.

    Wholesaling properties

    Wholesaling properties is when an investor purchases a property or gets a property under contract. He immediately sell the property to another buyer without repairing anything and in some cases without purchasing the property. A real estate investor can wholesale a property without purchasing it, by acquiring the under contract and assigning it to another buyer.

    Vacation Rentals

    You can buy a property in a great tourist location, make use of an excellent property manager to rent it out on your behalf and collect the rent. The most challenging part of a vacation rental is that it features an extremely cyclical market. You can earn top dollar during the peak season and earn almost nothing during the low season. But this investment option is also worth trying especially if you get a popular tourist attraction location.

    REITS and MICs

    REITs (real estate investment trusts) and MIC (Mortgage Investment Corporations) are basically considered to be great options of earning income from property investment. With REIT, the owner of several commercial properties sells shares to investors to fund the purchase of more commercial properties. They then passes on the property rental income in form of distribution.

    MICs usually invest in private mortgages instead of the underlying properties. They are not so much property investments as they’re debt investments.

    Raw land income

    Companies may pay you regular payments depending on your rights to land ownership for any structures they add or royalties for any discoveries. Such structures include cell towers, access roads, gravel pits, pipelines, and pump jacks. Raw land can also be leased for production such as agricultural production.

    Here’s bottom line; there are countless ways to earn income investing in real estate. Long-term rentals are the most preferred as they continue to bring cash flow month after month throughout the year. Buying low, selling high, REITS, wholesaling properties, and increasing equity can also make you wealthier if you conduct your research well, take your time and purchase right.

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  • Old School And New Wave Strategies To Make Money From Renovations

    Attention! There’s a new strategy that can help you profit from property renovation deals within minutes!

    A few years ago, people were going bananas over renovations as a way to make money from property. Not everyone realised their dream of becoming a property millionaire, except for a few people who took reasonable risks like Michael Holmes, editor-in-chief of Homebuilding & Renovating magazine.

    In an interview with the Telegraph, Holmes revealed that by putting to use these practical tips, he was able to sell renovated properties for up to £500,000.

    1. Unlock a hidden gem

    Most properties that need renovations are diamonds in the rough. You can’t really add value to it unless you pinpoint the problem and find the proper remedy for it. Some common problems include deciding whether it’s better to extend or refurbish; extending the lease; and how to remove restrictions on the land. It’s not easy to come up with a solution for every problem. In case you run out of ideas for a particular property, then it’s about time to walk away from it.

    2. Seek expert help

    Find an architect or a surveyor that can help you materialise the design in your head. Hire planners that the can advise you on what projects could be beneficial for the property. Most importantly, look for a financial adviser that can lead to affordable financing options.

    3. Be cost-effective

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    Always be mindful of your expenses when renovating your property.

    It’s pretty easy to find a low-cost property ready for renovation. The real challenge comes with the task of keeping expenses at a minimum when the time to renovate actually comes. Remember that profiting from renovation doesn’t just come automatically with buying a below market value property. You’ll also have to control your building costs to achieve your goal.

    An Alternative To The Tried And Tested Methods

    Granted, not everyone has the resources to do a fixer-upper. If you have a property that you want to get rid of that needs renovating, but you just don’t have the budget to fix it up and make it saleable, there’s still something you can do to sell for profit.

    Rick Otton, a certified expert in making profitable property deals, has a nice twist on selling houses that need renovation

    “Many renovators are stuck with the old paradigm of doing property renovations. This old process (which usually takes 3 to 4 months) include buying cans of paint in the hardware, undergoing inspections and appraisals, and then applying for bank loans. What a lot of these old timers don’t know is that they can still get make profit from a renovation within minutes,” said Mr. Otton.

    According to Mr. Otton, the faster way of making a profit from renovations is through changing the paperwork financing structure.

    “When you change the paperwork, you are simply making the house easier for the next person to buy it. This simple change in the paperwork will now be that added value that people are going to pay you for and increase the value of the house,” he said.

    One of the ways to do this is by giving your buyers flexibility on the buying process. Instead of asking for all the cash now, perhaps you can give the buyer some breathing room when it comes to the deposit.

    For instance, most buyers have a hard time coming up with the 10%-20% deposit they need for a bank loan right now. But suppose you allowed them to pay the deposit in increments – say in 24 months – then it becomes easier for them to get their bank loan because in the perspective of the bank, they’ve taken care of the deposit. That flexibility in the paperwork alone can compensate for the less-than-stellar condition of your property and allow you to sell at a reasonable price.

    Whether you like to keep it old school or jump into the new wave don’t forget that there’s a strategy out there which can help you earn money from renovations, so try them out now!

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