So, recently I’ve been having conversations with a friend who has been investing in property. Has it been a lucrative business? Apparently yes, they claim they have made a good deal of profit off it. I was tempting to ask how they did for myself. After all, it never hurts to have a little bit extra money in the bank does it? Not to mention the fact that interest on savings is pretty much dead. Investing in property might be one of the best forms of making money. Anyway, they were quite willing to talk in elaborate detail about how they went about doing this. So, I thought I’d let you guys know incase you wanted to try it for yourself. Here’s their first tip.
Get The Money Together
Investing in property is expensive, and they have told me to stress this point. The idea that you can make money without spending some in this venture is ridiculous. Be prepared to risk some of your savings on an investment that might not carry through. You need to know you have a little extra in the bank in case the property you buy needs repairing or extensive work. Ideally, this won’t happen but it’s better to think about the worst-case scenario rather than the best.
Find The Property
You’re going to have to research a lot to find the right property for the best deal. My friend claims it took them around one month to find the perfect property to invest in. They didn’t jump at the first bargain they saw. What type of property were they looking for? Apparently, they decided to look for an office block. The reason for this is that they were advised not to buy residential retail but instead to stick with commercial real estate. The reason for this is that in their area commercial properties were selling quite cheaply.
After they had found the property, they brought it down to the floor. The offices in question hadn’t been used in sometime. But the building itself was a solid investment. It just wasn’t one people were noticing because it had been left in a sorry state. As crazy as it sounds, this is exactly what you should be looking for?
After You Buy…
After you buy, it’s about hiring the right services at an affordable price. You need to get the property looking stylish and feeling accommodating. They shopped around online for the best prices of the services they used. They started by getting a company to clean the property from top to bottom. Luckily for them, there were no infestations or it might have been more costly.
They then spoke to an interior designer who recommended how to get the property looking stylish and modern. One example of a service they used to design the building was ceilings plus. This was a stylish metal, contemporary fixture that looked a lot more impressive than your average ceiling.
After that, they kitted it out with furniture as well as installing phone lines and everything an office would need. Believe it or not, they did all this for under ten grand and sold the property off in the first year.
I won’t tell you how much they sold it for, but six figures is a lot of money! So, what do you think guys, worth considering?