How I started investing in Fixer Uppers
My wife and I took the leap into a more rewarding future in 2002, when we bought my first home to fix up, fixed it up, and rented it out.
What motivated us to start home repair was the aftermath of the 9/11 attacks. Funds for environmental projects, like the ones I worked on, were being redirected to military activities, and the future of my work seemed shaky.
Respond to a newspaper ad
Before that, I had been reading about real estate investing and when my wife and I saw a newspaper ad for a property under repair in a relatively nice neighborhood, we made an offer and ended up buying it. We didn’t have much knowledge of what we had done, but we had a lot of enthusiasm. We learned as we went.
Jacks-of-One-Trade
In the home repair area we became jacks of all trades, learning to repair just about anything that was in a home repair shop. But, in our top niche business of fixes, we were experts at one trade. We stay focused on what we do best: buy, repair and rent. And, if you do something often enough, you get pretty good at it.
We worked like dogs, slept like logs, and ate like pigs! But, now we have lowered the grind and we are making a lot of money with less effort in our top fix business.
Investing in repairs is a great way to start a business in your spare time. It can allow you to gradually increase financial security and eventually switch to a career where you control your destiny.
Is now a bad time to invest?
When I bought my first house, many thought I was crazy. After 9/11 there was great 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, due to the possibility of a recession, people are making the same arguments. But remember, you don’t make money buying houses when the economy is strong. The prices are too high then. You make money when the economy is weak and home prices are low and marketable.
