Large profits can be attained by purchasing run-down homes and restoring them for eventual selling, but some factors have to be considered:
You must know something about architecture and remodeling and get and idea of how much it will cost to get the house back into shape.
Consider what you will be able to do yourself and what it will cost you if you have to have it done.
The location of the house is the most important factor to consider. Study the neighborhood, shopping, and transportation
facilities.
It can also be profitable to lease land for commercial use. Land which borders highway is extremely valuable for purpose such as Warehouse, petrol station, etc.
Land development companies frequently run advertisements offering country retreats. Be wary of these offers as they themselves make
a large profit at the time they sell you the land, so it is much more profitable for you to buy your own.
When you buy property, buy at a price that involves a minimum financial risk. Invest only a modest amount of your own capital, when you sell, determine if a cash or installment sale is the best, based on your over-all income tax status.
Learn by looking back on the mistakes made in the past and by reviewing the opportunities you have missed.
Prepare a list of all properties available in your area and think up the best future use of the properties. Learn to purchase land before there is a demand. To buy land well in advance is the only economical way at todays prices. Then hold the property until you can resale for large profits. Dont sell all your desirable properties and keep just lemons.
As a rule purchasing tracts of land within thirty kms from a growing city is often a sound investment. Deal only with qualified real estate agents. Be careful of individuals who offer quick
profits.
Before taking any action, study what has been written about the subject. Know why you should and should not buy. Stay conventional and dont buy white elephants. Look for hidden defects and make the property attractive before offering it for resale. Study local conditions and be sure it is practical. Always look for a twist.
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