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Buy Small Houses and Get Rich
1. Buy Small
Houses and
Get Rich
Investing in property is always a good idea, Contents
because land has intrinsic worth and Introduction....…......….........................…….1
Houses vs. Vacant Land.............................2
improvements have real value too. Many
Find Out Where the Bargains are..............2
investors prefer to own a string of smaller Remain Unemotional.................................2
houses instead of a single large development.
There are two reasons for this strategy – the risk
is distributed, and the assets should be easier to
sell separately.
2. 2
Houses vs. Vacant Land
Houses can either be rented out, or fixed up and sold on for
profit. By comparison, you may have to wait for years for the
value of vacant land to appreciate. If the reason for this is
general property price inflation, then you will have achieved
little in real terms. Your only hope is that adjacent land will be
developed, or that you find money some day to develop your
land yourself.
Find out Where the Bargains Are
Unless you are very, very experienced, you could be as likely to come unstuck as you are to
make a killer deal first time around. This means getting your hands on all the advice that you
can find. Speak to local estate agents, and find a good accountant too. There are some very
basic parameters behind valuing real estate, and you need to understand these.
Remain Unemotional
Avoid developing any kind of affection for a house that you
are considering purchasing, because this is a business deal
and nothing else. Maintain emotional distance from the seller
too. Inspect the house objectively, or, best of all, use an
independent assessor to do this for you. You cannot afford to
invest your money in a dud.
3. 3
Whether buying to occupy, fix up or rent out, it is equally
important to understand the local market and to tread carefully.
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