I started investing in real estate back in 2001, right after 9/11 happened! I’d seen one of those “late night” infomercials on how to “get rich in real estate”. My friend and I decided we’d give it a go since we had recently become unemployed because our industries and the economy immediately following 9/11.
Since then, I’ve renovated loads of properties, guided clients’ and friends through renovations, and have taught programs around the country on how to renovate. In fact, my husband and I used to run weekend events, on which we would take a field trip to walk through the renovation project!
So… why am I telling you this?
Well… when the market crashed in 2008/2009, I owned 11 properties in South Florida, which many argue was the epicenter of the crash (we can chat about that another time!).
Because of that, we didn’t have the “cash” (or credit, for that matter) to purchase property when the market shifted. I SWORE that I would be in a position the next time we had a shift in the market…
Now, my husband and I are actively working to purchase 8-12 properties in the next 18-24 months!
Fast-forward to 2023…
We are NOT in the same place as we were back then. Not by a LONG SHOT, but we are in a market correction. It’s much less than some had predicted because so many homeowners are sitting on super low interest rates and tons of equity!
The media has been warning of a housing crash for the past year and a half now. And many have suggested we have finally shifted to a buyer’s market. We can go back and forth on whether we are technically in a buyer’s market or not, but at the end of the day… people’s perception is their reality!
What that means is… that there is a LOT of opportunity right now… for the right kind of properties – properties that need work!
You then have several good options:
- “Flip” for a short-term profit;
- “Hold” for rental income (Our personal plan is to hold them);
- Turn into a vacation rental (check ordinances before you purchase);
Live in it as your primary residence!
I happen to believe that as soon as interest rates come back down, we’re going to see a frenzy again… maybe not like we saw in 2021 and 2022, but not too far off because owners with low interest rates simply aren’t going to be rushing to sell! In fact, I’ve recommended that several friends just hold on to properties they had planned to sell because they can actually cashflow with the rates.
“Rehabbing” a home can be as simple as a fresh coat of paint and fixtures:
Updating counters, backsplashes, and other elements:
Or a total renovation project… Some of my favorites are where the house is gutted down to the studs!
For more on this kitchen renovation project, click here.
If you’d like to discuss strategy for a fixer upper type project, just reply to this email and we’ll get it scheduled!
It’s one of my FAVORITE aspects of real estate J. I’m currently working on a renovation for a rental we acquired, projects for our own home, and helping two friends with their projects!
