I got the inspiration for this post when my friend Erica, recently shared a post like this.
What are the things that people look for or do when they’re working on an income property that they think are going to really make them a lot of money, but don’t?.I was thinking maybe people put jacuzzi tubs in and think they can charge more for rent or something like that.. Scott said that the biggest mistake people make is trying to do the work themselves.. Gasp!
But DIY’s a good thing right?We all love DIY!.Well, unless you really REALLY know what you’re doing in this situation, you can get yourself into a lot of hot water because you’re dealing with someone else’s living space here.
The best bet for most people who aren’t experts, in the long run, is to stay away from trying to learn plumbing, or electrical, or tile work for the first time on your income property.Go ahead and paint.
But leave the big things to an expert..
The last thing Scott wants you to think about for your future income property is space planning.All this while still enjoying DIY projects around the house, putting on a new metal roof and buying fun new appliances.
So if you’re not going to get a decent amount of money to put into savings from the sale of your old house, start putting a bit away now!.Pick the RIGHT farmhouse.
If you’ve decided you want to live the old farmhouse dream, just be aware that not all old farmhouses are created equally.Our house is 114 years old and houses this age have gone through a lot of owners and a lot of different renovations.
(Editor: Beginner Mice)