4/6 #Mistake no. 4 – Renovating a Property🏚️
Are these mistakes making sense and helping you understand why success and failure in property investment is a fine line?
Let’s look at the next mistake: Renovating a Property.
I have not to this day met anyone who has made a profit through renovating without being a full-time professional tradesperson. If you’re not a full-time tradesperson, which I’m guessing you aren’t if you’re reading this, you should not be renovating a property, no matter how glamorous it looks on reality TV.
How much money did you spend on the renovation? How many man-hours did you put in? What’s left over is how much you actually made. You have to consider how much the property would have gone up in capital growth if you had not done the renovation. Don’t give your renovation the credit if you were going to have capital growth either way. Rather own the property, do nothing to it and let it make easy money for you – that’s working smart, not hard.
Learn from my mistakes and tips I have learnt, order my new book, Wealth Through Property and enjoy the early bird discount of $19 + $10 postage and handling.
“Formal education will make you a living, self-education will make you a fortune.” – Jim Rohn.
To find out more, order my new book, Wealth Through Property and enjoy the early bird discount of $19 + $10 postage and handling.
You need to have more than just a goal. You need to have a plan.
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Stay tuned for the next installment in my blog series. The 6 Big Mistakes When Buying a Property!
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