Our shift towards real estate investing came after realizing our retirement portfolio needed more than just a RothIRA/401k. Countless hours of research and a few dozen real estate books later, we shifted our focus to value add real estate investing. This is not a novel concept in real estate, although I wish to have known more about the concept sooner!
The idea is simple. Know of a highly sought after neighborhood? Or an area of town with a few of the homes needing some TLC to really reach their full potential? The idea is to buy one of the outdated homes and renovate the space.Take it one step further by taking advantage of all livable space. Add a bedroom or a bathroom where able.While doing the renovation, make sure the space naturally flows. Help others seethe potential of the space!
ADDING VALUE IS ONEWAY TO FORCE APPRECIATION TO YOUR PROPERTY AND IMPROVE YOUR RETURN.
Belz Living puts in the time to breathe new life into a tired space justifying the top of market rent. It’s important to remember, this is not your house. High end finishes and appliances are some of the quickest ways to make these projects go into the red FOREVER!
Nothing can be done without knowing your market first. Rents in Salt Lake Cityfor a 3 bedroom/2 bath updated space ranging from 1,200-1,500 sq ft rent between $2,700 – $3,200/month! These market rents justify a heavy renovation. The best advise is to consistently revise and run your numbers over and over.
Always remember to make your assets cover your liabilities. Never let your money stop working for you.
