Why Do Some People Always Make Money When Renovating?
There are many successful property investors today who are continually able to renovate property after property and turn a profit. Are they just lucky? Or are they doing something that other people are missing?
Well, if luck were the reason, I would probably just go and buy a lotto ticket and avoid all the dust in my hair!
No, there is a reason to why certain people make consistent profits renovating. In fact, there is a common thread. Let’s see if you can spot it.
Trial and error
Not all renovators start off on the right foot and make money with their first-ever project. It takes time. When going it alone, the more renovations you take on, the more tips and tricks you pick up on the way, along with mistakes to avoid, obviously. With experience these renovators get to the point where they have learned enough and have found ways of minimising their risks while maximising their gains. However, this option is not viable for most people. We don’t have the time or money to go it alone and learn things along the way, to get us to a level where we are consistently making profit with our renovations.
Naturally, an experienced renovator is always going to run a smoother operation than someone on his or her first project. Over the course of several renovation projects, a renovator gains a huge amount of practical experience, knowledge and the ability to save on material and labour costs as they refine their processes.
The ability to learn from the experience of others
There are people, however, who choose to leapfrog ahead of the pack just by learning from the experience of others. They are all just normal everyday people like you and me, but once they put passed-on knowledge into practice, they see significant results. There really is no sensible reason to learn the hard way, through years of small hard-won lessons and experiences. Making money from renovating properties isn’t rocket science. It’s just a matter of knowing what to do and how to do it. This can sometimes be a learning curve for a newbie with little to no experience – but it’s not impossible.
In upcoming posts, I am going to introduce you to many of the fantastic students from the The Ultimate Guide to Renovation Course. Like Russell, a first-time investor who managed to increase the value of his property by $70,000 by simply following my step-by-step advice.
So…did you spot the common thread? Knowledge!
Sometimes getting help, combined with a bit of common sense, is all you need to make a profit from renovating. For me, nothing is more satisfying than watching people take the methods that have worked for me and using them successfully. I remember my first home renovation. Without the help of people who were back then more experienced than me, I don’t think I would be where I am today.
If you’re in the process of doing your first renovation or thinking about jumping into the deep end, let me know by posting a comment or question below.
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