Buying the worst house in the best street – This is my favourite strategy I love an old house that can be brought back to life with a little imagination. For me this was the easiest way to get started and establish a strong footing for my budding portfolio.
Often the homes I purchases were so run down that no one else was insane enough to consider taking on such an ugly house. Listening to other buyers in open homes I would hear people say “this is disgusting I could never live here” or “this would cost me 200k to renovate this” the buyers are looking to live there and cant comprehend how the house could ever be a home. The buyers don’t look at it the same as an investor, they haven’t looked at the neighbouring homes, the location, what the value of the property could be increased which a basic renovation or what the rent would be. The real estate agent is often sick of standing at open homes with no buyers turning up or buyers telling them how much they hate the house and any offer is a good offer so they can get that ugly little house off their hands…… This is my dream property!!