Real estate remains one of the best industries globally. However, it is also one the most delicate investment. The capital that is pumped into the investment is enormous, and therefore one has to make sure that profit is made. Many investors have made significant profits; one of them is Greg Fridzon.
Greg bought a house in Miami for $59,000; he later renovated the house at a cost of $24,000. This means the house ended up costing him $83,000. Greg sold the house for $135,000. In 72 days, Greg made $52000 in profits after he sold the house. Greg is a bright investor; he knew what to buy, where, how much, and what he was supposed to make from the investment.
Lack of enough capital is a major challenge for most investors. This is made worse by the fact that no financial institute will come in especially as a starter. In most cases, the left option is getting financial assistance from people you can trust. In this case, Greg opted to seek his brother's support. Financial discipline is vital when it comes to trust and in agreement with this; Greg made his profit and paid back the money with an interest of 30%. This is close or maybe less than what he would have had to pay to the financial institute.
In most circumstances investors go for new construction. Unknown to many, however, buying and selling old homes may be the new gold mine in town. Greg bought the house from AssetColumn member Mark Sanders, who purchased it for $52,000 29 days before. Mark made a quick $7,000 in the flip.
When Greg sold that house and made that profit, he was also surprised how easily he made the cash. In fact, not all this houses needs thorough renovations, and that means less money spent on it. Additionally, investors who have invested in this kind of business have their companies thus making it cheaper for the repairs. With their own companies, they are sure of less costly repairs.