Money can get a little tighter during a recession. We know that the prices of almost all products are going up while our bets remain the same. Better tighten your belt. It can get much worse We are tempted to hide under the covers, put our thumb in our mouth and not come out.
Life is more than money, but hey, we can get by with money if we have to. One solution is to increase the number of income streams you have. The more current income we have, the better prepared we will be to survive a recession. Follow my suggestions and you will have a real estate business running like clockwork.
1. Buy houses to fix
The time to buy real estate is when prices are low and soft, and when interest rates are low. If that sounds like the current situation we find ourselves in, you’re right. Buying superior homes to fix gives you the added bonus of buying homes at even lower prices and using sweat equity to increase their value. When you’re done, you can either sell your home for a short-term profit (although it may not be as easy to sell in a recession) or rent it out for a long-term profit.
2. Take handy jobs
Use your top repairman skills to accept jobs as a handyman. Once people know that you fix houses to fix, their eyes light up. They think of various jobs around their house that they would like you to do. When it comes up that I repair top furniture in a conversation with someone, the conversation usually ends with the other person commenting, “oh, by the way, I’ve got this leaky faucet (or toilet, or ceiling). I wonder if you could look at it?” in that”.
3. Turn empty space into money: rent a room
I know, “who wants to have a stranger in their house”. But this can be a friend or a relative. Convert a section of the house into a room for rent. College students are good tenants.
4. Build a separate guest house
If you have space in your yard and city codes allow it. It could be cheaper than buying a new property.
5. Write a book about your real estate experiences.
Your experiences are unique and people buy books that show them how to make money. Write and publish the book yourself, and yes, (gasp!), learn how to market it too. Sell it on Amazon.com.
6. Write a Blog.
Tell people about your daily activities in real estate investing and connect your book at the same time. Don’t forget, you are an expert. An expert is just a normal person who has written a book.
7. Give seminars or classes.
Find out about teaching at an “open” community college or university. They are always looking for new teachers. Can’t speak in front of people? Join Toastmasters and have fun while you learn.