Craig Hall, author of Timing the Real Estate Market, has some really good advice on how to get the most money out of your investment property. He advises six ways to do this:
Cosmetic improvements can often times improve the property’s value to a potential tenant anywhere from hundreds to even thousands of dollars.
(2) Major rehabilitation.
Developers make quite a bit of many when they pick a prime property that’s in need of redevelopment, or rehabilitation, as this article would call it. In St. Petersburg, Fla. this is quite a popular trend. Developers buy old, unused, dilapidated hotels and redevelop them into brand new upscale luxury condos. Their profits are quite amazing.
(3) New economic uses.
If a property has more than one, or several economic uses, it’s selling potential can be greater, as can the profit be from the sale.
Gross revenues and expenses are two highly important factors when it comes to investment property. Examine these areas very carefully and closely.
A proerty or a community often carries a reputation and a brand all its own, but these things are usually a result of really good or really horrible marketing. The better the marketing the higher the sale price, in most cases.
Constantly review your property’s or properties’ financing. Re-financing can often help you to increase your profits with very little effort.
For more detailed information on this topic, check out the full article in a recent edition of the Real Estate Journal – The Wall Street Journal Guide To Property.