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How to make money in Real Estate

Randal Engelmann & Erik Gould

We are Randal Engelmann and Erik Gould, partners in providing exceptional customer service...

We are Randal Engelmann and Erik Gould, partners in providing exceptional customer service...

Sep 8 3 minutes read
Advice on how to make your home more valuable


Randal:
Are you spending enough money in the right places?

Randal:
Today we're talking about spending some money.

Erik:
Spending some money. But this is kind of important, you have to spend money in the right places in order to make money. It's not just about saving money.

Randal:
And you know what this is really geared to talk about it is, maintaining property, doing the right things, especially when it comes to time to sell. But for those of you that don't own a property, let's start there. So if you don't own your home, realize that a renter's net worth is one 100th of a homeowners-

Erik:
On average.

Randal:
On average, in the United States today. So on average, a renter's net worth is about three grand and a homeowners is about 270.

Erik:
So first of all, you're not going to make any money in real estate if you don't spend some money and take that risk and get in the real estate market.

Randal:
So once you're there, we're going to hop back to the next spot.

Erik:
Now you own the house. You're not even ready to sell it. You have to maintain that house. It costs money to maintain a house. Roof, paint, updates here and there. So you have to spend some money to keep your house well-maintained.

Randal:
And then when you go to sell, a lot of people don't want to do anything when it comes to the sales process.

Erik:
But they may want the highest price for the house.

Randal:
Of course. So we've talked about staging. We've talked about painting, we've talked about all of those things, and we talk about that a lot. Sorry to do it again, but it's such an important aspect of the resale.

Erik:
And then it's hiring the right professional, so-

Randal:
Yeah every sales price for a for sale by owner is lower than the average sales price.

Erik:
And hiring a professional photographer.

Randal:
Thank you Ryan from Helio.

Erik:
Thank you Ryan, yep. You have to spend money because that's going to get you your highest net return.

Randal:
Yeah. And I always feel like we're doing the right thing when our clients call us halfway through the process and go "Randal, I'm thinking about doing this to my home. What do you think?" I got one last week. Feel free to reach out to us. If we've got a question like, I'm thinking of making this upgrade, what should I do?

Erik:
Is it worth it?

Randal:
Is it worth it.

Erik:
Getting the biggest bang for your buck.

Randal:
There's our spend money to make money ladies and gentlemen.

Erik:
Yeah. If you have some other ideas on what's worthwhile, what's a good return on spending your money. What's worked for you, what hasn't? We'd love to hear from you before.

Randal:
Yeah, so thanks for watching everybody. And until next time stay tuned and stay focused.

Erik:
Stay tuned and stay focused. He'll help you spend money. Believe me. 

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