Put Your Creativity to Work

Educate and discipline yourself to think through questions such as "How can I overcome these shortcomings?" and "What opportunities for improvements can I create?"

Now, return to the question—"Should you buy a fixer?"—listen to the wisdom of career fix-and-flip investor Suzanne Brangham.3 In her book Housewise (HarperCollins, 1987, p. 185), Brangham tells beginning investors:

Your buying power does not depend on the amount you can pay today with the funds sitting in your bank account. . . . As you learn more about real estate ... you will understand that a little money can buy a lot—if you know how to pick the right house, bargain properly, and roll over your profits [possibly tax free, I might add] from one sale to another. . . . So get started now in property improving so you can eventually own the properties you want, but can't afford right now. Start small and repeatedly step up from one [lower-priced] property into another [higher-priced] property. You will quickly build a magnificent net worth.

3 Suzanne began her fix-and-flip career with a $40,000 condo in the early 1970s. Less than 10 years later, she was fixing and flipping million-dollar-plus houses. Although dated, Housewise still makes for a great read.

Credit Score Booster

Credit Score Booster

There are many misconceptions about credit scores out there. There are customers who believe that they don’t have a credit score and many customers who think that their credit scores just don’t really matter. These sorts of misconceptions can hurt your chances at some jobs, at good interest rates, and even your chances of getting some apartments.

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