Money can get a little tighter during a recession. We know that the prices of almost all products are going up, while our stakes remain the same. Better tighten your belt. It can get very bad. We are tempted to get under the covers, put our thumbs in our mouths and not come out.
Life is more than money, but hey, we can get by with money if necessary. One solution is to increase the amount of income streams you have. The more sources of 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 a Swiss watch.
1. Buy repair houses
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 repair homes gives you the added advantage of buying homes at even lower prices and using sweat capital to increase their value. When you’re done, you can trade your home for short-term profit (although it may not be as easy to sell in a recession) or rent it for long-term profit.
2. Accept handyman jobs
Use your repairman skills to take jobs like a skilled man. Once people know that you repair top repair homes, their eyes light up. They think of various jobs around their house that they would like you to do. When it is discovered that I repair the repairmen in a conversation with someone, the conversation usually ends with the other person commenting “oh by the way, I have this leaky faucet (or toilet, or ceiling). I wonder if you could look into that.”
3. Turn empty space into money – Rent a room
I know, “who wants to have a stranger in your house”. But this can be a friend or family member. Turn a section of the house into a rental room. College students are good tenants.
4. Build a separate guest house
If you have space in your garden and city codes allow it. It could be cheaper than buying a new property.
5. Write a book about your experiences in real estate.
Their 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 real estate investing activities and plug in your book at the same time. Do not forget that 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 you speak in front of people? Join Toastmasters and have fun while you learn.