On this blog, we often point to the various factors that indicate a worthwhile investment market.
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We often talk about maximizing your income potential in an investment property. But what does that really look like? Is it all making expensive renovations and upgrades? Is it the opposite and spending as little as possible (as some landlords will tell you...I know, I agree that is crazy!!!)?
Spending time and effort on the right renovations is certainly part of the equation, and they can certainly level your properties up to a higher price point. However, part of increasing your income is reducing your costs—and this can have a huge impact on your profit! Why? Because unlike spending moneys on renovations, which are a lot like "investing" in the property itself and making it more desirable to residents, reducing your costs and finding hidden savings puts dollars directly onto your bottom line!