Real estate is a numbers game and many individuals will purchase investment properties striving for ultimate returns.
Because of this time of year being the Winter Olympics there is a hot topic related the South Korea’s investment in the Pyeongchang Olympic Stadium. They spent $116 billion won on the establishment which is $109 million U.S. Dollars. It is a large facility that is fit for the Olympics and the most certainly invested a pretty penny. What makes all of this controversial is that they will have used the stadium only 4 times (2 times in February for the opening and closing ceremonies and 2 times in March for the opening and closing ceremonies for the Paralympics.) and are choosing to demolish the building once the Olympics is completed. That means that per use it costed them $27.25 million dollars! It has been a topic of conversation that many hosts of the games actually end up in significant debt after hosting because they spend so much money on preparing.
Relate this now to your real estate investments. Would you spend that kind of money on an establishment and then not utilize it more than 4 times? We would hope not.
When buying properties and buildings for an investment you need to think about the expenses and then the amount of revenue you would need to make a nominal profit monthly and/or after a flip. At RE/MAX Capitol Properties we have sold homes to so many individuals who want an investment property and/or who want to flip the property. Our expertise is to help our clients make economically sound decisions where you are setup for success. Where many investment property mistakes happen is in inspections. Take the necessary steps to inspect the property so you can make realistic estimates to repairs and renovations. Take the necessary steps to make sure you understand the condition of the property before you purchase it. Also, this can at times help you in paying a “fair” price, which in turn will not break the bank.
Interested in investment properties? Call to schedule an appointment today at 307-635-0303 or contact us online at cheyennehomestore.com! Our experienced real estate professionals are here to guide you through the process!