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Responding to the Spike in Real Estate
| | Monday, July 19, 2004 @ 08:00 AM EDT
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Contributed by: Lucius Foster
Lucius Foster Properties
Read more archived articles about Economy - Good
As a friendly Real Estate Broker, I get all of these magazines directing to Brokers by the usual associations. They all say that it is time for Real Estate Brokers to become involved in curing the lack of affordable housings. Like most things in life, they describe the probem but do little about suggesting a solution.
Well guys and girls I doubt that this solution will be forthcoming from the various little
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groups that will be formed up to study the problem. We Brokers are big on study groups but alas thats the end.
So once more you the active persons out there playing in the trough of real estate are the ones to play this little game.
Being a good Capitalist I think you should all make money at it just do not be super greedy.
My suggestion is based on the observance that legislation is now appearing which allows a homeowner with a house on a nice little Residential, One Lot, to add a second home. What this does to Density Control, Dunt Esk. But we are short and the powers that be feel that this is the answer. So now may be the time to buy with heavy leverage, a slightly overpriced single family with a lot that is a little over the usual size. You then add onto the lot the second house.
This you finance with an equity loan. It is possible if you will build a low cost house. Perhaps a manufactured house, a modular structure. Or if you are a historical type. Perhaps a kit from the ads in Popular Mechanic. Quansit if I remember the spelling. Nice roundy house. Easy to erect. What is called in the Military a two case house. Thats the amount of beer drunk which erecting this small structure. You can play all kinds of games as to design and additions.
Or perhaps you would like to build a concrete Igloo. Now thats fun and can be done by the normal householder who has a few typical American Skills. You know, can tell a 8 penny from a 16 penny nail. Can handle a Skill Saw without having the wood torn out of his hand.
Do the math and, if it comes out, now might be the moment. Of course the local practice of Garage conversion into a unit is also applicable and you can do this for about $5,000 if, repeat if you do a few of the tasks yourself.
Teach your wife to lay tile, or in my case accept instruction from my highly talented wife. Remember to snap a line so all stays in line. God she is good at it. Annoying.
A property bought for one purpose and then expanded to another which creates a stronger income stream now that is a goody, The time has come. Grab it. Oh a word of warning. Do not move a relative in. Unless of course they are rich!
Lucius
Word Cloud:
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