When I write about this subject, I often compare fixing up houses to playing golf. In golf there's an old saying, "Drive for show, putt for dough." There are thousands of strong young players who can hit the ball a mile and look very good doing it. Precision is not critical as long as the ball stays in bounds and ends up on the fairway. However, to putt the ball those last few feet to the flagstick is very critical. It takes a lot of skill to sink the ball into a very small cup. It's impossible to play winning golf unless you learn to do both—drive and putt—equally well.
The same can be said for fix-up investors: you won't make any serious money by simply fixing up houses without a financial plan. So, to repeat myself, lots of folks can do fix-up quite well; however, you make the serious money when you learn how to purchase houses with the right things wrong, then limit your fix-up costs to those things that will generate returns or profits from your customers.
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