Strong statement, we know – but what else would you come to expect from Hipster Investments by now? Ok – if you really love Barry Manilow, don’t be offended. He did, after all, croon the famous song “Mandy” as well as “Copacabana”. It’s true – at one time, Barry Manilow’s tunes were where it was at. Um…the thing is – that was a super long time ago. Manilow, and his music, have aged (and not all that well). To be relevant today, Manilow would need some serious rehabbing, a rock star agent and a miracle like that whole Rick Roll thing that happened a few years ago.
Bottom line? Barry Manilow albums aren’t accruing in value – so stop buying them. Our point? Only buy real estate that accrues in value over time. Don’t fill up your collection of homes that are just taking up valuable space and money (in repairs). Buy homes that are fresh, that people want to rent (or, in the case of Manilow, listen to) – and fine-tune your portfolio so that it reflects where you want to go in life as an investor. Sounds simple right? Yes and now. Here’s how to stop buying Barry Manilow Albums at once:
Real Estate Investors, Be Weary Of “Good Deals”
You know what? You can go into any Salvation Army or Goodwill in the country and get a great deal on a Barry Manilow album. Actually – we dare you. How low a price can you find one for? Um, yeah. Barry Manilow albums are pretty cheap – why? They’re not relevant. They take up space. The whole nine yards. In real estate investing, don’t end up buying Barry Manilow houses because they’re a good deal. You’ll end up with a cluttered portfolio that doesn’t play out how you want it to.
Real Estate Investors, Don’t Think You Can Reinvent The Wheel
OK – or at least don’t think you can bring back Barry Manilow to his hay day. Again, avoid buying homes that don’t have what it takes to be rentable – don’t buy homes people don’t want to live in – don’t buy homes that are so scratched you can’t play them. See where we are going with this? You can’t reinvent the wheel, you can’t make Barry Manilow Justin Timberlake, and you can’t buy old, dusty homes and turn them into true cash-flow.
Whether it’s record collecting or real estate investing, buy properties that are ready to rent (and albums you actually want to play – that don’t have scratches on them or seriously outdated songs). Buying old properties is fine, especially what we’d call a ‘turnkey’ and you can get good deals – but buy ones that have been fully renovated and are ready to go. Remember: don’t try to reinvent the wheel (or revive Barry Manilow’s career).