A property can be a great investment and can make you a great deal of money. However, some people will prefer to buy a property, renovate it and sell it on, meaning that they will be able to get the equity from it instantly. This is a great business model – as long as you have the capital to invest, and as long as you are able to make a profit.
If you are going to renovate a property, you need to ensure that the renovations are carried out to a high quality, but at the same time, are cost effective. This might mean making the property renovations yourself or working with someone you have a business relationship with who will be able to carry out cost-effective work.
You also need to understand the local market, so that you know what you can sell the property for. There can be some risks, of course, especially if you buy the property at auction. But if you plan ahead and know what you are doing, it’s entirely possible to make a great deal of money.