Real estate mogul: Increase your home's value by investing in this overlooked space
Sidney Torres knows a thing or two about developing properties. After successfully flipping his first home on a salary of just $40,000 a year, Torres used the profit to buy a property next door and never looked back.
Today, Torres has developed over $250 million in commercial and residential real estate.
According to the real estate mogul, there's a surprisingly important feature you'll want to pay close attention to when flipping a property: the closet.
"A lot of people cheap out and get cheap closets made," he says on the latest episode of CNBC's "The Deed," in which Torres uses his money and expertise to help struggling property investors. "There are other ways to save costs than to cut in the closet."
It's "an area that people can touch and feel and envision their clothes in," he says, and for that reason, "I always like to get very nice, custom-made closets. … Lots of drawers, hanging space, and storage."
As for other rooms to focus on if you want to increase the value of your home: "I think the smartest place to put your money is in the kitchen and bathroom," says Torres. After all, "kitchens and bathrooms are where people spend most of their time … so you want something that is nice."
Watch Sidney Torres in CNBC's "The Deed," Wednesday 10 p.m. ET
Don't miss: Sidney Torres says spend more on this feature to increase the value of your home