Lead with your mind, not with your heart. Don’t let emotion blind your logic. If you find a property and you absolutely fall in love with it, that’s fine. Just don’t try to make something work if it clearly won’t.- Know in advance what you’re going to do with the property. If it’s a flip, search your database for potential buyers. Always know how to get out from under a purchase before you make an offer.
- The more you remodel or repair, the less you’ll make when selling. Work with your contractor to find out what must be fixed and what might be fixed. Certain upgrades can be left for your buyers, no need to renovate the entire house knowing you won’t get 100% of your money back when sold.
- Flying solo is a disaster in waiting. Surround yourself with professionals who will profit from your investments as well as drive new business to you. When you win, they win. You’re talking about attorneys, contractors and banks. You can’t be an expert in everything but you can put them on your team.
- Speaking of teams, don’t flip around, be loyal. Establish solid working relationships and nurture them. Doing so, team members will be out there looking for deals for you. If you constantly move your business around, you won’t have that type of commitment.
- Don’t be a chicken. If the math works and your team members agree with you go ahead and make the offer. If it’s a good deal, someone else can find it and bid it out from under you. Early on you’ll be hesitant but as time goes by you’ll gain the confidence you need to strike when the iron is hot.
- Your profit is sales price less expenses. When evaluating a potential investment, get a realistic selling price from an agent along with a days-on-market calculation. The higher your asking price, the longer it will take to sell.
- Speaking of value, forget online valuation tools that are popular today. Don’t rely on assessed values from the county, either.
- Using your own walk-through as your property inspection will cost you. Some investors not only hire one professional property inspector but get another for a second opinion, especially for bigger deals. Real estate is an asset you can’t return to the seller after you close. Know what’s ahead.
- While it’s good to be familiar with an area, don’t limit your prospects to your own backyard. There are always areas that are ideal for investors beyond your own zip code.
It’s a relief to find sonoeme who can explain things so well
Well thats very kind! I’ve been frustrated with getting simple information thats real world and to the point…our goal is to help with the what the how…thanks for the feedback