Lesson 6: How to Determine Property Value
Accurately calculating after-repaired-value (ARV) is crucial to being a successful cash buyer. I learned this skill as a former CA licensed appraiser 25 years ago.
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Lesson 5: Your Time Is Precious
In the book “The One Thing,” Gary Keller, co-founder of Keller Williams talks about prioritizing goals and sticking to the critical path which best leads to fulfilling those goals.
Lesson 4: Illegal Structures
Fast forward to today and, in my opinion, illegal structures are a liability and detract from the property value.
Lesson 2: Divide and Conquer
Don’t bite off too much as an investor newbie. Become an expert in a specific neighborhood or city and focus on one property type and price point.
Lesson 3: Avoiding Fraud
As an investor buying large numbers of properties, it’s likely that at some point you will become the victim of real estate fraud.
Lesson 1: Reputation Is Everything
A real estate investor’s reputation is their number one asset. Whatever you do, it’s paramount to be perceived by others as a reliable buyer.