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Coach Me on Real Estate The How-to Guide to the First Property

Jul 12, 2008
Think about what it will feel like to do that first deal. This article will give a big picture view of things to keep in mind when looking for that property. It can often be bewildering to think about what you must do simply to find a property.

When you are looking for your first property, you must first know what you are looking for. This is where you need to decide your criteria regarding what to look for in a property. It is very simple to eliminate certain types of properties when you think through what you want. Think about your end result: do you want to hold onto the property as a rental or would you like to sell it for quick cash? Are you interested in cash flow or appreciation of the property? Asking these sorts of questions will allow you to better qualify the property you are looking for. Finding the first property is a numbers game. You need to look at a certain number of properties to find the ones which fit your criteria, talk with these homeowners to find the motivated ones, put in a certain number of offers to finally get one property.

Do not fall in love with any property. There have been many real estate investors who have fallen in love with a property and not asked the hard questions. This almost always will come back to haunt that investor in the end. Taking the time to be objective will save you a great deal of money. You have to remember that when you are doing real estate, this is a business transaction. At the end of the day, the numbers do the talking. You do not want to become the motivated seller because you ended up loving a property at first sight.

Listen to your team advisers. Make sure that you use a home inspector whenever you go into a deal. This is an objective person who can look at a house and tell you how much fix up work is needed. If you do a certain number of deals, you will get a good idea how much it will cost to fix up a property but you do not have this expertise when you are starting your real estate career. It may cost two hundred dollars or more for a home inspection but if this saves you ten to twenty thousand dollars because you avoided a bad deal, this is worth the cost. You have to think about home inspection costs as a cost of the business.
About the Author
For more articles and a 10 part e-course on how to create your own Ultimate Buying and Selling Machine! plus over 50 training audios, simply go to www.LarryGoinsFreeOffer.com where you will gain instant access
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