As we have all heard – Real Estate leads to more wealth for more people than any other investment. That was probably written before 2008 but it still holds true today.
The secret is not to fight your own success but to allow it to happen through good planning and fluid execution.
I have bought and sold hundreds of homes and I know many real estate investors. With this experience over two decades, the one thing I can tell you about real estate investing that is sorely missing from most investors business plans:
[message type=”warning”]Advertise the house before you own it.[/message]
Don’t wait until you have gone to the closing table and taken possession of the home. Why would you want to incur additional carrying costs? If you have to write it into the contract, do it. No one that really wants to sell their home is going to object with this small caveat, especially in a long 20 to 30 page contract. Make it clear but make sure you have it in writing.
I am asked constantly “ What if the home needs repairs? ”
– the answer is to adjust your advertising and your presentation of the property. The idea is you need to get real homebuyers into the home. Real Estate leads that are looking for the perfect house can be shown the property while it is terrible condition if you say things like “ And if you act now there is still time for you to pick your own carpet and paint ” or “ A complete rehab is underway which allows you to make it your own ” people like to put their stamp on the home that they are going to live in. Wouldn’t you rather pick your own faucet and sink? Well you are not alone.
…most real estate investors wait until the house is perfect before they start generating real estate leads through advertising the property.
Each month you own the house is money that is taken directly off the bottom line. After all, are you in the business of rehabbing homes or are you in the business of creating money through real estate? If you answered with “rehabbing” than I cannot help you. If you want to create money from real estate then you have my ear and I am willing to answer any questions you may have.
These are the type of questions that plague the minds of investors as the real estate market changes and the internet continues to throw us curve balls regarding the buying and selling of real homes….especially in today’s marketplace.