The first thing to remember is that – you’re in this business for investment-I.E. to make money-not loose it. The quickest way to disaster is to let emotion get involved. Buying a property because “it looks exactly like the home you grew up in” or any other similar emotional reason is an easy but big mistake. When it comes to choosing a property, let your wallet choose. If you only have a modest budget to work with, don’t try to rehab a $400,000 property with foundation issues-you’ll eat through your budget too quickly. Choose your first project carefully-it should be easy enough to get your feet wet and relatively low risk. You might not make as much as a high-risk project yields but you’ll be learning as you go and in this business, knowledge and experience mean money.
Watching this show is like watching Antiques Roadshow or a home improvement game show as you try and guess whose renovation got the most bang for its buck. Each episode features 3 homeowners from the same city who renovated the same room with the same budget. A designer host and local Real estate witness go through each one and trash-I mean discuss-the choices the homeowners made and why they were good or bad. At the end, you find out which of the 3 made the biggest return on their investment. This show is educational if you’re agonizing about what decisions to make in a renovation. Personally, I love to watch it and say things like, “Who on earth would pick a light fixture like that? Don’t you know no one’s going to want to buy your house now?” Come on, it’s fun.
I don’t think I’m alone in saying that this is using Twitter to spam. If I’m following you, I’m doing so because I think you’ll tweet about things that interest me. Cluttering up my feeds with messages that say “thanks for following me” or “have a good day” are nice and all but hold no value. They’re automatically generated so it’s not like you’re sending them to connect with me. It’s just one more tweet to delete.
Now I know you’re wondering, “How is just writing a stupid article going to get traffic to my website?” Well, once you have at least 1 article written, the fun begins! Now you need to post that puppy online anywhere and everywhere that your prospects might look.
By the way, in the middle of all of this, my frenetic business pace still marched on as I traveled twice to speak with the North and South Carolina Association of Realtors and Coldwell Banker Gundaker in St. Louis. In all of these situations I could see a clear theme developing, one that was very congruent with the main theme of my Mastermind Coaching Group. When posed with the ultimate question, what’s the main goal of this group, the majority answered; to become better business people.
This is a common problem in fast real estate markets, but can be a factor anytime. Definitely in slower markets, you need to stand out from the competition. Make sure that the paint looks good, all the lights function, there are no tears in the carpets or defective items anywhere. Contrary to popular opinion, buyers are NOT looking to buy your home…..they ARE looking for reasons to eliminate it from their list of possibles. Consider this: Buyers have many choices. If they go out to look at 15 properties, naturally they need to eliminate all but one from that list. That is the mindset they are in, and you need to assure your property stands out in a good way.
While financial experts advise you try to put down 20% of the total price of the home when you buy, this simply isn’t feasible for a lot of homebuyers. If this is your situation, rest assured that you can find a mortgage that requires no such thing. Some may even allow you to skip the down payment altogether. Know your options before you start house hunting.