A popular real estate saying is "you make your profit when you buy.". . . But nobody actually gets a fat juicy check on the purchase day of a new property, right? Fact is you pay for the property, you pay for the additional purchase costs and you pay for repairs or upgrades on a rough diamond! Isn’t that actually money going out when you buy? So what does it mean to "profit when you buy?"
To make your profit when you buy, you must buy a property at a price that makes sure you can make your desired profits when you execute your exit strategy. It means you need to buy smart. If you overpay heavily for a property, no amount of wishing or hoping is going to make you a profit on your investment when you sell (exit) or worse you will be left with a negative cash flow, draining your pockets.
There’s art and a science to finding great deals.
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Stop looking for deals and start making deals:
The art of looking for deals is leveraging your network and relationships as an extension of the online and offline opportunities available to effortlessly find those beautiful rough diamonds.
The science of finding deals gives you that emotionless control to exactly verify and quantify if an investment will make you money or not.
In other words, you don't count, hope, wish or pray for the market to go up so you can cash out. You make your profit when you purchase a property “smart” based on what it would be worth today, not might someday. If an investment doesn’t make sense (doesn’t check your criteria), don't invest in it. Plain and simple. Just walk away. Otherwise, you are merely gambling or "speculating". Call it what you want, fancy or not that is just risky business. If you want to learn to Calc Like A Pro checkout your smart pack here
So next time you set out to shop for deals, don’t waste a minute of your time or money. Focus on your strategy, carefully check your criteria list and diligently Calc Like A Pro to make sure your deal is going to make you a good return on your investment. Next time someone asks you if you can find deals in today’s market. You simply smile and with great confidence reply. “I don’t waste time finding deals I make them!”
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