1st Time Buyers

                                              ( be it your primary residence or rental think and act like an investor)

 

 

Lets not sugar coat anything, you with me? this is a tuff market to break into and it will eat you for lunch if you don't arm yourself with the knowledge and tools to succeed. That said lets look at some considerations

 

Inventory: obvious answers MLS, Craigslist both useful tools, great for getting a "feel for  pricing" . The neighborhoods you are considering will change, you need to watch this and from this develope a "strike" mentality.notice we said neighborhoods plural, dont get stuck in 1 market only! when you do you purchase from emotions not numbers DONT get sucked into it. Investors know when to walk you need to also.

For the most part MLS and Craigs list is a retail media not that deals wont show up....they will and you armed with solid kowledge will respond accordingly.

Knowledge: Ok smart guy how do i get schooled? pretty simple HARD WORK. you need to drive the streets you are considering call all the signs get the info, price ,sq ft( dont live and die by this but we prequalify many simply on price per sq ft) condition and most importantly days on market. If an agent tells you that the home was on the market 5 months it was to high priced and sold when it either came down to market or got lucky and an impatient buyer pulled the trigger.Within a month or two as an example if i tell you Royal Oak 1200sqft 3/2 $59,900 you go right over at $109,000 it had better be  brand new right?Now as of this publishing are those the actuall buy numbers? dont get hung up on it its merely an example of market knowledge.

 

Never forget: Everything sells at the right price....everything

 

Now thats youre home work. Where we can assist is in the structure of the buy, rehab , sale

Buy: we never bought a single family home we couldnt get out of. So you need to do some fast math...if I buy at X and put X into it will I be able to rent and cover my monthly nut if not re examin the 2 factors either 1 is off or youre in the wrong hood

Now lets go make some money!!

 

Rehab: this in itself is a small book. Unless you are a trademan with 10 yrs solid experience DONT DO IT time is money and carring costs will eat your profit. also a good subcontractor will not only save you time, money and headaches he can size up a do it yourselfer in 2 minutes see that you havent a clue and walk. My guys would rather sit home than have you incharge of there profitability. Nothing spells dissaster like a partime " Im the general". Do what you do best, analyze deals, design, colors, market. Delegate this to the pros we can either be "that guy" or aid you in the sorting out of the week end warrior and the serious sub with trade  knowledge.

 

Sale: For now just 1 thought " think big" Never and I mean never work a realtor over on commision dont do it it will bite you in the end they deserve every penny. If thier 6% is gonna break your deal YOU screwed up get out and move on.

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