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real estate investing advice should never hurt someone whos just starting in this field. It actually should be the other way around; Neophyte investors must pick up all slices of advice they can get, sometimes even if it hits their ego. Treat them as valuable information you can use to dominate the area you are investing in. Take them by the neck and use them as a pedestal to rise to real estate success. No offense meant, beginner. Here are some pieces of advice that can help you throughout your career.
Due diligence is SOP. Doing your homework is a standard operating procedure when
investing in real estate. Be sure to perform your own comparable market analysis, or comps, of the property you plan to buy or sell. This will make sure you make ballpark estimates. This will be easy if you have a realtor working with you. The realtor has access to the MLS, or multiple listing service, which features information about properties sold and currently for sale in a specific area. This real estate investing advice is a reminder for those who tend to forget the value of comps as they grow older in the business.
Be friends with a home inspector. After doing a few flips, some real estate investors tend to be too confident. They think they can do everything on their own. They think they can save some money by inspecting the property on their own. This is actually courting danger. With a bad assessment, you could end up purchasing a house that needs huge money to repair. This advice also applies to wholesalers. Take note that is rehabbers notice that the property is in bad shape, they wont buy it from you.
Good rapport. The third slice of real estate investing advice for beginners is building good rapport with everyone. If you cant be friendly with everybody, at least show people that you are professional. You can never tell when youll get to work with that lender, contractor, or buyer again. So be sure that you parted ways in good terms. That way, youll have a harmonious working relationship the next time you come across that person. As some seasoned investors say, You dont make deal when investing in real estate; you only build relationships.
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