By Gary Bailey | February 8, 2012 | new investors experienced investors seasoned veterans strategy
Avoid these common mistakes to greatly increase your chances of selling your new-renovated property before your competition.
If you are a real estate investor who is struggling to sell your newly renovated properties as quickly as you once did, there is a very good chance that you are falling into one of these common “pitfalls.”
What defines a pitfall? We describe a pitfall as a mistake or misstep made by an investor that will result in project results that deviate greatly from the mean. In other words, pitfalls cause your property to take longer to sell than other comparable properties, prevent it from selling for its full value, or prevent the property from selling at all – regardless of how much you reduce the asking price.
Build has ...
Read More By Gary Bailey | April 26, 2011 | new investors experienced investors strategy It's 5pm on a Friday evening and your real estate agent calls you with good news. The home-run house - the one that you've been diligently scouring the market for - just popped up on the market this afternoon. "Finally, these last 6 months of searching have paid off!" you say to yourself. Not wanting to waste a minute, you sneak out early from work, call your contractor, grab your clipboard and flashlight, and meet your real estate agent out at the house less than an hour after she called you. As you roll up to the house, your stomach sinks. The place is crawling with other investors who also have their contractors and real estate agent with them looking at the property!
Hoping for the best, you spend the next 2 hours going over the repair estimate with ...
Read More By Gary Bailey | April 9, 2011 | lost opportunity costs experienced investors seasoned veterans A concept that investors rarely consider is the concept of Lost Opportunity Costs. What exactly are lost opportunity cost? Quite simply put, lost opportunity costs are the cost of the status quo, or the cost of inaction.
The Status Quo
As an active real estate investor, when you step back and look at your business, one of the first things you will probably consider is how much money your business is generating. Are you generating $20,000, $30,000, or even $50,000 a year buying and selling property? However, very few investors stop to consider the cost of lost opportunities. Lost opportunities for active investors are frequently caused by a lack of a consistent supply of properties or limited funds that may allow them to complete only one or two ...
Read More By Gary Bailey | April 8, 2011 | budgeting new investors experienced investors We all know that developing a budget and a realistic time frame for completion is the first step to a successful rehab project. So why is it that every time a project gets underway, it seems that the budget is the first thing to get thrown out the window? From what we've seen happen with investors of all experience levels, as well as my own personal experience with rehabs, it seems that a lot of investors let the scope of work become primary while the budget becomes simply a suggested guideline or "best case" scenario.
This lackadaisical way of thinking could significantly impact the health of your real estate business. We have seen investors' rehab costs exceed their budget by as much as 100%! While budget overruns of that magnitude are typically ...
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