Real estate investing can be daunting for a beginning. Becoming successful in this industry is a step by steps process and is not by any means quick and easy. But, there are tricks to make life easier, sometimes it gets too easy.

WHAT YOU’LL LEARN FROM THIS EPISODE

• The first thing you need to do when you try to get into real estate is to pick the asset class
• It is recommended to not start with hotels as it is difficult to manage and execute.
• Start with Craigslist and start with a project under 5 years
• When searching for properties, try to start looking for it from the last page as craigslist consists of 45 days memory. The sellers on the last pages are relatively more negotiable and less reluctant.
• When questioning never starts with ‘is this property still available’ as it implies that the buyer is weak instead ask ‘is this still up for sale’ - it gives a much stronger influence.
• Whenever you have a choice between buying through Owner or Broker always go for ‘by owner’ as it is much easier to negotiate with the owner themselves.

• Always ask these before purchasing

  • 1. Are there any repairs?

  • If there are repairs, how much does it cost?

  • Always ask for Address and Zip code (use it to compare its worth on other sites)

  • Are there any tenants?

  • If there are any tenants what is their gross income?

  • Who is responsible for utility expenses, tenants or the owner?

  • Inquire why are they selling it, make sure there aren’t any legal issues

• Divide the questions into series and don’t ask all the questions at once as this may discourage or confuse the seller

• Don’t judge the property from the pictures

RESOURCES FROM THIS EPISODE

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