Each and every Wednesday at 9:00 pm eastern, the #WealthWednesday team (Clint, Tom, Stephen, and Lauren) get together and discusses wealth building strategies. Often, the focus is real estate, as was the case last week. We invited Mary along, a real estate pro who has amassed 10 doors in the last 2 years and has another under contract. The group shared some real estate secrets:
Put favorable terms in your offers
Pay cash
Short inspection period
Increased escrow
Don’t be loyal to one realtor, i.e. don’t be afraid to call and use the listing agent.
Find listings created by bad agents. You’ll be able to see the value through the trash. Others won’t. Here’s what to look for:
Bad marketing
Poor pictures
# bedrooms listed incorrectly
Badly worded description
Address omitted
Too many personal effects or clutter in the home
Lack of recent upkeep, like pressure washing or cleaning
Get aggressive during the holidays. Often, investors are out of money by then and people don’t feel like buying and moving in.
Add value through renovations and repairs.
House hack, meaning living in one part of the property and renting out the rest. This basically lowers your living expenses and allows you to scale more quickly.
Decide whether you want appreciation or cash flow, and if there’s a possibility of both.
Find a property in the right location, the path of progress.
Use refinancing to your advantage to buy more properties. This means you’re basically reusing the same initial investment over and over.
If you’d like to listen to the recording, it can be found here.
Join us this Wednesday as well for more real estate wealth talk.