BiggerPockets

Tired of nonsense in our business

Monday, February 09

How many of us are sick of looking at ads only to find out there is no substance behind them or that they are just a come on.  At 50 I am constantly reminded of the old addage "if it looks too good to be true it is."

 You can't buy a house for pennies on the dollar and not expect to spend a ton fixing it up to be habitable.  And even then think about updating to code, getting permits which are needed for just about everything.  Don't want a permit?  Guess what you have to disclose that when you sell or you are open to liability.  Never let a Realtor talk you into boolegging work.  Also, remember, if you are not a profesional in remodelling everything costs more than you think and little problems become big problems fast.

If you are a savvy investor what I am saying is obvious.  If you can't sleep at night and watch the morons who make millions selling you stupid CD's you need to think about these things.  In these difficult times, there are great deal, but there are also a thousand investors chasing them.  If you have lots of cash, great, go to the foreclosure auction and make a deal with the lender right there.  If not expect things to take longer than you expect to close because lenders don't act fast even though you'll hear they do and expect to make payments for several months before you get renters.

Avoid these clowns who just want a commission.  Do your homework and if possible look at newer homes if they make sense from a return perspective.