Updated over 5 years ago on . Most recent reply
- Accountant
- Los Angeles, CA
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biggest misconception about real estate
The biggest misconception about real estate is that you can be an introvert and hide behind your properties.
Well, maybe if you wanted to stay small forever you can stay in your bubble and talk to to people only when you have to.
If you have a big ambition in real estate you're going to have to get over being shy.
The hardest part about analyzing deals is determining market rent and rehab cost. I'm always coordinating with my contractor to get an accurate rehab cost. I'm always in communication with my property manager to estimate market cost once fixed up. Don't even think about trying to calculate these numbers by yourself because you'll go crazy.
Moreover, I'm calling sellers everyday trying to make a deal happen.
I'm telling everyone I meet my buying criteria because you never know who they know.
If a boy like me with a disability and speech impediment can get over his fear of talking to strangers to achieve his goals... ummmm so can you :)
- Jason Malabute
Most Popular Reply
#5 All Forums Contributor
- Plymouth, MI
You nailed a few things hard here. The one big thing I don't agree with is your biggest misconception. As far as I'm concerned, the biggest misconception is that the property is your asset. It isn't. The property is just the temporary resting place for your asset, before it moves forward. Your asset is your cash...in the form of cash flow and equity.