I like to know as much as possible before I make an offer on a project. The more details the more idea of what reality I am dealing with.
Comps, repair cost, any possible value adding, ARV, Lease/rent rates, terms, and even list of deferred maintenance.
I gather it all up and make a plan to see the full picture, to see if its a doable deal.
There are no secrets, or "tricks". I need to know the all the facts to see the truth.
This same information makes the seller make a decision faster, and cleaner. They will know what they would have to do to gain the profit for themselves.
Most people are not willing to give up an unknown amount of money, but will walk from a specific. They need to know for sure, to make that move.
I don't believe in secrets to finding property, buying property, or selling it. Its just facts that either are or are not part of the truth.
I like this break down. I look at things in a very similar way. Either the numbers and the information work, or they don't. For me, there is no emotion in the decision to do a specific deal or not. Either the facts of the property line up with my purchasing criteria, or they do not.
The more I can know about a property, the less there is that can surprise me. Doing a thorough due diligence is critical to making any deal work.
I just purchased a house in Friendswood. It was on Saffron Ln, I believe. What areas do you invest in?
To me the "emotion" is important, but for different reasons than most. I like to find that "impossible" deal, and do it right, w/out shortcuts or being cheap. Something about the anticipation of the challenge excites me, the profit is just the opportunity to do even more, bigger, more challenging projects. But I reserve that emotion for the right deals, not just any ol property catches my fancy.
I love Friendswood, Pearland, Alvin, Santa Fe, and even a bit down in some small waterfront communities from here to Freeport.
My focus is on unique problem properties and light commercial/small multifamily.
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