Tips and tricks most people don’t know when buying RE

4 Replies

I’m 19, soon to be getting into the game. What are some tips and tricks that you all have to help things go smoother or get the most out of your money and investments.

For example: Going to Home Depot early to find the best and most dedicated contractors.

Thanks everyone

@Lawrence Cersosimo Congrats on realizing the power of real estate investing. The biggest piece of advice I can offer is start associating with like minded people.

For the last few years I researched my market, read a few books, and started hanging out with friends and professionals in the REI game. I'm doing this at no cost to my family, GF, and friends that don't invest in anything. Be friends with more EXPERIENCED people; learn twice the amount you can on your own.

This is a relationship business so the faster you can solve a problem the faster you find the first DEAL. 

Originally posted by @Lawrence Cersosimo :

I’m 19, soon to be getting into the game. What are some tips and tricks that you all have to help things go smoother or get the most out of your money and investments.

For example: Going to Home Depot early to find the best and most dedicated contractors.

Thanks everyone

 Hey Lawrence,

2 things for you really fast:

1. When your negotiating deals, at the end of the negotiation when you feel you have gotten the seller down to the lowest price they will go, ask them to throw in a home warranty. Its usually like $700 in my area, and it protects you for the first year from any major things like the fridge, pool pump, or air conditioner breaking.

2. Strongly suggest at first you learn how to do things yourself. It saves money (which isn't the point but is still nice), but you also learn to see from a contractors perspective. At least do small tasks like paint. I learned a lot from a youtube channel. look up "Home Renovision DIY". You will find a middle aged canadian guy who is a great teacher.

Hope this helps,

-Matt

@Lawrence Cersosimo all of the contractors know that old advice so the ones there are 6 a.m. aren't the ones you want. Those are gimmick tricks that don't count on deep research and relationship-building. I wouldn't characterize anything good in RE investing as a trick, but tips - sure.

1. See 25-50 houses in person before you make an offer on anything. To do that you will either need to get your license or have a good friend agent who also invests so it's not a waste of their time.

2. Stop using calculators until you see homes in person. The numbers mean nothing until you know what they mean and look like in real life and in your market area.

3. Be patient. There is no rush to land your first large investment. The more your rush, the more you miss things along the way.

4. Build relationships and offer value. What special set of skills or knowledge or hustle do you bring to the table that can help someone else, so they, in turn, might help you.