questions for a investor

[Edgar Sanabia]

as a successful real estate investor what is a couple of things that are necessary to successful in this industry ?

[Doug Smith]

If I had to pick a couple. #1 would be getting a consistent, fair contractor that delivers when they say they will. They seem to be unicorns. When you find a good one, tell them you won't nickel and dime them if they don't do it to you. Having that relationship is key. #2 I would say is to understand how to back into a strike price on a buy. Starting with the ARV and then subtracting out reasonable profit, rehab and sales costs, the time value of money/carrying costs, contingency reserves, etc to come to a maximum amount you'll pay for a property and then stick to it no matter what. It's all just a math problem. If you can't get your price, don't get romantic about it. Walk and get the next one. I would have to say those are my top 2.