Rules for Real Estate Investing Success

1. You don’t HAVE to do any one deal; the next deal is waiting out there
2. No deal is better than a “bad” deal.
3. Great deals aren’t found, they’re NEGOTIATED 
4.  If you’re a long term investor, and your analysis/forecast is right, a 10% difference in price isn’t going to make a material difference in ultimate profits
5. EVERYTHING must be verified; almost all transaction participants “polish”, exaggerate, omit, or outright lie
6. Your success is directly related to your knowledge, experience, capital and luck, in that order
7.  Everyone’s a genius in a bull market, I want to see how you did in a recession.
8. First you need to define whether you’re going to be a passive investor or an active investor. Then you need to determine where on the spectrum of passive to active you fall
9.  Only sell when it moves you closer to your goals
10. Only buy when it moves you closer to your goals
11. ALWAYS do what you say (assuming you weren’t mislead), always pay a broker the agreed to commission; always sell to a buyer at the agreed to price; and always walk away from any deal where the other party lies.