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Real Estate Words of Wisdom - Jan. 2011


Blog by | January 2nd, 2011


Real Estate Words of Wisdom – Jan. 2011

 

  • State your best case than shut up and listen. The first one who speaks loses.
  • When investing in real estate, control your emotional involvement. Whoever cares the least has the advantage!
  • What usually drives successful, productive people isn’t the money, it’s the game. The money is just a way of keeping score.
  • Know what you don’t know is more important than knowing what you know.
  • Whenever a Costco, Wal-Mart or other superstore opens in a given location, it stands to reason that the future growth of that community will be strong as these stores spend a ridiculous amount of money researching which communities will thrive and always build in strong markets.
  • Location is not nearly as important as knowing how long the cycles have run for and what stage the local cycle is in at the time you wish to buy.
  • You should always try to time your mortgage term renewal date to come during a U.S. presidential election year, because magically the interest rates will always be lowest in those years.
  • You don’t get what you deserve – you get what you negotiate.
  • There are no good or bad markets, only good and bad deals.
  • Any opportunities you don’t exploit are wasted.
  • Keep up with the trends. Yesterday’s knowledge and experience are good only if you use them as a base to build on today.
  • The time to think about the resale of the property is before you buy it.
  • Overpricing a property is the same as taking the listing off the market.
  • With development financing, lenders care more about the track record of the person behind the deal than they do about the security in the real estate itself.
  • Save money by shortening your amortization period.
  • If you’re turned down by one institution, find out why, correct the problem and try again.