Real Estate Words of Wisdom - Jan. 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.