11 Rules of Real Estate Investing
January 1, 2007
You make your profit when you buy real estate— you realize it when you sell
1. Set out clear goals and time lines.
2. Make a detailed plan of action.
3. Put as little money down as possible.
4. Buy properties in neighborhoods which are stable or improving.
5. Before you make an offer on a property figure out how much the repairs and updating are going to cost and if that will work for you.
6. Have the home inspected by a professional.
7. Be sure there are no special assessments or taxes due on the property in the near future.
8. Don’t buy a property which needs a new roof in the next five years, which has foundation problems, which has extensive dry rot, or other problems which will eat into or eliminate your profits.
9. Buy properties which are well-designed.
10. Try to get $2 back for every $1 you spend in rehabbing the property.
11. Don’t become emotional about a property you purchase for investment.
About the Author: Bob Cain
Some 30 years ago Bob Cain went to a no-money-down seminar and got the notion that owning rental property would be just the best idea there is for making money. He bought some. Trouble was, what he learned at the seminar didn’t tell him how to make money on his rental property. He went looking for help in the form of a magazine or newsletter about the business. He couldn't find any.
Always ready to jump at a great idea, he decided he could put his speaking and writing skills to work and perform a valuable service for other investors who needed more information about property management. So Bob ferreted out the secrets, tricks and techniques of property management wherever he found them; then he passed them along to other landlords.
For over 25 years now, Bob has been publishing information, giving speeches, putting on seminars and workshops, and consulting for landlords on how to buy, rent and manage property more effectively.
