1. Time is our most valuable asset. Savvy real estate investors work to insure they are spending their time as wisely and efficiently as possible to accomplish their goals. They develop habits that insure their success as rehabbers and builds a strong foundation for our business.
2. Buy Right. You make your money on the buy. If you overpay, the project and profit is doomed from the start. As simple and cliché as this habit sounds, many investors simply overpay instead of putting in the hard work, time, and money to find really good buys.
3. The devil is in the details. With your future and livelihood on the line, keep a close on all the details of your projects down to the most minute details. Many investors fail to actively manage the important details of their business and ultimately fail.
4. Accurately estimate renovation costs. The most common mistake investors make is not doubling their rehab budget. A project rarely costs more than we plan for. Get at least three estimates for any work needed and add at least 20% contingency factor in your budget for unknowns that will inevitably surface.
5. Use true comparables. Insure all comps are close by and have the same number of bedrooms, bathrooms, garage spaces, and amenities. You bet the farm on the comps you use, make sure they are accurate. If the value of the property you're investing in isn't accurate, they entire point of the investment goes down the drain.
6. Focus on desirable areas. The ability to quickly sell the property after your renovation is critical to your success. Avoid the temptation to buy cheap property in undesirable areas and avoid nightmares that go with them.
7. Leverage other peoples time, money, and energy to grow your business. Don't let lack of capital or limited time limit your growth. Borrow money from others and hire help as needed to grow.
8. Protect the downside. Savvy investors plan diligently for worst case scenarios and proactively plan in order to offset their potentially disastrous effects.
Mitch Painter has been in business for 19 years and has renovated over 250 Houses, and owns 375 Apartment Units in Hyde Park and Clifton. Join his buyers list today to get the jump on great rehab deals never listed on the open market. He has sold over 650 estate sales never listed, all over Cincinnati. www.mitchpaintercincinnati.com
I've sold off market deals this year in Oakley
· Hyde Park
· Mt Lookout
· Mt Adams
· Indian Hill
· Pleasant Ridge
· Oak Hills School District
do NOT contact me with unsolicited services or offers