Finding Your Diamond in the Rough

Identifying investment property is like dating. You want to make sure you choose wisely because you will be committing time, energy, and money. You’ll be putting your heart into the effort and have big dreams of where things may lead—maybe a long-term commitment, maybe marriage. Dating just anyone, like targeting any old property, can be a huge time waster and even cost you a lot of money. I speak from experience on both counts.After the last five chapters you can see that choosing wisely involves setting a goal, building your team, and evaluating and focusing on your market. There’s a lot of preparation required before you actually select a property. And what you are looking for isn’t necessarily the winner of the beauty pageant, but a diamond in the rough.Time and again, investors start at this stage—they work on finding a property and completely skip the preparation work. This is why the word “risk” is so often associated with real estate. Selecting the property should come only after you have assembled a team to assist you, decided upon your goal, and done the work of identifying a market or submarket. Never should it come before. It requires a level of trust, but like I always say: Trust but verify.By now you have found your market and a submarket or sub- markets within it. The next step is finding the property that will achieve your income and profitability goals within your chosen area. This chapter will show you how to do that, I’ll take you through the same steps I use to find property.The one that follows are critical to your success in this business because this book isn’t about just buying property, it’s about buying property right. For the right price, in the right area, with the right expectation to achieve your goal. This is the only way I buy, and the reason is simple. When you buy right you spend your days tending a garden rather than digging out rocks. Life is too short.

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