Talk to any savvy Real Estate Investor, and you’ll hear that the REAL money is in the BUY part . . . The more BUYing you do, the more money you’ll make in the long run.
LOCATION LOCATION LOCATION – WHERE you BUY matters. Get the good dirt FIRST, because “they’re not making more buildable dirt” in the prime locations.
I was talking to a very smart local “in-Fill” builder a few days ago and asked him where he was focusing his attention. I know of one particular area in town that is HOT for in-fill construction. Houses are popping up all over that neighborhood and prices are rising. I was certain I would hear that he’s in the thick of that swarm . . .
He’s not . . . He said his focus is gone from there because he can no longer BUY lots in that area at a price that would work for his business model . . . by the time “everyone” knows an area is HOT, the smart developers are already moving on to different areas where they can BUY right.
How do they know where to go?
Here’s where GUTS and Intelligence pay off.
GUTS to explore the edges . . . Knowing that they might just make a mistake.
The more you buy, the less mistakes will hurt.
Intelligence to have a connection to all of the relevant sources of local political, business, economic, and societal development.
In short, someone with direct contact with local politicians and Leaders.
If you don’t LOVE this stuff enough to live and breathe it . . . don’t do it. Hop from one HOT market to the next to the next to the next . . . be careful though, it’s trickier to buy right in a HOT market because you can’t know when the day will come when it’s NOT HOT!
Every day, I’m out in the market talking to people who know a lot more about all of these things than I so I can advise my agents and clients.
We are building a Pareto Realty as a company that embraces “High Performance Niche Specialists” . . . and that begins with acknowledgement that we don’t each know everything . . . but we sure know who to goto 🙂
OH – and we’re not bashful about making referrals to specialists so we can focus more on our own individual specialties.
Connect with me if you want to be “IN”