One of the things that I have been lucky with is finding good real estate investments. It comes down to a few simple and fundamental steps I take for each property that I analyze and it is my recipe for success. I am going to share it with you today and I hope that you walk away just a little smarter than you were right now.
Let’s get started.
The secret to finding a good real estate investment property is this: keep your emotions out of the picture. Emotions can cloud your judgement, make you overlook large problems such as water damage and in my experience any emotional-based investment goes horribly wrong.
Thankfully I learned this lesson early on and I only had one property that really was an emotional purchase. I was young at the time and I instantly fell in love with a foreclosure I was bidding on thanks to the beautiful curb appeal. I bid more than I was going to, and when the dust settled I was so happy with my purchase.
At this point, a wiser investor would have seen the warning lights.
As it turned out, this property had so much water damage and foundation issues that it was a lost cause. If I had just shut off my emotions and looked at the property from an objective point of view I would have seen all of the signs and walked away long before I was willing to put down a deposit.
Lesson learned.
You can learn from my mistake and make smart real estate investments by keeping your emotions out of the equation.
