10 Commandments for Real Estate Investing

10 Commandments for Real Estate Investing

Loved these 10 Commandments for Real Estate Investing sent to us by John Fisher.  Thanks, John!

1.    Don’t be greedy!

2.    You make your money when you buy.

3.    Know the numbers going into the deal.

4.    Don’t listen to realtors (who don’t understand our business).

5.    Figures don’t lie but liars figure (you can prove anything).

6.    There will always be a deal!

7.    Price cures everything.

8.    Know your options: there is always a solution.

9.    Successful people do what unsuccessful people are not willing to do.

10.  Give back. Take the time to help someone on their journey.

Can you add any commandments, or do you think this pretty well sums it up?

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7 Comments

  1. Oh, my goodness, Robin, you’re absolutely correct. We work with plenty of Realtors and that was a far-too-extreme statement. Working with knowledgeable agents who can help with what we do is always a good thing. Plenty don’t understand our business so what I should have said is exactly what you pointed out: “work with a Realtor who specializes in investment properties–and owns them, too.”

    Thank you for taking the time to respond and for your improvement to my post.

  2. Hi, Randy.
    I don’t have a resource for you on Sub2. That is really a negotiating technique and works well when it’s a buyer’s market and sellers simply can’t sell. Right now, we are in a seller’s market where it’s easy to sell a home.

    What you need to find is a real estate attorney who is willing and knowledgeable about these types of deals. Start checking around!

  3. Hello Karen, I am trying to learn about SUB 2. You mentioned in the podcast. Any chance you have some resource you could share with me…maybe a blog post I haven’t come across yet.

  4. Hello Karen,
    Just found this blog after listening to the Bigger Pockets Podcast episode #2! Thanks for following Rule #10. Greatly appreciated.

  5. Haha! Thank you, Randy, for taking the time to read this and to leave a comment! Oh, yeah, and for listening to my podcast. You rock!

  6. I agree totally! A realtor who understands how investors buy and, preferably, who owns investment property personally. I don’t know why all realtors don’t own at least a few. For the future, rentals are the absolute best way to save!

    Thanks, Robin, for your comment.

  7. I’m a Realtor, and I have only a couple of clients who did not listen to me and ended up buying rental properties that didn’t work for them. Almost all of my clients really needed my advice and my assistance in helping them buy–and sell–investment properties that met their requirements. Thus, I disagree with the blanket advice of #4 to not listen to Realtors, obviously!

    A less catchy, but more useful, axiom would be to only work with a Realtor who specializes in investment properties–and owns them, too.

    Great blog, Karen!

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