029 Ten Steps of a Successful Real Estate Deal

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Today Larry walks us through the ten essentials to creating a winning real estate deal. The key points he covers are:

  1. Location, location, location — The old saying has some truth to it; location can make or break a good deal
  2. Know what you’re looking for — What problem is this specific property solving today? Why do you want to buy now? What are your long- and short-term goals in real estate?
  3. Work only with motivated sellers — If the seller doesn’t have a pressing need to sell, you’re wasting your time.
  4. Research the rental income and property values — Whether it’s a rental neighborhood or a one where the residents own, make sure you know all the relevant property values.
  5. Make sure the math makes sense — This is critical. Make sure that you carefully analyze the values of the property and the potential deal structures to maximize a win-win scenario for you and the seller.
  6. Communicate with the seller directly — This is another must-do step, and why many deals can’t be found on the MLS or through real estate agents.
  7. Review all of your information — Take everything that you’ve learned about the property and the seller to create a deal structure that will work for the seller and for you.
  8. “Don’t tell me what you won’t do, tell me what you will do” — If a seller rejects your first offer, get them to tell you what they will
  9. Make copies — Once the seller has accepted an offer, make copies of the sale agreement and highlight anything different or unusual in your contract.
  10. Title insurance and title search — NEVER do a deal without these.