037 No Offers Until You Know the Highest and Best Use

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Larry talks to his audience today about how to determine which exit strategy is the most effective for every deal you come across. When joining a group of his fellow mentor Robyn Thompson’s students on a bus trip to view properties, Larry noticed that instead of taking notes of needed repairs and renovations, most students just sat back and watched the scenery. They weren’t analyzing the properties or figuring how that property fits into their own investor identity.  They weren’t asking any questions, let alone the right ones.

Some of critical questions you need to ask yourself are:

  1. Is this a property I want to own?
  2. If I am, how do I want to make money from the property?
  3. Is this a home I wouldn’t want even if it was free?

These questions are critical to understanding how to make money from almost every deal an investor comes across. An investor needs to understand the desirability of the neighborhood, the age of the property itself, and the condition of the streets and sidewalk in front of the home.

For more information about Robyn Thompson and her real estate rehab course, you can visit her website at http://robynthompson.com.