A very wise, smart, intelligent investor (Joe Jurek) once said....Fall in love with the Numbers NOT the Property!! These are definitely words of wisdom! When working on a rehab it is so important to not OVERSPEND on the property or you will come up short in your profits.
I rehabbed a property where I had made this mistake. I "remodeled" instead of "rehabbing" the kitchen thinking "This kitchen is going to sell this property!" I was so proud of this kitchen! New showroom cabinets, granite countertop, tile flooring - this kitchen was beautiful! AND we sold the property and made good money on it. TWO WEEKS LATER..... we drove past the house to find that the new owners had torn out the ENTIRE kitchen!! I was heartbroken! I couldn't understand why they would do that! What I realized (and it was a hard lesson learned) was that regardless of how much you spend on a rehab. The new owner is going to come in and make that property their home and do with it what THEY want. People don't want to buy other peoples dirt. I could have had a minimum of another $5k in my pocket had I watched my numbers over making it what "I" thought was great. There is a big difference between "rehabbing" and "remodeling". If you want to make money in this business you need to know and understand the difference. Again.... Fall in love with the numbers NOT the property and you will be a huge success!
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KEEP MOVING FORWARD
"If it is important to you, you will find a way. If not, you'll find an excuse."
_____________________________________________________________________________
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
A very wise, smart, intelligent investor (Joe Jurek) once said....Fall in love with the Numbers NOT the Property!! These are definitely words of wisdom! When working on a rehab it is so important to not OVERSPEND on the property or you will come up short in your profits.
I rehabbed a property where I had made this mistake. I "remodeled" instead of "rehabbing" the kitchen thinking "This kitchen is going to sell this property!" I was so proud of this kitchen! New showroom cabinets, granite countertop, tile flooring - this kitchen was beautiful! AND we sold the property and made good money on it. TWO WEEKS LATER..... we drove past the house to find that the new owners had torn out the ENTIRE kitchen!! I was heartbroken! I couldn't understand why they would do that! What I realized (and it was a hard lesson learned) was that regardless of how much you spend on a rehab. The new owner is going to come in and make that property their home and do with it what THEY want. People don't want to buy other peoples dirt. I could have had a minimum of another $5k in my pocket had I watched my numbers over making it what "I" thought was great. There is a big difference between "rehabbing" and "remodeling". If you want to make money in this business you need to know and understand the difference. Again.... Fall in love with the numbers NOT the property and you will be a huge success!
KEEP MOVING FORWARD
"If it is important to you, you will find a way. If not, you'll find an excuse."
_____________________________________________________________________________
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125