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Buy Properties that make sense from day one!

What does that mean? I can tell you I have seen real estate that lost money on the first day! The issues is the location location location. Is that property in the right area for you to maximize your profit through equity and income.

You need both equity and income to create wealth, income to live and equity to grow wealth. I remember past rental properties that I paid tenants to leave so I could sell the property. There was so much money in equity I sold the property and made as much as $75,000 on one home. That was a nice check to use for income or buying another deal.

The other issue is how much is the property costing you? You need to know how much everyone is making in any real estate deal. Traditional MLS real estate deals are all up front and full disclosure in all the cost and where all the money is going. As a Realtor I make only commission which is usually paid by the seller of the property.

When you are buying wholesale real estate the cost is not always full disclosure. You need to know what fees you are paying on each home you buy. Some of the real estate sellers in this field have flat fees and others base it on each deal.

The key is knowing if it is worth it and what they are including in their service fee! Any cost that is added to your purchase of a property needs to be worth it! Look at the resume of everyone that wants to sell you real estate and check their references.

There are so many start up real estate investment companies that really have not done that many deals and do not understand each environment they purchase real estate in to sell.

I looked at a home a client had purchased through a real estate seller and they had not done the city inspections needed on the drain. That could cost as much as $15,000 to the buyer if there is a 1% leak in their drainage system. That is something that buyer should have known up front.

These are some of the things that must be done upfront and you need to have all the cost associated with them. Understand each home and the cost and you will benefit greatly in your wallet.

Need real estate in the Cleveland area call me I've done 100's of homes and can get you a great income or investment home. Call 216-703-5740 I'm Brett ICON Agent 2 years in a row with EXP Realty. You can also text "information" to 1-937-500-0745

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