How To Evaluate A Potential Investment Property.
There are 3 important aspects of a property you need to evaluate… these are the same for almost every investment property.
Physical Characteristics
The first aspect of a property is its physical characteristics. This includes things like:
• square footage,
• number of units/rooms/bathrooms/etc.
• amenities (stainless steel appliances, gym, pool, etc)
• architecture
• class of property
• property condition
• location, etc.
The size, characteristics, and location will determine who wants to be your tenant, how much they’re willing to pay, what kind of appreciation you’ll be able to get. When you’re assessing a property you want to consider all of these characteristics and what it means for your rental price.
You will also want to assess how you could improve the property to it’s highest and best use or to get the highest and best rents. Sometimes the best...
I'm a big believer in the power of mentors to help you collapse time frames, see opportunities you never realized existed, help you to think differently, and to become way more successful than you could have by yourself. For this reason, I've invested a lot of time and money to learn from my mentors. Those investments have definitely paid off!
In the spirit of paying it forward, I want to share the three most valuable lessons I've learned from my mentors:
1. Focus on Relationships for Life
For those of you who have heard my story, you know that one man was a very important catalyst to my growth and success in real estate - Robert Helms. He's the host of the Real Estate Guys Radio Show and he's an incredibly successful investor and developer who has done over $1 billion dollars in deals. He has taught me a lot in the 3 1/2 years I've known him. The number one lesson I learned from him was to "build relationships for life."
Most people are very transactional and short-term in...