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There are no shortcuts in life! And I am not really sure if I believe in luck. Whether you believe in karma or “a plan” or you make your own luck, I do think there are things you can do to improve your “luck”. KNOWLEDGE! That is the reason I write this blog! (Well, one of them. Another might be my passion for a good rant!) But I am always a life-long learner. Always reading, attending classes and seminars, having conversations with other pros, and sharing it. It’s probably because I was a teacher and an English major. Reading and writing is my jam! Anyway, I digress…
Here are 5 tips to Getting Lucky in Real Estate:
1) Be very clear about what you want. Determine the location and specifications that you are interested in before you start looking. Don’t try to adjust your desires to the market that’s available. The market is constantly changing but your wants probably are not. Dig in a little bit to what those are.
2) Get help. You will need three people in your corner. A real estate agent that is familiar with whatever it is you are looking to do. A financing person that fits your needs, even if it is a cash deal. If it is a loan officer, make sure they’re familiar with the type of property that you’re looking for. There are tons of opportunities out there for alternate financing, and a simple search or conversation with the other two professionals helping you is likely to turn up some of that, if necessary. Lastly, you need a real estate attorney. When searching for properties that produce the highest return, a huge complication could be clear title. HERE is my favorite.
3) Make a budget! Know what you can afford before you get into a search. Real estate prices are through the roof right now. That doesn’t mean that you don’t have the ability to find a good deal. That means that you need to be honest about a budget and stick to it. When it comes down to it, your budget may determine some of your specifications about what you want, like location. You’re NOT going to find a lake front property on Lake Norman with a $300K budget with an acre of land…but you mind find a condo in a lake front community. In my experience, budget is the biggest issue! You can add rooms or space or appliances, but it’s a lot harder to add cash!
4) Be consistent. It takes a little bit of hard work to find exactly what fits your needs the best. Consistency is important to find just the right property. Whether you have your real estate advisor send properties to you the moment they become available on the market (or off) or first thing in the morning, make sure that you are reviewing those options on a consistent basis. Asking about a property a week after it went live may be too late. If your agent does not have a way to reliably send you information on a consistent basis, that can become a problem. In this market, it’s all about timing and being on top of it. I am still seeing multiple offers and properties last only days on market. I am also seeing the reverse…which proves there are deals out there!
5) Be creative! When an opportunity presents itself, make sure to brainstorm ways that you can create whatever it is you’re looking for. Things are not delivered to you on a silver platter, as much in life as in real estate. The folks that make a lot of money in real estate have vision! If you don’t, use mine! I am a “Real Estate Advisor” because I Advise…I don’t sell. You’re going to have to make some adjustments and concessions during the process. Because this is about money, the creativity has to come from the way, not the cash.
Have you ever sent me a referral???
I would love to thank you! An extra donation to Catering to Cats and Dogs in your honor? Or a Starbucks card? Or a beer? Or glass of wine? (I will accompany so you’re not drinking alcohol or caffeine alone:))
Please reach out if I have somehow missed thanking you!
Never sent me a referral, but definitely know people looking to buy or sell a home?? Enter their contact information HERE and I will reach out to them and put your Reward in the Mail!
