How to Avoid Rookie Mistakes When Making Offers

February 27, 2014 in Investing In Real Estate

 

Rookie Mistakes I’ve had more folks than usual this past couple of weeks emailing me about making offers; specifically asking me about their offer after they had already made one on a property. And in almost every case, they made rookie mistakes that were going to cost them money in the end.

The thing that I find so utterly confusing, is why they didn't ask someone for help before they made the offer?  If I could give brand new investors one piece of advice it would be don't be afraid to ask for help, especially when it comes to making offers.

 

So How Can You Avoid Making These Same Rookie Mistakes?

Today I want to talk about the one thing that will sink your ship faster than anything else; making bad offers.

We all know that you make your money the day you buy a house. But you can also lose it all when you sell if you don’t know how to figure repairs accurately. I get at least one email every week asking “what the formula is for figuring repairs”. My answer is always the same; there is no magic formula or set percentage that a real estate investor can use when determining repairs.

Some folks seem surprised when I tell them that you have to actually visit the property to determine what the repair costs will be on these houses. Messing up on these two things will cause you the most problems as well as cost you the most money in your real estate investing business of just about anything you do.

There are 3 lessons in today’s blog post to help keep you from making these same mistakes.

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