How John DeBrito works with real estate investor
The misconceptions in real estate
As a real estate broker for the past 30+ years, I have been appalled by the way TV ads have tricked consumers into thinking that with very little effort, no credit, job or money down, they can get rich in real estate. If it were that easy, nobody would be working and we would all be millionaires. After selling hundreds of homes to investors and homeowners, I have learned that there are things to look for when purchasing a home before looking at profit. Some investors who have taken seminars and read books say to me,
“John, we will not buy a home unless there's a promise of at least $30,000 to $40,000 profit.”
When I ask them how many homes they have purchased with that much equity, they say, “None or maybe one in 3 to 4 years.” $30,000 divided into four years = $7500,00 a year. Hmmm. You could have worked at a job making minimum wage and made more money than that! There are 3 very important things that I can teach you before you look at buying a home or an investment property. They are time, effort, and money.
Let's discuss TIME first
How much time do you need to find that unbelievable deal? Are you going to call on ads or drive around talking to homeowners and realtors representing overpriced houses? I guess that's a great idea if your time is not worth anything.
The second is EFFORT
Once you find the perfect home, you have to decide how much effort you're going to put into fixing it up, i.e., painting, wallpapering and repairing electrical, plumbing, drywall, roof, and carpet. If you do not have the money to hire someone, you will be doing the work yourself.
The third is MONEY
If you have a full-time job, you will not be able to spend a lot of time fixing up properties. Therefore, you will have to hire someone to do the fix-up work and this costs money.
So how do you solve this problem?
Start SMALL and not BIG
to minimize the risk of buying a home or an investment property. Go for the sure, solid deal, not the deal that could bring a big profit if everything magically falls into place. Remember, if it sounds too good to be true, it probably is.
If you need more direction in buying a home or investment property.
Hopefully, this website will help or you can give me a call. My services are free when you buy and to quote one of my clients “John, you gave me more free, vital information in an hour than some of the seminars and books I've paid for." Call me. I would be glad to talk to you. John DeBrito Phone: 719-270-1167 or e-mail firstname.lastname@example.org