How do you know you're getting a good deal?
You want to know what makes a property a good deal?
Only you can only determine that..
Remember how I've told you, I have a purpose for every property I purchase.
What makes a real estate purchase a great deal, is if it fulfills that purpose.
Does the property bring in your desired net cash flow every single month?
Does the property bring in the desired amount you want to net on your fix and flip?
So, you have to determine if it’s a good deal.
Which means the first thing you need to do when you start investing in real estate is determine why you are doing it.
Write down what purpose in your life you need the property to fulfill.
And then once you’ve got that number, decide if that’s going to come through monthly net cash flow or a fix and flip with an overall net amount in your pocket.
If you’re not satisfying your purpose, you’re not getting a good deal. And then what? You keep looking. Don’t buy it anyway. It’s no longer an investment.
What is that number?
Once you determine it, take that number and you tell your real estate broker you need a property that can bring you that amount. Every. Single. Month.
And your broker will only have you looking at properties that will fulfill your desires with that cash flow amount.
So, time to work it out.
Are you getting a good deal?