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AVOIDING PITFALLS ON THE ROAD TO REAL ESTATE RICHES
Simple Stuff Every Investor Needs to Know and Do

  • Don't rely on the tax-appraised value of the property. The only true way to establish the market value of a property is through the use of comparable sales.
  • Look for a handyman. A contractor who drives up in the new, extended-cab, long-bed Silverado pickup is not the guy for your job.
  • Close the deal. Never submit a contract unless you are absolutely certain you will be able to close.
  • Resist the lure of the big dollar house. High-end homes will put you out of business in a hurry.
  • Get the keys. Don't ever hand over the money until you have the keys and the tenant is out.
  • Don't fall prey to "deal-itius." As a rule, do not work for less than 20 percent of the total value of the property-even if you currently don't have a deal.
  • I already have a contract, thanks for calling. Build a buyers' list. Remember: it is easier to find houses than it is to find buyers for houses. Don't throw names away just because you have a contract.
  • Don't be cheap. There's a reason it's called "the cost of doing business." You have to spend a little to earn a lot.
  • Beware of lien windfalls. Spend the time learning the bidding system in the state before buying. Focus on the tax rate of return, not the property.
  • Be sure you have the dough. Don't make a bid if you can't back it up. It would really be embarrassing to be sued by the county.

$ $ $

Adapted from ARE YOU DUMB ENOUGH TO BE RICH?: The Amazingly Simple Way to Make Millions in Real Estate by G. William Barnett II (AMACOM; June 24, 2003).

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About the Author
G. William Barnett II is Director of Acquisitions at CAPSTONE Properties Group, as well as a nationally renowned seminar leader and speaker on real estate investing. Before becoming successful in real estate, he worked as a stockbroker and a syndicated television producer. He lives in Forth Worth, Texas.  
Click here to learn more about Bill Barnett

Articles by Bill Barnett
Reprint Permission 
Who Wants to Be a Real Estate Millionaire?  
Reprint Permission Seven Tips for Success as a Real Estate Investor  
Reprint Permission Avoiding Pitfalls on the Road to Real Estate Riches 



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