It's often hard to say no to a potential real estate deal especially when it seems to fit most of your criteria. Maybe it's just what you think you're looking for. It's in the right area. It fits your budget. It would make a perfect rental. The emotions start to kick in. "I've got to have this one." "Another deal like this will not come up again." We become emotionally invested, and that's when things start to go wrong! Not all properties and deals that we find are actually deals (although at first glance they may appear to be).
Even if the property we have our eyes on is in the right area and is one you can afford there are still several reasons why we need to say no and pass on potential opportunities. This week we will break down three questions you should ask yourself when considering a new investment as well as a few other reasons you will want to keep looking. The goal is to consistently add properties to our portfolio without all the stress - these three questions will save you from that. We'll also break down two recent deals that I turned down and why.
- Looking behind the fluff (proforma numbers)
- The work involved
- The unknowns...
- A recent opportunity I turned down in the US
- A recent opportunity I turned down in Medellin, Colombia
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