1. You make money when you buy, not when you sell.
2. Know how you are going to get out before you get in.
3. You can do a million deals on which you make only a dollar of positive cash flow per month, but there is a limit to how many deals you can do when you lose a dollar a month.
4. Look at your alternatives.
5. Think of the worst case scenario that could happen with your real estate deal. If you can sleep with that in your head, the deal is ok.
6. The deal will be there tomorrow. (Sleep on it).
7. Everything will cost more money and take more time than you plan for.
8. Leverage is a beautiful thing. Use it.
9. Cash is ALWAYS king.
10. If you don’t ask, you don’t get.
11. It’s not just about price.
12. Location trumps price.
13. Look at, feel, smell, touch, and visit your investment before you buy.(Immerse yourself in it)
14. Do it yourself. It’s your deal, not your agents, your accountants, or your builders. Only you are responsible for its success or failure.
15. Buy fixable problems, not unfixable ones.
16. Know your right, or your projects right, to succeed.
17. On taxes – Defer or convert.
18. Don’t accept face value, dig deeper.
19. If you find yourself in a hole, stop digging.
20. If you wait for all your ducks to line up, you will never get in the water.
21. Knowledge is power. Trade on it.
22. Action beats inaction. Every time. (Nothing happens until someone does something).
23. It’s not over until it’s over. (Negotiation never ends)
24. My word is my contract.
25. To not buy is sometimes the best thing to do.