Ten things I like to remind myself of every day:
1. Focus. On the task at hand, the ball, the next step. Narrow your territory, your efforts, If you have a “to do” list focus on the first two things on it.
2. It’s only called work if you would rather be doing something else. If you spend too much time working, change what you do.
3. Answer the question you want to answer, not the one that is asked. Don’t let others drive your discussion, stay on track and make your presentation.
4. It’s about the relationship. It’s not about price or product it’s about the relationship.
5. If you see it, get it now, from where you are. Don’t wait for a better position, time or place.
6. You can’t skip the basics. There are short cuts to the goal but to fail is just as short. Refine your basics and they will become a second nature to you. Habitualize them
7. Write a list. Let your ideas gel on paper. Work your list every day.
8. Most people die in bed. Get out of bed. It’s a very unsafe place. No great philosophy here, you gotta get outta bed to make things happen. You have to move to steer.
9. Don’t hate. Just refuse to like. Hate takes energy away from good things. Indifference takes no effort.
10. What a great country! Bailouts, taxes, etc., BUT…..It is still the best place in the world!
Ten things I look for in an investment home
When I am looking at investment opportunities in fixer upper homes I look at the following:
1. Good Bones. The house has to have a solid base, something to work with; I call it good bones, as in: ” This house is old, but it has good bones.” The home has a good layout and was built with quality.
2. Fixable Problems. I love fixable problems like a bad smell or broken windows or no air-conditioning. I can fix those things. I can’t fix a bad location or a small lot.
3. Location. You might think this is easy, but sometimes it is not as obvious as just a good neighborhood. It should be close to schools, transportation and medical services. Look into transportation and shopping, city services and infrastructure and roads.
4. Height of the tie beams. Some older homes have low ceilings and in particular low tie beams. I look for homes that if they do not have the high ceilings, at least have tie beams that are high enough for me to raise the roof and put in taller sliders.
5. Support. The neighborhood must support my plans for renovation, not just price, but appearance. I want to make sure I conform to the area.
6. Everyman’s house. I am not out to make a design or fashion statement. I want a house that will appeal to the broadest market. I have heard time and time again about a house that does not sell, “But there is a special someone that will appreciate the uniqueness of this home”. Let them say that about someone else’s home, not one that I am tying to fix up and sell or rent.
7. My Sweet Spot. I like to go with what I know, where I know it. A home might be a fantastic deal, but if I am not personally familiar with the area and it is not close to what I call my “sweet spot”, I will not buy it.
8. Know how to get out before you get in. You have heard it many times: You make money when you buy, not when you sell. It is true that you decide what you are going to pay, someone else decides what they will pay you. Don’t wait until you own the property before you figure how you are going to make money on it. Figure that out FIRST.
9. Alernatives. Once I make a decide on a purchase, I will look at all the alternative things I can do with the same amount of capital.
10. It has to look good on paper. Once I leave the property I will examine all potential costs, income, appreciation, renovations, and look at the bottom line in many “what if” scenarios. Many a time I was sure I was going to buy a place until I put pencil to paper.
Have a great Day!