What kind of question is that?
Well, it's one to ask yourself if you are on the fence, considering buying that first investment property...your first fixer-upper.
We all know the benefits of doing so...money and accomplishment! You'll fix it up and reap humungous profits along the way. At least, that the way it's supposed to work right?
But, are you mentally ready for the myriad of challenges between the purchase and that big payday? It's not enough to buy a property and get paid...thing have to happen along the way such as:
- Someone has to bulldog the process along to completion
- Someone has to write the checks and see that the little things get done!
- Someone has to have a plan to DO something after the rehab with the property
- Someone has to assume the heavy mantle of responsibility. The buck stops with you, the investor.
So, as you see in other of my writings, I suggest that you pre-agree to some things with yourself. Of course I have suggestions...
- Adopt a "whatever it takes" attitude to the purchase, rehab, AND the sale or lease.
- Agree to be above board in your dealing with others. Pay people when you say you will. Do things when you say you will.
- When things go wrong, refuse emotion and zero in on the best solution.
- On the other hand, it the rehab goes swimmingly, congratulate yourself and know that something will likely go wrong with the next project.
The "whatever it takes" attitude is a powerful concept. It's contagious with your laborers, friends, and family. It will make you a lot of money. Those that you do business will notice it. In fact, I'll go as far as to say that they recognize a force to be reckoned with and will treat you differently.
Remember, fortune favors the bold!
About the Author
Bruce W. Ford is the editor of Rehab-Real-Estate.com. Get his important Special Report entitled "12 Things Real Estate Investment Gurus Won't Tell You" at Rehab-Real-Estate.com.