Real Estate Investing Tip - Never Fall In Love With The Property

Here’s a real estate investing tip for you to always live by:

Never Fall in Love With Your Real Estate Investments.

I remember several years ago, I strolled up to property with a Real Estate Agent and before I’d even walked into the property I’d already bought it in my mind. I’d already pictured going to the closing table, getting cash at closing. See, I’d fallen in love with the property or the idea of buying another property instead of falling in love with the numbers and the potential profit from the deal.

And, the realtor knew this. All he had to do was stoke my ego a bit, give me a hint of a possible deal and I was salivating at the mouth ready to make an offer. See, I assumed these leads were deals. Never confuse the two and never let anyone else determine whether the house is a deal or not because many times a Real Estate agent’s definition of a deal is completely different from mine. (For most Realtors, there definition of a deal for you is a sale for them!)

I see so many investors get emotionally involved when it comes to buying real estate they lose site of the reason they’re buying it to begin with, which is to make money. Never get so involved with a deal that you’re not willing to back away at the last minute.

When you get so emotionally involved, it can cloud your judgment and cause you to make some serious mistakes.

It’s all a process now and if the numbers don’t work, then I won’t buy it - plain and simple. Now, I feel that I don’t have to buy the deal, and it takes a heck of a lot of pressure away from you when you’re at this level.

You can still take this position because your sellers need you more than you need them. And when you take this stance, your seller will feel more confident with you. Take charge and lead your motivated seller to making the right decision.

Have you made your goals for ‘07 yet?

Derek