I’ve seen folks who have been doing deals for quite a long period of time. I’ll use even just by chance, one or two or maybe three of these things when asking about how they made judgments on their deal. It’s still surprising to me that those that have been doing deals for a couple years or for extended period of time on not to their detriment but just bullet them and have been put it all together to make sure that these are things are looking at that is what they use as a platform to say whether or not they’re going to do a deal.
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The first is a purchase price. Wonder that we’re analyzing the purchase price for a piece of real estate. The second one is we want to make sure we’ve got the right budget for renovation. If the property will gonna hold long term for rental or purchase one we’re gonna flip one we’ve got our budget set up the right way for the work we want done to the property, how we’re going to present to the market. That’s gonna include landscaping a demo and stuffs like that as well, even staging, don’t leave that cost out.
The next we wanna look at is time, even though we create a budget for the cost of getting the property done. We want to make sure we look at how much time it’s going to take to get the renovation done and then get on market. Now, we’ve got the purchase, we’ve got our budget, we renovated the house in a certain amount of time. We definitely want to know what our after care values. What is it or what price are we going to go to market with this particular property with confidence that would be sell to that price.
Lastly, we do have to look at our marketing talk because you want to know from the time we get it done till we have our open houses, we have our showing, we get bars we get them the contract and then depending on where they got conventional financing or FHA finance or whatever the case maybe. How long is gonna take us the close.
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