Still remembering the first deal I made, I reuse the two things I’ve learned from it. First, I always add a partner to any deal, which adds power to explore and use real estate deal features that otherwise would not have been available to me. Second, after I bought the property, I rehabbed it, renovated it and then I refinanced. In process, I got most of the money back I put in renovation, through an increase in property value. This process, when repeated properly, can generate wealth in a way that is more predictable than most other investment types.
- Partnerships make it much easier to get things done by leveraging different strengths to work in a cohesive way.
- When you want to make a deal you want to show your value that you can offer in exchange for capital or whatever you need.
- You should make sure you have the knowledge before going into a deal so you can properly advertise yourself as an expert in your field.
“Now it’s pretty rare to get a hard money lender to fund the rehab and the purchase price, all of it. But I got it.”