Meet Bob. Uncle Bob. Rich Uncle Bob. Rich Uncle Bob, the real estate investor.
He buys and sells real estate property every waking day. He loves it. He makes a ton of money. After doing it for more than 15 years he wants to share something. He wants to share to you some secrets. Uncle Bob wants you to be successful in real estate investing.
Whether you’re a buyer or seller, here are some tips to help you make the best deal.
So you want to buy a real estate investment property? Get a check every month? Get rich like Uncle Bob?
1. Pick a growing area. This is necessary. Yes, it’s hard to predict economic cycles and which areas are going to flourish over years. However, if you read information about economic development regularly, you’ll have a much better idea of where to buy/invest.
2. Learn the market. This comes after finding the growing area. Now it's time to dig in. Rich Uncle Bob suggests doing your homework. Analyze everything. Know your numbers.
3. Start making offers (contingent upon a thorough inspection, of course). There’s nothing riskier than buying something with plenty of infrastructure problems. They’ll cost you time, money and aspirin. Lots of aspirin.
4. Brush up on negotiation skills. Yes, real estate investing is not just about numbers but also psychology. In order to get a good deal, you have to be a master negotiator. Brush up on your negotiation skills.
Follow the above four tips and you’ll do better with your real estate investment.
How do you get more bang for your buck? Just follow these six tips Rich Uncle Bob says:
1. Everything (usually) looks better in brighter light. So let the sun shine in. Open the curtains and blinds and turn on lights in all the rooms.
2. Fix up the little things. WD-40 for those squeaky doors and window hinges. Paint over wall holes (you know, when you make when hanging stuff up) Replace broken shutters, fix leaky faucets. Detail is key. You want your potential buyers (or renters, if you're renting it) to love it.
3. Deodorize! Nothing turns off a potential buyer than a “funny” or unpleasant smell. Make it smell like they just stepped in a garden. Or better yet, bake bread or cookies, makes them feel "homey."
4. Clean. Rich Uncle Bob's tip: hire someone else to do this. Make them clean the corners, clean the cabinets, re-grout the kitchen and bathroom sinks, tubs, etc.
5. Get rid of the clutter. Buyers (or renters) need to envision the home as livable. Anything clouding with that vision works against you in selling your investment property to them.
6. Paint, paint, paint. Rich Uncle Bob was a former car salesman, and used this trick to get a higher price when selling cars. Real estate properties work the same way. When you got a real estate property with some fresh new paint that cost $1,000, it might add an extra $15,000 in profits, or even an extra $100/ mo from rental profits. It is one of the most important (i.e., best and inexpensive) investment you can make is maximizing your sale price. Be sure you patch cracks and peeling paint first, though.
Like Uncle Bob's favorite mentor, Donald Trump says, "It's tangible, it's solid, it's beautiful. It's artistic, from my standpoint, and I just love real estate."