I recently bought a house.
I know, I always say not to buy a house…
Or at least that’s what people hear.
What I really say is: don’t buy a house on the come-up. Invest your money instead. And buy a house when your cash flow can pay for it.
Anyway, I bought this house.
Most folks would have walked away from this place…
Or even called it a money pit.
I just smiled and ran towards the deal instead.
It’s not because of how the property looked.
The interior of this house is very dated.
All the doors and windows look old. They probably need to be changed in the near future. Which won’t be cheap to do.
The pool is probably 15 years old. At some point, it needs to be updated. Or maybe even replaced.
The house has multiple bathrooms. The one that Elena chose to be hers is an eyesore right now. It has this ugly green paint and décor in it.
Elena and I joke about it. We can’t decide who hates the bathroom’s current appearance more.
Because honestly, anything we do to that bathroom is going to be an improvement over how it looked when I bought the place. And we’re definitely going to upgrade and renovate that bathroom.
So why would I buy an “ugly duckling” property with so many things wrong with it…
And buy it at a huge price tag?
Because it’s a 10,000 square foot property on one of the most exclusive and desirable beaches in Malibu, California.
If I were going to build a similar type of property, it would be a nightmare to pull off.
It would probably take five years to get built because of all the bureaucratic permits, paperwork, and red tape.
It probably would not get approved to be a ten thousand square feet home. I’d have to “settle” for something smaller.
If I was to build instead of buy, I might not get the pool approved either. At least not something as big as what’s already there.
Look, you can fix the paint… the doors… the windows…
You can fix all that stuff.
But you can’t fix the location.
It doesn’t matter if you’re buying a house or an apartment building…
It doesn’t matter if you’re buying an office building or a retail storefront…
And it doesn’t matter if you’re buying a $80,000 property or a $8 million dollar one…
You need to make sure you get the kind of location that’s irreplaceable.
That’s the one thing you can never compromise on when you’re picking out real estate. It’s literally a stone-cold mortal lock.
You must be 100% sure that you don’t ever compromise on location.
That’s just one school of “hard knocks” lesson I’ve learned in over 35 years as a real estate investor.
I’m going to share a lot more information like this in my upcoming Real Estate Investing Webinar.
It’s 100% free to attend. (Click here to find out more).
This special training happens on Saturday, November 19th 2022 at 12pm EST.
If you’ve been thinking about getting started with real estate…
Or building your own real estate empire like I’ve done…
Then you owe it to yourself to be at this live web-based event.
10X Every Day,
P.S. One more thing and it’s kind of important. There will NOT be a replay for this training. So you’ll want to make sure you have a pad of paper and a pen to take notes because I’m going to be dropping a bunch of knowledge bombs. Here’s the link again.
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