Want to see your passive income soar? You first need to understand how to pick the best real estate deals.
Finding the best real estate deals can be a daunting task. But with some research and know-how, it can be easy to get your hands on some great properties.
Here are a few tips to get you started.
How to pick a good real estate deal to buy
Listen, the best deals I’ve done are in multifamily properties.
To do the same, the first step is to know what you’re looking for. You’ll want to find a property with:
- Strong cash flow;
- Good appreciation potential;
- Manageable repairs.
Look at the number of units the property has, if the location is popular, and check the demographics to see if they’re promising:
- How many people are migrating to that area?
- Are there job opportunities?
- Is there a large population growth?
Clarify what you want to do with your money
Let’s look at this example right here:
There are 997 units at this property in Decatur, Georgia. Built in 1967, it is 942,000 square feet, 75% percent occupied, and in a bad part of town.
Right away, when I look at that real estate deal, I know I don’t want that. But it doesn’t mean you don’t want it. There are so many properties with investment potential when you know what you’re doing.
Now, you have to ask yourself a very important question every day.
WHAT DO YOU WANT TO DO WITH YOUR MONEY?
Your answer will be different as you age, move, and circumstances change. What I want to do with my money today is entirely different from what I wanted to do ten years ago.
To continue picking the best real estate deals in the long run, check in with yourself daily to make smart decisions about the properties you should invest in.
Disclosure: This content is intended to be used for educational and informational purposes only. Before investing, you should always do your own analysis based on your own financial and personal circumstances before making any investment. Grant Cardone is an industry expert who has been investing for over 30 years and his opinion is based solely on his own personal experience and circumstances. Individual results may vary. You should perform your own due diligence and seek the advice from a professional to verify any information on our website or materials that you are relying upon if you choose to make an investment. Investment involves great risk and there is no guarantee of performance or results.
We are not attorneys, investment advisers, accountants, tax professionals or financial advisers and any of the content presented should not be taken as professional advice. We recommend seeking the advice of a financial professional before you invest, and we accept no liability whatsoever for any loss or damage you may incur.