Real estate sayings that are true

There are a lot of sayings out there in the world of real estate. Before I was full-time in the real estate world, I would brush them off or just think they were not true. Then I began noticing certain patterns about the real estate world and realized just how true they are. With that being said, let's take a look at all the real estate sayings that I learned to be true!

Location, Location, Location

“Double Yellows” are houses that are located on a main road where you can normally find double yellow lines on the ground. This can sometimes be a deal breaker no matter what you do to a house. Nothing is more frustrating than looking at a houses ARV(After Repair Value) and realizing that the house could have sold for 40K more if it was just in between streets as opposed to the main street or road. This is why location, location, location is very true in real estate. Its the one thing you cannot change no matter what you do. 

Numbers don’t lie

Stick to your numbers people. It is very easy to get frustrated with looking at many properties and realizing that most of them have no chance at being a deal. If that’s how you feel, then you’re on the right track. Regardless of where you are getting the deal from, the most important thing you can do is run YOUR numbers and give the seller YOUR offer. The worse thing that can happen is that they say no.
What if you decided to change the numbers even though you know they are not accurate and you end up getting your offer accepted? Good luck. So many good deals can go wrong with a couple of things you couldn’t plan for. Imagine how hard it's going to be to dig your self out of a bad deal. Not going to be pretty. Everyone has that family member that talks about real estate being a scam and that it doesn’t work. 9 times out of 10 that’s the guys that didn’t run the numbers correctly.

 Don’t wait to buy real estate, buy real estate and wait

One of my favorite quotes for many reasons. A lot of people say that they are waiting to get into real estate because the market is at its peak. Those people have been saying that for 8 years now. The truth is that nobody knows when the market will crash. All you can do is give your margins a nice enough cushion in the case that if there is a crash, you can at least break even. If you have a rental, then crashes don’t really affect your rent or vacancy. If anything, demand will grow because a lot of people will lose their house and will still need a place to live. 

A thousand step journey starts with the first step

This isn’t really just a real estate quote but a great quote that you can relate to real estate. The idea of purchasing a property, rehabbing a property, renting a property, refinancing a property, and then repeating the process(BRRRR) can sound over whelming. I know it did for me. That is why I chose to house hack a move in ready house. Now if I knew then what I know now, I would have definitely done a BRRRR first but hey, you live and you learn right? The idea of going through this can sound like it's too much but the good news is that you don’t have to do and learn everything all at once. You just need to have an end goal and know the first couple of steps. No matter how many books I read to prep for this, nothing gave me more of an education than actually doing it. A lot of people end up with analysis paralysis and its because they think they need to know everything before the begin. Fun fact, you'll never know everything and as soon as you do something will change anyway so why bother.

In conclusion, there are a lot of sayings your hear in the real estate world and sooner or later you begin to realize that most of them are true. If you have any quotes you would like to share, feel free to drop them on the comment section.