Awesome Mistakes to Learn From!

 Okay, so here's some, not really mistakes, but learning experiences I've had so far that I think newbies like myself should learn from:

1. Lowes/Home Depot Pro Bid Desk: I thought that if I spent $2,500 I could get a discount off all my items anywhere from 10%-30% off or something like that. Well, I went to Lowe's recently with a relative who was doing some house remodeling. Confidently I was like, "You should spend at least $2,500 to get a big discount at the pro bid desk. You'll probably get around 15% off." Simply, I was wrong and looked a little stupid. Let me give a clear picture of the pro bid desk as I was told at Lowe's on how it works:

You spend $2,500, but only SOME items are discounted. I was also told the discount is from 0% to 15% off.

Of course the employee may just have been incompetent in describing the pro bid desk to me but that's what I got from him. The day this happened was today which is Sunday, and the pro bid desk isn't opened Sunday. Another thing to watch for. So what I did was told the manager I need a discount from the items being purchased and he gave my relative 10% off, by just asking.

2. Be Careful With Your Comps: I got perfect comps for one property. All within .5 of a mile, within 3 months, same style, bed/bath, etc... I went to the comp'd properties and checked them out myself. Turns out the comp'd properties which were selling at $180,000+, were in a neighborhood literally two blocks from the property that was, I'd say, a whole letter grade (at least) better than the subject properties neighborhood. I told the agent to pull comps between specific roads and found the correct comps, and figured an ARV of $140,000 MAX, with great finishes. Comfortably I'd say the ARV is $130,000 as I don't like best case scenarios. My agent didn't give me these comps as they were about a year old, but I know that they are much more representative of the subject property. So newbies (like myself :)... Be diligent!

3. Don't Hesitate to Question Your Agent: Take this for what you will, but I remember having a tough time questioning my agent, saying, "I don't think these comps are representative, I need different ones." I remember feeling out of line as I wasn't the "expert" but I was right. Even if you feel uncomfortable, just ask anyway. So you can relate, I did feel like, "Darn, I don't want to question this person, what if she doesn't want to work with me for questioning so much." but I was right and I have a feeling someone will feel like me as well, so to you, JUST DO IT!

4. Don't Forget Your Measuring Tape! And other tools like pens, paper, etc... when going out to estimate! :D

It's not much, but I just wanted to put out a little something. Sorry for any typos.

I hope someone can benefit from this,

-Manuel