3 Rules of Real Estate - Age Old Truth/Myth (CFFL 0214)

Location, Location, Location or Price, Price, Price?

I still remember the first (and last) time I was tricked with the question “What are the three rules of real estate?” Aaa.. buy low, sell high? He who has the gold rules?... Nope, its “location, location, location.” “Okay, well I’ll never forget that I guess and what the heck does it mean?”

What was once the propertyinvestor’s mantra, has become real estate agent cliché, probably, because the internet has made it possible for us to live and work just about anywhere.

Wholesaling rural vacant property has been our business for 15+ years and we have done a ton of deals. Among the consistencies of the business is some version of this comment; “who the heck would ever want to live way out there?” My answer is some version of this: “At least the 15,000 plus people who have purchased properties from us. And there’s probably a lot more based on traffic to sites like www.landwatch.com and www.landandfarm.com“.

We wholesale high dollar houses due for renovation in places like Scottsdale frequently. But it doesn’t compare to the delight of property buyers who want to get off the grid and debt free by purchasing a piece of property in rural America for cash.

It’s not for me and probably not for you, but its longed for by many among us. They call our office every day to see if we have property in the pipeline that may change their lives. I’ve never wholesaled a house or apartment building to anyone who was excited about buying it. It’s a race to the finish line to sell it for the spread.

So if there’s a parcel of real estate for everyone no matter its location, then what does the saying “location, location, location“mean in 2016? Much less than it used to before the internet or modern transportation for that matter.

These modern times call for a modification. When I hear that old saying, or when someone asks me what the three rules of real estate are, I now say “price, price, price.” Just about any location will work for someone.