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Get rich at home in your PJs learning to do a desktop analysis
I have found that my most productive time is analyzing deals from my computer. I can go through thousands of properties without leaving the comfort of my couch on a monthly basis. You will spend 1/3 of your day sleeping and 1/3 to 1/2 of your day at work. Sprinkle in family, food, fun and so on and you will find as you probably already know there are not enough hours in the day. You have to get really awesome at being able to analyze properties from home at your computer. You have to limit your time on the road to looking at only the best deals. Here are some really quick points to look for that will help you start to learn this science.
1. Pictures speak a thousand words. never take a sellers or agents word for anything. If they have pics have them send you as many as possible. A seller will always exaggerate and tell you that the home needs a little TLC and when you get there it needs a bulldozer.
2. Use Google earth and other technology. I cant tell my wife this but I am in love with Google earth.
3. At first stay close to home and or work. If you can get to a property easy then you are saving time and you already know that area. Dont stretch yourself at first.
4. Stick to a specific price range and or type of property. Be focused. You cant be all things to all investments. Know your limitations and figure out what you want to hone in on and keep your head in that game and nothing else.
5. Stay away from a lot of steps. I rarely buy a property that has a lot of steps to get to the front door. Doesn't mean I dont ever buy properties like this but just a good rule of thumb.
6. Stay away from a busy road. Again I do buy props on busy roads but I get them at busy road prices.
7. Get to know the market. " Wow Alex I never thought of that." I know sounds easy but it is extremely hard and you will never master it. You will need to spend thousands of hours looking at real estate and going to seminars and reading books, networking etc.. etc.. But nothing comes easy and in order to get good at a desktop analysis you have to put in your time and get dirty.
I could go on for hours at all the nuances and strategies but at some point it becomes redundant. You have to start somewhere and get dirty. You cant be afraid to make mistakes but at first every mistake will seem like the end of the world so start slow and limit your risk. As you grow you can start to expand and take more risks. The greater the risk the greater the return but once you start to do a lot of volume and get really good at this game your risk factor will decrease rapidly and your confidence will grow. Just be careful not to get a big head and go too fast and never get too greedy. Speed Kills, Greed Kills and Pigs get slaughtered.
Comments (3)
Thanks Alex! Great advice for new and seasoned investors as well
Bonnie W., over 7 years ago
Great post! A bit of humor and good advice.
Cameron Paterson, almost 8 years ago
Great post Alex! This is an excellent piece of advice that inexperienced real estate investors like myself can truly build upon as we seek to undertake this "desktop analysis" job. Thank you for your help!
Tyler Vinsand, almost 8 years ago