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What are the three tips that I would give to an investor before you purchase a property?
Number one, get an architect and/or a contractor. Sit down and have a conversation with them about what it means to invest in your neighborhood and/or in a certain property type.
So when you are looking to invest, you need to understand the total cost of renovation and/or construction. The only people that can truly answer that are going to be your architect and your contractor. They have an understanding of what the current costs are on the market. They have an understanding of what the delays are and supplies. So those would be critical people to get in front of where you should buy and what you should buy.
Number two, get a great attorney. Your attorney is going to save you time and/or save you a lot of money by being able and being a specialist in negotiating your deal, as well as being a specialist and putting in certain clauses and/or things that are going to protect you in your contract and/or your purchase agreement.
Check the next post for the third tip!