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One of the best property investors I know, who is a multi-millionaire through property, often says you make your money when you buy, not when you sell. What does he mean? He means you should never pay too much for a property. Walking away from a deal can save you thousands ? possibly hundreds of thousands. Once you?ve worked out what you?re prepared to pay for a property, you can begin to make offers and negotiate ? and stick to your guns. Your numbers will have set a certain ceiling price and, as badly as you want to make a deal and prove to yourself you?re a real investor, you don?t want to make a bad deal. There?s nothing to be proud of in that.
Every deal you make has to be the right deal for you.
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It should fit into your property investment strategy.
It should not keep you awake at night with fear and worry about how you?re going to finance it ? if you find yourself in this situation, it?s time to reassess your risk profile. There is nothing wrong with being risk-adverse. The most successful property investors are usually very against risk and all of them will tell you that if the thought of the debt you?re incurring, or the capital you need to outlay, makes you feel ill, then you?re better off walking away. There may be nothing wrong with the deal ? it just may not be the deal for you, right then, at that particular time. (Deals that keep you up at night with excitement because they?re such good deals are okay though ? and the successful property investors will assure you of that too.)
All the future benefits you expect to receive from your investment property ? the capital gain, the income stream, the tax advantages ? all are dependent on the buy price and the amount of capital investment required from you at the front end of the deal. Make no mistake; the initial purchase of the property is the most important part of the deal. It?s wise to spend a lot of time on due diligence and consult all your professional advisors ? your accountant, your financial planner, your buyers? agent if you have one, your investment mentor if you are fortunate enough to have one of these ? all of these highly skilled people can assist you in assessing what your ceiling price should be. In the end though, the final numbers and negotiations rest with you.
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Source: http://realestateinvestingfacts.com/blog/6317/property-investors-money-buy/
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