Roger’s Top 20 Tips, Tricks and Techniques

FAR 216 Top Twenty Insider Secrets

Expected Air Date: 12/15/18

Opening

Coming up I’m going to share with you my top 20 insider tips, tricks and techniques. They include some things you MUST know, some you should know, some things you MUST do, and some things you should do when you can.

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Topic: Top 20 Biggest Secrets / Insider tips to Real Estate Investing

There are some things you MUST KNOW, some things you SHOULD KNOW, some things you MUST DO, and some other things you SHOULD PROBABLY DO.

Things you MUST KNOW:

  1. You must know how to analyze a deal.
  2. You must know how to conduct due diligence on a property. What do you need to know and how do you find out?
  3. You must know the process for deal flow.
  4. You must know something about the structure and building process.
  5. You must know how to run a business. Know the difference between owning a job and running a business.

Things you SHOULD KNOW

  1. What your repairs cost.
  2. How to do some of the work (not that you’re going to do it).
  3. How to read the documents, settlement statement, title insurance, owners’ insurance etc.
  4. You should know the market where you are working
  5. You should know how to network.   

Things you MUST do

  1. Your Due Diligence
  2. Figure all of your costs
  3. Follow through on every detail in the project
  4. Pay your taxes
  5. Communicate with your funding sources.

Things you SHOULD do

  1. Take a pessimistic view of outcomes (don’t count your chickens yet)
  2. Give 10% of your gross earnings to charity.
  3. Finish every rehab in a way you’d be proud to connect with your brand.
  4. Treat everyone in the process the way you would wish to be treated (even when and especially when they do not deserve it).
  5. Stay on top of things – the industry, the market, the trends, the projects, the deal flow, and your financials.

Motivational Thoughts for the day

“When I look in the mirror I see the reason — the cause behind all of my successes and the decision power behind all my failures.” -Roger Blankenship