Real estate investors, DON’T depend on anyone else when doing your background or due diligence for your real estate projects. This can backfire on you or cause complications.
“Hey, this is Jack Miller. Hope you’re having a good day. Another tip for the real estate investor mistakes we see all the time. Don’t depend on anyone else to do your due diligence. We often hear when we speak to borrowers, whether it be big or small or small properties, big properties, it doesn’t matter that, oh, they got information. They got comps from realtors or from contractors or from leasing agents. You’re getting information from people who are motivated. Their sole motivation is for you to close the deal. So, if they give you bad information, or if they give you information that’s not 100% accurate and you don’t buy the deal, they don’t make money. You need to get your own information. Do not, repeat, do not depend on anyone else to come up with comps for rental or sale comps estimates for the values or anything. Do your own due diligence. Do your own research. Because when you depend on people who are making money by you completing the sale, there’s a divergence of interest. Only depend on people who are on your team, and don’t make any mistake about it. The people who are making money by you, whether it be the realtors or the leasing agent or the contractors, they may be good guys, but they’re not on your team. And we see this happen all the time. So don’t depend on anyone else. Depend on yourself. Do your own research. Again. It’s Jack Miller at Gelt Financial. Call us at any time at 561-221-0900 or check us out on the web geltfinancial.com. And hit the like button and the buzzer button or the bell button, and you’ll be notified as we keep posting more tips, you’ll learn a lot. We do thousands and thousands of deals. Learn by them. Take care and have a great day.”
Category: Education
