BASIC CRITERIA FOR ACQUIRING REAL ESTATE

When searching for, finding, and acquiring real estate I have always used the following criteria:
1. The property must be close to where I live.
2. The area must be up and coming, but not fully discovered.
3. The house must be a lower price/size than comparable properties in the area.
4. Avoid a busy street for single family home or duplex. This is good for renting but not to live in, and, hard for resale.
5. The roof and foundation must be in good condition.
6. Pipes should be copper and electrical should be updated.
7. Make sure a licensed contractor did all work, (in case of lawsuit).
8. Skip “recently remodeled.” They’ll want full price.
9. Skip “For sale by owner.” They can’t negotiate the sale of their own home.
10. Do not listen to realtor comments about their listing. They will say things like “I think that we have a couple of offers coming in tonight.” If I heard that once I’ve heard that a thousand times. It means nothing. And, when they offer reasons why the owner is selling, tell them to be quiet. If you have any questions you will let them know.
11. Do not make “lowball,” insulting offers.
12. Know the market and all that has sold in the past 6 months. See everything on the market just prior to your offer.
13. Do not under-insure a property. And, update your insurance annually.
14. Plan to hold the property through two real estate cycles of 7 years each for a total of 14 years; the longer the better for wealth creation.
15. Do not borrow the equity from one property to buy another.
16. Negotiate concessions in packages.