Hi, it’s Lou Brown. I’m back with another of my 101 cash flow accelerators. I want to help you to be successful in this great business called real estate.
And one of the things that are very, very important is that you identify when you don’t understand what it is that you’re doing. For example, you may think to yourself that you are supposed to do something, and I’ve seen too many times when people buy carpet when they need to be buying drywall and they bring things to the project that’s untimely for where the step is in the project. So critical that you have deliveries related to the installation of those things. The reason is that contractors and their workers are often very sloppy. Careless, it’s your materials. They don’t care about those things. And secondly, theft is that it’s easy to take something that’s right there on the job. I hate to tell you this, but some of the people working on the job might be the thieves or they might tell someone else, Hey, I know some stuff that’s on that job over there.
It could be taken back to the supplier and it could be refunded. You see, you want to always be careful or it can be sold to some other renovator for a discount. By the way, don’t ever be a market for that stuff. You know when people bring me stuff at a huge discount. I go oh, no, I know this was stolen from somewhere. I’m not going to hurt somebody else by buying this at a discount. And just do the right thing. Karma is a real thing. And you do unto others as you would have them do unto you. And so it’s important that when you identify an arena that you do not understand. Get professional help hire a home inspector to come into that property, identify the things that absolutely need to be fixed because that’s going to come up sooner or later. Your buyer of the property may have a home inspector come in and now you’re going to have to fix things that could have been fixed during the renovation that now you’ve got to tear out walls, tear out floors.
You see, I’ve seen it all. I’ve been in this game for over 40 years, buying, holding, and selling property. And I can tell you, you got to do your homework. You gotta do this right? Don’t make mistakes. And so many others have made and crash and burn along the way. Some of the things in renovations seem like it’s just common sense. And a lot of it is common sense. Now the question is, do you have the ability to identify the things that you’re supposed to identify, particularly when it’s early on in the game, and you haven’t yet learned. All there is to know, now I give you some warning signs in my system called renovations. You can go to StreetSmartInvestor.com. Click on tools, click on renovations. It’ll have more details about what we do when we renovate the properties.
Hopefully, this has been of help to you. So like it, love it. Share it, and do subscribe. Thanks so much see you soon. Yeah, baby!
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