Thanks for checking out the Real Estate today PodCast. We continue and conclude our series on cash flow properties. Today we talked about hiring the right people.
Bob: I’m Bob Nelson, real estate investment broker with Pacwest Real Estate Investments. Last week I dealt with a series of programs on investing in cash flow real estate rental properties. If you’ve missed any of those programs, I put these things on my PodCast on my website. Go to www.1031guru.com. That’s me, 1031 guru. That’s a tax deferred exchange, by the way. They’re not going to be posted right off the bat. It takes me about a week or so to get the things up and so forth, but if you’ve missed any of it or you wanted to have your next generation take a listen to the process and start to understand what they better understand in order to take over your dynasty and not screw it up. That’s a great idea.
I kind of ended with the idea of, you’re probably going to be best served dealing with, or at least having a more than casual relationship with a real estate investment broker who deals with the product type that you like to acquire or would like to acquire. I do specifically apartment complexes, some office buildings and some mini storage. That tends to be my specialty in my food groups that I cover. The rest of it I leave to the other guys.
Again, get with someone who knows what they’re doing and understands the trends that are coming down the line. It’s a grand idea to add people that know what they’re doing to your team. It generally doesn’t cost you much, or in some instances, much at all in order to cause yourself to be in line to line up a quote, unquote, good deal. More important then that, to avoid the bad deal. I ended one of my recent shows with a passing comment. Fixer properties are generally not for those investors that are casually investing in real estate. Let’s get something that’s all beat up and we’ll fix it up.
No, you’re going to turn around later and you’re going to sell a beat up property. You’re going to get a beat up price. Why, because you didn’t get around to fixing the thing up. More important then that, you have to count, what am I having to pay for the property and how much am I going to have to pay to a contractor? That’s the total price of the thing.
Make sure you have good legal council. Give me a call if you need suggestions. I can help. I’m Bob Nelson, real estate investment broker with Pacwest Real Estate Investments.
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