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The DFY Blog

What Makes a Good Real Estate Deal

Posted by Kevin Clayson Monday, 29 June, 2020
What Makes a Good Real Estate Deal? with Kevin Clayson and Steve Earl

 

Good deals get you closer to your goal. On that point, what makes a good deal will depend on what your goals are.

 

It’s all about perspective.

 

Steve and I are focused on income replacement, which means conventional methods for estimating real estate opportunities don’t apply. They’re outdated.

 

So, what are our options?

 

In today’s real estate industry, you can often hear people advocate “going with your gut” or “following your instincts.”

 

But replacing your income requires security and long term success. Merely going with your gut won’t cut it – it’s too risky.

 

Steve Earl on Luck in Real Estate Investment

 

What you need is a predictable system that will allow you to mitigate risk and increase potential return.

 

For us, that system is founded in safe, conservative, single-family property investments. But there’s a lot more to it!

 

We need to take into account characteristics like location, structural repair requirements, affordability…

 

There’s a lot of factors to consider, and we’re going to go through all of them in today’s episode.

 

We’re going to talk about our own, Done For You definition of a good real estate deal that has helped us guide every single one of our client’s real estate investments and create wins across the board.

 

Tune in to learn more!

 

Key Takeaways

  • How do you tell if something is a good deal? (2:59) 
  • Steve’s mind-blowing story illustrating the importance of perspective (5:17)
  • How does perspective tie into estimating real estate investment opportunities? (11:39)
  • How we determine if something qualifies as a good deal (14:21)
  • Why is flipping houses more complicated than it seems? (16:18)
  • The characteristics of a good deal (19:42)
  • Taking a closer look at the numbers (22:33)
  • Discussing the affordability factor (26:19)
  • Having a reliable system instead of relying on gut feelings (28:59)
  • Doing business the right way (and creating wins across the board) (30:48)
  • Summarizing what makes a good deal (34:47)

 

Top Quotes

“If it’s good for you, it’s probably good for other people.” – Steve Earl

“A home, a real estate property, will sell for what somebody is willing to pay for it.– Steve Earl

“There’s risk in real estate… You can’t avoid it. So you have to mitigate that risk.” – Kevin Clayson

“A minimized or mitigated risk with a predictable system can increase your potential return.” – Kevin Clayson

 

Additional Resources:

  • Learn more about Done For You Real Estate: VISIT HERE
  • Get a FREE Income Replacement Estimate (IRE): APPLY HERE

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And remember…

Income replacement for you and your family may only be one property away!