324: REI "10 Biggest Mistakes When Buying Real Estate"

The Cardone Zone

Grant Cardone

Careers, Business, 025610

4.8 • 4K Ratings

🗓️ 21 May 2018

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

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Summary

1. You’re not buying: If you don’t buy, it’s because you don’t know what you’re doing 2. Buying too small: This happens when you become scared thinking that big deals are riskier. This is false, small deals are riskier. 3. Buying on a Budget: don’t be confined to what you can “afford”. Don’t have a budget when you buy, have a budget when you own. 4. Believing the Pro Forma: don’t put significance on a fairy tale. 5. Underestimate expenses: taxes and insurance aren’t fully understood. 6. Not funding Capital costs—roofs, carpets, etc. need to be funded, so set some aside for when you will need it. 7. Over leveraging—borrowing too much money. 8. Under leveraging—not borrowing money. 9. Buying on CAP rates: If you’re only looking at 8 caps, you’ll miss out on good deals that don’t fit your criteria. 10. Not knowing: ignorance is not bliss.

Transcript

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0:00.0	Let's go with the Ingk
0:10.3	음악
0:17.7	Hey welcome to Real Estate Investing Made Simple. My name is Grant Cardone. Every Monday,
0:34.9	12 p.m. I come to you to talk about your real estate needs. Learning the game of real estate,
0:41.8	finding it, pulling the trigger on it. I love real estate my whole life. If you're anything
0:48.4	like me it just makes sense. It's real. Number two, if it produces income then I can hang
0:53.2	on. By the way it's ship producing income. The only thing we buy Cardone Capital, Cardone Capital
0:58.6	dot com is income producing real estate. It could be 2% 3% a year, 4% 6% 8% give me any
1:08.0	percent greater than I'm what I'm making at the bank. I'm interested. If the location's
1:16.3	great, if the scale's big enough, if I can get the right amount of leverage and if time
1:21.6	is going to allow me a sure thing, I said it. The nine letters in two words that every
1:29.1	investor dreams of is sure thing. That's right, I said sure thing. I didn't say get
1:34.9	rich quick. I said sure thing. The reason I buy real estate income producing real estate
1:40.1	in great locations where there's job growth in good markets is because I know if it produces
1:46.0	cash flow and I have time, I will get at some point in time in the future. I will get
1:52.6	what's called appreciation capital gains. Today I'm going to share with you the 10 biggest
1:58.1	mistakes. I'll also take your calls 305 865 8668. Captain Ryan real estate Ryan is here
2:06.7	to go through your questions, whether you're posting on YouTube or Facebook, wherever
2:11.6	you post, we will be there. I know Ryan's looking right now in his computer. If you have
2:16.8	a question or a comment, ask. If you want to call in and show me your deal 305 865 8668.
2:23.9	Natalie's on the phone right now. Let me share some mistakes with you. You're making
2:26.9	the real estate space. Number one, you're not buying deals. You're not buying deals. Number
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