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How to Safely Invest in Real Estate. Part 8
Now that we have narrowed down the field somewhat, we can begin to look at the actual houses. Our financial analysis isn't bulletproof. Some houses might look good on paper, but when we see them, we realize they are total dogs that only need a good coat of firewood and gasoline to fix. Like one of my old girlfriends who looked good from afar, but far from good. Some houses are diamonds in the rough, that simply need to be polished and refined by a wily investor.
Before you step foot into the first house, however, re-read "How to Safely Invest in Real Estate-Part 1". The first rule is, "Don't lie to yourself." Yes, you might be able to fix up this house, but can you do it within the budget numbers required to make it cash flow? Will the repairs add enough value for it to appreciate in this particular neighborhood? It is very easy for me to convince myself of things that I should not be convincing myself about. I am, after all, a very good salesman... The sad thing is that I never try to convince other people about a property, either for investment or to live in. ... more

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