Personal Finance Resources

In this post, I am going to show the exact steps I take to evaluate a potential real estate investment property. The focus will be on single family residences, but this method can be applied to other types of property. Also, I am going to include the actual spreadsheet I use to input the obtained values, and work the numbers. With the knowledge and tools that you will find here, you should be able to estimate your costs for a real estate property, and consequently, the profit you should expect to make from the deal. The only thing not included in this spreadsheet are any repair costs and holding costs associated with a potential real estate investment property, as this will be covered in a future post. Ok, let’s look at each of the steps carefully:

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Now don’t misunderstand me here. I am not trying to say that having a partner(s) is a bad thing when investing in real estate, in fact, many times it is a great thing. Partners help to limit the risk of a particular real estate deal, and can provide alternate opinions, and bring needed capital to the deal. In fact, I am still using a partner today, even though my first experience with a partner was a disaster. The pitfall occurs when you pick the wrong person to do your real estate deal with. Here are a few things to remember when it comes to choosing the right person to partner up with:

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Sound too good to be true? It isn’t it. The concept and recipe for success in real estate investing is very easy to understand, but very difficult to do. Forget everything you have heard from the “gurus”, and the promise of making sweet deal after deal with no money down that is going to pay you thousands and thousands of dollars. These late night infomercials are only after one thing - sell you their system. The one thing that you absolutely have to know and care in real estate investing is this:

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