This video talks about how negotiations for commercial property, or really any negotiation for that matter, are not about compromise. He outlines the point that commercial property negotiation is about giving the other party what they want, but on your terms. This is a very valuable insight in todays real estate investment world, where everything is negotiated.
So the age old question:
Should I flip that property or become a landlord. What is the most effective real estate investment strategy? Well that really depends on your personal tastes. I personally am looking to build systems that will allow me to expand and grow with little effort. While it is possible to build good systems to flip properties, the deals are much more complex than investing in the long term, which will typically require an active role in the deal.
One of the keys to success in any business is focus. Instead of haphazardly perusing any goal that crosses you, there needs to be some sort of greater goal to all your deals. If you are focused on a single niche, you will become more profitable and experienced within it. You will also get the benefit of making more connections and solidifying existing connections by working in the same niche. Everyone will know what you do, and how what they do interacts with your work, causing a much better synergy with you and your team and clients.
Flipping houses is quite a challenge without a direct and systematic plan. Terry Kerr outlined how he flips houses using a standard business model. He buys single family homes, and then he sells them wholesale to real estate investors looking to rent that home to tenants. He says he leaves enough cash left int he deal that the investors are satisfied with the property, and come back next time looking to buy another property. This makes it easier on Terry to work a successful business over the long term. Terry’s niche is real estate wholesale deals, and there are many other real estate niches out there to investigate.
Terry also tries to make as much work as possible systematic. He said that he only sees the property two times through the life of a deal. While I would not recommend that for beginners, sustainability within the real estate industry requires minimal personal contact. Your team should be out there working for you.
This youtube video highlights the booming real estate market in Panama, and also what a great place it is for retirement. A big draw to Panama is the political stability, USD Currency, and the distance the dollar goes.
I personally think retiring in Panama could be a great option for people looking into it. There seems to be plenty of opportunity to enjoy the area and live comfortably on a smaller amount of money.