3 Mistakes to Avoid When Buying Real Estate with No Money or No Credit
If you’re looking to purchase a home and you have no money and bad credit, you’re going to want to make sure you do not make three important mistakes. Knowing what these mistakes are will help you avoid a lot of headaches in the future when buying real estate.
3 Mistakes to Avoid When Buying Real Estate
1. The George Foreman Mistake
If you’re familiar with George Foreman, he returned to the boxing ring at age 40. He didn’t do this because he wanted to relive his glory days, he did this because he had to. He was broke and didn’t have any other option than to fight. The mistake George Foreman made was waiting to buy real estate.
Do not make the George Foreman mistake by waiting too long to buy a home. The sooner you can buy a home, the more equity you can build towards your retirement.
2. The Arnold Schwarzenegger Mistake
You may not know this, Arnold Schwarzenegger had a lot of real estate before he got famous.
His motto was if the deal is bad, you have to terminate the deal. If the deal has bad terms, if the loan is bad, or if the price is bad, you must terminate the deal!
If you don’t know when a deal is bad, learn how to make that decision here.
3. The Trump Mistake
Trump builds condos and he sells them, he does not buy condos. Instead, buy a house.
Condos are usually the last to go up in value, and inversely the first thing to go down when the markets turn. Condos are not as good of an investment as a home.
Now that you know what the three mistakes to avoid are, you’re ready to buy real estate.
Marko Rubel is a bestselling author, self-made millionaire, and master real estate investor. He immigrated to the U.S. from Croatia as a champion boxer in his 20s without speaking English and having little money. He has been named a real estate expert by the National Real Estate Investing Association that represents over 40,000 investors nationwide. After years of trial and error in wholesaling and rehabbing, he created his own strategies. He is now considered one of America’s leading real estate experts— helping others on their real estate investing journey.
