Today we’re going to talk about the golden rules of buying.
Bob Nelson, Eugene real estate investment broker
Marcia Edwards, Eugene residential real estate broker
Marcia Edwards: Hey, we want to talk to you buyers out there and make sure you’re doing everything you can to be successful.
Bob Nelson: Buyers need to be ready when action begins because unfortunately, there’s not very many good properties to buy, and there’s a number of people trying to buy and competing with you on those properties. You have to be ready or you’re going to get kicked to the curb. Bottom line.
Marcia Edwards: What does ready look like? You have the right counsel beside you, you have the financing in line, and you know a good thing when you see it because you’re educated to the market you’re purchasing.
Bob Nelson: And this goes for passive investment properties, the income properties that I deal with as well as the houses that you deal with.
Marcia Edwards: Exactly. You’ve really got to take a look at your finances, not just what you can do, but what you’re comfortable doing for a long period of time to hold that authority in timing so you’re not backed against a wall and forced in a sale in an untimely manner. So take a look at today’s rate, a realistic look with an expert in regards to what your ability is to borrow and what you have is cash available.
Bob Nelson: Being prepared is the vast majority of the issues of concern as you step into the market. Particularly if you’re thinking in terms of doing a tax deferred exchange, you really have to be prepared. And unfortunately, a number of people think they understand the 1031. Go to my website, and there’s a number of explanations and ways of how to do it and ways how not to do it. 1031guru.com.
Marcia Edwards: In regards to that, what you’ve got to do is as even a home buyer for your own personal residence, you’ve got to have a template, a confidence in what you’re seeking and make sure that you can quickly hold it up to a new opportunity and see whether the trade offs are something you can deal with, something you can absorb, and something you should consider as a purchase.
Bob Nelson: And then once you have made that decision, make your move, make your move quickly. Now that’s not to say that you make a move without conditions in there because you need to be able to verify that what you thought you saw is what is actually there. So that’s the due diligence period that happens after the offer is accepted. Build in a due diligence period that’s reasonable, but make sure that you are moving. The key is momentum to an action point, to a success point.
Marcia Edwards: Trust the process. You got to understand the process so that you know each step of the way, you have another moment to look at the property and assess it for your use. But you’ve got to take a courageous leap in the offer and aggressive sort of way for timing.
Join Eugene, Oregon, real estate experts: Bob Nelson, Real Estate Investment Broker with Pacwest Real Estate Investments, and Marcia Edwards, Residential Real Estate Broker with Windermere Real Estate, daily at 5:30pm on KPNW for the “Real Estate Today” radio show.