The Real Estate Show

Radio Show Notes 08/22/24 Thursday: 

Read a summary of the show below or 

Listen Here

Watch Live Facebook Video Here

The Secret to Smarter Real Estate Investing: Inspections and Appraisals Explained

"Thursday ATM – About The Money" Edition: Real Estate Success: Step 6 - Due Diligence, Inspections, and Appraisals

By Eric Willner, Investor, Coach, and Host of The Real Estate Show, America’s longest running daily radio show about real estate.

Welcome to The Real Estate Show – South Florida’s #1 Real Estate Radio Show and America’s longest-running daily radio show about real estate. I’m your host, Eric Willner, the Voice of Real Estate and creator of The Automatic Landlord System, designed to help you own cash-flowing real estate profitably and hassle-free. Every episode is a virtual real estate seminar that puts money back in your pocket and empowers you to make the smartest decisions in your real estate journey.

Did you know that failing to do proper due diligence before buying a property could cost you thousands in unexpected repairs and losses? Whether you're a first-time homebuyer or a seasoned investor, due diligence, inspections, and appraisals are crucial steps in the buying process that can protect your investment and give you peace of mind.

Today is Thursday, which means it’s the ATM – About The Money Edition of The Real Estate Show. We’ll dive deep into Step 6 of Real Estate Success: Due Diligence, Inspections, and Appraisals. This is where the rubber meets the road in real estate investing—where you ensure that your hard-earned money is going into a sound and profitable investment.

Let me ask you: Do you know "The Rules of Money?"
Yes, there are specific rules that govern how to handle your money wisely, and understanding these rules gives you the upper hand in both your financial life and your real estate endeavors. Let’s review a few:

1. The 1% Rule: Ensure your property will rent for at least 1% of the purchase price each month.
2. The 4% Rule: In retirement, you should plan to withdraw no more than 4% of your investments annually.
3. The Rule of 72: Divide 72 by your annual investment return to determine how long it will take for your money to double.

Mastering these rules will help you make better financial decisions and protect your real estate investments.

Testimonial 1:

“When we decided to buy our first home, we were excited but also nervous about the process. Our real estate agent emphasized the importance of due diligence, and we took it seriously. During the inspection, we discovered that the roof had significant damage that wasn’t visible at first glance. Thanks to the thorough inspection, we were able to negotiate a $10,000 reduction in the purchase price to cover the cost of repairs. Due diligence saved us from unexpected expenses and gave us peace of mind knowing our new home was in good condition.”
— Sarah and John M.

This story underscores the power of due diligence. Imagine what could have happened if Sarah and John had skipped that inspection—unexpected roof repairs could have cost them thousands after they had already bought the house. That’s why due diligence is so crucial.

Last night, we had an amazing Wednesday night workshop where we covered the Financial Edge Academy Overview. We’re creating a community of Street Smart and Money Smart investors who are taking control of their financial futures. We also introduced the 72 Hour Challenge, an exciting opportunity for anyone ready to boost their finances in just three days.

[Insert Commercial]

Debt is the middleman between you and financial freedom.  Ready to take control of your finances and put more money back in your pocket? Join us for the exciting 72-Hour Money Challenge—where financial experts do the work, and you reap the rewards! Stop giving your hard-earned money away to the Government, Banks, and Big Business! Let our team of experts turn these expenses back into income for YOU. 

Here’s what you can expect:

• Our Experts Do The Work: Unlike other programs, we provide you with a complete team of financial experts who will do the heavy lifting for you and anyone you refer.
• Guaranteed Success: We’re so confident in our program that we guarantee to put more money in your pockets than what our membership costs, or you get your money back!
• You Get Paid Daily: Simply refer others to our 72-Hour Money Challenge, and let our experts do the rest. You can earn immediate and long-term residual income while enjoying one of the highest member retention rates in the industry!

Don’t miss out on this incredible opportunity to transform your financial future. Join the 72-Hour Money Challenge today!
Simply text EDGE to 561-861-2366 to get started!

I also want to remind you that April is Financial Literacy Month, a time when financial education and literacy take center stage. However, I believe every month should be financial literacy month. Every day is an opportunity to get smarter about your finances and make better decisions that lead to greater wealth and stability.

Understanding Step 6: Due Diligence, Inspections, and Appraisals is a key part of financial literacy and can be the difference between success and failure in real estate. Let’s dive into why this step is so critical.

Testimonial 2:

“As seasoned real estate investors, we know the importance of due diligence. On our latest property purchase, the appraisal came in significantly lower than the asking price. Armed with this information, we were able to renegotiate the deal and saved $15,000 on the purchase price. Additionally, the inspection revealed some minor electrical issues that the seller agreed to fix before closing. Due diligence not only saved us money but also ensured that our investment was sound and profitable.”
— Michael and Lisa T.

Michael and Lisa’s story is another prime example of the importance of due diligence, even for seasoned investors. By doing their homework, they not only saved $15,000 but also ensured the property was safe and sound before finalizing the deal.

Let me give you five compelling reasons why due diligence, inspections, and appraisals are so important:

1. Avoid Costly Surprises: Inspections can uncover hidden issues that could be expensive to fix later. It’s better to know before you close the deal than to be blindsided afterward.
2. Maximize Your Investment: Appraisals ensure that you are paying a fair price for the property, helping you avoid overpaying and keeping your investment sound.
3. Financing Assurance: Lenders require appraisals to ensure that the property is worth the amount they are lending. This protects both you and your lender from potential losses.
4. Peace of Mind: When you conduct due diligence, you can move forward with your investment confidently, knowing you’ve minimized the risks and are prepared for what’s ahead.
5. Negotiation Power: An inspection report can give you leverage to negotiate a lower price or ask the seller to make repairs before the sale is final.

Testimonial 3:

“We almost skipped the home inspection to speed up the buying process, but our agent insisted on it. During the inspection, we found out that the plumbing system was outdated and prone to leaks. This discovery allowed us to ask the seller to replace the plumbing before we moved in, saving us an estimated $8,000 in future repairs. Due diligence was a game-changer for us, and we are so grateful we took the time to do it right.”
— Emily and David R.

Emily and David nearly skipped the inspection in the name of speed. But by taking the time to follow through with due diligence, they saved themselves $8,000 and prevented major plumbing headaches down the road. Due diligence is a game-changer.

Today’s show is brought to you by TimeToFixMyCredit.com, where better credit leads to better opportunities in real estate and life. Don’t let bad credit hold you back from achieving your real estate goals! Text CREDIT to 561-861-2366 to start building your financial edge today.

Thinking about attending one of our free workshops this week? Simply text EDGE to 561-861-2366 to secure your spot today!

We’ve been talking about Step 6 of Real Estate Success and the importance of due diligence, inspections, and appraisals, but let’s not forget about the bigger picture—your financial future. It’s not just about real estate; it’s about being smart with your money.

Testimonial 4:

“Buying a home is a huge investment, and we wanted to make sure we were making the right decision. Our due diligence process included a thorough inspection and appraisal. The inspection revealed mold in the basement, which could have been a health hazard. We negotiated with the seller to have the mold professionally removed and the basement waterproofed before closing. This not only saved us money but also ensured our family’s safety. Due diligence was worth every penny and every minute spent.”
— Jessica and Mark L.

Jessica and Mark’s story illustrates another crucial reason why due diligence matters—your family’s safety. If they had skipped their inspection, they might have been living with a serious health hazard. Instead, they negotiated for professional mold removal and protected their home and health.

Let’s talk about the Power of a 3-Pronged Approach. Think of your finances like a three-legged stool—it’s stable with all three legs, but remove one, and it falls over. In real estate, those three legs are Saving, Making, and Multiplying your money.

1. Save more of what you already make by optimizing your finances and reducing unnecessary expenses.
2. Make more by investing smarter, ensuring your money works for you, not the other way around.
3. Multiply your wealth by leveraging your assets and investments to create passive income streams.

This is your Triple Play, Triple Crown strategy for real estate success.

Don’t miss out on our Friday Weekly Wrap-Up tomorrow, where we’ll recap the week’s best insights and actionable takeaways to ensure you keep moving forward on your real estate journey.

And remember, Real estate is the IDEAL investment, and due diligence is the cornerstone of that ideal. So, share this show with your friends and family, because everyone deserves a chance to build wealth and financial freedom through real estate!

See you tomorrow!

Also, you can listen to the entire 30 minute broadcast of any day’s edition of The Real Estate Show by clicking on the audio link on that days summary post. You can also watch the Facebook Live video at www.facebook.com/TheRealEstateShow.

Want to know more? If you are serious about real estate and paying off debt, then find out more on today and every day’s episodes and learn more about Real Estate Investing and learn HOW TO by listening to The Real Estate Show with Eric Willner , Live every weekday morning at 9 o’clock (EST) on Florida’s Money Talk Radio stations WWNN AM1470, FM 95.3 and FM 96.9. You can also hear us on the free apps: iHeart Radio and TuneIn. Recorded Rebroadcasts are available 24/7 on Facebook. Please share this and our Facebook updates.

Eric Willner is the Host and Founder of The Real Estate Show, an informative show about how to buy, own, and improve real estate the right way, on autopilot. - The Automatic Landlord way. (AutomaticLandlord.com) You can reach Eric Willner at Eric@Ericwillner.com or 888-595-7779.

Also listen to the rebroadcasts on demand on Facebook.com/TheRealEstateShow 

Eric Willner is the Host and Founder of The Real Estate Show, an informative show about how to buy, own, and improve real estate the right way, on autopilot. - The Automatic Landlord way. (AutomaticLandlord.com) You can reach Eric Willner at Eric@Ericwillner.com or 888-595-7779.

#TheRealEstateShow, #The.Real.Estate.Show, #EricWillner, #AutomaticLandlord, #Saving vs Investing, #ThirdHome, #BestRealEstate, #WSBR, #AM740, #FM 96.9, FM 103.9, #WWNN, #AM1470, #MoneyTalkRadio, #TheRealEstateLife, #speakingempire, #GKIC, #makeamericagreatagain, #F.I.R.E., #The Real Estate Show, #propertymanagement, #rent, #Saving, #Investing, #Debt Solutions, # So You Can Retire Debt-free, #RetireDebtFree, #VA Loan, #AutomaticDebtSolution, #Tax, #MWR