The Real Estate Show

Radio Show Notes 08/19/24 Monday:

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Due Diligence Done Right: Your Guide to Successful Homebuying

From Inspections to Appraisals: Navigating Due Diligence in Real Estate

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, known as the Voice of Real Estate and founder of The Automatic Landlord System, designed to help you own cash-flowing real estate profitably and hassle-free. On this show, we bring you actionable strategies and insider knowledge to make real estate work for you, no matter where you are on your journey.

Today is the “Monday On A Mission” edition of The Real Estate Show, where we continue to talk about why NOW is the time to buy real estate. Our focus this week is on Step 6: Due Diligence, Inspections, and Appraisals in our Step-by-Step Guide to Real Estate Success.

You know, the mission on Mondays is to kick off your week with a clear purpose, and today, our purpose is to ensure that you fully understand the importance of due diligence, inspections, and appraisals in your real estate transactions. This is where we dig into the details, where we uncover the hidden truths about a property, and where we safeguard your investment.

But before we get into the meat of today’s show, let me remind you of this week’s special FREE workshops designed to help you get started and stay on track:

1. Tuesday 8pm: Path to Home Ownership Introduction – Free Online. Text PATH to 561-861-2366 to secure your spot.
2. Wednesday night 8:30pm: Financial Edge University Overview – Free Online. Again, text PATH to 561-861-2366.

Now, let me ask you something: Did you know that a failed inspection or a low appraisal can be the deal-breaker in a real estate transaction? These two steps are often overlooked by eager buyers, but they are critical to ensuring that you’re making a sound investment. You can have the best financing, the perfect location, and a motivated seller, but without thorough due diligence, you could be walking into a financial trap.

<Commercial Break>

Did you know? … that the due diligence phase is one of the most critical steps in the real estate investment process? It’s the stage where you verify all the information about the property to ensure it’s a sound investment

Today’s show is all about Real Estate Success: Step 6: Due Diligence, Inspections, and Appraisals and how critical it is to understand this process for your long-term success in real estate. So let’s break it down and dive into why this step is so important.

Here are the 10 solid reasons why I believe this step is essential for real estate success:

1. Protect Your Investment: Due diligence helps you uncover any potential red flags that could turn your dream property into a financial nightmare. From hidden structural issues to legal encumbrances, this is your chance to ensure that the property you’re buying is worth the price you’re paying.
2. Accurate Property Valuation: Appraisals are key to ensuring that you’re not overpaying for a property. An accurate valuation helps you avoid being underwater on your mortgage from day one.
3. Negotiation Power: Armed with the findings from your due diligence, inspections, and appraisals, you have powerful tools for negotiating a better deal. Whether it’s asking for repairs or a price reduction, knowledge is your leverage.
4. Lender Requirements: Most lenders will require an appraisal and certain inspections before they approve financing. Failing to meet these requirements can delay or even derail your transaction.
5. Peace of Mind: Knowing that a professional has inspected your property and confirmed its value gives you confidence in your purchase. It’s not just about avoiding costly repairs down the road; it’s about feeling secure in your investment.
6. Safety Concerns: Inspections can reveal safety hazards like faulty wiring, plumbing issues, or mold. Addressing these before closing can save you from major headaches – and expenses – later on.
7. Insurance Considerations: Insurers often require specific inspections, such as termite inspections or roof certifications, before they’ll provide coverage. Skipping these could leave you unprotected.
8. Compliance with Local Laws: Due diligence includes checking that the property complies with local zoning laws and building codes. Ignoring these details could limit your ability to make future improvements or even use the property as intended.
9. Resale Value: When you eventually decide to sell, a well-maintained and fully inspected property will be much more attractive to buyers. By addressing any issues upfront, you’re safeguarding your future equity.
10. SMART Goals: This step aligns perfectly with the S.M.A.R.T. Goals model – Specific, Measurable, Achievable, Relevant, and Time-Bound. Due diligence is a specific action with measurable outcomes that ensures your investment is both relevant and achievable, all within a set timeline.

Now, let’s drill down into the top 5 reasons why Real Estate Success: Step 6: Due Diligence, Inspections, and Appraisals should be your focus:

1. Protect Your Investment: This is about safeguarding your hard-earned money. Due diligence ensures you’re not walking into a financial trap. You want to know exactly what you’re buying, down to the last detail.
2. Accurate Property Valuation: You need to know that the property is worth what you’re paying. Overpaying for a property can set you back years in your financial goals.
3. Negotiation Power: Information is power. If an inspection uncovers issues, you have the upper hand in negotiations, whether it’s getting a lower price or requiring repairs before closing.
4. Safety Concerns: Your home is more than just an investment; it’s where you live. Ensuring it’s safe for you and your family is paramount. Safety for your tenants also avoids lawsuits.
5. Resale Value: Think long-term. A well-inspected property retains its value better and will make selling much easier when the time comes.

(Call to Action #1)
If you’re serious about taking control of your financial future through real estate, text EDGE to 561-861-2366 and get the tools and support you need. Remember, today’s show is brought to you by TimeToFixMyCredit.com – where better credit means better real estate opportunities.

Now, back to the show. Real estate requires skill, strategy, adaptability, and an unwavering determination to cross the finish line successfully. The road to financial victory may not be a straight path, but it’s certainly an exhilarating one!

So let’s talk more about why Due Diligence, Inspections, and Appraisals are critical steps in real estate success. These aren’t just boxes to check off; they are essential for ensuring that your investment is a sound one. You wouldn’t buy a car without having a mechanic check it out, would you? Real estate is no different – only the stakes are much higher.

One of the biggest mistakes I see new investors make is skipping the inspection to save time or money. Trust me, that’s a penny-wise and pound-foolish move. Those few hundred dollars spent on a thorough inspection could save you thousands – even tens of thousands – in repairs down the line. And if the property doesn’t pass muster, you still have time to walk away or renegotiate.

(Call to Action #2)
If you’re ready to make smart real estate decisions, text EDGE to 561-861-2366. Don’t let small oversights lead to big problems. Get the edge you need to succeed.

As we continue to explore the importance of Step 6: Due Diligence, Inspections, and Appraisals, remember that these processes are your safety net. They ensure that your real estate transaction is not just a purchase but a sound investment that aligns with your financial goals.

Sponsor Break
A quick shout-out again to our sponsor, TimeToFixMyCredit.com. If you’re dealing with credit issues that are holding you back from achieving your real estate goals, visit TimeToFixMyCredit.com and take the first step toward financial freedom.

Now, let’s recap today’s key points. We’ve discussed the importance of protecting your investment through due diligence, ensuring accurate property valuation, and leveraging inspections and appraisals for negotiation power. These are the critical components that will help you avoid pitfalls and set you up for long-term success in real estate.

Tomorrow, on our Tuesday Tools, Tips, and Techniques Edition, we’ll dive deeper into the practical tools you can use to make this process easier and more effective. You won’t want to miss it – these resources can help you profit and succeed in the real estate world.

Thank you for tuning in to The Real Estate Show! Remember, don’t just listen – use the information we share to get started in real estate investing. Tune in every weekday for a virtual seminar in every episode. And don’t forget to attend our free online workshops – they’re designed with your success in mind.

Until tomorrow, keep pushing forward on your real estate journey. You’re one step closer to financial freedom!

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.

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