The Real Estate Show

Radio Show Notes 08/23/24 Friday: 

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Real Estate Success: Wrapping Up the Week with Due Diligence, Inspections, and Appraisals

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

The Real Estate Show: Friday Weekly Wrap-Up Edition

Welcome to The Real Estate Show – South Florida’s #1 Real Estate Radio Show and America’s longest-running daily show about real estate. It’s a virtual mini-seminar in every episode, and I’m your host, Eric Willner, known as the Voice of Real Estate. I’m the founder of America’s longest-running daily radio show about real estate, and the creator of The Automatic Landlord System for Owning Cash Flowing Real Estate – Profitably and Hassle-Free.

Today, we’re going to wrap up what has been an incredible week on The Real Estate Show, where our focus has been on Real Estate Success: Step 6 – Due Diligence, Inspections, and Appraisals. Throughout this week, we’ve taken a deep dive into how due diligence is one of the most important steps in real estate success – helping buyers and investors avoid costly mistakes and maximize their returns. Today, we’ll summarize this week’s shows and set you up for continued success next week.

Did You Know?
Did you know that 90% of millionaires have been created through real estate? Statistics like this prove that real estate is not just a purchase, it’s a wealth-building tool. However, to achieve success in real estate, you have to do it the right way, and that’s where due diligence, inspections, and appraisals come into play. Without them, your dream home or investment can turn into a financial nightmare. This week’s shows have highlighted why due diligence is essential for every successful real estate transaction.

Over 75% of homebuyers who skip the home inspection process end up facing unexpected repair costs within the first year? Due diligence, including thorough inspections, can save you thousands of dollars in unforeseen expenses and help you negotiate a better deal upfront.

According to recent surveys, nearly 25% of real estate deals fall through due to appraisal issues? Proper due diligence, including obtaining a reliable appraisal, can help you avoid costly surprises and ensure you're paying a fair price for the property you’re purchasing.

But before we dig into the details of the week’s shows, let me remind you about next week’s FREE workshops:

• Tuesday at 8 PM: Path To Home Ownership Introduction – Online by invitation only.
• Wednesday at 8:30 PM: Financial Edge University Overview – Online by invitation only.

We are also in full “Challenge” mode with the 72-Hour Money Challenge. This is where we help you put more money back in your pocket, paying off debt, and gaining the financial edge you need to succeed in real estate. You can join NOW by texting “Challenge” to 561-861-2366.

Now, let’s review the key takeaways from this week’s shows, centered around the critical theme of Due Diligence, Inspections, and Appraisals.

Monday: Monday on a Mission

On Monday, we kicked off the week with our Monday on a Mission edition, where we always set the stage for the week. This week’s mission was all about equipping you with the knowledge and tools to execute thorough due diligence when buying real estate.

We discussed three key points that make due diligence non-negotiable for real estate success:

1. Understanding Property Condition: You wouldn’t buy a car without looking under the hood, so why would you buy a property without knowing its true condition? Inspections reveal hidden issues like structural problems, mold, or faulty systems that could cost you thousands in repairs down the line.
2. Financial Safeguards: The appraisal is crucial for verifying the property’s value. Without an accurate appraisal, you might overpay, and in real estate, overpaying can set you back years in terms of profitability.
3. Negotiation Power: Armed with the information from your inspection and appraisal, you gain leverage in negotiations. Sellers are more willing to negotiate when confronted with concrete data about necessary repairs or when the appraisal comes in lower than expected.

This foundational information ensures that you approach every deal with eyes wide open, protecting your financial interests.

Tuesday: Tools, Tips, and Techniques

On Tuesday, we followed up with our Tuesday Tools, Tips, and Techniques edition. This episode was packed with practical advice on how to perform due diligence like a pro and why NOW is the time to buy real estate.

Some key takeaways from Tuesday’s show were:

1. Hiring the Right Inspector: One of the most important tools in your due diligence toolkit is a qualified inspector. You need someone who will go beyond the surface and dig deep into the property’s condition, spotting potential problems that could turn into financial pitfalls.
2. The Importance of Market Research: We talked about how due diligence doesn’t stop at inspections. You also need to research the local market. Knowing the trends in the neighborhood, like property values and rental rates, will help you make an informed investment.
3. Leveraging the Appraisal: We gave you tips on how to effectively use the appraisal process to negotiate a better price. If the appraisal comes in lower than the asking price, that’s a golden opportunity to renegotiate or even walk away from a bad deal.
4. Financing Tools: Finally, we covered some key financial tools that can give you an edge in today’s market, such as understanding how interest rates affect your purchasing power and how to lock in favorable financing terms.

These tools are essential in today's real estate environment, where being prepared is the key to securing the best deals.

Wednesday: Midweek Mortgage, Market, and Money Report

Midweek, we pivoted slightly to bring you our Wednesday Midweek Mortgage, Market, and Money Report. This show is always packed with the latest market trends, mortgage rate updates, and how you can use this information to your advantage.

Here are three standout points from Wednesday’s show:

1. Current Market Trends: We analyzed how interest rates are affecting the market. Right now, we’re seeing lower interest rates, making it a great time for homebuyers and investors to secure financing. These lower rates mean you can afford more property for the same monthly payment.
2. Avoiding the Credit Crunch: We discussed how having good credit is more important than ever. With lending standards tightening, your credit score can be the difference between getting approved for a loan or being denied. This ties into our ongoing message that Real Estate Success is fueled by great credit.
3. The Importance of Staying Informed: Knowing where the market is headed can help you time your investments strategically. On Wednesday, we showed you how to align your real estate strategy with market conditions, giving you the upper hand.

The key takeaway from Wednesday was that the real estate market is always changing, and staying on top of these changes gives you the edge you need to make profitable decisions.

Thursday: ATM – About The Money

Yesterday, on our Thursday ATM – About The Money edition, we continued with the theme of why NOW is the time to buy real estate, emphasizing the financial aspects of due diligence.

Here’s what we covered:

1. The Rule of Money: We revisited some key financial principles, like the 1% rule, the 4% rule, and the Rule of 72, and how they apply to real estate investing. Understanding these rules helps you maximize returns and minimize risk.
2. Real-Life Testimonials: We shared some incredible real-life stories from investors who used due diligence to save thousands of dollars. For example, Sarah and John M. were able to negotiate a $10,000 reduction in their home’s purchase price after discovering roof damage during an inspection. These stories illustrate the power of due diligence in protecting your investment.
3. Leveraging Inspections and Appraisals: We talked about how inspections and appraisals can help you avoid costly repairs, renegotiate purchase prices, and ensure you’re making a sound investment. This is where the rubber meets the road in terms of protecting your financial future.

Wrapping It All Up

So there you have it! This week’s theme of Due Diligence, Inspections, and Appraisals has given us the knowledge to approach real estate transactions with confidence, armed with the tools to make informed decisions that will save us money and headaches down the line.

Ultimately, the goal is to achieve financial freedom as an investor. To do that, you need a “B” to fund your “I” – that is, a business to fund your investments. The Real Estate Show can be your road map to get you there, but you need to start NOW.

Many people get stuck in the role of employee because they’re afraid to take the leap into business ownership. Fear of the unknown holds them back. But by listening to The Real Estate Show, we can help you get unstuck, providing the education and support you need to transition from employee to entrepreneur and from entrepreneur to investor.

Financial independence begins with organizing your finances, educating yourself, and leveraging opportunities like affordable homeownership and multiple streams of income. This is the path to independence and peace of mind. Remember, the journey starts with having a written financial plan and gaining a financial edge.

Today's show is brought to you by: www.TimeToFixMyCredit.com. Better credit leads to better real estate deals!
Don’t forget to text the word EDGE to 561-861-2366 to learn more about building your financial edge!

Thank you for tuning in this week. Remember, don’t just listen—use our show to get started in real estate investing. Tune in every weekday to The Real Estate Show, a literal seminar in every episode. Have a fantastic weekend, and we’ll see you again LIVE on the Monday on a Mission edition of The Real Estate Show!