This cannot be stressed enough when it comes to investing in property and being a High Heels Landlord, NO EMOTIONS ALLOWED! I mean it, none. This is a business decision and an investment. You can’t get caught up in the fact that the carpet is your favorite color, if there is a mural on the wall that you love, or if the home is in a neighborhood you always wanted to live in.
If you think the house is cute or you really love the front porch, we shouldn’t care. None of that matters because, when you are making a home purchase offer, it’s all about business.
“Remember, if we are going to be High Heels Landlords, we’re going to have to make a profit.” – Cynthia DeLuca
On the flip side, make sure you aren’t making any decisions based on the fact that you don’t like certain cosmetic aspects of the home. Such as, the colors of the wall, the shag of the carpet, or the dated look of the countertops.
Look at things objectively and remember you can change certain features about a home if you pay the right price up front. You can negotiate for a fair price or walk away if the price isn’t good enough. If you pay the right price upfront, you can commit to easy cosmetic changes that won’t cost you too much.
Remember, if we are going to be High Heels Landlords, we are going to have to make a profit. Decisions need to be business-based – are you getting the best price for what’s being offered? To further my point, don’t ever buy a house on a whim. Go home, sleep on it, think about it, pray about it, do what you need to do to make sure it is the right business decision for you.