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, an investment. You can’t get caught up if the carpet is your favorite color, or 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, I don’t care. NOt of that matters because, when you are making a 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 ideas that you don’t like certain cosmetic aspects of the home, like 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 things about a home if you pay a fair price – that you can negotiate for if you can walk away if the price isn’t good enough. It’s easy and pretty cheap to change out all of that.
Remember, if we are going to be High Heels Landlords, we’re going to have to make a profit. Decisions need to be business-based. And 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.