Ask The Apt-Guy: What Is The Most Challenging Part of Property Acquisition?

bruce

2:00

So the toughest part of property acquisition is "be available". That's it. That's the biggest headache issue. Be available.

Be Available!

So the toughest part of property acquisition is “be available”. That’s it. That’s the biggest headache issue. Be available. Don’t get your first property under contract and then immediately go on vacation out of the country for three months. Horrible idea. I know people that have done that and it doesn’t end well, right? So be available. You’re going to have your banker or your mortgage broker, you’re going to have your, uh, your insurance people. You’re going to have your real estate attorney. All of these people are going to be needing information from you on a very, very regular basis to keep this deal on track. You need to be available and get back to them at the very latest, within 24 hours. You want to get back to them right away. If you can. There is some flex, right? But if you’ve got 30 days to make a decision on a property and you’re not very reachable, this could really create problems for you. That could cost you hundreds of thousands of dollars. So that’s the biggest thing for me. Make sure you have time. Make sure you have an open schedule, a flexible enough schedule that you’re going to be available to take those phone calls. Sometimes you’ll need to be on a conference call or just respond directly to one of these people we’ve talked about. So just make sure that you have time in your schedule to be able to respond to these people. That’s the biggest issue on property acquisition is.

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