 |
The 100:10:3:1 Rule - Master this and you will make a fortuneThe 100:10:3:1 rule states that in order to find the one decent property you have to look at a hundred, put inoffers in on 10 and try and arrange financing for three. Many financial gurus who have come to similar conclusions in terms of finding suitable properties. If you are finding that most of the office of the excepted, it should lead you to think that perhaps you are offering too much for the properties. Generally, out of a hundred properties are to look at-at the end of the day probably only three will be suitable to apply for finance for. There are also no guarantees that finance will be granted especially in view of the current economic climate with the sub prime crisis. Remember, as with all the strategies on this website, there is work to be done and essentially this is a numbers game. How quickly you get through evaluating the first hundred properties is entirely up to you. It may take a month or it may take a year. It is only by meticulously going through each property that meet your criteria that you will be able to spot bargains. Remember that each person that puts a property on the market is not necessarily well-informed about how to set a good price for their property and there may also have reasons for getting rid of a property urgently. "Looking at a property" essentially means that you evaluate it based on your specific criteria. The criteria may be things like price, area of town or type of property. You will find that each property you look at will be a valuable part of your education and by the time you reach a hundred properties you will be incredibly knowledgeable about that specific niche.
|