Episode #194 Buying an Investment Deal with Sunil Saxena

On this segment of HyperFast Wealth, host Dan Lesniak speaks with co-host Sunil Saxena about the most important part of investing, buying the deal. Listen to hear how to find an investment deal, how to determine if it’s a good deal or not, and why you should be considering your exit strategy before purchasing an investment property. 

 

Episode Highlights: 

  • It’s been a busy year for Dan and Sunil, acquiring an average of one investment property per month.
  • Sunil has been buying deals for over 10 years, and has learned about what, and what not, to do.
  • It’s hard to make money off an investment property if you overpay when initially purchasing the property.
  • Calculate the maximum you can pay for the property and still make money, and stick to that.
  • Sunil has had occasions where he thought he lost a deal because he stuck to his budget, only to have the owner come back because another bidders financing fell through.
  • Sunil always has at least two exit strategies when purchasing a property; typically developing and selling, or a long-term hold while renting the property out.
  • You need to know your market to know if a deal is good or not.
  • Dan gives examples of different housing market volatility to underscore how important it is to know the market.
  • Understanding the history of the market also allows you to test your exit strategies to ensure you don’t lose money on a deal.
  • You need to factor in how you are going to pay for the deal, or how you are going to finance.
  • Financing terms affect your exit strategies and profitability.
  • Working with real estate agents experienced in investment properties will assist you in finding deals.
  • Spend time networking and attending meet-ups, which can allow you to meet real estate agents that you can partner with.
  • Door-knocking on neighbors houses, and letting them know what the neighbors sold their property for, can open up new potential investment opportunities.
  • Direct mail, paid digital marketing, organic digital marketing, signage, and the MLS are all successful forms of marketing to help find potential investment deals.
  • Investing can entail active or passive involvement.

 

3 Key Points:

  1. If you overpay when initially purchasing an investment property, it’s highly unlikely you’re going to make money.
  2. Don’t rely on just one exit strategy when purchasing an investment property.
  3. You need to know your market to know if a deal is good or not.

 

Tweetable Quotes:

  • “You really do make your money when you buy the deal.” – Sunil Saxena
  • “Look for multiple exit strategies, don’t just rely on one.” – Dan Lesniak
  • “If you don’t know the market, you don’t have a baseline to know if a deal is good or not.” – Dan Lesniak
  • “Make sure your signs say ‘we buy homes’ “ – Sunil Saxena
  • “Most of your better deals you’re going to find off-market.” Dan Lesniak

 

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