Now, what is an exit strategy? Well, it's pretty much your scapegoat. You always want to determine the end from the beginning. Always think about the exit every time you enter a deal.
When do you get rid of a property? Well, it depends on your exit strategy. You can get rid of it when it's on its last leg, when it gets on your last nerve, or there's so much equity in it that you want to cashout to realize the capital gains and perhaps roll it over into another multi-family deal.
If the property is beat up or the neighborhood is beat up, you may want to sell it as part of your exit strategy. You may want to give it away as an inheritance. If the property is draining your pockets because you bought it wrong, then you may want to sell it. You may have brought partners into the deal and it would be good for you to decide how long you want them in the deal and how much money you need to buy them out as your exit strategy. You always want an easy exit strategy no matter what you plan to do to it. With that being said, you always want to buy a house where 85% of people want to stay. If you buy a house with less than 1,100 square feet, in a war zone, without a garage, near train tracks, near a large commercial property, then it may be difficult to get rid of it if need be.
One of the Billionaire principles is to "evaluate consequences up front". Do this with all aspects of business credit you may receive and multi-family properties you may acquire.
Novice investors go into real estate without considering consequences up front. Evaluating consequences up front to minimizes mistakes. Please notice that I said evaluating consequences up front "minimizes" mistakes and not "eliminates" mistakes.
I cannot ทาวน์โฮมมือสอง ราคาถูก promise that you will not make mistakes, for Albert Einstein said, "A person who doesn't make mistakes is a person who doesn't try anything new". Being that you are trying something new, you will make mistakes but a good mentor will minimize them. Also, if you had a mentor or consultant look over your multi-family deal, that will also minimize your mistakes. We offer consultation services if you are interested.
Once you mastered this game of using business credit to acquire multi-family properties, play a bigger game. Go from two families, to four-family, to ten families, to twenty, etc. When you go from junior varsity to varsity, the pace of the game changes as well as your coach. Therefore, make sure you have a mentor on your team who has been where you're trying to go the achievement ladder. Having a qualified mentor is of great importance. With any deal you do, run it by your mentor.
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