10 Real Estate Hacks Everyone Should Know

ten real-estate hacks everyone should know everyone buyers sellers I'm a real estate investor in a real estate agent in real estate coach and mentor so certainly for real estate investors as well but anyone who either owns a home or intends on owning a home needs to know these ten real estate hacks hi I'm Phil toasty obviously with freedom mentor calm as I said I'm a full-time real estate investor real estate mentor and coach to many of the most successful real estate investors all across North America but as it pertains to most of you it's that I've been a part of thousands of real estate transactions over the past 15 years I have a tremendous amount of experience and so these 10 hacks are ten of the greatest lessons I've ever learned from all of those years of experience this is the number one YouTube channel for real estate investing so thank you for watching also my best-selling author of two books the first how to be a real estate investor and the second one is real estate investing gone bad so if you're looking to get into real estate investing make sure you pick up those two books so ten real estate hacks that everyone should know we're going to start with number one hire the best hire the best that could mean hire the best real estate listing agent can you sell the house and you have a retail home that's in beautiful condition it means if you've got a house that needs a lot of work and you need to get rid of it in a moment's notice hire the best real estate investor to pay cash for that property it means if you're getting a loan hire the best mortgage broker and these things are all available thanks to the internet you can research who is the best real estate agent in your area you can do that on a place called real trends calm real trends calm give the list of who sold the most by volume buy a total dollar amount mortgage brokers they have lists of who does the most volume you can work with the best and that's what's so great about real estate the best people aren't going to tell you no they're going to want to work with you if it's an agent or investor or a mortgage broker or the like so higher the because when you do you get the best results that's the bottom line the vast majority of people in real estate don't even like being in real Iselle like being ages they don't like being mortgage muggers it's just their job but there are a few that love it they're great at what they do and get on their horse bet on their horse to win the race because they will run the race because they're the best the second one is get three bids I can't tell you how many people do not follow my advice on this listen to me on this three bids I mean if you need to replace your roof call three roofers if you need to do something to your AC that's more significant than just a check up get three bids from three different AC companies if you're looking to get a mortgage get bids from three mortgage brokers all they don't want you to do that they're going to tell you lies about how it's going to hurt your credit if it gets pulled more than once to your credit score on your credit report when you try to get a loan well it turns out that you can get as many pulls as you want in a two-week period and it doesn't hurt your credit at all who they will tell you that get three bids because when you do you're going to get three different answers it's amazing plus when they know you have other people involved what they're going to do is bring their a-game so if you get three bids whether it be on on a mortgage on a AC on a roof that also means real estate agents talk to the top three so I'm saying hire the best but get the top three and then get bids from all three some people are lazy that would make the phone calls they don't want to do it it needs to be done this is a hack of hacks you will save money you'll get the best out of people this is something my mentor taught me and I have done it over and over and over again and it always works number three is if you're going to be selling the property list on MLS we've got people these days that want to try to use things like Zillow or red fin and they want to do it the freeway part on Craigslist look if you do that you'll never get complete exposure to the entire marketplace now this advice I'm giving you doesn't actually help me because I buy a lot of properties from people off market they don't ever put it on the MLS and I'm able to buy it before it ever hits the MLS so obviously this is not very self-serving but I'm telling you a hack that will make the difference if you're looking to sell your house don't be a for Sale By Owner dead on the MLS and if you don't want to pay the Commission's then you're being too greedy that's the bottom line now if you hire the best they're going to get the maximum amount so if you list on the MLS even if you pay the six percent Commission's you'll still get more than if you listed let's say for sale by owner and you sold it for sale by owner you'll still get less money because you won't get complete exposure to the marketplace so listed on the MLS for us if expert real estate investors what we do is we do a flat fee listing so we say the 3% that typically goes to listen agent and we typically pay two three four hundred dollars for that but we're experts we know what we're doing and we know exactly how to list it to list it just like the best one listed number four on this topic of listing properties you can never list too low never list too low what do I mean by that I mean that your list price can never be too low because the lower you listed the more likely you're going to originate what's called a multiple offer situation and the people will bid the property right back up to what the market value is I have a wonderful video called the kiss of death when selling a house and in fact it should show up here at the top as a as a link the kiss of death when selling the house is to list it too high you do that you won't get any showings and you won't get any offers then it'll grow stale on the market it'll just sit there and people will start to think there must be something wrong with this house no one else has bought it all of a sudden it becomes the the unwanted listing don't go there if you're selling your house list it low I practice what I preach I list my properties crazy low and I pre what's called multiple offer situations almost always now the buyer's agents don't like that as much because they don't like to have to compete remember we talked about that digging three bids kind like getting three bids on your house and then they all bid it up it works too perfectly well so take my advice here you can't list it too low so when you're thinking about what your list price is if you're thinking of certain numbers too low that might be the perfect amount because then that would be low enough to create a multiple offer situation also check out that video again called the kiss of death when selling a house number five your first offer is your best offer first offer equals best offer this right here has lost people so much money over the years so they put the property on the market let's say you took my advice and you listed it nice and low and the first offer that comes in you look at and go wow I got an offer that much Wow let me just wait around for the next couple of months and see what else comes in no don't do that that first offer that first person that came in they are the probably most qualified most interested party for all you know they've been sitting waiting for your home or your type of home to come on the market and now yours has and they jump on it real fast that's your buyer almost always so here's the key when you get this offer it doesn't mean you accept it it means that you now have the best type of buyer now you need to work with that person you can counteroffer from you can counteroffer the terms and the price and all that great stuff certainly you can do that but what it means is don't just shut the door on them especially if it comes in which you feel is love now there are some caveats to this and that's why you got to hire the best so you know when there are caveats but by and large your first offer is usually your best offer that is the key it will save you a ton of money and heartache when that first offer comes in it might be lower than you thought it should have been and instead of counteroffer freedom you basically flip them off and tell them to hit the road and then no offer comes in for another three months it happens so often look I've been a part of thousands of real estate transactions I've been on both sides have been the seller I'm in the buyer but the agent and the investor but in all sides of these deals this right here is huge hack it will make you a lot of money number six buyers are liars buyers are liars oh I'm not going to leave them out either sellers are too sellers are too what does this mean this means that if you're looking to sell a house and a buyer tells you something you got to verify it listen carefully that means if they say they can get a loan verified not only with the proof of funds letter or a pre-approval or a pre-qualification letter but also call the mortgage broker yeah that's what I said get them on the phone and say yeah I see that this person is supposedly pre-qualified what is the likelihood they're going to get a loan on this property you've got to verify when a buyer says they got the cash they got the credit they got this they got that you got to verify it all and vice versa if you're looking to buy a property in the seller says oh nothing's ever gone wrong in this house all this house is wonderful verify hire an inspector check it out make sure you're crystal clear on what's going on verify because buyers are liars and sellers are - what that means is typically people are buying and selling only a few homes in their lifetime it's not some repeat transaction like they own an ice cream store there's people to be coming in and out daily they're not trying to build customer relations they're like dealing with one house in their life they're going to lie to you if that's what it's going to take for them to get rid of their home or for you to buy their home buyers are liars and sellers are - that's the reality now that doesn't mean that real estate agents or mortgage brokers or investors are always liars I'm talking about the individual seller and the individual buyer because those two parties don't do all that many transactions so they don't have to worry about that reputation they'll screw you in a heartbeat they won't care so you have to know that going in and know that everything that comes out of that buyers mouth or that sellers mouth depend on which side of the transaction you're on could be a lie when I'm buying a property from the seller I assume everything to sell told me is a complete lie because oftentimes it is and then I verify and then I find out the truth and then they're like oh I didn't you know I didn't know you needed that kind of transaction the other day where the sellers went when the new buyer to the inspection filed there's a bunch of fire damage in the Attic and the seller goes why didn't you tell me this and the and the sellers go well I didn't know you needed to know didn't need to know there's a fire in the house okay you get what I'm talking about hack number number six buyers are liars and sellers are - you need to verify verify verify number seven by right or not at all by right or not at all I have a great video on should you rent or own your own home you'll see a link up here and it's a great discussion on what most people don't talk about about owning real estate owning your own home can be very expensive so you've got to be very careful in how you buy it what your intentions are what your plans are and what your contingency plans will be if you have to sell look buying a home is like going to jail that's right I just said that like going to jail a lot easier to get in than to get out talk to any homeowner that just bought a brand new home in a brand new built subdivision last year that just got a job transfer and now needs to sell ask them how easy it is to get out it's usually next to impossible because the new home builders still got some new units that they haven't sold yet and they will undercut you even though you've owned it for a year because they don't care about you anymore you've already bought that home out of that subdivision so you've got a buy right or not at all a lot of times it's safer just to rent unless you going to stay in there for five years or you're getting a good deal on it where there's a lot of instant equity I have made a career I've made a fortune out of buying homes from people that didn't buy right they didn't have a good contingency plan and look I'm telling you here as a hack number seven here buy right or not at all don't make an emotional decision the intelligent here because it's not always that easy the house once you've gotten into it you get that big fat mortgage payment and you're trying to sell and you're trying to hire the best but you don't have enough in equity they'll pay the commissions and now you're stuck now you're stressed out be careful here it can be a major trap and Realtors across America don't really care if you're in that trap because they've already made their commission when you bought or sold so if you buy that property they've already made their Commission you've moved on or they moved on and meanwhile you're stuck with that house so buy right or not at all and please don't take offense if you're a realtor because it's the truth Realtors push buy buy buy buy buy houses when that may not be the best thing for you on that same topic number eight buy less then you can afford buy less because if you haven't bought a home before I've got news for you a whole new world of expenses is coming at you that you didn't even see coming roof is leaking you got to get a roofer up there and fix it the AC goes out on the hottest day of the year you got an AC company comes out they're a whole bunch of little fixes all of a sudden you got a whole bunch of good little Saturdays coming up you're heading to Home Depot you're going to Olive Garden for lunch and if you have time you're going to go over to Bed Bath & Beyond if you have time let's say throwback to the movie old school if you don't get that joke look you have no idea how expensive it is to own a home until you've owned one so buy less than you can afford because you've got new expenses coming at you otherwise it's going to be a miserable experience that's a huge hack by less than you can afford and look you watch these television shows where people have three auctions and then they ones over their budget ones right at their budget ones below their budget keep looking if you have to because you've got to buy right don't have to just settle on three options keep looking until you find something that fits for what you need and it fits for your finances otherwise just keep renting because you are going to get hit with a lot of expenses you didn't see coming once you're the owner number nine if you can't qualify for a loan get creative so I don't understand at this day and age with the kind of resources that are available why people that can't get an ordinary loan aren't still becoming homeowners that they want to be so I've got a video a link right up here on how to get a bargain on your dream home how to buy a home even if you can't get a loan the normal traditional way there are so many ways to buy houses creatively you can do this too it's not completely complicated and so if you have a dream of being a homeowner but you can't qualify for a loan that should not stop you there are great resources available including that video I just referenced amazing resources you can do it so by right by less than you can afford it if you can't get a loan that's no big deal just get creative and number 10 I've saved the best for last maintain walk away power walk away power what does that mean that means that if you are buying a house be willing to not buy it if the inspection comes back and there's a problem if the Ephrata comes back lower than what you have it under contract for and the seller won't drop the price be willing to walk away if you are selling a property be willing to say no to a deal if it's just completely the wrong deal look you've got to have walkaway power in real estate when you maintain the ability to just say now I'm not going to do it you maintain the ability to do the best for you when you're in a pressure cooker situation you are forced to have limited options I'll give you a perfect example some people get transferred for a job or other such reasons and they feel this pressure to buy a home as soon as they move to the new market that is such a bad idea sit tight for six months to a year in that new market and really learn the area learn where you want to be learned with a traffic is really piling up learn everything you can about that marketplace and then make a slow steady decision on a home buy if you pressure cook your situation you say I gotta buy now or I gotta sell now you're not going to give yourself the ultimate and the perfect opportunity now I'm again made of fortune buying homes from people that were in pressure cooker situations and so they put themselves there and they're stuck now and so some people give me the attitude well Phil you're taking advantage of people not at all I'm throwing a life raft to them but they're drowning and nobody else is helping them so I'm helping them but I would rather not have to throw a life raft everybody ideally they would watch this video on these 10 hacks and they would make really good intelligent insightful patient decisions so they got the most for the sale of their home or they get the best deal when buying the home and everything fits for their situation all right well I'm Phil Oski as you can tell I get a little passionate about these subjects especially some of these lessons because I've had to learn the hard way or watch family members or friends learn to stuff the hard way and you don't have to just follow these these 10 hacks whether you're buyer seller it'll make a world of difference if you love this video please give it a thumbs up if you want to watch more about real estate investing specifically definitely subscribe to this channel I've got a tremendous treasure trove of wonderful videos that will help you make better decisions as a real estate investor as I mentioned earlier definitely if you're interested in real estate investing grab these two books how to be a real estate investor real estate investing gone bad and thank you so much for watching if you have any comments concerns questions criticisms don't put them down below here in the comment section I try to carve out time out of my schedule to be a part of that conversation thanks so much for watching and I'll see you on the next video

Channel: Phil Pustejovsky

Views: 262,908

Keywords: real estate, phil pustejovsky, phil pustejovsky 2016, freedom mentor, real estate hacks, life hacks, homebuying, selling a house, house tips

Id: RIowGqqEemM

Length: 19min 34sec (1174 seconds)

Published: Fri Aug 05 2016