Real Estate Q and A with Wendy Sweet

Questions

1) Is owning real estate worth the headache?

Never buy a deal for a breakeven position. Cashflow on a long term basis.

2) Do you have to manage your property?

3) How important are Documents/Agreements?

4) What are some Rookie mistakes?
Paying too much
5) What is the saddest/Weirdest thing ever seen in a vacant house?
A foreclosed home will have real estate investing books in it, but they were never opened.

6) What are the No-No's of REI?
Never force a deal. Good deals come along every day.
Make all deals a Win/Win

"Everyone deserves to get paid" ~ Wendy Sweet

7) What would make you walk away from a deal?
Dishonesty. Cutting out a wholesaler. Greedy people. Fraud.

8) Is rental property the best way to build wealth?
Mortgage is 70% of Cashflow
Interest is still deductible.
The home should appreciate over time.

9) Why does Wendy give away her time on Wednesdays for free?
Being of service.

10) Zillow leads and estimates

11) Would you buy property near a prison?
Wendy's answer will surprise you

She would avoid places with bad smells like hog farms. Landfills are bad to be near. Powerlines are a concern, as well as railroad tracks, high crime areas, and cemeteries. Busy streets are lower priced.

12) Are properties in extremely rural areas worth investing in?

13) Is REI as easy as people make it out to be?
After 20 years in business, Wendy always meets people who want to get into it. Anyone can be successful. It requires hard work.

14) Should you join a REI group?
Groups are terrific for learning and for networking and finding deals.

15) What are some of the coolest RE Tricks you know?
There are no tricks. Your goal should be to ask yourself, "What is the best way to make a win/win?"

16) What can be expensive at a rental property? The most expensive places are the attic and crawl spaces. Often they are where the bog problems are.

17) What are problems only a Realtor can see? Being a Realtor can be a problem when you want to buy a house.

18) What is the shadiest thing a house seller has done?
Accepting multiple contracts on a house.

19) What will happen to real estate prices?
If you are in a bubble market, you will see a bigger drop.

20) What makes a good investor?
Someone who educates themselves. Make decisions based on logic, not emotion. Have the best interest of the other party in mind.