Real estate investor Sidney Torres is dishing on his big secret to making millions in real estate: Buy, don’t sell.
Torres says the priority is to have a smart buying strategy where you truly can net the most profits, not in the renovations.
Read more: 10 Top Rental Markets for Investors
“A lot of people think, ‘Oh, I’m going to go in there and I’m going to renovate [the property] for a lot less, and that’s where I’m going to make my money,” says Torres, the host of CNBC’s “The Deed.” “You make your money on the buy. The best properties to buy are going to be those in up-and-coming neighborhoods that are ‘on the edge of the fringe.’”
Torres says it’s important for buyers to do their homework, carefully searching the area, and consulting others who know the market well before making any move.
“You never want to be in a deal where you pay a little more because you think you’re going to renovate it for less,” Torres says. “You’re putting yourself in a bad position.”
Source: “Real Estate Mogul Says This Purchasing Secret Helps Him Find Perfect Buys,” CNBC (March 7, 2017)
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