If you are just starting out in Real Estate investing then consider this. Are you in the business for a long term career that can bring you fulfillment and respectability in the real estate community or do you just want to make a fast buck before you cut and run? There have been plenty of news articles recently about lenders breaking rules by giving loans to unqualified borrowers and overcharging loan arrangement fees. This triggered lots of new rules and regulations to protect borrowers in the future but many unscrupulous lenders just walked away without punishment. The thing is by ripping off people they damaged their reputations by showing such a lack of integrity. Even without the additional consumer protection and new legislation to curb loan sharks from cheating unsuspecting borrowers, they would not find it so easy to continue cheating people once they heard about their sharp practices.
The same principles apply to real estate investing that you soon acquire a reputation based on your actions. If you bilk subcontractors or vendors then word will soon spread that you are someone who cannot be trusted. If you do rehabs using cheap materials and slapdash workmanship then your reputation will be as poor as the workmanship and you get poor results by cutting corners. By trying to make maximum profits by unscrupulous cheating you may at worst end up being sued, in jail and out of business. At best, you may carry on with no repeat business and a reputation as a shoddy profiteer who is not to be trusted.
It’s better to do business honestly, pay your dues and taxes and make sure your rehabs are of a quality that you would be happy to live with if you were buying that particular home. Don’t cheat subcontractors, buyers or sellers and you can still make a decent living and hold your head up high with a clear conscience. Many real estate buyers and real estate investors in wholesaling become repeat customers especially when they know they are dealing with someone with a good reputation for value and quality. You know this makes sense so don’t go down the wrong road. Who knows you will probably make some good lifetime friends and future allies instead of making enemies on a mission to bring about your downfall.
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