Summary
When you’ve found something that you’re ready to make an offer on, preferably submit it in writing and ensure your final maximum offer is a true reflection of the risks that you’ve weighed up. If the deal doesn’t work out, or if your best offer is rejected, walk away and keep looking. Remember that, generally speaking, there are always more bargains out there, and persistence will eventually pay off. Knowing the “How?” elements of due diligence and applying the knowledge learnt will greatly assist in the selection of a property that should ultimately hopefully become a solid and well performing growth asset over the long term.
Remain dispassionate, focus on the numbers and remember your purpose. Don’t forget with property investing – there are no hard and fast rules, only guidelines. The most effective due diligence comes from your knowledge, experience and care. As the proverb reminds us, “Care and diligence bring luck”. So, start preparing to get lucky!
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