Asking and Listening

It's not just the formal or institutional sources of information that matter. It's the locals at the café and the retirees shooting the breeze on the porch. There's a wealth of useful local information that comes from the spittin' and whittlin' and the neighborhood gossip. Don't overlook it, underestimate it, or prejudge it. You want access to that kind of unpublished insider information. It can give you an advantage in finding hidden opportunities, avoiding unknown dangers, and negotiating from strength. What these people know can make you wealthy.

Locals know who may need to sell and why (death, divorce, lost jobs, family changes, etc.). They know the history of a property and its neighborhood (fires, floods, repairs, crime, etc.). They may know people who would like to rent the property, help you maintain it, and even keep an eye on it for you. Remember that all real estate is local. It is tied to the community and what is happening in the community. The principles for real estate investing may be universal, but the conditions are always local. You must know your niche intellectually, experientially, and socially. Your knowledge, your experience, and your relationships are what can make you a financially wealthy expert.

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