Gardone Cardone is one of the successful real estate investors in the US. He has built a billion-dollar empire with his real estate properties.
When he started his career as a real estate investor, he knew nothing about real estate but gradually he learned the success formula through various deals. He shares his experience and advises people about mistakes to avoid in Real Estate investing.
- Dont buy small properties – When he started he bought a small property and the tenant left after few months and property was vacant for many more months. Cardone advises people to invest big and hold a property that he good value in the market.
2. Don’t focus on properties with a low budget – Properties that are available for lesser price are not always the ones you can get a good profit on. Focus on properties that have good value and then resell it after a few years.
3. Don’t use too much Leverage on a single Property – Investing too much money on a single property can put you at risk. Cardone says don’t invest more than 70% of your money on a single property.
4. Don’t Sell Great Properties for Profit – If a property has a good value, don’t sell it for profits rather hold for decades and see its value grow.
” I should NEVER have sold any of the $3 billion in real estate I have bought. I have sold $400M in assets over my career and had I kept them, those properties would be worth almost $1B by themselves. Good real estate should not be sold, it should be refinanced.”
5. Comparing the value of prices: Today vs Yesterday – Cardone believes it’s always the outsiders who know the best about prices when it comes to the real estate market. He says Florida people know better prices in New York than people from New York.
“People from New York are pouring into South Florida right now driving prices up because the locals are selling, and the New Yorkers see the value even at higher-than-normal prices. ” – Cardone said.
In his career spanning more than two decades, Grant Cardone has dealt with billion dollars of properties.
He always advises people to live in a rented house and invest their saving in real estate.