The following is adapted from Creative Cash by Bill Ham, Gino Barbaro, Jake Stenziano. After almost eight years in the real estate business, I made one of the costliest mistakes of my career, losing over $1 million on a deal because I didnāt understand something important. Yes: $1 million dollars! It makes me sick just thinking about it. [ā¦]
Pillar #1: Market Cycles
Markets go up, and markets go down. Prices go up; prices go down. What most people donāt realize is that market shifts are quite predictable.
Keep in mind that all markets cycleāthe real estate market, the stock market, apartments, offices, single-family homes. These are all individual markets and will have their own cycles independent of, and sometimes in sync with, the national economy. Understanding past market conditions will allow us to deploy the most accurate business model in the present.
