LIVE FREE - THE ART OF THE TWO-YEAR HOME FLIP



Chapter 2




PURCHASING THE RIGHT HOME IN
THE RIGHT AREA



To approach the home buying process as an in-
vestor, you must eliminate as much of the emotion
that usually drives the purchase decision as possible.
It is wild to think that one of the largest buying deci-
sions in most people’s lives is made mostly based on
“warm and fuzzy feelings”” and visions of holiday par-
ties, but studies show overwhelmingly that this is typi-
cally the case. You must learn to look at a home as a
source of value as opposed to a showpiece for friends
and family.

Since you are going to live in the home
during a two-year flip, you will not sacrifice happi-
ness for profit. There will most definitely be sacri-
fices that will need to be made, but regardless of how
much profit a house generates upon a sale, a young
couple with two babies and a Labrador probably
shouldn’t try to fit into a one-bedroom condo—even
if it is selling at 25 percent under market value.

5


LIVE FREE - THE ART OF THE TWO-YEAR HOME FLIP


Never buy a home with the exception in mind,
always abide by the rule. This means that if 360 days
each year the only people that will be in your home
are your spouse, your two kids and you, buying a
five-bedroom home is foolish. Even if it would mean
that Grandma and Grandpa will have their own room
every other Christmas when they come for a few days,
it is not wise.


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