1) Your Home is your Castle – never jeopardize your personal residence (refinance something else).
2) Never Sell any Real Property unless you have a predetermined “higher and better” use for the proceeds (Do as the Railroad companies and Banks do, just refinance it and lease it out).
3) When Selling-to-Buy another home, “Do the Tough thing First” (i.e. in a Buyer’s Market; Sell First, in a Seller’s Market; Buy First).
4) Buy with the Best terms and price by finding a motivated Seller.
5) Sell for the Best terms and price by being willing (not compelled) to sell.
6) Buy Quality, not Price. Buy property that will always be unique and desirable to a knowledgeable buyer, regardless of overall market strength.
7) Use your own lawyer, take no (non-spouse) partners and consider everyone your competitor.
8) Anticipate shifts in demographics & demand. Neighbourhoods that were traditionally out-of-favour are soon the newest “gentrified enclave”.
9) Buy in the path of change. Where will Up-Zoning changes, new transportation routes and new municipal permissiveness towards “intensification” increases values?
10) Hire a Realtor with experience IN THAT type/area of property to work FOR you.
11) *NEW * Anticipate the impact of a world-wide Currency Devaluation “Solution”to the sovereign debt crisis – prices of “tangible assets” (like real property) will go through the roof.
Speak with me, we’ll bounce a few ideas around and then decide for yourself.