Copyright 1981, 2019
Do The Tough Thing First.
If you are moving from one property to another and using the proceeds from the first to acquire the second. One “end” of the BuyAndSell transaction, will be easier to achieve than the other – so Do the Tough one First.
Similar short recommendations in Robert’s Rules for Real Estate first published in 1987 (after I got my first Mac Plus and discovered word processing)
Currently available at https://robertede.com/robert-edes-rules-of-real-estate/
….. Despite the ‘local’ and ‘current’ market conditions, certain principles remain true – the most basic fundamental is an understanding of what residential real estate is:
*SHELTER – everybody must live somewhere. Ownership is superior to tenancy.
*COMMUNITY – most people choose to live near others who share their goals and expectations. When you buy, YOU choose your neighbours.
*A LONG TERM INVESTMENT – Virtually every Canadian urban real property purchase will be a wise and prudent investment … after a twenty-year holding period. Some purchases will pay-off quicker, and some will have bumps along the way, but after 20 years …. almost every buy is a GREAT BUY.
By contrast, Residential Real Estate (3-unit or less dwelling) is NOT (or is rarely):
*A SPECULATIVE INVESTMENT – “buy & flip“ only works (generally & everywhere) in the initial phases of an Upturn and only works specifically, (but anytime) when the “speculator” actually changes the ‘use’ or ‘utility’ of the subject property by rezoning or renovation (or sometimes by just good timing),
*A TAX SHELTER – buying for tax-savings is a short-term strategy guaranteed only to deliver no more than the intended short-term tax-savings.