how to become millionaire with real estate business_18

_{Do not make the mistake that most investors make when they perform due diligence}

_{on a property and fail to check out the owner at the same time. I like to}

_{condition as I do about the physical and financial condition of the property}

_{under consideration for purchase. The reason I want to do the equivalent of a}

_{strip search on property owners is to find out if there are any outside factors, such}

_{as bankruptcy, engagement, divorce, death, arrest, criminal charges, and imprisonment,}

_{that could influence a property owner 's decision-making process. Case}

_{in point: Last year I was able to buy a two-year option on a vacant, run-down, railfront}

_{warehouse that is worth well over $500,000 for only $5,000 with a fixed}

_{purchase price of $375,000. I was able to negotiate a low-cost option and a belowmarket}

_{purchase price because I had done my homework on the elderly owner and}

_{found out by reading a newspaper article that he was engaged to be married to a}

_{prominent socialite and was going to be cutting back on his workload and unloading}

_{some of the properties in his portfolio. And because I had taken the time and}

_{effort to learn about the owner 's personal situation, I was able to strike a deal with}

_{him for the warehouse}