A common saying in real estate investing is, “You make your money when you buy, not when you sell.” This means that your purchase price is the main factor that determines your profit later on. You can’t rely on an appreciating market, wishful thinking or construction coming in under budget to create your profit margin.

Jason and I give a dose of harsh reality on this edition of #theREI360show for Inman.

Chris Haddon is an entrepreneur based in Washington, D.C., a partner at Hard Money Bankers and a co-founder of REI360.net.

Email Chris Haddon.

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