Real estate investors need to hear this...
A strong jobs report does not make every deal a good deal.
It doesn't mean every market is healthy.
There are still markets I wouldn't touch right now.
And it definitely doesn't mean we stop underwriting carefully.
That's where investors get into trouble.
Good economic news is useful.
But it's not a substitute for discipline.
Every deal deserves the same level of scrutiny.
Every market deserves the same level of analysis.
The job of a smart investor isn't to assume everything works because the economy looks strong.
The job is to underwrite every opportunity as if it could be the one that doesn't.
Strong fundamentals can create a better environment.
They don't eliminate risk.
The investors who win over the long run are the ones who stay disciplined when the headlines are positive and when they're negative.
What's the first thing you look at when underwriting a deal?