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NEXT! KNOW WHEN TO WALK AWAY FROM A REAL ESTATE DEAL

The Bite Test

When should real estate investors walk away from a potential deal?

Not every shiny gold-colored object is valuable. Fool’s gold and fake gold can appear almost identical to the real thing. So can counterfeit $100 bills. That’s why we’ve all heard of the “bite test” to check for real gold and why stores have special lights, pens, and identifiers to spot counterfeit money.

There are a lot of potential real estate deals out there that aren’t the real deal either. Even dirt-cheap homes selling for $1,000 can turn out to be duds. And even brand-new shiny oceanfront penthouses selling ...

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