When do you make your money in real estate?

I believe that an investor makes his money when a house is purchased, not when it is sold. If you don’t buy the house at a good price, you will never make a profit when it sells no matter how nice it is. So, your goal is to purchase the house for a low price. It is very easy to spend money on a house making it more marketable. Unfortunately, you may not get what you put into it back out. So, the key to making a profit is in the purchase, not the sale.