In Touch Weekly caught up with Bravo's Million Dollar Listing star Michael Lorber on the eve of his premiere to get a few real estate tips. Michael, who is the son of Prudential Douglas Elliman CEO Howard Lorber and also a former intern to Donald Trump, had a few tips to offer when considering buying property:
1. Buy with your head (and wallet), not your heart.
2. Consider the motivation: lifestyle or investment.
3. Always do your research! (The internet can be your best friend or worst enemy.)
4. You can't afford not use a realtor (we work for you!).
5. Know what you don't know.
6. Short term renting may be best.
7. Consider the cost of money.
8. Be aware of the whole nut (additional monthly fees, maintenance, taxes, etc.) you are out of pocket every month.
9. If it sounds too good to be true, it usually is.
10. Location, Location, Location.
Million Dollar Listing premieres Wednesday night at 10pm on Bravo.