Sidney Torres has made millions developing real estate. The secret, he says, is in the buy, not the sell.
In other words, renovations are not where the money's at. "A lot of people think, 'Oh I'm going to go in there and I'm going to renovate [the property] for a lot less and that's where I'm going to make my money,'" says the host of CNBC's "The Deed." "You make your money on the buy."
The best properties to buy are going to be those in up-and-coming neighborhoods that are "on the edge of the fringe," he says.
More specifically, the "sweet spot" is in the middle of the fringe and the hot spot. "That's where you find a good buy. You negotiate a good deal, and that's where you're going to get the best bang for your buck," Torres tells CNBC.