Author Archive
Choosing Flexible & Motivated Sellers
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Real estate investing, just like any other profession
requires a series of interrelated skills. Finding bargain properties is one of the most important of these skills–in many ways the most important because without this skill there are no deals.
The key to finding bargain properties
is the ability to identify sellers who are highly
motivated to sell–who must sell–as opposed to those that
only find it desirable and useful to sell. Essentially, real estate
investing (especially creative real estate investing) amounts to
finding both the right kind of seller as well as the right kind of
property. Believe it or not, street-wise real estate investors tend
to look first for the motivated sellers before they go too far in
analyzing any properties.
Motivated sellers go by a variety of names: “flexible”, “must sell”, “very motivated”, “anxious”, “don’t wanters,” etc. But they all have one thing in common:
They want you to solve some major problem for them and it’s your job
to make sure that you don’t become overzealous in helping them
and end up hurting yourself by taking on a property that’s not a deal.
(lose money)
It might be that they are being transferred and must therefore
hurry and sell. Or they might have personal problems such
as a serious illness or a divorce that is forcing them to sell.
Additionally, they may be motivated by financial pressures or
they may have recently discovered that they don’t like being a
landlord to their investment properties.
Whatever their reason, you can appear to them as a knight in
shining armor on a white stallion.
Do you find this role comfortable?
With whom would you rather deal?:
(1) someone who welcomes you with a warm smile and
appreciates your desire to help when you arrive or
(2) someone who is an antagonistic and arrogant property
owner who could care less if he sells or not?
Which type would cause you to experience less apprehension?
Obviously the seller who is motivated, flexible, and willing to
talk openly with you right away.
This is exactly why the savvy real estate investor will almost
always start with the most anxious sellers, because the job is
simply easier in that environment and you’re problem solving
together with you, the investor leading the way.
Does that make sense?
Think about it. Fear is one of the greatest destroyers of
progress. It can keep a perfectly capable person (like you or
me) from even trying something new.
I had a great deal of fear when first starting out, interviewing
sellers and meeting them at their properties…so I get it.
I’ll be posting a free mini series here on the website to help
guide you through this segment of real estate investing and
as you go through the mini series, visualize yourself talking
to the openly motivated sellers that I’ll be describing.
As you become more familiar with the concepts, ideas,
scripts and tools and as you apply them in a no-risk
environment (which you can do with a partner, spouse or
even record your voice), you will find your fears melting
away and you’ll be ready to go out and lock up some deals
in this massively opportunistic market.
11 Real Estate Principles For Success
Posted by: | CommentsOnce you’ve determined your real estate goals-
Identify what is standing in the way of achieving your real estate goals, fix it and get to the business of helping others and making money at it.
Principle No.1:
You rarely have a money problem. You have an
attitude problem. The real estate go- getter with the right
attitude cannot be denied.
Principle No.2:
Face your fear. You always find the best fishing
holes in the places where the average fisherman
is afraid to go.
Principle No.3:
Watch the crowd. Go in the opposite direction to find a niche.
Principle No.4:
Until you know value, everything is worthless.
As soon as you know value, everything is
valuable.
Principle No.5:
Almost all opportunities are disguised as
problems.Including the current real estate market.
Principle No.6:
He who lives the Golden Rule gets the gold here
too. Get to digging….
Principle No.7:
Money is attracted to great ideas. Find your unique niche.
Principle No.8:
You are your success. The money that flows to
you is just a by-product of your nonfinancial
resources.Your ideas, your service to others, etc.
Principle No.9:
There is no failure. Only feedback. Learn from it and keep it moving.
Principle No.10:
A network saves legwork.
Principle No.11:
Routine brings results. A disorganized genius is
no match for the average person with a daily
routine. Develop a routine and stick to it.
*******************************************
This guy was on the brink of disaster.
At one point, he was one of the most successful investors in the country but he almost lost everything in Florida’s real estate crash.
Back to the wall, he was desperately searching for answers.
It was at that time that he stumbled upon a secret world of real estate wealth controlled by an inner circle of big pocketed players that is available to all of us.
No money, no credit, and not willing to take failure as an option he soldiered on and cracked the code to creating a fortune in today’s real estate market dominating an industry previously controlled by the world’s money masters.
His first deal saved his life.
Read More about Ken’s Amazing Journey Back and Learn how it can work for you too
‘The Big Picture’ on Properties
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Before we jump into real estate investing, we need to explore some vital points.
Real estate is a broad term and should therefore be considered thoroughly when committing to the types of properties that you’ll be investing in.
Real estate includes raw land, farm
land, residential real estate, and commercial real
estate. Residential real estate inculdes condominiums,
single family houses, small multi-unit properties
(duplexes, tri-plexes,four-plexes, etc.), and larger
apartment buildings and complexes.
Commercial real estate includes office and professional
buildings, strip malls, and all types of property used in
the manufacturing and service based industries.
The principles of locating bargain properties, analyzing
their profit potential, using creative finance in the
acquisitions process,making offers and closing deals,
adding value, and carrying out the management function–
all of these factors apply more or less equally to
the various kinds of real estate that could be of
interest to investors.
However, for the investor who stands at the beginning of
his/her career, the most logical place to begin is with
the smaller properties–
single family homes and small multi-units.
If you’re in the process of acquiring the skills and
expertise associated with the real estate investing
field, would it not make sense to cut your “eye teeth” on
the simpler transactions where the risk is lower and the
exit strategy is fundamental?
The larger residential properties are a step above, where
more sophisticated interactions and problem-solving come
into play–and where the risk is greater but so is the
reward. And the commercial realm brings with it a
whole array of challenges related directly to the local,
regional, and national economy, and the viability and
staying power of various business tenants who are going
through the ups and downs of commercial life in ways
about which residential tenants in general need
not worry.
Similarly, real estate development and lot subdivision,
while offering the potential of high rewards, also
presents a variety of complex challenges not recommended
for the untrained investor.
For this reason, you might adopt the concept that a lot
of “little” deals can add up to a great deal of success.
Single family houses and small multi-units hold out the
potential for considerable profit, if acquired and
managed (or sold) appropriately.
There will be time enough for the macro-transactions after you have
developed a professional modus operandi in the real
estate field and learned the ropes that are second nature
to the “big dogs.”
That is not to say that the beginner or intermediate
investor who comes upon a fantastic bargain in the large
property arena should shrink from taking a close look at
it.
After all, if needs be, a partner can be brought into the
deal who has the needed skills, cash and experience.
Simply put,the smaller properties are the logical place
to focus at the beginning.
************************************************************
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free REO training webinar and most importantly to WIN one of those 3 FREE Houses- Get Your Name In Now.
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Have fun today and I’ll see you on the call with Kenny !
REO Investor [Advanced] Report-Free
Posted by: | CommentsI just finished reading that free report that described
how an investor lost almost everything in the downturn
of the Florida real estate market. I lost 2 properties in that
market as well, so it really sparked my curiosity.
Check it out here
This report got me to thinking about making some serious money
leveraging my time, effort, skill and network to do more deals….
and I mean Big Deals.
I’ve done a few REO deals but have never done any Bulk REO investing
but on Page 12 of the report…it gets down to it
******************************************************
Here’s a quick Blurb
******************************************************
“How it works is that these guys buy
properties and defaulted mortgage notes
at mass volume with deep discounts—
often just pennies on the dollar.
The credit crunch has created big trouble
for banks, and massive opportunity for
everyday investors. If you think about
what’s going on right now, banks are
flooded with that they consider “toxic
assets.”
These are foreclosed properties and
notes they pool into large packages and
sell together in bulk.
And don’t think all these homes are
junkers, some of the homes may have
been listed with agents and for whatever
reason couldn’t sell, but are still prime
properties that need a little work.
Considering banks aren’t property
management companies, they want these
‘toxic assets’ off their books for
whatever they can get and are practically
giving away houses for cheap.
This creates TREMENDOUS
opportunity for smart investors who
know how to play in this market.
We’re talking houses for 30% to 70%
off what you can find foreclosures on the
MLS for, as little as just a few thousand
a piece, even less than the cost of one
month’s rent….”
Keep reading- it gets even better!
Download The FREE Report Here 
What are Bulk REO Properties?
Posted by: | CommentsREO is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction.A bank will typically set the opening bid for the REO properties /sale at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the bank will legally repossess the property and list it as REO in their books.
Once a property is an REO, the bank or lender will try to get rid of the property by either selling it directly themselves or through an established broker. The REO property is usually sold for at least the outstanding loan amount which is generally less than the market price for the property.
If you are interested in REO investments, just join our free VIP buyers list here for an informative but free REO Report and upcoming REO deals.
Click Here
Real Estate News- Around The World
Posted by: | Comments“The Science Of Getting Rich” AUDIO
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A powerful way to study Wallace Wattles masterpiece is by carrying it on your mp3 player and listening to it repeatedly. The Science of Getting Rich is an insightful discussion of how to build spiritually-satisfying wealth.
Science of Getting Rich Audio
Doorknocking Scripts
Posted by: | CommentsWhat To Say When Knocking On A Pre-Foreclosure Sellers Door
You may be asking yourself if I’m suggesting that you just show up at a sellers door that’s in default?
Yes, I most certainly am suggesting that very thing!
Some investors send postcards, others place door knockers, several will call and very few will face the fear of knocking on the sellers’ door cold but door knocking pays off.
Make sure that you’ve done your homework and that this is a property that makes sense to spend some time on before investing more time in to it. Time is money in our field.
When you get to the door…
knock, knock [ step back off the porch, assume a passive, friendly posture and don't have clipboards and briefcases in hand at this point If there's a reason to get them, you can excuse yourself to go to the car and come back looking less presumptuous ]
Homeowner- “Yes, May I help You?“
Investor -” Hi, [looking as harmless and friendly as the neighbor next door] My name is —-so and so— and I’m looking to buy a few more properties in this area and I’m just wondering if you would know of anyone nearby looking to sell if they got a fair offer on their house?”
Homeowner- “I’ve been thinking of selling my own house”
Investor- “Oh. Okay, but I’ve probably caught you right in the middle of something huh? when might be a good time to invite me back tot talk more about it?”
Homeowner- “Oh, certainly not. I have some time right now, come on in.”
This is the beginning of the conversation or negotiation if you will…
knock, knock
Homeowner- “May I help You?”
Investor- “Hi, my name is John [ step back off the porch, assume a passive, friendly posture. in fact look more like a shy harry potter if you can and you can bring your clipboard to the porch using this technique. ] and I’m an investor who helps folks that are having challenges with their house payments. Is your house in trouble?”
Homeowner- “What? Oh no. I don’t know what you’re talking about”
Investor- [looking down at the clipboard and squinching the forehead] Oh, I’m a little confused because the city has your house listed as being behind in payments. Geez, it’s even listed in the local newspaper but that’s probably wrong too….huh? 
Homeowner- “Can I see the paper that you’re looking at?”
Investor- “Sure, no problem.” [ showing the owner the clipboard that has the NOD or a copy of the legal notice]
Homeowner- “Well, I suppose I am a little behind, I’ve only missed one or two payments”
Investor- ‘I really understand ma’am, it’s a tough time for a lot of us right now. Do you understand the foreclosure process and what your options are?”
Homeowner- “No, I’m a bit confused about the whole thing really.”
Investor- “If you like, I can come in and explain the process to you a little bit and at the same time, tell you how I’ve helped other owners in similar situations. Would you like that?”
Homeowner -” Would You? I would certainly appreciate that. Please Come in“
And away you go…..in the door and connecting with the homeowner
Foreclosure Resources
What good/bad experience has anyone had with flipping houses?
Posted by: | CommentsQuestion by Dragica: What good/bad experience has anyone had with flipping houses?
I am thinking making an investment in flipping houses and would like to know what success people have had. Also, what are the consequences regarding taxes – this would be for the state of North Carolina.
Thanks.
Best answer:
Answer by k_thornburg
Check out the show sweat equity. It will show you the good and bad. Also, flip that house.
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Skip The Realtor- Keep The Commission
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Selling your own home isn’t rocket science, so don’t be afraid to learn what it takes to bring interested buyers to you. Your reward will be that you can pocket the six percent commission that would normally go to the realtor who lists (and shows) your home. A $400,000 home sale carries a commission of $24,000. Isn’t that worth learning a few trade secrets and becoming a do-it-yourselfer?
Take a look at the basics:
Look at your home (and yard) with a critical eye.
Now is the time to replace cracked vinyl flooring and scrub away rust stains in tubs. Put a fresh coat of paint on marred walls and wash windows, clean carpets and generally de-clutter everything. Once you are satisfied, don’t stop there. Ask a good friend or family member to walk through and point out things that they notice as negatives.
A realtor wouldn’t hesitate to steer you in the right direction, so you’ve got to be able to do this for yourself.
Set a reasonable selling price.
Of course you’d love to clear a bunch of money after you sell your house but if you inflate your price you’ll pay for it in the end. Houses that sell the fastest are the ones that are competitively priced. Do what realtors do – check out recent sales figures on other homes in your area. If you have a five bedroom home with 3200 square feet and a similar home down the street sold for $376,000, that’s a pretty good indicator of where your home should be priced.
Prepare marketing materials that anticipate every question. Of course you’ll need a sign in your yard, but wouldn’t it be helpful to attach a waterproof box with color brochures? Include plenty of interior and exterior photos, details about every space in the home and information about the community such as property tax rates and school district statistics. Prospective buyers might want to know what to expect in monthly utility costs, too. You’ll also want to advertise in the local newspapers every week and on the internet to attract people who are planning to move to your area.
Accept the help of realtors who bring buyers your way. Granted, you decided to sell on your own in order to save a seller’s commission, but most buyers will have a realtor show them around. Don’t exclude these buyers and for a small free, you’ll have a knowledgeable professional who will create purchase contracts and arrange inspections on your behalf as a service to their client. The buyer’s realtor will also find a Title company to take over when her work is done.
Learn How To Sell Your Own House Fast.
Teaches Home Owners How To Use Creative Techniques To Sell Their Own Houses. High Demand Information In Current Housing Market.
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Buy and Sell Real Estate Without Paying a Broker!
Most of the paperwork that likely prevented you from considering the FSBO (For Sale By Owner) route in the first place will be handled by the Title company. This includes coordinating the flow of all documents and funds, prorating insurance and taxes and recording deeds. For your troubles, you’ll pocket a much larger share of the sale price.
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