Watch Out . . . Insurance Could be the Deal Breaker

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I was at a coffee shop over the weekend and ran into a guy named Dave that I met there several months ago. When we met, he had just gotten interested in real estate investing and was eager to buy his first investment property.

We got to talking and he started telling me about a deal that he almost closed but luckily backed out right before closing.

He contracted a deal and commenced doing his due diligence. Everything looked good . . . until, he got a quote for the insurance on the property. Due to the location, flood insurance was required and the estimates that he got ranged between $3,500 and $6,000. Thus, turning an otherwise good positive cash flow deal into a negative drain.

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Tags: creative real estate, due diligence, real estate investing, Real Estate Investment Buying Strategies
Posted in Real Estate Investment Buying Strategies, Tips and Tricks | 2 Comments »

Questions for the Real Estate Investing Expert Panel

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Last night, I was on the expert panel at the Charleston Real Estate Investing Association meeting. There were seven of us on the panel and each time a question was asked, we would go down the line and answer it. I thought I would share a few of the questions that were asked and my answers . . .

What was your biggest challenge?

I took this to mean, “What was my biggest challenge when getting started?”

Two things here:

1) Self Limiting Beliefs

One of the self limiting beliefs that I had to conquer was in reference to my age. I got started investing when I was still in college at the age of 22 . . . and I look young for my age. Soooooo, I could have passed for 16 probably.

Getting past this mental roadblock was one of the first challenges that I had to face. I eventually realized that it was all in my head. If I thought it to be a limiting factor, it was.

Which reminds me of the classic quote from Henry Ford, “If you think you can do a thing or think you can’t do a thing, you’re right.”

No matter what your age, background, race, gender, or financial situation . . . you can become a real estate investor! Period!

2) Taking the First Action

For me, making that first phone call was difficult and I procrastinated for months. But, it didn’t have to be because I’m the one that made it that way.

No matter how “educated” you are . . . your true education as a real estate investor starts when you make that first call, kick off your marketing plan, go on your first appointment, make your first offer, and close your first deal.

You’ll learn far more through the action you take than studying concepts, techniques, and theories.

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Tags: charleston real estate investor association, creative real estate investing, Private Money, real estate investing advice, seller financing, subject to
Posted in Personal Development, Real Estate Investment Buying Strategies, Real Estate Investment Financing Strategies, Tips and Tricks | No Comments »

4 Steps for the Newbie Real Estate Investor to Get Started

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As a newbie to real estate investing, it may seem difficult to pinpoint where to focus. With so many different techniques, strategies, tools, books, seminars, and gurus . . . where do you start?

You start by educating yourself. But not just from real estate investing websites, books, courses, etc. There’s a lot more to education than that. Let me explain . . .

4 Steps for the Newbie Real Estate Investor to Get Started

Step 1 - Read, Listen, Watch

There’s a plethora of ways to consume information on real estate investing.

If you like to read, find several websites that appeal to you and subscribe to the email updates or RSS feed. Become active in one of the real estate investing social networking sites or forums. These are great places to start your education. One of the best books I can recommend for the aspiring creative real estate investor is “Making Big Money in Foreclosures,” by Peter Conti and David Finkel. It’s not just on foreclosures either. They cover many different aspects of the game.

My business partner, Dusty, prefers to listen for the majority of his education. Listening to educational CDs in your car is an extremely easy thing to start doing that doesn’t require additional time on your end. Turn your car into Automobile University.

Maybe you prefer to learn through videos. All you have to do is go to youtube and search “real estate investing.” There are literally thousands of videos to choose from.

Check out our youtube channel. If you want to know every time we upload a new video, make sure to subscribe.

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Tags: Beginning Real Estate Investing, creative real estate investing, real estate investing, real estate investor education
Posted in Real Estate Investment Buying Strategies, Tips and Tricks | 6 Comments »

What to Say When the Seller Says, “Just Make Me an Offer”

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Don’t you hate it when a seller gives you the dreaded, “Just make me an offer.” Well, I sure do. I got tired of it pretty quickly after I realized how much time and energy was wasted with these people.

A question that we require a seller to answer is . . .

“What are you asking for the property?”

As real estate investors, we only want to work with motivated sellers. People who NEED to sell not just want to sell. Whether they are behind on payments, facing foreclosure, job loss, divorce, etc. When you get a response like, “Just make me an offer,” this should be a red flag that the seller may not be motivated enough to work with you. Before you spend any more of your precious time with the seller, you need to get to the bottom of this.

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Tags: creative real estate, creative real estate investing, Negotiating, negotiating real estate, real estate investing, Real Estate Investment Buying Strategies
Posted in Negotiating, Real Estate Investment Buying Strategies, Tips and Tricks | 4 Comments »

Price, Terms, And TVs : How’s That for Creative Real Estate

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Have I got a story for you . . .

I was having lunch yesterday with a couple local investors (good friends of mine at Charleston Home Buyers) and have an incredible deal to tell you about that they just closed on. And the first thing that was said to me was, “Thanks!”

They said one of the ideas that he recently got from the blog was a huge contributing factor to how he negotiated the deal. Here’s the idea that made the difference for him . . .

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Tags: creative real estate, creative real estate investing, negotiating real estate, Real Estate Investment Buying Strategies, seller financing
Posted in Negotiating, Real Estate Investment Buying Strategies, Real Estate Investment Financing Strategies | No Comments »