Check out Ron’s victory speech below…

Congratulations to Ron… way to go Probate Guy!

The 2010 Final Standings

1) Ron Mead, The Probate Guy – 2010 Champ – 251 Votes
2) Steph Davis – 189
3) Julie Broad (’09 Champ) – 154
4) JP Moses – 148
5) Craig Fuhr – 120
6) Patrick Riddle (aka Sergeant P-Rid) – 65
7) Shae Bynes – 22
8) J Scott – 20
(less than 20 votes)
9) Jamel Gibbs
10) Alex Joungblood
11) Rachel Hernandez
12) Peter Kolat
13) Scott Costello

Now, let’s give a round of applause for all the excellent REI Bloggers! You guys and gals pour your hearts into your blogs… and the 1000+ votes below are a testament to that!

AND, a BIG THANKS to everyone who voted. It means a TON to us bloggers…. we salute you :-)

It’s been my pleasure to host another great REI blog battle.

That’s it for ol’ Sergeant P-Rid.

See y’all next year for the 3rd annual battle. It’s gonna be big!

~ Sarge

P.S. – Are you an REI Blogger? Interested in participating in next year’s battle? If so, leave a comment below with your name and link to your blog.

P.P.S. – If you voted for Ron, Steph, or Julie, you’re in contention to win one of those Private Money Blueprint Training Systems. Good luck!

Julie Broad
Life As Real Estate Investors

Real estate investing live and on location across north america. Videos, tips, and resources to help you invest successfully in any city!

• 
• 
• 

Ron Mead
Buy Probate Property

If the coffee I’m drinkin’ and what I’m just thinkin’ or your just a winkin’, then we’d better say bye, cause I’m just the Probate Guy!

• 
• 
• 

Steph Davis
Flip This Wholesaler

Rags to riches real estate: the daily musings of a bartender turned REO wholesaler …

• 
• 

JP Moses
REI tips

Imagine Real Estate Investing…Undressed. It’s practical, real & “Average Joe” friendly. Stop by & grab my 53 Free REI Forms on the house!

• 
• 
• 

PATRICK RIDDLE
Must Know Investing

Your Source for Creative Real Estate Investing Tips, Tools, and Techniques… and Host of Battle of the REI Blogs.

• 
• 
• 

Shae Bynes
Good Faith Investing

Shae seeks to inspire and inform with stories from the streets. Some even call it chicken soup for the real estate investor’s soul. :-)

• 
• 
• 

Peter Kolat
Real Estate Internet Marketing

Real Estate Internet Marketing Blog-FREE 56 pg. Real Estate Black Book-The Only Place to Get Secret Internet Marketing Strategies For FREE.

• 
• 
• 

Jamel Gibbs
REI Education Academy

FREE 5 Part Crash Course on Wholesaling Houses provided by the Jamel Gibbs. Discover Pure Real Estate Investing AWESOMENESS.

• 

Rachel Hernandez
Adventures in Mobile Homes

Sharing stories and adventures about investing in mobile homes. Learn from Rachel – aka Mobile Home Gurl – who specializes in this niche!

• 
• 
• 

Scott Costello
Struggling to Get Started

A Nine-to-Fiver overcoming fears and a lack of time. No tips, tricks or fast profits here, just every day experiences from a new investor.

• 
• 
• 

J Scott
1-2-3 Flip

123Flip.com brings you the nitty-gritty of a real life house flipper, including detailed financials, schedules and results down to the penny.

• 

Craig Fuhr
SurReal Estate Success

Craig Fuhr is a super-star investor & premier rehabber. His blog is a daily stream of insanely fun & real-life RE Investing tips & videos.

• 
• 

Alex Joungblood
Wholesaling Houses in Real Time

A full time wholesaler making it happen in a down real estate market. How you can still make a full time income wholesaling houses.

• 
• 
• 

Alrighty…

Here’s a quick recap of the contest rules from the video above:

1) Contest starts October 18th and ends at midnight EST on October 21st.

2) You must be 18 years or older to participate.

3) Pick your favorite real estate investing blogger.

4) VOTE by entering the name of your favorite blogger in the comment area below (only 1 vote allowed per person… violators will be disqualified).

And check out the prizes…

1st place blogger gets to award 5 of their voters a FREE Private Money Blueprint Training System ($997).

2nd and 3rd place get to award 1 of their voters a FREE Private Money Blueprint Training System.

So, we’re giving away almost $7,000 in real estate investing education… and you could win by simply voting below.

Scroll to the bottom of the screen now and put your favorite REI blogger in the comment area. And remember, only 1 vote per person.

Thanks for joining this year’s Battle :-)

May the best REI blogger win,

Patrick Riddle
… aka Sergeant P-Rid

P.S. If you think this contest is pretty cool, click the Facebook “Like” button at the top of the post and share it with your friends :-)

No related posts.

Welcome back for Part 3 in MustKnowInvesting.com’s series, “The Best and Brightest Women in Real Estate Investing!”

New to the series? If so, start with the introduction.

This week, I’m super excited to have Shae Bynes – investor, blogger at Good Faith Investing, and Private Money Blueprint student – with us. You may remember her from the recent post, “3 Private Money Lenders in 49 Days.”

Shae’s seriously kicking some butt these days getting private money, closing deals, and has a growing fan club over on her blog. In other words, she’s gettin’ it done!

But, she didn’t get to where she is today without going through the school of hard knocks.

So listen close. Shae’s got a story to tell ya. Sit back, relax, and enjoy!

Shae Bynes | Best and Brightest Women in Real Estate Investing

Take it away Mrs. Bynes…

Right on Shae! You go girl!

Thanks for sharing so much with us :-)

Connect with “Best and Brightest” Shae Bynes

Networking with real estate investors is part of success. So, get connected with Shae below…

Friend Up on Facebook

Follow on Twitter

Subscribe to YouTube Channel

Your FREE Real Estate Investing Resource Download

Shae went above and beyond and created a very special ebook, “7-Day Action Plan for Aspiring Investors,” just for you, for participating in this series.

You’re in for a treat because this thing ROCKS!

Grab your 7-Day Action Plan now! Click the image below…

(if it doesn’t automatically download it, right click the above image and click “Save as …”)

And before you go, show Shae that you care, show your appreciation by doing two things 1) click the Facebook “Like” button at the top of the post and 2) leave a comment with your thoughts, questions, and feedback. All the coolest people do.

Latress on the menjay (if you don’t know what the heck I’m talking about, you should check out the movie “I Love You, Man” … it’s a riot!).

~ Patrick

… aka P-Rid

P.S. – Here are the links to the series for you:

Julie Broad | Esi Benedict | Shae Bynes | Christina Mellott | Stephani Davis | Surprise Special Guest | Rachel Hernandez | Susan Lassiter-Lyons

No related posts.

Alrighty …

Time to kick off another KILLER training series here at MustKnowInvesting.com, “The Best and Brightest Women in Real Estate Investing“.

Every week for the next 8 weeks, one of our “Best and Brightest” will share her inspirational story, how she closed her first deal, and much more. PLUS, each gal is going to share a downloadable resource that’s gonna help you get to the next level. So, you don’t wanna miss this!

The Best and Brightest Women in Real Estate Investing

Week 1 -

Reigning Battle of the REI Blogs Champion, Julie Broad of RevNYou

Week 2 -

Flipping Mom, Esi Benedict

Week 3 -

Investor, Blogger, PMBPer, Shae Bynes of Good Faith Investing

Week 4 -

Colorado Investor and “Real Estate Investor Mom“, Christina Mellott

Week 5 -

Flip This Wholesaler, Steph Davis

Week 6 -

Surprise Special Guest (pulled some strings to make this happen … you won’t believe who it is!)

Week 7 -

The Mobile Home Gurl, Rachel Hernandez

Week 8 -

My Good Friend, the $24M Woman, Susan Lassiter-Lyons of The Investor Insights

So, as you can see, we’ve got quite the lineup!

Here’s a quick video with more details …

I’ll see ya next week for Part 1 with Battle of the REI Blogs Champion, Julie Broad.

Get ready … these amazing women are gonna make your head spin!

~ Patrick

… aka P-Rid

P.S. – Sooooo, what do you think? You guys and gals excited or what!? Leave a comment and let me know :-)

P.S.S. – Here are the links to the series for you:

Julie Broad | Esi Benedict | Shae Bynes | Christina Mellott | Stephani Davis | Surprise Special Guest | Rachel Hernandez | Susan Lassiter-Lyons

No related posts.

If you’ve been around my blog, MustKnowInvesting.com, for long … you know that I put out real estate investing videos on a regular basis. And not just your average BORING monotone old school real estate videos … I’m talking enthusiastic, fun-filled, action packed videos overflowing with actionable content.

Wouldn’t you agree? :)

Well, here’s an easy way for you to stay “up-to-date” and not miss out on anything … not miss out on new killer video content, insider secrets, resources, bonuses, etc etc …

How to Get Your FREE Real Estate Investing Video Subscription

Watch the video below …

(if reading this in your email subscription, click here to watch the video)

Free Real Estate Investing Videos … Click Below NOW!

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Wow! It sure is amazing how time flies, isn’t it?

Sooooo much has happened in only a year …

2009 Kicked off with the Creative Real Estate Solutions in Today’s Market Video Series, then MustKnowInvesting.com turned 1, Trevor Mauch and I launched our Private Money Blueprint System (Holy Cow! What an Undertaking!), the Battle of the REI Blogs, and MUCH MORE.

Thank goodness I decided to get my butt out of bed this past weekend and go to church. That’s where I got the idea to do this post because they put together a “year in review” video with all the highlights of 2009. So, I thought it would be really cool to do a post called …

A Year in the Life of MustKnowInvesting.com

Let’s just jump right in … here we go …

The “Creative Real Estate Solutions in Today’s Market” Video Series

We kicked off the year in January with the Creative Real Estate Solutions in Today’s Market video series (over 2 1/2 hours of solid content). It was a 5 part in depth video series on wholesaling, private money, subject tos, owner financing, and much more. And at the end of the series, we took on a very limited number of students in our mentoring program.

One of those students, Justin Wilmot, a twenty somthin’ self proclaimed surfer dude from Florida, had quite the year; he closed his first wholesale deal, locked up a million dollar credit line through a private money lender, and closed his first rehab deal. To say Justin’s life will never be the same would be quite the understatement.

Happy B-Day!

On January 19th 2009, my baby, MustKnowInvesting.com turned 1. It was a great day, a milestone, an accomplishment. Few people (other than fellow bloggers) realize how much work goes into maintaining an active blog.

Thousands of hours have been poured into the idea and implementation of everything you see, read, listen to, and watch here. To see my blog grow and mature over that first year was awesome (and now my baby is almost 2 … whew … children sure to grow up fast … haha)

The Private Money Blueprint

For the next few months, I published 2 to 3 new articles and videos per week and spent countless hours, nights, weekends preparing for our Private Money Blueprint launch.

Let me give ya a little back story …

Trevor Mauch and I had partnered up in August of ‘08 to teach people how to get private money. We taught a couple free 100% content webinars and there was a HUGE demand for more information. So, we created a pilot program to teach 20 lucky students how to get unlimited funds for their real estate deals using private money.

After the program finished, our students raved; they wanted more.

Next, we wrote the home study manual (an arduous task), commissioned Trevor’s web guy to put the private lending websites together (an expensive task), built the Private Money Blueprint Membership site (another big task), and put together a plan to launch our private money getting system in May (a “thank goodness we hired help” task … thanks @ChrisBrisson).

Whew … I get tired just thinking about all that stuff.

Anyway, much time was spent on the Private Money Blueprint project (which was birthed from MustKnowInvesting.com) and it all culminated in May when we launched; quite the accomplishment.

The icing on the cake has been the amazing results our students have gotten from our system. It’s so awesome opening up my email each morning to find another success story from a student.

The Investor Connect Contest

After things settled down from the launch, I wasn’t sure what my next “little project” would be. I had a few ideas but nothing slapped me across my face UNTIL … I had the idea for the Battle of the REI Blogs contest (more on that in a little bit).

So, in preparation for “battle”, I decided to run a small contest on my blog to get my feet wet, to learn the ropes. There was a bunch of awesome prizes and a really cool “social” component to it.

I called it … The Investor Connect Contest.

The coolest thing about it, the winner of the contest Noel Roberts, closed his first deal just a few months thereafter. Check out the email he sent me recently …

Oh yeah, and to top it all off … Noel, aka Kid Cash Flow, is only 18 years old!

So whatever your excuse was for 2009 of why you didn’t close your first deal, or why you didn’t achieve your REI goals … might as well trash it. Noel didn’t have any of the “Big 3 C’s” … Cash, Credit, or Credibility … and it didn’t stop him.

My Short and Sweet Skateboarding Career

LOL … y’all got a good laugh at my expense on this one. Make sure you watch me drop into the half pipe at the 5 min 26 sec mark.

Click Here to Watch me bust my tail skateboarding

Be on the lookout for Part 2 to this one … coming soon in 2010 :)

How to Become a CIA: 7 Part Creative Real Estate Investing Series

This was all about getting you ready, willing, and able to close on your first or next deal by delivering the information, tools, and resources to get it done. There was the “CIA Manifesto”, video tutorials, downloads (MP3s, forms, etc), guest expert Stephani Davis from FlipthisWholesaler, Dusty Keefe, master negotiator, and MUCH MORE.

The participation and feedback during this series was absolutely incredible … thanks to all who participated and all who continue to study the series.

This free in depth creative real estate investing series is POWERFUL. If you haven’t taken this training yet, write it down on your list of goals for 2010.

Battle of the REI Blogs

With 13 of the top REI bloggers in the world on board, over 5,000 visits to my blog that week, and over 1,100 votes …

What a killer event the Battle of the REI Blogs turned out to be!

One of the funniest parts about it was the trash talking between the bloggers over on Facebook. Right before the battle began, I logged in to my FB account, and my profile had been decimated by the likes of JP Moses who posted a picture of a pumpkin throwing up with the caption, “The Effect Your Blog Has on People”, Trevor who posted a pic of a line graph showing how much more traffic his blog gets than everyone elses, and Stephani Davis who posted a pic that said, “My blog can beat up your blog” … haha.

It was on!

But, shortly after the Battle ensued, it was clear that Julie Broad and Ron Mead were the forces to reckoned  with. As they blew by the competition, the rest of us were scrambling to compete.

End of the day, when the smoke cleared, Julie Broad of RevNyou was crowned champion; Ron Mead, who made a valiant effort, brought home the silver.

Thanks once more to all the REI bloggers that competed AND to you, our subscribers for contributing your votes.

Oh yeah, one more thing … if you haven’t checked out The Ballad of the Battle of the REI Blogs yet, that’s a must watch. It’s my lyrical and piano playin’ debut … Enjoy!

Contributors from Around the Globe

A BIG thanks goes to all the contributors here at MustKnowInvesting.com. We appreciate all the tips, tools, and techniques you’ve shared with us.

Jamel Gibbs taught us how to flip for profits. David “The Diamond” Oswald showed us when to hold ‘em and when to fold ‘em and inspired us to take action. Shae Bynes shared how to network our way to wealth.

Julie Broad pulled back the curtain on finding hidden bargains, showed how to overcome obstacles, gave us the 10 commandments to negotiating great real estate deals (and much more … Julie was MKI’s biggest guest contributor).

Stephani Davis contributed in style with her Wholesaling 101 video as part of the How to Become a CIA series. And my bro (not literally … but might as well be), Dusty Keefe taught us how to negotiate like a pro in Part 2 of the CIA series and how to control real estate with zero liability in Part 7.

Happy New Year

It was an incredible year here at MustKnowInvesting.com, and it wouldn’t have been the same without ya :)

Thank you for your time, your attention, your contributions, your feedback.

Looking forward to a phenominal 2010 together.

Happy Investing!

~ Patrick Riddle … aka P-Rid

P.S. For all you social media heads out there, let’s connect. Here’s my links … follow me on Twitter, Friend me up on Facebook, Subscribe to my YouTube Channel.

No related posts.

Welcome … to Part 6 of the “How to Become a CIA” creative real estate investing series … How to Assemble Your Real Estate Investing Power Team …

(if you’re new to the series, you may want to start with the introduction)

I’m here to tell you … Investing is a Team Sport!

I couldn’t tell you even one successful real estate investor I know that doesn’t have a strong team … the kind of team that has your best interest at heart, the kind of team who’s there when you need ‘em, the kind of team who fills in your weaknesses and leverages your time and resources so that you can ONLY do what you enjoy and are good at …

Do you know how to value properties?

… if not, that’s where your team comes in …

Do you know how to contract a property?

… if not, that’s where your team comes in …

Do you know how to inspect a property and estimate the repairs needed?

… if not, that’s where your team comes in …

Do you know how to research the title of a property?

… if not, that’s where your team comes in …

Well, hopefully, you get the point … because I could go on and on …

How to Assemble Your Real Estate Investing Power Team

Here’s what you’ll learn in this week’s video tutorial …

= > Who’s on Your REI Power Team

= > What Your Power Team Does for You

= > How to Find Rock Solid Team Members

= > Danger: Where Most Investors Go Wrong

Check out the video below …

Now, get out there and build your REI Power Team.

But, don’t go about it all wrong like most investors. …

Real estate investing is a relationship business … in order to build an effective Power Team, you need to focus not on you, your wants, your needs. The focus of every new relationship should be the other person … who they are, what they do, and ultimately, how YOU can help them!!

That’s how you build a win win relationship! That’s how you assemble your REI Power Team!

The Network Magic Opener

I created this to help investors avoid the mistake of not focusing on the other person. By asking lot’s of questions, you can find out exactly where someone may fit on your Power Team.

The number one question in your mind when team building should be, “How can I help you?” Because invariably, the other party will want to reciprocate and help you in your en devours.

It’s been said by many, “If you help enough people get what they want, you’ll get what you want.”

Structure of The Network Magic Opener

I. Introduction

II. Questions About Meeting (only if at networking meeting)

III. Questions About Their Occupation

IV. Questions About How Can You Help Them

V. Closing – Appreciation, Reaffirm How You Can Help, Let’s Stay in Touch

Sample Script When Networking at Your First REIA Meeting

Introduction – “Hi, I’m ___________. I’m new here.”

Questions About Meeting – “Have you been coming to this meeting for awhile? What are the meetings usually like? What’s your primary goal when coming to these meetings . . . to learn, network, find deals? Who runs the organization?”

Questions About Their Occupation – “I would assume you’re an investor? How long have you been investing in real estate? Do you have a particular niche that you focus on?”

Questions About How You Can Help Them – “I’m newer to real estate investing but am hitting the ground running. Is there any way that I could help you? What would be the best kind of referral I could send your way? What do you look for in a good investment?”

Closing – “It was great to meet you < insert their name >. Here’s my card. When I come across a situation like < insert how you can help them >, I’ll let you know. Let’s stay in touch . . .

“How to Become a CIA” Action List

1) Join your local REIA and become an active member. The potential benefits to this are too many to list.

2) Map out your action plan for assembling your REI Power Team. Write down the specific steps that you are going to take. Be as clear and detailed as possible.

3) Memorize the Network Magic Opener. Customize it so that you can use it in other parts of your business as well. And keep in mind that real estate investing is a team sport … it’s a relationship biz … continually ask, “How can I help you?”

4) Leave a comment with your thoughts, questions, and suggestions. I love to hear from you all … (that’s what keeps me going) …

Happy Investing!

Here are the links to the rest of the series . . .

Intro | Part 1 | Part 2 | Part 3 | Part 4 | Part 5 | Part 7

No related posts.

Welcome to MustKnowInvesting.com’s first contest . . . Investor Connect!

Soooo, I got the idea for this contest from another blog that I read regularly and thought it would be a fun way to get connected and give away some free stuff.

$ Investor Connect Contest $

The Investor Connect Contest is all about getting real estate investors connected through social media . . . specifically through Facebook, Twitter, and YouTube.

Why You Should Enter Today

= > It’s Free

= > It’s Easy

= > Everybody Is Doing It

= > Time is Running Out (contest closes July 21st)

= > We’re Giving Away Some Really Cool Prizes ($710 Value)

How Do You Win?

All you have to do is take the required steps below and you will be in the running to win. If you want to go above and beyond, I’ve listed some other stuff you can do to “sway” my vote.

Requirements to Enter

1) Contest starts July 14th 2009 and ends on July 21st 2009. You must fulfill all requirements (2 – 6) during that time frame.

2) You must be at least 18 years or older.

3) Follow me on Twitter.

4) Friend me on Facebook.

5) Subscribe to my YouTube channel.

and

6) Leave a comment on this article and tell me why I should pick you to win the Investor Connect Contest. You can be as genuine as you’d like or feel free to get creative. Also, include everything that you’ve done in your comment as far as requirements and other stuff.

Other Stuff You Can Do to Sway My Vote

7) Retweet the following message,

“RT @PatrickRiddle Win over 20 hours of real estate investing training in the Investor Connect Contest http://sn.im/n7k4q”

All you have to do is click below . . .

8 ) Create a short (60 seconds or less) video explaining why you deserve to win the Investor Connect Contest and upload it to YouTube. Title it “Investor Connect Contest Entry – Your Name”. When you comment below, include the link to the video from YouTube.

9) Include your Facebook and Twitter profile links in your comment so that other investors can connect with you (If I was you I would definitely do this one . . . this could really help to get you connected with other investors . . . which is what this is all about).

10) Connect with other investors that leave their social media links in the comments section below.

11) Share this message with your Facebook friends (just copy and paste),

“Check out this cool contest for real estate investors called Investor Connect http://sn.im/n7k4q”

12) Digg this article.

13) Bookmark this article on Delicious.

14) Check out any real estate investing website or blog owners info that participate. If their site appeals to you, connect with them through their social media links.

(If you own an REI website or blog, you can participate in the Investor Connect Contest too. Info at bottom of article)

14) Surprise me . . . What else can you think of that either shows me why I should pick you or gets the word out further about this contest?

What Can You Win? – > Check Out the Awesome Prizes

1st Place ($587 Value)

**Total Access to Must KnowInvesting.com’s Real Estate Investing Download Library**

Yep, that’s over 20 hours of pure rock solid creative real estate investing content. We cover creative financing strategies, hard money, private money, seller financing, wholesaling, short sales, marketing secrets, advanced asset protection strategies, negotiating techniques and tactics, the 25 biggest mistakes investors make, and SOOOOOO much more!

This is the ultimate creative real estate investing package that will give you the education you need to dominate your competition and capitalize on the HUGE opportunity in today’s market.

**Free 30 Minute Private Phone Consultation with Patrick**

This high velocity call is all about you. You get ALL your questions answered and leave the call with a specific detailed action plan of exactly what you need to do to take your real estate investing game to the next level.

**Unlimited Email Support from the MustKnowInvesting.com Team**

That’s right! You get unlimited email access and support from us for 60 days. We defined your action plan on our private phone consultation, and we’re here to walk you step by step in order to implement it for an entire two months.

**The Advantage of Real Estate Book**

With eleven real estate investing experts “spilling the beans” about their knowledge and real world experience, you’re bound to get some nuggets out of this one.

2nd Place ($123 Value)

*Quick Start 20 Minute Personal Phone Consultation with Patrick*

This call is designed to give you the “quick start” action plan you need to get your feet off the ground.

*The Advantage of Real Estate book*

Guessing I don’t need to explain this one again . . .

(Plus, we’ll be adding to the prize pool as we get closer to the contest deadline . . . so there’s more to come)

What Now?

Here’s what I’d suggest . . .

Go ahead and take the required steps now! That way, you’ll already be in the running for the prizes. If you choose to do some other stuff between now and the July 21st deadline, update your first comment with an additional comment.

Thanks for your participation and good luck!

No related posts.

How about some real estate investing tips from a seasoned expert investor???

I was at a property the other day with Wil Christenson, a local creative real estate investor in the Charleston SC area, and happended to have the video camera with me. We decided to shoot a quick video highlighting Wil’s top tips in various areas of real estate investing. Areas such as marketing,negotiating, deal structuring, financing, flipping, renovations, property management, and exit strategies.

You guys are in for some HEAT! Check out the real estate investing tips video below . . .

Click here to view the embedded video.

(go to the blog to watch the video if you’re reading

this through your email subscription)

Put your top real estate investing tips in the comment area. We would love to hear from you!

No related posts.

This issue has plagued my mind since the last renovation that I managed. I found myself thinking, “Why has this seemed to be such a common theme over the years with all the renovations that we’ve done. WHY DO RENOVATIONS ALWAYS TAKE LONGER AND COST MORE?” The project that I’m referencing took just shy of a month longer than it was supposed to and cost several thousand more.

And I know that this is not just a problem that I’m facing either. I’ve heard hundreds of investors complain about this same thing. Sooooo, I’m going to go through the reasons that I’ve come up with so far.

5 Reasons Why Renovations Always Take Longer and Cost More

1. Unforeseen Damages

When you’re doing your due diligence on a property, there are always going to be some instances where you’re going to take an educated guess. It’s not like you can start tearing out sheet rock throughout the house to make sure everything looks good.

For instance, some additional water damage was found under the last roof that we replaced. When the contractor gave me the original estimate, he didn’t know that he would have to replace a good bit of additional plywood. Thus, the job cost more than we thought it would.

I would suggest ALWAYS adding an additional $5K on top of any estimate you get for a full scale renovation. That way, you can easily absorb some additional costs, and if everything goes to plan, your deal will be that much more profitable.

2. Contractor Has Poor Time Management Skills

There is a universal shortage of people with good time management skills. To find a contractor that gives you a time schedule and actually sticks to it is a rare find. BUT, they’re out there!

Remember, time is money so this could be a very valuable team member to have on board.

Here’s a great tip! Have a per day penalty written in your agreement with your contractor. For instance, “Entire scope of work to be finished on or before X-date. For every day past X-date that the job is not 100% complete as per the scope of work, a  $35 per day fee will be subtracted from the balance owed to Joe Smith Contracting Services.” (and have them initial beside it)

3. Contractor Has Poor People Management Skills

Most likely, there will be many hands working towards the completion of any renovation project you’re managing. If you have a general contractor that will be using sub’s, he or she will be managing everyone and you will be managing the general contractor. If you make a bad choice here, you will be kicking yourself every day as the renovation drags out in a never ending fashion.

The alternative to hiring a general contractor would be hiring and managing each of the pieces of the puzzle . . . maybe an electrician, roofer, carpenter, foundation specialist, plumber, carpet or flooring guys, etc. This can be a big pain in the neck if you ask me. If you like to do this sort of thing though go for it. I prefer to hire one person that will be in charge of the entire job so that I only have to manage one person. But, as I said earlier, pick this person very carefully.

I’m not even going to mention doing all the work yourself. Sure, do it if you enjoy it, but I personally think your time is better spent elsewhere (putting another deal together, negotiating, networking, team building, anything that can add long term value to your investing business)

4. The Weather

Not much you can do here guys . . . (unless you know something I don’t know) anyway, based on the average weather conditions in your area, budget extra time to account for it.

5. Complexity of Orchestration

There are a ton of moving parts to a full scale renovation. There is a certain order with repairs that you want to go through when doing a renovation. One late contractor can mess up everything.

Let’s say your electrician is supposed to be done within two days and you go ahead and schedule your painter to come in the day after. Well, the electrician doesn’t finish on time. This screws up the painters schedule because he’s already committed to do another job the next week. . . you get the idea.

Just add in some extra time in your estimate to account for the complexities that renovations bring.

Moral of the story, budget extra time and money to all of your renovations. By doing so, you will minimize your risk as an investor, and you’ll save yourself a ton of headaches. Because by planning for it upfront, you put yourself in position to be under budget and time. Exactly where you want to be!

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Whether you like it or not, you should view real estate investing as a team sport. Going it alone is not an option. It’s not like you are going to be the Realtor, mortgage broker, attorney, accountant, contractor and everything else. You will be relying on other people almost every day. With that said, building a strong team is of utmost importance to any real estate investing business.

Building Your Real Estate Investing Team

Realtor

A Realtor is one of the first team members you will want on board. To evaluate any deal, you have to know what a property is worth. Realtors are a great source to help determine a property’s value. When we first got started, we found a Realtor that agreed to pull comps for us if we would list our properties with him once we eventually sold them. A win win relationship.

Realtors are a dime a dozen so be picky. If you can find a Realtor that invests, that’s best. Anywhere in the business that we can delegate, we usually do. When we go to sell a property, we want a professional to handle it for us so we hire a Realtor.

Mortgage Broker

Often times, when you find a good Realtor, you will also find a good mortgage broker. Every Realtor typically has a primary mortgage broker that they use and vice versa.

If you can find a mortgage broker that does what he or she says, you’ve struck gold! I have found that way too often, when I have approached a new mortgage broker, they tell me that they can do a loan before I even open my mouth. That’s not who you want on board.

We have two primary mortgage brokers on our team. One helps more with refinances and the other to get our lease option tenants qualified to buy from us.

As a side note, on the sell side of the business, we always suggest our mortgage broker to any buyers. They can choose whoever they want, but it’s nice when you know the person doing their loan. Then, you actually know where things are at during the loan process.

Attorney or Title Company

Depending on what state you are in, you will either close on properties through an attorney or title company. In South Carolina, where I’m from, attorneys are used to close real estate transactions.

As a creative real estate investor, you may have to search a little bit to find the right one. You want to find someone that is willing to learn. Most attorneys and title companys are used to doing things the traditional way. There’s nothing wrong with that, but you need someone that is willing to look at nontraditional ways of buying and selling real estate.

Asking for a good referral at your local REIA (real estate investor’s association) is a good place to start looking.

Cash Buyer

This is a valuable asset to the team.  Once you find a serious cash investor or investors, you have the ability to turn a contract into cash quickly. This can provide useful in many instances.

Whether your cash buyer uses their own cash or someone elses, doesn’t matter. You just want someone who is a serious investor and has the resources and experience to close a deal fast with cash. This will be the person you will wholesale or assign properties.

Look for cash buyers once again at your local REIA, classified ads in the real estate wanted section of your newspaper, or just call any investor that markets to buy properties in your area and find out what constitutes a good deal for them.

Contractor

This can be one of the more frustrating team members to acquire. We have gone through many a contractor over the years. Many of the ones that we have worked with failed in one of the three important areas: price, quality, and reliability. If the contractor did great work at a great price, we could never rely on them. If they were reliable and did quality work, their price was through the roof. And if they were reliable and priced well, their work sucked. You get the point.

Eventually, you are bound to find a good one though so keep at it until you do. We have a couple on our team now that I have 100% faith and trust. That’s exactly what you want.

Check out How to Find Good Contractors and The Contractor Success Triangle for more info.

Other Key Team Members

• Appraiser
• Home Inspector
• Hard Money Lender
• Private Investor
• Bird Dog
• Property Manager
• Accountant
• Credit Partners
• Insurance Agent

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Did you download your FREE eBook and power point presentation on “How to Recruit Private Money Millions” yet? Click here to get your copy now!

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