If you have ever thought about investing in real estate, now is the time. You may be thinking that since the real estate market is in the tank at the moment and that it can’t possibly be a good time to get into this market. But you couldn’t be more wrong! There are more foreclosures than ever right now and that presents a ton of opportunity for us investors who have been waiting for prices like what we are now seeing. I know the media is out there saying the sky is falling. However, there are many successful investors quietly sitting back and laughing as they make money hand over fist. Let me let you in on a little secret that all successful investors know…The time to buy is now!
It’s the perfect time to get involved right now as a real estate investor. Lenders are currently finding themselves in situations where they have loans that are not getting paid, and home owners are being forced into foreclosure everywhere you turn. There are banks all over the place with so much inventory, they don’t know what to do with it. They simply cannot move it quickly enough. There are also thousands of incredibly motivated sellers just waiting for someone to come along and save them from foreclosure. That ‘someone’, could be you.
There are a few things that you should keep in mind before getting started:
1) Never pay too much for your investment property. There are plenty of homes available for very reasonable prices. You make your money when you buy! You should never pay more than 65% of the after repaired value of the home. Don’t forget that you will have other costs to pay, such as holding costs, closing costs, as well as any money that you spend on the rehab of the home to bring it up to rentable or saleable condition. Bottom line, you need to be able to still turn a profit.
2) Use none or as little of your own money as possible when you purchase an investment property, if at all possible. If you are using your own money, you will be limiting your own cash flow. You can borrow money from a conventional lender and put as little down as possible, or you can also get a hard money loan for the cost of the property and the rehab costs.
3) Don’t do your own renovations. You have probably seen them on TV shows, those house flipping pros doing their own rehab work. However, you won’t be able to do more than one flip at a time if you’re doing your own work. You need a solid power team, including reputable skilled contractors who will fulfill this end of things.
4) To get great deals, buy from motivated sellers. Banks are quite motivated these days, being that they have so much inventory right now due to all the foreclosures. There is also a system to find motivated sellers out there called the Four D’s. Look for them. They are: Death, Divorce, Disaster, and Disease. All of these reasons will produce motivated sellers and you will be helping these folks out who have been hit by these types of life events, by purchasing their home before they go into foreclosure.
5) He who mentions dollar amounts first loses. It’s a known fact. The first rule of negotiation is to wait for the other person to name a price. List all of the items on the rehab punch list during the counteroffer phase, as negotiating power.
6) Finally, The best thing that you can do for your own success in real estate is follow and focus on a tried and true system for investing in real estate. Find something that resonates with you, stick to it, focus on it and take action-that’s where most folks fall short. Just do it! Stick to a tried and true system and you will be making money in no time at all.
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Screening Your Leads: Letting the Web Do Your Work and Build Your Portfolio
When Alexander Graham Bell invented the telephone nobody envisioned that it would one day be as widely accepted as it has been. Although the telephone can dramatically cut down on the amount of work that goes into qualifying your prospects, the amount of time you spend on the phone qualifying leads is time you have to take away from other more lucrative activities. If you want to take your real estate investing career to the next level it’s time you step into the 21st century by investing pennies in a website – a solution that will free up time and help you bring in more pre-qualified leads than you’ll be able to handle.
The biggest benefit to you in having a website is that it can flood your inbox with pre-qualified leads – people who at a minimum already know something about you and are at least receptive to the idea of doing business with you. These are Grade ‘A’ prospects for you because you won’t have to explain as much to bring them up to speed and establish credibility with them because your website will have already done the heavy lifting for you.
A good website will have a questionnaire or information dialog box for your prospects to fill out. This information will be like digital gold to you because you’ll be able to further screen your prospects and weed out prospects unlikely to be good candidates for the type of investing in which you specialize or concentrate. In mere seconds you can find out everything you need to know to help you decide whether that particular prospect can be discarded or warrants a telephone response.
At this point you can send a canned message to prospects you can’t help and concentrate on prospects more likely to have properties worthy of a personalized telephone response. In addition, you can further screen the remaining prospects and call the hottest possibilities right away.
Every lead will land in one of four categories:
You only have 24 hours in a day to handle the myriad details involved in locating and purchasing property. Every second you spend on the phone is time you can’t spend on more lucrative activities. The beauty of a website is that it will work harder than you can. It’s available when your prospects are actively seeking answers – even if they’re thinking about it in the middle of the night or on the weekend.
Put the power of the web to work for you and reserve the telephone for strong candidates. Free up more of your time for other activities that will have greater potential to impact your net worth. If you find yourself itching to spend more time on the phone, give a friend or a loved one a call. You’ll have time to catch up on the latest gossip because your website will be working while you’re on the phone.
A good fisherman uses good bait. Decent bait will get you a lot of good nibbles, but a real estate website will cause the fish to jump into your boat. Unless you enjoy sitting in a boat all day hoping for an occasional nibble, invest pennies a day in a solution that will give you a full string of fish that will get you home more quickly. To learn more about how you can put the power of the web to work for you by loading your inbox with qualified prospects, point your browser towards www.realestatepowerinvestor.com
The biggest benefit to you in having a website is that it can flood your inbox with pre-qualified leads – people who at a minimum already know something about you and are at least receptive to the idea of doing business with you. These are Grade ‘A’ prospects for you because you won’t have to explain as much to bring them up to speed and establish credibility with them because your website will have already done the heavy lifting for you.
A good website will have a questionnaire or information dialog box for your prospects to fill out. This information will be like digital gold to you because you’ll be able to further screen your prospects and weed out prospects unlikely to be good candidates for the type of investing in which you specialize or concentrate. In mere seconds you can find out everything you need to know to help you decide whether that particular prospect can be discarded or warrants a telephone response.
At this point you can send a canned message to prospects you can’t help and concentrate on prospects more likely to have properties worthy of a personalized telephone response. In addition, you can further screen the remaining prospects and call the hottest possibilities right away.
Every lead will land in one of four categories:
- Strong prospect – warrants an immediate call
- Possible prospect – call after the stronger possibilities have been called
- Non-prospect – Based on the information they’ve provided, you’ve concluded that the lead doesn’t warrant a personalized response. These leads can receive a standard email thanking them for their interest, but unfortunately you don’t think there’s anything you can do to help them.
- Good candidate – just not for you. These could be prospects with property that would lend themselves well to an investing strategy you don’t handle. For these candidates, you might work out an arrangement with another investor where you swap leads that fit the other’s investing strategy – in exchange for a small piece of the pie when they make the sale. By the same token you can slide a little something their way for any leads they provide you with that end up in your portfolio.
You only have 24 hours in a day to handle the myriad details involved in locating and purchasing property. Every second you spend on the phone is time you can’t spend on more lucrative activities. The beauty of a website is that it will work harder than you can. It’s available when your prospects are actively seeking answers – even if they’re thinking about it in the middle of the night or on the weekend.
Put the power of the web to work for you and reserve the telephone for strong candidates. Free up more of your time for other activities that will have greater potential to impact your net worth. If you find yourself itching to spend more time on the phone, give a friend or a loved one a call. You’ll have time to catch up on the latest gossip because your website will be working while you’re on the phone.
A good fisherman uses good bait. Decent bait will get you a lot of good nibbles, but a real estate website will cause the fish to jump into your boat. Unless you enjoy sitting in a boat all day hoping for an occasional nibble, invest pennies a day in a solution that will give you a full string of fish that will get you home more quickly. To learn more about how you can put the power of the web to work for you by loading your inbox with qualified prospects, point your browser towards www.realestatepowerinvestor.com
