Category Archives: Investing Methods

Flipping Bank REOs For Quick Cash, Tips and Tricks

How to Assign NON Assignable Contracts

I recently had a student ask me about the “no-assign” clause. They wanted to put an an offer on an REO property and they were concerned about how do they get around it. For those of you who don’t know and want to work the fast cash action with REO property strategy, that there is a certain clause that says that you cannot assign the contract. Many times most of the contracts that you will encounter with real estate agent’s or a broker’s contract all have a non-assignability clause. So this is how you get around them. Continue reading How to Assign NON Assignable Contracts →

Web Domain Name Investing

Virtual Real Estate DOMAIN Investing

One of the “gee whiz’ moments that I came across when seeking out new marketing techniques was a realization that the same principals apply to real estate investing can also be used for ” cyberspace” real estate investing.

This came about because I use a multiple domain name strategy, to test different advertising. I match action words to the messge I want to get across. This increase response rates, because good domain names are easy to remember ( please see my previous post about how to choose domain names)

So here I was, buying domain names, new, used, expired, and dropped. Since I can not use all the domain names right away, ( it takes time to develop a new marketing piece), I put up a one page article along with a few google adsense adverts on it . I had my contact information on the page also.

Within a matter of a few days, I had someone contact me about if they could buy that domain name from me. The offer was a very pleasing. Of course I sold this domain to them. The other funny thing about this, is that those silly little adverts that appeared on my site contributed to another $134.00 by the time the transaction took place. (1 month)

I am sure you are aware, now with the internet going strong for over 10 years, good “.com ” names are becoming less and less. That is why you are seeing more people using other domain extentions. BUT they do not get the same recongnition as .com names. When you say a domain address to someone, most people think in terms of “.com” endings. If your site is not a “,com” , your chance of losing leads to the “.com” owner is great.

Lesson: Always buy a “.COM” extention and the more you buy the better. At only $8.95 a year from godaddy.com, invest a few hundred dollars in good domain names, put the domains up for sale ( you can do this at godadddy too ) and you will probably make a very good return on your investment.

Virtual Real Estate

 

 

 

 

 

 

Wholesaling

Cheat Sheet to Quick Turning Houses: Steps To Your First Flip

Flipping homes can be confusing when you are just starting out. Especially if you are new to the real estate industry. For you newcomers, here are some quick start steps:

1. Prepare yourself mentally.

Determine your motivation for wanting to flip homes. Ideally, it should be emotional. For example, “I want to provide for my mom’s retirement”. This may seem silly, but your strong motivation is what will get you through the rough patches and will help you overcome your fears. Always remember your motivation during times of doubt or stress. Sharpen your mental attitude and energy. Believe that you can be successful flipping homes. Have faith that if someone else can do it, you can too. Another seemingly silly step, but if you don’t have this, you will give up when fear raises its ugly head, or when there is real work to be done. You have to believe you can be successful at flipping homes.

2. Continue your education.

All you need is my course, but you need to keep reading and stay up to date with my methods, and get on the monthly training calls.  It has an amazing wealth of information, but there is so much; you’ll need to be careful not to get overwhelmed. Read enough so that you are familiar with the process, but realize that I will help you along the way. You don’t need to be the expert, at least not yet. That will come with experience. Just understand and accept that you will need to start before you are 100% comfortable.

3. Determine your investing target market in your chosen city. Focus all of your energies on that one type of property and one area. You can branch out later. Understand the local market so you have a realistic turnaround time.

4. Find a real estate agent to represent you as buyer. Select one that focuses on the types of properties you want to flip. Speak with several. You will want one that not only understands the needs of investors, but one whose personality that meshes with yours. Be sure they understand your goals. You’ll likely be asking them to make offers that traditional agents may be comfortable with (creative financing, etc.), so this is why you want someone who invests themselves or who routinely works with investors.

5. Get your financial ducks in a row. Check your credit. Do what you can to improve it. Determine the capital you have to invest. Determine potential partners. Determine your funding source. Research potential lenders. Don’t forget Hard Money Lenders. Get pre-qualified from three of these lenders. These steps are biggies, but don’t let them overwhelm you. Take them one at a time and remember your motivation. Don’t forget to set goals.

6. Join a local Real Estate Investors Club. Attend meetings. Being around like-minded people will keep you motivated, not to mention networking opportunities.

8. Find your property/ies. Yes, do your due diligence. That means, research area comparables. Visit the property. Have an inspection completed. Determine what you’ll need to do to flip it quickly.  Decide if the property is a good candidate or not to market to your buyers list.

9. Make an offer by contacting the owner directly, the bank or real estate broker. Be prepared with a pre-qual letter and earnest money. This could be a very nominal amount. Do not forget your addendums to the offer that will protect you!!! Negotiate as necessary. Make as many offers as necessary. Remember, it’s a numbers game. Expect many offers to get rejected, that just means it wasn’t the right deal for. Know that the right deal for you will be accepted. Be patient.

10. Close on your property.  Rehab it or flip it! Start out flipping one property at a time. With more experience, you’ll be ready to handle multiple properties.

To your success flipping homes!

GO TO NEXT WHOLESALING  CHAPTER HERE

Probate

Probate Investing – Fast Start Guide

The Fast, Easy, Simple and Profitable Way to Wealth

Do you want a ready-made market of motivated sellers who often sell at a deep discount — a market where you’ll have little to no competition at all? Probate real estate investing is the easiest and fastest way to find deals and a get check. I think it’s an ideal way for the beginning investor to make money when you combine this with the concept of “quick turning.”

WHAT IS PROBATE?

Probate: is the official proving of a will authentic or valid in a probate court

When a person dies, their estate – all their worldly belongings – often goes into probate court, where a judge appoints a Personal Representative (a.k.a PR ( Executor)) to oversee its administration. It is the PR’s job to make sure that the belongings are divided fairly and according to the decedent’s wishes. Depending on the state, the judge may also give the PR different levels of power.

Probate is the process of distributing the assets of an estate after the creditors have been satisfied. One of the primary functions of probate is to transfer the title of the decedent’s property to its proper heirs. Of course, the government wants the estate to pay any taxes that the deceased still owes first.

After the expenses are paid once all the decedent’s property is sold, the people who have inherited anything from the person who died, divide up the remaining money.

However, what often happens is attorneys get involved and then the process becomes complicated and expensive.

Why Are The Owners Of Probate Property So Motivated?

In many cases, when an heir inherits property, they inherit a burden. There are estate taxes to be paid, repairs that must be made, in some cases, a mortgage or second mortgage must be kept up to date. Add in the fact that there are often multiple ‘owners’, and many of them may live far away, and you have a situation where selling the house is the best, and sometimes the only option to make sure that everyone gets their fair share of the estate. Ready cash may be more important to them than any other factor. People who inherit the estate want the money and not the house, they will often take a quick sale at a discounted price.

There are some other reasons why I love probate investing…

It’s one of the easiest ways to find properties at less than 70% of market value, do a little fix-up and sell at market value; you will make lots of money.

The other reasons:

Little Competition

Little Seller Resistance Very Easy and Simple High Response Rate

Are you starting to see why probate properties are so attractive?

Continue reading Probate Investing – Fast Start Guide →

Virtual Wholesaling

Virtual Wholesaling and Investing Business Processes

What is virtual real estate investing?

Many people don’t believe that you can actually invest virtually. My definition of virtual investing is “Property that is purchased and added to your portfolio and that is never physically touched”. I combine this strategy with pure internet marketing to find leads, and also find hungry buyers to wholesale to for quick cash.

I do think it is important for everybody to beware of the fact quick turning real estate is a strategy that solves your short term cash flow needs, I also would advise that look forward in the future and develop a long term strategy for buying and holding after you have cash reserves so you don’t have to constantly be working.

I wholesaled 45 houses last year all without any credit and without putting down more than 10 dollars as a binder fee. Wholesaling or “Quick-turning” is the best way into the real estate investing business. Doing it online at home in your pajamas makes it ideal! My goal is to share with you how to do this simple, easy, duplicable system.

When I first got started, I used to invest only my area. But for many people their backyard economics don’t make any sense or they can’t find deals. My personal portfolio is spread out over 18 states, and I don’t have a one property that doesn’t produce a positive cash flow. I started with nothing, and I really understand that the biggest challenge for people is that they don’t have money or credit available to do deals.

I am going to show, how you can get big chunks of cash when you wholesale. I have never seen a business, where I have been rewarded in the way I have financially as this one. In this business, if you are willing to put in the time, the money that comes back to compensate your time is unbelievable. My goal is to deliver the plan in this manual that can do 5 – 10 thousand dollars easily every month. This is a very easy duplicitable system and I you can follow along exactly what we do on daily basis, to make money. Continue reading Virtual Wholesaling and Investing Business Processes →