|Posted on October 14, 2016 at 8:59 AM||comments (0)|
Who doesn't want to make a little extra cash every month. Especially if that money just shows up in your bank account without you actually working for it. Passive income is the way to go. And real estate investing is a pretty passive income stream that can pay you while your sleeping.But a lot of individuals let other people's fears stop them from investing in real estate. And because of that influence they deny themselves and their families the benefits of having extra money show up in their bank accounts every month.You know the story; There's always one person in a crowd that wants to dream steal from you. In real estate investing, you'll always hear about somebodies uncle, who has a friend that was renting out their place and they got stiffed by some bad tenants.Just ignore these stories. If you're interested in creating wealth for your family, and you're fired up about real estate then don't let the following 5 myths keep you from building your real estate empire.5 Real Estate Investing Myths That Are Keeping You From Building Your Empire
Myth #1 - You Need Money To Invest In Real EstateYes you do need money to invest in real estate. But you don't need your own money. OPM, get used to that acronym. It means Other People's Money. What you need is passion and a plan. You can get money from anywhere. And when you're fired up and motivated people will be willing to give you the money you need to make your invest dreams a reality.Myth #2 - You Need To Be HandyThings fall apart, it's true. And sure you need to be handy when you're getting into real estate investing. Handy with the phone, managing people, and negotiating good rates on your contracts.You're not getting into real estate investing to create a new job for yourself. Remember that. Find good people that love what they do and get them to do the work for you.Myth #3 - You're Going To Get Screwed By Tenants On The RentSure you're going to get taken for a ride on the rent if you let yourself. Or if you're a slumlord. But you're not going to do either of these things. Maintain a clean and respectable property. And do your due diligence when it comes down to doing background checks on your tenants.Myth #4 - Tenants Are Going To Trash Your HouseThere's two sides to this coin. On the first side is the fact that you're going to do your best to find the most squeaky clean tenants that you can rent to. And on the other side of this coin is, "Really, what's the worst that can happen?"So they wreck the place? Who cares. That's what insurance is for. Remove your emotions from the equation and do what you can do to cross your T's and dot your I'sMyth #5 - There's No Good Investment Properties LeftPeople need a place to live. And there's tons of people who can't afford to own a home just yet. So there's always opportunities out there. Remember real estate is about people. Find out where people want to live, what they're willing to pay for in rent, then go out and find a place for them. You don't need to stick to your backyard. Expand you region by an hour and see what kind of opportunities come up.Toronto condos are hot right now. And there's price points for everyone. Whether you're looking for new Toronto Condos or resale, there's options out there for every budget. Be sure to get clear on your budget, the neighborhood you want to invest in and if real estate investing is right for you.Ian (The Condo Hunter) has mentored with one of Canada's biggest real estate investors and is the founder and chief blogger over at Toronto Condos HQ. A site dedicated to helping consumers get the best bang for their buck and move into the lifestyle they want.Article Source: http://EzineArticles.
Article Source: http://EzineArticles.com/6043263
|Posted on September 19, 2015 at 7:27 AM||comments (0)|
Foreclosed Homes Investment
These days, lots of homes are foreclosing, a fact that many homeowners have to deal with. The effect is very significant that it is still strongly felt by the real estate market today. Despite that fact that the industry is struggling, foreclosure still offer opportunities. Investing in foreclosure, you could gain rewards. Nevertheless, you should determine what makes foreclosure investment ideal.
To begin with, there are two basics, such as a list of foreclosed properties for sale and ample money or credit to purchase one. Before you determine how much you can afford, you have to find out the prices of available homes. As soon as you found prospective homes, find out as much as you can about them. Look beyond the frontal flaws for well-built homes in a good neighbourhood. Most importantly, you should be aggressive in making an offer since owners of foreclosed homes are motivated sellers and want to get this sale over with as soon as possible. With plenty of research and a bit of luck, you can make that strong motivation into a highly profitable investment for you.
One of the main reasons why many people invest in a foreclosed home these days is they are cheaper. Keep in mind that if you want to invest in something, you would prefer not to splurge on your budget but still expect investment returns. Another reason why many prefer to invest in foreclosure is the many opportunities. As a homebuyer, naturally you would want to have several choices and ensure that you get the most suitable dwelling. Furthermore, you will get the upper hand when it comes to negotiating since there are several sellers and fewer buyers. You could even ask for a discount if you decide to buy several properties.
Investing in foreclosures could be a profitable venture. Nonetheless, you should be careful if you are new to it. Foreclosures are market where there is loads of money to be made as long as you do your research well. The drawback of a foreclosure is the fact that you will not be able to inspect the home beforehand, so you could expect unwelcome surprises to surface. Therefore, before thinking about foreclosure investment, it is necessary to read some information and do your research thoroughly. You can check out paid online listing service for possible properties or check out the county clerk's office that has foreclosure listings.
If you want to invest in serious foreclosure investing, try to subscribe to realty track, a very popular and updated service. As soon as you find the home you want to buy, work with a title search company and check out if there are any liens on the property. It is important to study the foreclosure market in your area. In some places, competition is too much to make a substantial profit while other cities cannot find buyers. You can save money on your investment by doing repairs yourself. Your aim is to turn around fast or else you could lose your money for every payment that you will have to make.
|Posted on April 21, 2015 at 12:51 PM||comments (6)|
How To Make A Big Profit On Real Estate
By [http://ezinearticles.com/?expert=Christianne_Child]Christianne Child
Right now, the housing market is one area where you can really make money. With housing prices right now at historic lows, you can buy properties inexpensively and earn a profit as the market rebounds. The reality is that this type of investment is a good way to increase your cash flow.
Even if you have other investments, investing in real estate is a great way to diversify your investment portfolio. Adding real estate to an investment package that includes stocks and bonds is very wise, especially if you are nearing retirement age.
Keep in mind that investing in property and housing is different than other types of investments. For example, when you purchase bonds, your work is done after you complete the transaction.
Yes, you probably will check to see how much interest your bond is earning, but that is about it. With real estate, you will need to maintain the property in order to rent it out or to sell it.
This will take work. Of course, if you keep the property and rent it out, then you will have ongoing expenses and maintenance. However, you will also have an ongoing source of income.
As with anything in life, there are good and bad things about any decision. If you do not mind home maintenance tasks or if you are handy enough to fix things yourself, you may not mind this process at all.
If you do, you may want to consider selling a property once you have remodeled it. Then again, you may want to hold on to the property for a little while until the prices of real estate rebound.
Of course, before you purchase a home for investment purposes, you should definitely get the opinion of someone who has experience with construction.
Some homes will need so much work that there is no way you could ever re-coup the cost of your investment. It is best to avoid these types of properties.
Before buying a property, make a list of the repairs that will be necessary to either sell or rent the home. Then, create a budget which you will need in order to properly finish the repairs.
After you have done that, estimate the amount of rent you would need to charge in order to get back your investment in the property. Then, check the area to see how much rent you could possibly ask for in your area. This will tell you if the investment is a good idea or not.
If you want to sell the home, you will need to calculate what the selling price will be in order to recover your initial investment. Then, check the prices of homes in your area. If home prices are extremely low for comparable homes, it may not be a good idea to invest in a property in that particular area.
Even if it takes a little bit of time to recover the money that you put into renovating the property, it still may be worth it. Of course, everyone has different needs and expectations.
Carefully evaluate your options as well as the reality of your financial situation before taking the plunge into the real estate market. [http://www.chrischild.ca/about-me.html]Christianne Child is an award winning real estate agent with HomeLife Realty Limited Brokerage. Everybody who knows Christianne knows that her professional focus has always centered around Customer Service Excellence. [http://www.chrischild.ca/contact.html]Contact her about any property that is in the MLS listings, or for a free market analysis on your home.
Article Source: [http://EzineArticles.com/?How-To-Make-A-Big-Profit-On-Real-Estate&id=7998844] How To Make A Big Profit On Real Estate
|Posted on November 5, 2014 at 9:12 AM||comments (0)|
By [http://ezinearticles.com/?expert=Bob_Foust]Bob Foust
How can real estate make me money? Very good question. There are several ways, both long and short term, and in varying degrees of risk. Yes, risk. All investments involve risk, but we need to avoid undue risk and manage the unavoidable risks. We can help.
Real estate investments - we will outline and discuss investments, not "flipping" and not "making a quick buck"-that is speculation- rather, we want to consider solid investments. Think of real estate as long-term, not a fast buck. Real Estate Investing is like a marathon, not the 100 yard dash.
Why invest? - to increase wealth and/or increase income over time.
When is the right time? - Time is your ally in the real estate market. What I mean is that time will produce shocking results if you invest wisely. My favorite answer for those asking "When" - is a tongue in cheek "yesterday." The sooner you start a mortgage, the sooner it will be paid off (by your renters of course).
How to invest? - income producing property, usually rentals, either residential or business (not your home, that is not liquid). We are talking about investing in addition to owning your home.
Become a Landlord
Benefits of investing;
A - Renters will pay the mortgage on your property for you. After the mortgage is paid off, all the rent will then be pure income.
B - The value of your property will increase over the years. For example, California residential values have grown at an average compound rate of 5% per year for the last 27 years (this is prior to the last two year downturn). This is classic wealth building, and your personal net worth will soar, all the while using other people's money (OPM) to pay the expenses. And by the way, you are applying leverage to increase your wealth.
C. - Immediate income tax deductions -- all operating losses of an income producing investment (rental) are deductible against your current year's income (some restrictions apply). This is a substantial tax advantage for the owner.
D - Another income tax deduction -- depreciation of the income property is also a deduction for the owner in the current year. For example a $400,000 rental home is depreciated over 27.5 years to give the owner a $14,545 deduction applied to each year's ordinary taxable income. Nice!
E - Positive cash flow -- as the owner raises the rents regularly, cash flow increases for the owner, who then has a nice source of monthly income. In the long term, especially after the property is paid off, the rent can be viewed as a nice retirement income.
We've touched on some of the very positive benefits of investment property, but the subject is so important that much more detail must be presented and studied.
Please contact us for any question and our in depth reports on Risk, Operating Guidelines, and our Hints and Tips for Landlords.
About the Author: Bob Foust is the chief executive for the FOUST Team at C21 Discovery; one of the top-selling real estate teams in Southern California. He specializes in Orange and Los Angeles Counties and operates one of the area's most informative real estate websites. To contact him or learn more about real estate in Orange County, please visit [http://www.FOUSTonline.com]http://www.FOUSTonline.com. For additional pertinent real estate information see our blog at [http://www.foustonline.blogspot.com]http://www.foustonline.blogspot.com.
Article Source: [http://EzineArticles.com/?Wealth-Building---Creating-Wealth-and-Income-in-Real-Estate&id=1869151] Wealth Building - Creating Wealth and Income in Real Estate
|Posted on October 28, 2014 at 4:14 PM||comments (0)|
By Chris Clothier
July 7 2011
This post will not apply nor make sense to every investor out there, because part of the reason these ideas work is due to volume and consistency of work. That does not mean that individual investors cannot use these ideas to greatly improve the relationship with vendors regardless of volume. That better relationship should absolutely be used to improve over-all quality and reduce costs.
If you are an investor or own an investment company that provides services to other investors, implementing a few of these ideas will go a long way in reducing costs and improving the quality of the work.
1. Schedule Two Annual Meetings With Your Vendors
The first meeting should be held in the Spring and should be an appreciation day. A chance for you to provide lunch and a little relaxation for your vendors. Don't be scared to let them invite their families and get behind the table and serve. Whether its pizza and coke or spaghetti buffet, taking the time to serve those who are working for you is a great way to build trust & camaraderie as well as strengthen the ties that enable you to negotiate better pricing.
The second meeting should be held in the Fall and should be a standards meeting. This is where you lay out to your rehab crews and every contractor or company servicing your properties EXACTLY what you expect from them. This is your opportunity to lay down the law on exactly how you expect your renovation jobs to be completed. From conduct while on site to the condition you expect the site to be left in at the end of the day, if you are very clear with the standards you expect to be upheld, then there is no mi-communication in regards to your expectations. Do not forget - nothing is too small! From where contractors park to no smoking, drinking, drugs, pets, loud music or girlfriends at the job site; this is your project and you are providing the payments. Make sure your standards are clear.
2. Simplify the Details
When working in volume, the fewer questions a contractor has, the quicker they can complete the work. With that in mind, create materials list complete with detailed name and serial code of all products used on your renovation jobs. This list should include every material from carpet, tile, grout, wall color, trim color, lighting package, hardware package, lock package, types of doors, windows, preferred water heater brand including size as well as all HVAC materials. Be specific and provide a copy of all materials used in your renovations. If you can reduce basic questions and focus on the scope of the job, your contractors can go to work quickly and they will be much more efficient.
3. Inspect What You Expect
This should be a mantra repeated every day on every job. Your contractors and renovation crews should know with absolute certainty that you will be inspecting every job and paying attention to every detail. It is not enough to expect them to do the job correctly. They should know you are inspecting the work as well and will hold them accountable to your expectations. If you are clear, it will only take a couple of times with you taking a vendor to task on poor quality, for that quality to improve and them to begin to police themselves. This is key to keeping quality high when volume rises.
4. Pay On time - Every Time!
A great policy to institute if you want to insure that you are getting the lowest rate possible is to pay often and reduce the lag time that a vendor waits for money. I would suggest a policy as such: IF the vendor provides the invoice by Wednesday at noon, You will provide the check by Friday at noon. This is a very basic policy, but it guarantees safety for your crews and their employees. It allows them the freedom to work on smaller margins because they have reduced carrying costs and general overhead. They can guarantee work and payment to their employees which helps them to retain their crews and stay active.
I do not just make these suggestions because I think they are good policy - these are the exact policies that are instituted in my business. I know they work and the results they lead to are real.
Best of luck with all of your investing endeavors!
Chris owns and operates http://www.MemphisInvest.com with his family and today they are the largest home buyer and seller in West Tennessee behind only the federal government. In the first 6 months they have completed 157 transactions in Memphis, TN. for their clients.
|Posted on September 5, 2014 at 9:23 AM||comments (0)|
By Don Chambers
I procrastinated for several years before finally buying an investment property; now I have 13 rental houses. In the last month I have begun moving into flipping and I am documenting the steps and results at my blog. I now have 2 houses under contract that I intend to flip and I am learning a lot as I go. However, I do know how to buy bank owned properties, and rent them out for a profit. There is no need to procrastinate - just get out there and do it. This article will explain how to get started by buying bank owned properties and renting them out.
Rentals may not be the best way to go but they do provide a safety net. If this is your first investment house you should be able to get a 30-year fixed mortgage at a low rate. This should help ensure that you will have positive cash flow, even if end up spending more than should have. Do not rely on this crutch, but it is a good safety net.
10 Steps to Getting into Real Estate Investment
1. Determine your rent range. In my area, rentals around $800 seem to rent faster. Over $1,000 and the pool of tenants is too small, below $600 and the house is usually in a terrible area. You want to spend no more than 60 times rent, so about $48,000 will be the max you will spend to purchase and rehab (numbers in your area may vary).
2. Get pre-approved for a conventional 30-year fixed mortgage. After doing the rehab with a commercial construction loan you will refinance to this long-term loan. This will make the construction loan lender more likely to loan to you. Get approved for a little more than the maximum value you calculated in step 1.
3. Find several houses. I use a site called Equator that has real bank-owned properties listed. You can also find good deals at the HUD HomeStore. Find houses priced less than 145% of your upper limit. If your upper limit if $50k, stick to houses at $70k and under.
4. Make offers on several houses; I usually try about 6 at a time. Offer low, about half of the listing price. The contract will say that your earnest money is available when a deal is reached. Most offers will be ignored. Sometimes you feel silly making these low offers (good). I work with a single agent that understands my approach and does not mind these offers. Some agents will hate it; just find the right one.
5. When you get a counter-offer you know the seller is ready to deal. Only then do you need to go see the house and make a rough repair estimate. Just count the big things like roof, AC, carpet, and paint then add some cushion for unknowns. Use this repair estimate to calculate the maximum you will spend on the house and do not go over it.
6. Counter their counter. In most cases, their counter-offer is only a small discount so only move up a little - maybe $2k. If you found the repairs are too high you can just drop the deal here since they countered (they always counter with these offers).
7. When negotiating, you want to respond to their counters fast - in a few hours. They will be slow and take days to respond. Move up a little at a time and do not go over your limit. Don't be afraid to have several deals in negotiation at the same time. Getting too many deals is a good problem. Keep the value of the house in mind but this is mainly a cash-flow deal. You want to spend less than 80% of the value and 60 times rent is usually cheap enough. Do not pay too much for the house.
8. When you reach a deal make a detailed repair estimate then add some cushion to the numbers.
9. Start approaching local lenders. Explain your plan and show the pre-approved letter from step 2. Let them know that after the rehab you will refinance the house and their exposure is over.
10. Close the deal and do the rehab. Then stick a for-rent sign out and wait for a tenant. If you price the rent properly you should have it rented in a few weeks.
It is a little more complicated than this. Doing the rehab and finding the tenant takes some experience but that is beyond the topic of this article. The main point is to start moving forward - then momentum will complete the deal.
Once you have done your first deal the rest get easier.
ties. This is intended to quickly get a new investor into the business with minimum risk.
Don Chambers is a successful real estate investor in Warner Robins, GA. Follow along with his blog [ http://realestateadventurer.com ] to learn how to invest in real estate. If you want to invest in real estate in the middle georgia area you can join his wholesale buyers list.
|Posted on June 30, 2014 at 9:01 PM||comments (0)|
A Quick Guide on How to Create a Real Estate Investment Business Plan
By [http://ezinearticles.com/?expert=Sherry_Ann_Smith]Sherry Ann Smith
When creating a project or finishing a task at work, are you the type who makes an outline or a checklist of tasks to do or are you the type who wings it? The latter may not be a very good idea especially if you are starting out a business. Let's take property investing as an example. Over the years, more and more people are starting to consider this as a profitable venture in addition to their day jobs. If you want to be in this business, it's important to have a real estate investment business plan so you can achieve your goals in no time at all.
Why It Pays to Map Out an REI Business Plan
Why is it important to create a business plan when getting involved in property investing? With a solid plan, you increase your chances of success. If you wish to earn profit with as little ground work as possible, for instance, you may join a property investment group that manages an apartment complex or condominium units. You can invest in several units but the investment group does the maintenance tasks for you in exchange for a percentage of the profit. With a solid business plan, you can weigh the advantages and disadvantages of each real estate investment instrument available and decide whether you can profit from them or not.
Step 1: Establishing Your Financial Goals
So what's the first step you can follow when creating a real estate investment business plan? First, establish your financial goals. Are you looking forward to using the profits from your REI instrument as retirement money or do you need an extra source of income? Set a schedule for achieving these financial goals whether they're five or ten years into the future. Better yet, determine your desired net worth. The more specific you are, the better; you can work on achieving those financial goals effectively.
Step 2: Choosing the REI Program to Go for
There are several REI programs that you can go for. First, there's the basic rental property investment. Here, you purchase a property and rent it out for profit. It's entirely up to you to decide whether you want to act as landlord or hire someone else to do it for you. As mentioned earlier, you can join a real estate investment group. You may also dabble in real estate trading. Think of it as the equivalent of day trading in the stock market. You're basically holding on to a property for a few months, after which you sell them again for profit. This technique is also called flipping properties. Finally, you can invest in REITS or Real Estate Investment Trusts, which are similar to dividend-paying stocks. Unlike other types of real estate investment programs, REITs allow you to invest in commercial properties such as malls or office buildings for a better profit yield.
Step 3: Planning How to Achieve Your Financial Goals
After deciding which REI program to go for, plan how to achieve your financial goals. This is where a lot of research is needed because you have to calculate down payment amounts, monthly mortgages, operating expenses, and so on. Once your business plan is finished, you now have a clear series of steps to follow when it comes to growing your real estate venture.
If you wish to succeed in your real estate business, you need to devote time to developing a solid [http://www.realestateinvesting-gurureview.com/real-estate-investment-business-plan.html]real estate investment business plan. Your plan serves as your blueprint, as the real estate business is vast and complex. Having a plan can help you minimize your risks and losses. For more information, visit [http://www.realestateinvesting-gurureview.com/real-estate-investment-business-plan.html]Real Estate Investing Guru Review.
Copyright � Sherry Ann Smith
Article Source: [http://EzineArticles.com/?A-Quick-Guide-on-How-to-Create-a-Real-Estate-Investment-Business-Plan&id=6616334] A Quick Guide on How to Create a Real Estate Investment Business Plan
|Posted on December 29, 2013 at 12:29 PM||comments (0)|
Rehabbing Houses: Some Tips To Unleashing Huge Profits
Rehabbing houses is one of the greatest inventions in the real estate world. Whoever thought of this in the first place must have been an absolute genius.
Rehabbing is simply buying a house that needs some repair 'a fixer upper', doing the work on it and then selling it at current market value for a profit. Sounds simple enough right? Well in some respects it is, but only if you get it right can you see the true potential for making the profits this process provides.
Like everything else there are some rules that govern rehabbing houses that can help even the first time property investor to make some money in a short space of time.
Tip 1: Financing
So you've decided you want to invest in property to give you some extra cash and in some cases a shot at a new career rehabbing houses. That's fine. Having finances in place not only for the purchase of the property when you find it, but also for doing the work needed to bring it up to scratch is key.
Explore all the options available to you for raising the money you need.
Remortgaging your home, getting a business partner, doing a joint project with family or friends are all options people have used with varying degrees of success. Whatever you do, make sure all agreements are in writing, this includes who is financing what, how much money is being invested, how much needs to be paid back or what percentage of the sale do they get in return for investing the money etc.
This is good practice as it helps to know what's up front but is also a backup should there be any problems in the future.
Find yourself a good mortgage broker. One who understands what you are doing (rehabbing houses) and can give you good advice on the best deals around that would give you the finances you need. Having this additional advice can help you make an informed decision about the option of financing you choose in the end.
Make sure you have your agreements from the bank or lender in writing before you start any purchase. This can put you in a stronger position than other buyers as you already know exactly how much you can afford to spend.
Tip 2: Buying in the right area
So you've got your financing sorted. All you need to do now is find that house. My advice is to do your homework. Know where qualified buyers want to live. What are the links for commuters? Is it a family friendly area with good schools or young and trendy with lots of restaurants and bars nearby?
What are the developments earmarked for that area? What kind of reputation does the area have and is it getting better or worse? Knowing the type of buyer you want to attract when looking at rehabbing houses helps you pick the right area.
Tip 3: Buying at the right price
Okay you've identified your area and it's perfect for the type of buyer you want to attract. There are lots of properties to choose from so again you must do your due diligence. Knowing how much work you are willing to do on the property, when you're rehabbing houses, comes in handy at this stage. There's no point looking at somewhere that means your money is going to be tied up for months on end when you can't really afford that or you want a quick turn around on your investment.
Working out all your costs and how much you may have to spend on the work for each house you see as well as potential sale price and costs attached will give you a rough idea of the profit you expect to make from rehabbing houses.
Once you've identified a profit margin you are happy with you can go ahead and purchase your real estate investment property that you want to rehab.
Do your sums! Do your sums! Do your sums!
If you've got these first three steps right you are well on your way to making a potentially good profit rehabbing houses.
Rehabbing houses is a great way to make huge profits. And there is another way to find these great money producing properties, usually at a much cheaper rate, for more on this, you need to check out http://www.investinthestates.com.
|Posted on May 19, 2013 at 8:48 AM||comments (1)|
When the Going Gets Tough: Mindset and the Journey to Sustainable Wealth Through Real Estate
By [http://ezinearticles.com/?expert=Suzette_West]Suzette West
There is an old saying, "When the going gets tough, the tough get going." These words could not be truer in the fight towards achieving a financially sustainable life. For those well-connected people born into the wealthy 1%, it is a cinch to achieve and maintain financial independence. However, for the rest of us, we may have a few barriers to overcome. No matter who we are or where we come from, we all have to start from the very first step. For some, it may mean starting out with no money and some experience with real estate. For others, it may mean starting with no experience and no money. Whatever the case may be, we all have to start somewhere and the sooner we take that first step, the sooner we will become the navigators of our own lives and of our own futures. It often means overcoming what seems to be insurmountable obstacles to achieving the dream of financial sustainability.
The number one barrier for many of us is having a fearful and doubtful state of mind. We second-guess ourselves to death or we allow the negative thoughts, beliefs, and opinions of others to condemn us to a life of mediocrity. As a result, we end up making poor choices that lead us off-course only to find ourselves in situations that only work against us by reinforcing the doubt and fear we already have about ourselves and our capabilities to create the life we want for ourselves and for our families.
To make matters worse, there are a myriad of real estate gurus out there that promise the moon and the stars in order to extract the next dollar, but who fall short in one way or another, and never deliver on their promises. Once again, this reinforces the fear and doubtfulness of ever becoming financially independent. It feels like an "Impossible Dream." This--in turn--causes hopelessness, depression, and a diminished sense of self-worth.--all because we are unable to see through to the truth.
One of the greatest thinkers of the 20th century--Napoleon Hill--summed up the truth in just a few words, "In every adversity, there is the seed of an equal or greater benefit." When it comes to financial sustainability, one must face the unknown and tackle the obstacles that appear along the way. We must persevere through the discomfort that often comes with stepping outside of our comfort zones in order to learn the things that will lead to the financial freedom so highly desired by many--but only achieved by few. No matter the obstacle, there is a solution--and no matter the solution, there is a learning curve. Take heart. Get educated and don't take that learning curve on alone. Find the people and professionals who CLEARLY have a vested interest in your success and stay away from those merely interested in extracting your hard-earned dollars without supporting your path to success every step of the way.
Suzette West is a real estate broker and investor. She has been in real estate since 1996, and first started out with a desire to learn as much as possible about building wealth with real estate. Her journey has been a long one, but it is through her experiences that she can be an invaluable asset to those just starting out, and to those ready to take the first step towards financial sustainability. http://worldwestinvestments.com
Article Source: [http://EzineArticles.com/?When-the-Going-Gets-Tough:-Mindset-and-the-Journey-to-Sustainable-Wealth-Through-Real-Estate&id=6733468] When the Going Gets Tough: Mindset and the Journey to Sustainable Wealth Through Real Estate
|Posted on May 15, 2013 at 7:46 AM||comments (2)|
Team Building In Real Estate Investing
By Jamel Gibbs
November 13 2010
In the real estate business you can't do everything by yourself if you want to successful. You will need a team that can assist you in the areas that you are rough around the edges with. A foundation is not built with one person. A foundation is built with a group of people working towards the same common goal. Although the team is working together, there is always a team leader. In your real estate business you must be the team leader.
But, who are the most important team members? Who is your starting five? Who will help to build the strong foundation? In this article, I will briefly tell you what type of team members you need in your real estate investing business. I will tell you why they are important to your foundation. And I will tell you how to get these assets on your team.
Realtors: Realtors are very valuable in the sense that they can help you find the properties you are looking for. They can also help you with your comparable sales in an area that you are not too familiar with. If you explain to your realtor what type of property you're looking for, the realtor can be on the look out for that type of property, and if the property is worth buying then you both can make some money.
Bird dogs: Bird dogs are kind of like street realtors. You can train your bird dogs to look for a certain type of property for you. For example, in my business I look for people in distress (financially, as well as physically). My bird dogs know what type of deal I will buy, so when those deals come around they are all over them. The best thing about bird dogs is that they will find you properties for a finder's fee. I pay my bird dogs between $500 and $1000 for every house I buy.
Hard money lenders: If you want to be an investor, then you need a hard money lender on your team. Having a hard money lender on your team is like having cash on demand to buy properties. Hard money lenders can help you buy properties in as little as 7 days. That time frame varies depending on the lender. This can be effective when you are in competition with other buyers. If you can close fast then you will get the deal.
Title Companies: Title companies will help you get the deal closed. When you use title companies the hard work of closing a transaction is done for. Use reputable title companies. Use title companies that can close as fast as you need them to. This is very important in your house buying business. If you can't get the deal closed then you don't make any money.
Appraisers: Appraisers, like realtors can tell you what a home is worth before you buy it. An appraiser can give you an exact amount of what the property will be worth. Realtors will usually give you an estimate. Appraisers are good to use in your investing business. They can help you understand what you need to do to a property to get the value you need out of it. Having an appraiser on your team can make a difference in your deals.
These are just some of the team members that can be valuable in your real estate business. You can also use lawyers, accountants, and other team members as well. You can find these team members at your local real estate investment clubs, in the newspapers, online, through other investors, and by word of mouth. If you know how to apply them in your business, then you can run a smooth and successful operation.
Copyright Â© 2008 Jamel Gibbs - All Rights Reserved. WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR WEB SITE? You can, as long as you include this complete blurb with it. Check out Jamel Gibbs at http://www.HowtoFlipforProfits.com.