Real Estate Investing Blog

When you’re involved in real estate investing and you are sure that you are going to be buying multiple properties, one of the most important things that you can do is to get organized and to make sure that you stay that way.

Getting organized is important when you’re going to buy multiple properties as a part of your real estate investment strategy, it’s important to know that if you need information about a particular property, you will be able to find it. Likewise, when you’re buying multiple properties, it’s important to know that all of your financial records are in order.

In other words, when you are buying multiple properties, it’s important to keep all of your financial documents in order. Be sure that you have your insurance records, credit records, financial records and other information in a place where it is easy to access. Likewise, make sure that you are bale to keep track of all of the properties that you are looking into buying.

Whether you strictly focus on organizing printed paperwork or you are committed to making sure that your files are in order on your computer, you’re going to want to be sure that you are organized when you’re buying multiple properties. You’ll find that getting and staying organized enables you to make better choices and to have easy access to the details you need to be looking into.

One of the things that’s interesting about real estate investment - especially when you plan on buying multiple properties - is that it’s just like any other independent business: finding your niche is key.

(source)In real estate, your niche market can be a region or neighborhood in your town, a clientele group (such as vacation renters from Europe), or a property type (like renovating historical homes). When you target a specific area in real estate investment, you become an expert in that area. The more you know about your niche, the easier it will be for you to find the right properties and market them to buyers so you can make the most money from them.

When you’re going to be buying multiple properties - and, in general, when you’re going into business - it’s essential that you have a focus. Rather than simply looking at getting great deals wherever those deals may be, look to a particular area of town, especially if it’s an up and coming, growing neighborhood. Rather than simply buying any properties that can be rented out, look for those where it will be easy to find the types of tenants that you want.

Simply by finding your niche, you’ll discover that it’s easier to get into buying multiple properties. When lenders know that you buy a certain type of property regularly, they will be more willing to work with you. When you’ve established your reputation, you’ll be in a better position to find and make great deals that benefit your business. You’ll be focused and, even when you’re buying multiple properties, you’ll be able to better reach the goals that you’ve set for yourself.

One of the most common questions about buying multiple properties is relatively simple: is it a good idea for me to invest in multiple properties?

The reality is that there isn’t one single answer to questions about buying multiple properties. Those who are just getting started in real estate investment, for example, may not benefit from buying multiple properties right away - at least not until they have started getting into a groove - buying properties, after all, is only a part of the real estate investment process, selling homes is also a part of it.

Similarly, those who have only worked through a couple of transactions as a real estate investor may want to think things through before buying multiple properties. Even seasoned investors who rent out the properties that they buy will think twice between buying multiple properties.

The reality is that when you buy multiple properties it’s possible to overextend yourself: it’s important to really have a strong sense of what you’re doing and to evaluate each deal independently if you want to be sure that you succeed.

Of course, if every purchase is a good idea and you’re in a position that makes it possible, then go for it. Just be sure to take a closer look at all of the risks and benefits of buying multiple properties before you act.

The more involved that you become in real estate investment, the more likely that you are to start thinking about buying multiple properties. It’s a good way for some people to expand their businesses, however it’s not going to be right for everyone.

Some people who get involved in real estate investment need to be able to have a sense of diversity in the properties that they own and they need to have multiple projects going on before they feel at all content. Others look at the possibility of buying multiple properties and cringe; they want to make one investment, see it through and then make another.

In other words, when it comes to buying multiple properties one of the things that you’re going to want to pay attention to is your personality. Similarly, you’ll want to consider the size of your real estate investment business, your past successes and the comfort of your investors.

Ultimately, before you get into buying multiple properties you will want to develop a sense of what you’re comfortable with; you’ll want to be sure that you know the ins and outs of investing in real estate. And then you’re going to want to make sure that you are going to be able to get the results that you’re looking for - experience is extremely important, whether you’re learning from your own experiences or you’ve looked into mentoring to get you started with learning from the experiences of others.

Real estate investing is a great way to accumulate wealth. Those who get started with finding real estate investment properties - and learn the best methods up front - quickly find that a part time project can become a full time career.

It takes time to really learn the ins and outs of real estate investment. Beyond due diligence, one of the most essential skills that you can learn while you’re getting started comes down to this: where should you be looking to find real estate investment properties?

Here are 5 great places to look:

1. Look for public auctions, divorce settlements and foreclosures (bank/FHA/VA). In each of these situations, you’ll discover that the price that you pay for a home is likely to be lower than the value of the property.
2. Looking for old listings. Once a property has been on the market for a long while, you’ll find that the sellers are far more motivated to just be done with the process. Often, it becomes possible to negotiate the price down, however, in this case you’ll need to be sure that there isn’t some really good reason why the home hasn’t sold - such as it’s completely unsound structurally.
3. Look for hidden treasure. Now that’s not to say that real estate investing is a lot like pulling out a map and looking for the X that marks the spot of a great deal. What it is to say, however, is that there are abandoned properties that are run down and are a deterrent to home buyers because of the amount of work that it will take to get them fixed up. When you’re able to find these properties and make considerable changes, you’ll find that there are profits to be made.
4. Get to know local attorneys. There are a number of attorneys who handle property sales in special circumstances. If you’re someone who has an in with an estate attorney, for example, you’ll find that you can be the first to find out about a home they are looking to liquidate, and that gives you a chance to save on the purchase prive - and to be aware of an investment property that will become available.
5. Keep an eye on announcements in your local newspaper. Foreclosure notices and other legal notices will appear in your newspaper. These can give you a sense of properties that you might want to look into.

When you know where to look to find real estate investment properties - you’ll find that it’s much easier to learn the art of the deal; and that’s something that, over time, will help to ensure that you see the profits that will fuel your business.

When you’re looking to buy multiple properties in order to grow your real estate investment business, it’s essential to make an effort to get ahead of the curve. In order to do that, you’re going to need to know the best means of getting motivated sellers to call you, and you’re going to have to know how to act quickly.

In order to act quickly, you’ll find that the best plan has little to do with signing up to receive lists of pre-foreclosure properties (after all, when you receive those lists, so do many of your competitors). Acting quickly - and getting ahead of the curve in the process - also has little to do with sending letters when you think you’ve found the right address for someone who’s in the pre-foreclosure period.

Focus your research on notices of default as they are posted in the newspaper. Spend time at the local courthouse to see when notices of default are filed. If you can call rather than sending a letter, do so; if you have a way of meeting with them face to face, you’ll be in a better position to form a connection and build a relationship.

When you want to get ahead of the curve in your real estate investment business - and you want to be able to take advantage of the increased income potential of buying multiple properties - the best thing that you can do is to determine the best way to act quickly.

When you’re going to be buying multiple properties, one of the first things that you’re going to want to do is to find sellers - but not just any sellers. You will really be looking for those homeowners who are still “thinking about selling,” or those homeowners who are in danger of losing their homes if they don’t put them on the market.

After all, when you’re buying multiple properties, your goal should be to save as much as possible; once a home is listed on the open market, there’s competition, and that increases the amount that you are going to pay.

Therefore, if you’re going to be buying multiple properties, try these options:

• Rather than waiting for sellers to advertise their homes in your local newspaper or FSBO magazines, place an ad in those same places saying that you buy properties and give the homeowner a chance to sell to you before listing the home;
• Take the time to network. The more people who know that you buy homes, the more likely homeowners will be to find out who you are;
• Do neighborhood drive-bys and keep track of homes with for sale by owner signs; after the house has been on the market for an extended period of time, you may be able to negotiate with the seller;
• Be in touch with banks and mortgage brokers in your area so that they are aware that you are interested in buying foreclosure and pre-foreclosure properties.

When you’re able to find the right sellers at the right time, buying multiple properties for investments is far more cost effective/

Wouldn’t it be great if you had a supercharged buying and selling ‘machine’ that brought you in profits every single month.  Can’t you just visualize that JOB fading in to the sunset?

I did and I want to share with you a system for making that a reality.

As most of you know, I am a technology buff – meaning I love employing technology to do as much ‘work’ for me as possible, and then delegating or outsourcing the management of that to a reliable team.

So, I find the best software (or develop it!) and then choose team members that all have their valued positions and play them well – and sometimes I even have 1st string and 2nd string team members. 

It is really the only way to (1) get it all done, but more importantly (2) it is the only way to grow your business.

When I found out that my guest, Larry Goins, for this teleseminar was regularly selling 10-15 houses every single month and never looking at any of them – not even driving to see any of them, I had to get him to tell us how.

Listen to the replay of this teleseminar now – if you want you can even download it to listen in your car.

Best of Success,
Michelle Odessey
michelle@investorwealth.com
770-338-2797 10a-5p M-F

 

 Standard Podcast: Play Now | Play in Popup | Download