Real Estate Investing Blog

When you’re looking into getting into the business of real estate investing, one of the things that you’re going to want to be sure of is that you’re looking at all of the possible ways to ensure your success. Mentoring is going to put you in a position in which you can learn a lot about the process of making investments, evaluating deals and in which you can learn from mistakes that others have made along the way so that you can avoid making them yourself.

Mentoring is something that can be beneficial to your business on a number of different levels. With mentoring, you will find that:

• You are able to learn the ropes from someone who has been there and who has a focus similar to your own. If you’re planning to invest in pre-foreclosures, you will find that your mentoring should come from someone who has done the same rather than, say, someone who has only investing in commercial properties or land.
• You are able to learn a great deal about what it takes to market your business and to network.
• You are able to take advantage of the experience another real estate investor has; you’ll be able to ask questions, get answers and to know that you’re in a position to learn by doing.
• You are able to ask for guidance when you need it.
• You are able to get the tools that you need to take your business to next level - even when you’re just getting started.

Mentoring is something that can help you to know that you are getting your real estate investment business started on the right foot.

Hi Michelle,
I absolutely admire what you are doing here for the ForeclosureMillionaireClub.com members with an unbelievable amount of patience and I want to use this extraordinary information source in this industry to it’s fullest extent.

I listened to your several sessions and I will continue to do it in any available time, but I also want your information to transfer into a productive activity.  Because I want to start to using immediately if I will find acceptable deal, However, .. I still have a question.

Q.  At what stage of Short Sale process can the investor, using an Option Contract, assign it to a buyer?

Thank you again for the opportunity to be here in the club.
Josef Schneider.

Josef,
Thank you SO MUCH for your feedback.  When I read emails like this it makes me want to do even more. 

Answers. 
You can do it an any time in the process, BUT, if we stick to our discussion that we had about using Options it would go like this:
1) You have a ready buyer in the wings
  a) You find the deal (the property)
  b) Get the docs completed with the seller: purchase & sale, option, etc.
  c) Negotiate your short sale (if you are doing a short sale)
  d) Set the closing date with the bank.
  e) Set the closing date with your buyer and explain your requirements for when he/she has to have the funds to your closing attorney
  f)  Assign the option on closing day.

OR

2) You have the deal (the property)
  a)  Get the docs completed with the seller: purchase & sale, option, etc
  b) You find your buyer
  c) Negotiate your short sale (if you are doing a short sale)
  d) Set the closing date with the bank.
  e) Set the closing date with your buyer and explain your requirements for when he/she has to have the funds to your closing attorney
  f)  Assign the option on closing day.

OR

3) You can assign the option prior to closing - assigning it to a buyer WHO WILL CLOSE and not leave the Seller hanging. Meaning they will come through.  AND if there is a short sale to be negotiated - that they will do it. 

If this is what you choose to do - you really need to be sure that you don’t assign it to someone who will “flake off”.  Even though they have given you $ for assigning the option to them, be sure about them, because if something, or all of it drops through the cracks - the seller is only going to remember your name.

Hope this helps!
Best,
Michelle
michelle@investorwealth.com
770-338-2797  10a-5p Eastern M-F

A mentor is someone who spends time helping to guide you along the right path - someone who is in some way more experienced. Mentoring is the process by which someone who has a bit less experience or no experience works with someone who is willing to share what he or she knows.

When it comes to real estate investing, there is no shortage of things that are waiting to be learned. In many cases, there’s also no shortage of mistakes that can be made - but when you take advantage of a mentoring program, chances are good that you will not be one of those who are new to real estate investments who simply repeat the mistakes that others have made.

With real estate investment mentoring, you can be sure that you are able to get the support that you need along the way without the fear that you are missing out on something important. By focusing on all that is important, by looking beyond the situation that is immediately important to you, you will find that you are in better position to succeed.

When you know that you are in a position to look at the big picture and, when you know that you are considering all of the options that are available to real estate investors, it becomes far easier to understand the role of everyone involved - and that makes it possible for those who are focused on real estate investment to learn more about the process and to be in a better position to succeed.

Below is just an exerpt of the first assignment given to new ForeclosureMillionaireClub.com members.

I am using this particular one because I think this new real estate investor is starting off on the right foot - - with a very successful principle.

“It is not enough to do your best; You must know what to do, and THEN do your best.” - W. Edwards Deming.
_______________________________

Michelle, I’m turning in my first assignment. I’m new to real estate investing. Haven’t gotten my first deal yet, but I’m marketing to pre-foreclosures to get my first deal. Here are my answers to the assignment:
 
1. My goal over the next 6 months is to complete at least 6 profitable RE investment transactions. My goal over the next 12 months is to make at least $250,000 profit from my RE investment transactions. This will allow me to seriously look at quitting my full-time job and go full-time in real estate investing.
 
2. I have not closed my first real estate investment deal yet. I’m currently marketing to pre-foreclosures to fill my pipeline with potential RE investment deals.

3. I have not made any money in real estate investing yet. I’m actively working to change that everyday.
. . .
6. I’m currently generating my leads through a post card campaign to pre-foreclosures.
 
7. With one-on-one mentoring I’d like the mentor to give me the things I need to be doing on a daily basis to acquire my first RE investment deal and more deals after that. I’ve been in at least one mentoring program and realized I wasn’t being told about the things I needed to be doing everyday to land my first deal. I was being trained on stuff to do after I land a prospect. I’m learning though….

Alan,  Michelle here.  Wanted to let you know I have received, and read your homework.At first blush, I have to say, your ‘goals’ are very realistic.  Which means to say that you have come to them with some thought.While I realize that at this point you haven’t had the chance to digest all the information in the members area, I want to acknowledge you for getting out and prospecting already  - - -  even though you’re not sure of your step-by-step.