Real Estate Investing Blog

CAN I BUY A HOUSE WITH NO MONEY AND NO CREDIT???

Michelle Odessey — Sat, 03 Jan 2009 05:31:55 +0000

The answer to that question is “maybe.” What do I mean by that??

Well…Yes, you can buy a house “subject to” the existing mortgage(s). You will need to give the seller something for “consideration” which can be $10.00.

Also, you may be taking on a house that needs repairs. Are you going to fix it up?? Or are you going to sell it “as is” as a “Come Fix Me Up” house??

If you are going to do the repairs then you will need money to pay the contractors to fix it. Also, when you buy a house “subject to”, you are making a promise to the original seller that you will be making the mortgage payment ( if you made that promise). Or make up the back payments?? (Which we should really evaluate if we are going to do that.)

Even if you did make this promise and also decided to fix up the house, you can still buy a house with no money and credit by bringing in a private investor to put up the money or a partner in the deal.

For more information on Private Money and Private Lending go to:
http://www.PrivateLendingGuide.com/blog

Peggy Parks

Business Automation: What Can You Simplify?

reipro — Sun, 09 Nov 2008 19:21:34 +0000

When you are working as a real estate investor and you’re looking at what you can do to run your business efficiently, one of the things that you are going to want to focus on is business automation. The more that you are able to automate various parts of your real estate investment business, the more that you will be in a position to simplify the day to day stuff - which means that you’ll have more time to enjoy your success.

So what can you automate?

If you have a mailing list so that you can keep in touch with prospective buyers and motivated sellers in your area, you can look into creating drip email campaigns that will send out your information at specified times. If you post to a blog to keep people in your community aware of your business, you’ll find that you can write posts ahead of time so that all you have to do is post them in the morning rather than sitting down and starting to write.

Just as you can set up automatic payments for your personal bills, you’ll find that a great business automation tool is to schedule payments for your business utilities, internet services and even those virtual assistants or staff members that help to get you through the day without tasks left undone.

In other words, you’re going to find that you are able to make more time for yourself and to grow your business by automating as much of your business as possible.

Marketing: Making a Connection

reipro — Sat, 08 Nov 2008 23:24:52 +0000

When you are making an effort to succeed in your real estate investment business, one of the things that you are going to want to focus on is the way that your market your business. Marketing is, after all, a big part of what will help you to grow you business as a real estate investor.

There’s one thing that you want to be sure that you are doing with your marketing above everything else: you are going to want to make a connection. Whether you’re thinking about the message that you send to sellers in your area who are behind on their mortgages and want to avoid foreclosure or you are looking at finding buyers or tenants, you need to be sure that you are making a connection.

You’re going to want to be sure that you are thinking about what you are saying. You’re going to want to think about the fact that when you are marketing your business, your message is only as effective as it is seen and remembered. That’s why making a connection is important: when you’re able to connect with would be buyers and sellers, they’re going to remember who you are and what you had to say.

Getting Started: Knowing Where to Turn for Support

reipro — Fri, 07 Nov 2008 20:33:41 +0000

One of the things that you are going to want to focus on when you are getting started as a real estate investor is knowing where to turn when you’re looking for support. In other words, one of the things that you are going to want to be sure of is that, while you are getting started and while you are building your business, you are able to reach out to others and to ask questions - and more importantly to get the answers that will help you to grow your business.

The biggest advantage that you will find if you make the choice to work with a mentor while you are getting started as a real estate investor is that there is going to be someone there who helps you when you’re stuck, who can help you to evaluate deals and who can ensure that you are thinking about the options that are available to you.

Simply put, when you know that there is somewhere to turn when you need help while you are getting started as a real estate investor, you are going to find that you are at a clear advantage. You’ll be able to access the information that you need and to grow your business with far less stress.

How Virtual Assistants Can Help Your Real Estate Investing Business

reipro — Thu, 06 Nov 2008 17:46:24 +0000

When you are getting started as a real estate investor, what you are going to find is that there are some things that you do really well and other things that you tend to put off until later in the day. When you make the choice to bring on a virtual assistant, you’ll find that things start to go a bit more smoothly.

Virtual assistants can help real estate investors by:

keeping your leads organized
helping to distribute your marketing materials
focusing on making sure that all of your documents are backed up and that your files are accessible
taking calls for your business and providing information to your prospects when you’re not in the office
enabling you to have extra help without making more room in the office, buying additional equipment or paying the taxes associated with having employees
providing business insights because virtual assistants are small business owners too
getting things done that you might not really enjoy doing

Whether you’re just getting started as a real estate investor or you are looking for the chance to grow your business or simply to automate some of the tasks that you don’t enjoy as much, you’ll find that virtual assistants are great assets.

Will a Moratorium on Foreclosures Stop Investors?

reipro — Wed, 05 Nov 2008 21:02:34 +0000

One of the things that is getting a lot of attention over the last few weeks is the fact that a number of different mortgage lenders - including JP Morgan - have been considering a moratorium on foreclosures. The reality is that the idea of having foreclosures come to a stop is something that disturbs a number of real estate investors.

The reality, however, is that if you are a real estate investor who is looking for the chance to look at what could stand between you and your success as an investor, a moratorium on foreclosures is not necessarily going to have an impact on your business. In other words, while it could stop those investors who only look at buying foreclosures, those who are willing to take a closer look at multiple options will still have those options.

Evaluating deals is one thing that will help you to see that there are more ways to invest than simply looking at foreclosures - that there are motivated sellers out there and options that can help you to make other deals. Working with a mentor can help you to learn more about all of the options that are available to you. Looking at all of your options (which, yes, do include foreclosures) will help you to see that there’s little that can fully stop you.

Getting Started: Investing for the Long Term

reipro — Wed, 05 Nov 2008 01:21:56 +0000

When you are getting started in real estate investing - especially if you are getting started in a market that tends to favor the buyers - one of the things that you’re going to want to think about is your long term goals. In other words, when you get started as a real estate investor, you aren’t going to want to focus on thinking about those properties that will give you a profit if you were to turn the property around tomorrow. Instead you’re going to want to think about the longer term.

In other words, as you are getting started as a real estate investor, you are going to want to think about what your goals are for a year from now, for five years from now, and even for ten years from bow. Thinking too much about short term goals is something that is likely to trip you up.

When you’re getting started, it can be challenging to focus on more than just looking for an immediate profit; when you work with a mentor and focus on the goals that you have set for your business, however, you will find that you’re at an advantage. You’ll also find that you’re in a far better position to reach your goals.

Buying Multi Family Properties: Are You Ready to Be a Landlord?

reipro — Mon, 03 Nov 2008 17:23:05 +0000

If you’ve been thinking about buying multi-family properties as a part of your real estate investment strategy, one of the things that you’re going to want to keep in mind is that there are regulations relating to tenants and tenant rights. When you buy a multi-family property, you become a landlord right away - unless of course you have a close association with a real estate management company that will be able to handle the property for you.

In other words, when you’re planning to invest in multi-family properties, you’re not just going to think about financing, you’re also going to have to think about those who call the property home. You’ll need to keep track of different leases, rental payments, move-out dates and there are going to be tenants that you didn’t have the chance to screen.

For those who are thinking about buying their first multi-family properties, working with a mentor, doing some research into their local laws and know that there is a strong focus on setting the right plan into motion is essential. But then - don’t think it’s all bad; though there’s some stress, when you buy these properties you’ll also find that there’s instant cash flow coming back to you.

Why Mentoring Matters

reipro — Sun, 02 Nov 2008 20:59:51 +0000

When real estate investors are just getting started, there tend to be two types of situations that they find themselves in:

They find themselves reading everything they can about buying, selling and, most of all, profiting.
They believe that they should just learn by doing and jump into making purchases and hoping for the best.

Neither of those options is the best way to get into real estate investing because neither provides the one on one support that mentoring does.

Mentoring important for real estate investors who are just getting started because it creates opportunities. By looking into mentoring, you won’t just learn about making investments, but you’ll have access to better information about how to buy and how to sell properties. With mentoring, you won’t just have to go track down information when you have a question, you’ll just be able to pick up the phone or to fire off an email; your mentor will have the answers for you.

What you’re going to find, really, is that with mentoring you are able to get support throughout the process of getting started and, perhaps more importantly, you’ll be able to get advice when you’re ready to grow your business.

Getting Started: Knowing How You’ll Invest

reipro — Sat, 01 Nov 2008 21:51:03 +0000

If you’ve been thinking about getting started as a real estate investor, it’s not unreasonably to have thought about investing in foreclosure properties and about flipping houses - after all, these are two of the most common ways in which investors get started, especially if they get the idea to start investing while watching late night infomercials or other TV programming. However, if you take the time to look around, you’ll find that there are a lot of other great opportunities to.

Earlier today I was reading an article about a real estate investor in Tennessee who decided to get his start investing in land that could be used for sport. Rather than looking at building homes or investing in new subdivisions, he made the choice to look outside of the city and built a portfolio of recreational and farming land outside of Memphis. According to the article, he’s been bringing a consistent 15-30% return on investment, even during the housing downturn.

Ultimately, this is the sort of story that those investors who are getting started could learn something from. Here’s the lesson: when you’re getting started, take a chance to look at your interests and don’t be afraid to think outside of the box. You just might find that a less conventional opportunity will be far better for your business as time goes on.