One hour of education from an expert...PRICELESS

By
Mortgage and Lending with Chartwell Mortgage Corporation

 Today, I had the honor of welcoming David Montelongo of Monelongo House Buyers and the hit reality television program "Flip this House" as a guest on our radio broadcast the Real Estate Today Show (http://www.realestatetodayshow.com/). I admit that I am a fan of real estate reality television and I think the programs on both A&E and TLC serve to show what is possible as well as the potential pit falls when flipping real estate. I think that the Montelongo's represent what is possible in a very entertaining way; they have a wonderful family story. Needless to say, David's appearance on our program was greatly anticipated.

During my research for the show, I discovered that both David and his wife Melina share a heart to give back to the greater real estate community as they wish to share their success with others. I believe the cycle of living, learning, succeeding and giving back is the essence of significance. The response to our show was wonderful resulting in great questions on air from our listeners; and following the show calls from Realtor partners and several investor clients of mine who regularly listen to the program. The subject of fix and flips is a popular one on our show and the opportunity to learn from an expert was tremendous.

David shared ten tips for becoming a successful real estate investor and he provided me with permission to post his tips on my blog at http://www.realestatetodayblog.com/. I also wanted to share David's tips with the Active Rain Community.

Here are David's Tips:

  1. Forge strong relationships with foreclosure agents so that when a new listing comes up you're the first to hear about it.
  2. Create a power network of fellow investors, a TRIBE, if a deal doesn't work for you, it may work for someone else in your network.
  3. Try not to see other investors as competition, but as allies. This will create opportunities to be involved in more deals.
  4. Set your construction budgets early, do everything in your power to stick with your budgets.
  5. There are always unforeseens give your budget a line item for cost-overruns.
  6. Have your Contractor visit the property with you BEFORE you close. This will remove some of the unknowns.
  7. We are all motivated, both positively and negatively. If you find your positive motivation, it will be easier to find the next deal.
  8. You are the greatest asset you possess. Invest in your education. Every time I attend a RE workshop I come away with a new technique.
  9. Join your local Real Estate Investor Association; this is a great resource for rehab lenders.
  10. Don't be afraid to partner on a deal, partners can leverage each others strengths to create a win-win situation.

We also discussed the upcoming Texas Real Estate Investor's Boot Camp Education (T.R.I.B.E.) to be held in Dallas, Texas July 27-29, 2007. The event will launch the creation of a dynamic network of lenders, Realtors and investors who share a common goal to create wealth with real estate.

I trust that these tips will add value for you as they did today for me and our listeners.

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Rainer
184,429
George Tallabas
RE/MAX Advantage - Nampa, ID
Idaho Real Estate

James - Thanks for sharing.  I have been in the real estate business for over 27 years and working with investors (one investor for 18 years) and never considered many of the tips you share.  This is just another reason we all need to keep opening our eyes, reading, and continuing to learn.  Learning - this is one of the wonders of living.

Feb 25, 2007 04:00 AM #1
Rainer
51,497
John Hruska
Homes Charlotte, LLC - Charlotte, NC

James-

I'm a bit of a real estate reality addict myself.  The shows teach us so much.  Quite motivating !

Feb 25, 2007 04:28 AM #2
Rainmaker
1,011,955
Fred Carver Personal Real Estate Corporation
RE/MAX Camosun Victoria BC Real Estate - Victoria, BC
Accredited Real Estate Consultant

Good Day James,

 Well Done, I enjoy Flip this House as well, it's fun, entertaining and informative, I only wish we had the Real Estate price here they have in in the South, our average price range is $500,000, it making it a lot riskier for my Flippers in Victoria.

 Do you do your radio talk show on-line or a regular radio station?

 Have an Awesome Day!

Feb 25, 2007 04:38 AM #3
Rainer
69,424
Christopher & Bernadette Hurley
Go Hurley Group - Sugar Land, TX

The original version of the program was the best.  The follow ups have come in distant second.  I hope the next season is better than the SA crew.  Althought the ATL crew did a decent job.  

Each week we are looking at 3-5 potential foreclosure properties here and finding more than 50% are good candidates.  Our emphasis though is on the buy and hold perspective.  Our philosophy is simple.  Capture 4 green houses, manage and trade up to a red hotel, repeat the process. 

 

Good Luck

 

CH

Feb 25, 2007 05:20 AM #4
Rainer
46,150
Elena Thurston, Family Real Estate Specialist
Keller Williams Legacy One - Gilbert, AZ
James, thanks for sharing some great points.  It really says something about the quality of person who is successful and more than happy to share why.
Feb 25, 2007 06:42 AM #5
Rainmaker
88,855
Frank Harris
Keller Williams Realty Centre - Columbia, MD
Flipping is a great way to amass wealth.
Jul 09, 2007 02:15 PM #6
Rainer
22,167
James Holmes
Chartwell Mortgage Corporation - Denver, CO

Frank - Thank you for reading my blog and commenting. I have clients that have done very well with their flips.

Best wishes,

James

Jul 12, 2007 12:46 PM #7
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James Holmes

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