tip: Tuesday's Tip #59: Uninterested Party
- 05/20/08 02:27 PM
As an real estate investor, you probably spending a lot of time looking at a lot of property. But, what about you out of state investors? And you international investors? How many times do you have the freedom to rush in and check out something you're buying?
The major problem here is that no one has the time to fly all over the place like this. If you have the money to show up every time you get a pending deal all the way across the nation or overseas, you're probably wasting your time.
We've talked a lot about … (1 comments)
tip: Tuesday's Tip #58: The Cash Tree
- 05/13/08 02:15 PM
Values tumbled in the first quarter of 2008. The median price for a single family home dropped 7.7%. That's the largest drop in 29 years, according to Kathleen M. Howley of Bloomberg.com. If you have a $150k house, there's a good chance you just lost about $11k of equity in your home. While this freaks a lot of home-owners out, it should excite investors. Real estate investors know that prices are dropping. This means that opportunities for cash flow are abounding. While people are losing their jobs, being raped at the pump, and struggling to keep up with their bills, wise … (3 comments)
tip: Tuesday’s Tip #55: How to Survive and Thrive
- 04/29/08 12:08 PM
We're in a very difficult economy right now. Investors have to take seriously how quickly things could change. You could lose a tenant and have a vacancy for six months before any tenant is ever interested in your place. How will you survive that many months of mortgage payments? What about the unexpected leak in the roof? How will you repair it? It's simple. Cash reserves. The important thing to understand is healthy reserves not only protect you from serious problems, but they also allow you incredible peace. They are absolutely necessary. As BawldGuy states, "A generous reserve account is not … (4 comments)
tip: Tuesday’s Tip #55: Think a Little
- 04/22/08 01:45 PM
I've watched numerous deals close and numerous deals fall apart. They come, and they go. It's reality. The hard part of the reality is when people make stupid decisions. It's difficult to watch it happen. It's even more tough to see a deal crumble as decision makers listen to people with absolutely no credibility. Whether you're the buyer, the seller, the real estate agent, or the appraiser, watching foolishness in action is infuriating. I watched a deal fall apart months ago because of an insurance agent. He was determined the property being purchased needed to have screens and storm windows for … (1 comments)
tip: Tuesday’s Tip #54: Buying with Cash
- 04/15/08 10:19 AM
Foreclosure filings have jumped 57% from a year ago. The bubble has burst, and if you think this only affects us here in the US, you're wrong. It's has spread overseas. You can call me a pessimist, but the reality is staring us in the face. We're in a recession. And, if these articles and everything else that's happening are indicators of our situation, it's going to get worse before it's going to get better. There is no better time to buy. The hype is done. The boom is over. We've dropped and the opportunity is now. So, how do we … (0 comments)
tip: Tuesday’s Tip #53: Specialists on Your Team
- 04/08/08 11:43 AM
Over the past year, I’ve talked quite a bit about the importance of putting together a solid team of advisors and workers in your investing. The right team will make or break your efforts to invest wisely. Given the nature of the current market, I encourage you to really get serious about this piece of your strategy. One of my recent posts about the bus tours provided some insight into this very thing and really forces an investor to look at the truth and be real about it. Who is really there to help you and who is there to make … (0 comments)
tip: Tuesday's Tip #52: Persistent or Annoying?
- 04/01/08 08:08 AM
If you aren't where you want to be as an real estate investor, persistence is key. If you don't know what persistence is, I suggest you read what Seth Godin said of it: "Persistence isn't using the same tactics over and over. That's just annoying. Persistence is having the same goal over and over." I hope you have goals. But, I hope you have the smarts to go along with them as well. Tuesday's Tip: Don't be "annoying". Be persistent. … (0 comments)
tip: Tuesday’s Tip #51: How to Buy in an Unstable Economy
- 03/25/08 08:41 AM
I just got off of the phone with Australian real estate investor and teacher, Nigel Kibel. He's a great guy and has some wonderful insight into international investing. It's been good to talk with him and get to know him better. We've actually become friends, and I'm thankful for the time chatting and learning. We were discussing the current market and economic situation across the world, but particularly here in the US. He was asking what we and our investors are finding the greatest amount of success with these days. He was concerned about the dynamic of a falling economy and … (0 comments)
"You get recessions, you have stock market declines. If you don't understand that's going to happen, then you're not ready, you won't do well in the markets."
Peter understands this is reality. Do you? Just as there are ups and downs in the stock market, there are ups and downs in the real estate market. Welcome to reality! Greenspan explained yesterday why he thinks this is the worst situation the economy has been in since World War II. We're down and things don't look like they're going to get much … (2 comments)
tip: Tuesday’s Tip #48: Keep Good Tenants
- 03/04/08 12:02 PM
I’ve been working closely with my property manager over the past several months. He’s been helping numerous investors across the country to turn their properties around and straighten out their cash flow. Why? Cash flow investors have been screwed by property managers in Indianapolis for years now. Rents have not been collected for the investors, nor were they paid out to them. Bills have been paid by investors for repairs done only to find out later that nothing was actually done. That’s why it’s been a huge relief to me to be dealing with someone that has some integrity. He’s done … (1 comments)
tip: Tuesday's Tip #45: Do Your Research
- 02/12/08 08:52 AM
In our current economy and real estate market, sellers are more anxious than ever. They aren't always desperate, but they are nervous. This means very good things for investors. As we've talked about before, creative financing is abundant. When sellers are in a bind, you're likely to find more options than ever. But, finding desperate sellers is never a free pass. I spoke with a very experienced investor and friend over the weekend who particularly enjoys working with desperate sellers. He has become quite the stud at structuring deals creatively, but as with all of us, he's susceptible to making mistakes … (1 comments)
tip: Tuesday’s Tip #44: Who do you know?
- 12/04/07 01:18 PM
Who do you know? Why does that make a difference? I'm not asking if you know someone famous. I don't need your Who's Who list of acquaintances. In all honesty, I couldn't care much less about any of that. I'm talking about your network of contacts. I'm talking about your investing. Networking can be one of your greatest tools as a real estate investor. Knowing the right people in the right positions can make all the difference in the world. Whether you need better tax strategies, a new toilet, to place your property into a land trust or just help locating … (0 comments)
tip: Tuesday’s Tip #43: Good Communication
- 11/27/07 12:58 PM
Being a middleman, I’m constantly stuck in the middle of poor communication. I see major issues with communication from lenders, inspectors, realtors, buyers, and sellers and that’s just ridiculous. Poor communication comes across as poor professionalism, and it hurts everyone involved. If you don’t have an answer or you don’t have what someone needs, not calling them and/or not responding doesn’t help. If you don’t have what is needed, just say that. If you don’t know, say that. Don’t make something up to please everyone. Tell the truth. What are you doing to help the deal move forward? What are you … (2 comments)
tip: Tuesday’s Tip #42: Establishing Value
- 11/21/07 07:41 AM
I’m constantly impressed with the changes happening in the business environment these days. We’re seeing changes in the way companies market themselves, in the ways salesmen move products, and even in the ways CEO’s communicate to the public and their employees. But, why? I believe there are numerous reasons, but most are due, in large part, to the internet and how it has leveled the playing field and given small businesses a chance to compete with large corporations. As a result, people aren’t stuck buying the products that Walmart or Sears decide to sell. As a consumer, you have a choice, … (1 comments)
tip: Tuesday’s Tip #38: Set Your Property Apart
- 10/23/07 02:46 PM
What makes Apple customers go back to them over and over again? Is it the genius bar? Is it the user-friendly systems? Is it how trendy it all is? All of the above? What about BD’s Mongolian BBQ? Is it the shirts that say “We do it on a grill.”? Is it the bell you ring when you give the grill cooks a tip? Is it all of the choices they offer? All of the above? When you’re purchasing a product or service, what makes you want to go back to the company you originally purchased from? Is it their great … (1 comments)
tip: Tuesday’s Tip #32: Emotional Buying is for the Birds
- 09/11/07 04:14 AM
It’s easy as a new investor to get excited and let your emotions dictate your decisions. I spend a lot of time trying to get investors focused on the details and then the big picture, but end up spending a lot of that time on calming them down before they make emotional decisions. It's easy to see a property and become excited about the possibilities, if you haven't already figured out your ROI (return on investment). In this case, your emotions dictate your decisions. Now, as a "salesman", you may think that I mean trying to get them focused on buying … (0 comments)
tip: Tuesday’s Tip #31: Get Organized
- 09/04/07 03:58 PM
As an investor, it’s absolutely essential that you prepare for the different scenarios that will come your way as you are looking at investment properties and investing for your future. As a real estate investor, getting rehab estimates, good market comparables, running and analyzing numbers, and getting the team in place are absolutely essential. Yet for some reason, they’re often overlooked. Making a good investment requires you, as an investor, to be organized in every area of the process. There are no ifs, ands, or buts about it. Organization is of utmost importance. Here are a few simple ideas to get … (1 comments)
tip: Tuesday's Tip #30
- 08/28/07 08:26 AM
One simple question can change everything. It’s a question that many young, would-be entrepreneurs ask as they’re dreaming of building their own business. It’s also the same one that their skeptics, who are living the “safe life”, are asking. Real estate investors, mothers, attorneys, children, pilots, and everyone else in between is asking it… “What if…?” Dreamers and skeptics, alike, are asking this question to justify their own decisions. Yet, they’re asking it for polar opposite reasons. The “skeptics” are looking for reasons why they shouldn’t do something, and the “dreamers” are looking for reasons why they should do the very … (1 comments)
tip: Mold Remediation
- 08/24/07 08:00 AM
Land Chasers has had the distinct privilege and opportunity to bring in Nathan Whittlesey, of Midwest Environmental Solutions, over the past month for some great educational articles on mold and how we, as real estate investors, should respond to it. Today concludes Nathan’s series for us and we’d like to start by thanking him for taking the time to help us. It’s amazing how a little bit of education on a subject can change your feelings about and ability to deal with it. Nathan’s given us some great information over the last several weeks on the following subjects: Mold Myth Busting … (0 comments)
tip: Mold Testing – Techniques & Qualifications
- 08/16/07 04:58 AM
For real estate investors & home-owners, mold can be a serious problem. But, the biggest problems really come from people’s ignorance in dealing with mold safely and appropriately. That’s why Land Chasers has asked Nathan Whittlesey of Midwest Environmental Solutions to spend some time sharing some helpful hints and insight into the world of mold, mold testing, and mold remediation. Over the past couple of weeks, Nathan has brought us some great information on some of the common myths of mold and why mold testing is necessary. Today, he’s given us some great details on Mold Testing and some of the … (0 comments)
As an real estate investor, you probably spending a lot of time looking at a lot of property. But, what about you out of state investors? And you international investors? How many times do you have the freedom to rush in and check out something you're buying?;)
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