Northridge Note Buyer

A Special Note from Bob Leonetti:

Has it really been only two weeks since we were in Nashville teaching real estate investing at our Path 2 Profits workshop?  WOW! Time flies!

And that is what this post is about – Time Flying away!  LOL!  Okay, so maybe it only seems that way!  Then again, each of us has the same number of minutes in a day, yet it seems that some people  get so much more accomplished than others!

Want to learn how to join that group?  Read the Four Hour Work Week by Timothy Ferriss (www.fourhourworkweek.com), a book all about outsourcing.  And… take advantage of the opportunities available to you through all of the technology breakthroughs that we’ve experienced!

For instance, have you ever thought about buying a property – sight unseen??

Not only is it possible, but in the days of limited time and rising gas prices, I actually practice and recommend it in my real estate investor training!  You can’t steal in slow motion, so learn these steps to quickly bypass your competition!

We went over this in Path 2 Profits, and while I was writing a review for the attendees, I thought, “why not send it to all of our students so that everyone can benefit?!”  That said:

LEARNING HOW TO BUY A PROPERTY… SIGHT UNSEEN
(with specifics contributed by coaches Lorena Gerlach and Scott Carson)

There are 10 simple steps in the process – today, we’ll cover the first four.

Please note: You should be doing all of your research either on the phone or on the computer!  This makes it a LOT simpler for you to do, especially if you have limited time available to you!!

Step #1:  Identify your market
Start with a plan and stick to it!  Figure out WHERE you want to invest and find out the values in that marketplace.  HOW?  Call real estate agents and ask them what houses are selling for in the neighborhood.

Step #2:  Go  to www.Realtor.com to identify and research property values.
You main goal here is to identify median property values in the area.  Your secondary goal is to come up with a target price range for your properties.  In other words, choose a price range   that is BELOW the median because houses there will appreciate faster than those above it.  Once you’ve determined the median value in a particular area, your job is to get Good Deals on house in that area:  BELOW MEDIAN and pay no more than 70% of ARV.

Step #3:  Go to www.Craigslist.com and search for listings in your target market.
Remember that you’re looking for properties that fall within your target market.  BTW, www.Postlets.com will show newly created postings that you can look at, but it’s easier to search for homes on Craigslist by using a keyword (word used to narrow your search).  Try Investor, wholesaler, deal, motivated seller, etc.

Step #4:  Go to www.Realtor.com or to www.ActiveRain.com to find a local real estate agent to help pull comps on the property.

As a mentor of mine used to say, “Until you know value, you know nothing!!”

In the meantime, you should VISIT the sites I mentioned above and START USING THEM, too!!

I’ll catch up with you in the next installment; until then, may you be safe, happy, and prosperous!

Sincerely,

Bob