Northridge Note Buyer

Finding Foreclosures…It’s Easy

Doc Schmyz — Sun, 29 Aug 2010 15:52:02 +0000

In a down real estate market, finding foreclosed homes is easy. To make your search easier, here is the list of the places where you can find foreclosures.

Auctions

Auction companies hold a inventory of properties, sometimes selling as much as 100 homes or more in just 1 day. Since the bidding is relatively quick and houses can be sold in a matter of seconds, prices of real estate can go over the board but you can find really good properties in their inventory.

Some Large Bank Websites

Most major banks maintain a list of foreclosed properties that they now own. Visit bank web sites and check out the foreclosed properties listing. More often then not this is a great method to find good solid investment property…just be warned…banks take FOREVER to move on a sale if your offering below what they feels is “Fair market value”.

Online foreclosure companies

There are a few companies online that specialize in selling foreclosed homes. A small,one-time membership fee is charged to anyone who wishes to access the list of foreclosed properties. Once you join you will normally have access to a list of property from across the nation. This is very helpful if you have a part of the country you prefer to invest in.

Good Real Estate agents (Buyers Agents)

These agents are either maintaining personal web sites or deal directly with real estate companies that sell foreclosed properties. You can search them online. Major cities have real estate offices where you can inquire into possibility of acquiring foreclosures. Be sure to ask if the agent is a “buyers agent.”

Real Estate Signs

You don’t need to look anywhere else because you can find foreclosure signs around your neighborhood. Homes with signs like foreclosure, bank repo, and bank-owned are for you to consider. These signs contain address and contact information of the agents you can visit or call. The best thing about considering homes with real estate signs is that you can actually check the condition of the house on-site. And with one phone call, you can arrange with the agent the date when you want to see the interior of the house.

Government Agencies

VA forclosed homes, Fannie Mae foreclosure homes, Housing Urban Development, Small Business Association, Department of the Treasury and other government agencies have a list of real estate properties for sale. Usually, when buying a house from these agencies, you are required to acquire the services of a real estate broker or personally submit an offer. Go to any of the government agencies web sites for more information.

Doc Schmyz has invested all over the US. He built a free free website shares Real estate investing information for all over the US. Find real estate information by state

Starting Out As A RE Investor

Doc Schmyz — Wed, 28 Jul 2010 17:20:30 +0000

One of the best ways to get started with building your own personal wealth-building system is by investing in real estate. Becoming a real estate investor is a daunting task, but one that will, if operated efficiently, pay dividends forever.

How do you start? Well lets take a look at a few time tested methods.

Everywhere you turn these days someone is a member of a Real Estate group. Find where they meet and be willing to ask the most basic of questions.

RE investors, are for the most part, a great group of people, from all walks of life? The one thing we all share is our passion for what we do. We discuss tactics and ideas about what to invest in as well as where. We share tips on things that have worked…and warnings about things that dont.

Before you spend a dime. Make sure you map out what you want to invest in and what youre going to do with it. BE SPECIFIC. What type of property? Are you going to hold it for appreciation or are you going to turn it over?

At first you need to decide on what type of property to start with. If your goal is to find distressed houses then focus on those. If you want to deal with the condo market…then thats where you look. Keep in mind when you focus on one area you will become more understanding of what those types of property can be sold for, not to mention how much it cost to get them sale ready.

Begin to get together a group of contractors and sub-contractors who you can trust to work within your new system and according to your business plans and your budget.

If you will be working with “fixer-upper” houses, line up a plumber and an electrician, as well as heating and air-conditioning experts. Better yet, find a reliable “handyman” who is capable of doing many of the jobs needed in fixing up houses.

Working with an investors real estate agent in a dream….but they are a nightmare to find. Interview your agent. Tell them exactly what you want to do. Tell them…I want to invest in real estate…I want to buy x amount of properties a year”. This means you need to have an agent thats willing to do far more for you then just show you a house or two. A good agent will write offers…LOTS of offers, and show you the selling history for a given area.

Time is always a key factor in real estate investing, so always look to ways to “turn” a property in the least amount of time. A property that remains unsold or not rented is eating up profits every day it in your possession. Learn to cut the losses on properties that fail to meet their profit potential.

Understand your going to make mistakes. We all do. The goal is to see them before they eat in to your profit.

Be resourceful and pay attention to your bottom line. Build a good team and you will have a nice profit at the end of every investment.

Doc Schmyz has invested all over the US and Canada. His free website shares Real estate investing information for all over the US. Find real estate information by state

Real Estate Investing – What’s Working & What We’re Doing Right Now

Roland — Wed, 07 Jul 2010 13:38:26 +0000

Summer is fully in swing now and we are actively and aggressively taking advantage of all of the opportunities to invest that are out there in the market right now.

Buying Foreclosed Properties At Auction

Many of you who have listened to us speak recently are aware that we have been working in Las Vegas with a group to purchase bank owned properties at foreclosure auctions.

The market in Las Vegas is active and filled with eager buyers for properties in the $250,000 and under range and there are typically over 100 properties per day (yes per day) on the auction block.

We connected with a group of real estate agents there who represent several large financial institutions and they are doing the analysis and purchasing at auction for us. We ran them through a pretty extensive screening and due diligence process to determine their track record with their own investments in this market and found that they personally had over $1 million invested and had average returns per property of about 20% with an average turn time of about 90 days.

That means 20% on your money turned 4 times per year (every 90 days) for a total return on average of about 80%. Now that got out attention!

What We’ve Done So Far

So, after doing that due diligence and research, we went to Las Vegas and met the guys, visited their offices, looked at properties they had purchased and went to the auction to check it out. It all checked out as a real business, so we made the decision to invest.

On May 13th, 2010, I headed to the bank and got $1,250,000.00 in cashier’s checks and hopped on a plane to Vegas. The next day, I went to the auction and we bought our first property. Since then, we’ve purchased about 12 total properties and have fully invested our $1,250,000.00. Now, on July 7th, we have 1 of those properties in escrow and about 6 more under contract in the process of heading into escrow.

Our returns on these properties is running from about 15% on the low side to almost 50% on the high side. We’re projecting an average return of somewhere between 15% – 20% to be realistic. We do believe that we should be able to liquidate all of these properties by August 15th, so that would put us within our 90 day turn target.

Extrapolating all this out, it looks like we really will be averaging 15% – 20% per transaction and turning our money about 4 times per year, for a total net return on investment of between 60% and 80% annually.

Using Private Money For Real Estate Investing To Leverage Our Position

As soon as we complete our initial “proof cycle” we’ll be going out to raise about a total of $25 Million. We already have commitments for a second round of investments of about $3 million for the Las Vegas adventure. We’re not accepting any new funds right now, because we do want to get through the first turn so we have all real numbers from a live investment to share with our private lenders.

We’ll be offering them the ability to invest through limited liability companies that average around $1.2 million to $2.4 million, with whoever invests at that particular time being able to participate with 2 – 6 other investors to spread risk over 10 – 20 different properties at a time.

While our initial investments have been in Northern California and Nevada, we will also be extending our activities into Phoenix, Arizona soon.

Can You Do This?

Yes, of course you can! That’s why we’re sharing it with you here now. You can find serious players in your area who are successfully working the auction markets. Just go to the local real estate auction for several auctions in a short period, say one month. Note who the active and consistent buyers are and just strike up a conversation with them. Let them know that you have funding and are looking for someone to take care of the actual buying, fixing up and turning of the properties.

Once you have made your connection, check them out by asking for a history of their investment activity and performance. Once you are satisfied that everything is in order, go through a “test” transaction with them for a smaller amount, then after it proves up, gradually invest more.

We’ll keep you posted on how we’re doing with this project as it continues to evolve.

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Is Self Storage Investing Worth It?

Roland — Fri, 02 Jul 2010 13:48:28 +0000

At the last commercial real estate investing workshop we held in Dallas, Texas, one of our students who attended the very first Commercial workshop came up to the front of the room to share some of his experiences with the group. First and foremost, we want to thank him, his name is Stephen Eaton, for doing that. Stephen was a huge hit with the crowd and after they heard what he was doing with mobile home parks and self-storage unit investing, Stephen couldn’t move in the room without a huddle of interested investors following him around!

So, you may have heard that there’s a small group of real estate investors making a killing by accommodating the American public’s propensity to store junk. Stephen was able to put together several deals where he had no money of his own tied up in the deal and capitalize on this American propensity to collect and store. In this post, we’ll explore what he did and whether this is right for you.

Exposing the Myths

Perception is not always reality and this couldn’t be truer than with self storage. I believe there are false perceptions among the real estate community that keeps investors from diving into the self storage business. Test yourself and see how many of these were embedded in your mind about self storage.

Myth #1: There is a self storage facility on every corner. I can’t make money with all of that competition.

It’s true, self storage is a business that has grown from out-of-sight garages in industrial areas to modern multi-use facilities. A billion dollar industry has sprung up in the past twenty years all geared toward development and building. There are more than 45,000 facilities nationwide which equates to over 6 square feet of storage for every U.S. citizen. However, there are investors making phenomenal returns even in overbuilt markets. The key is in purchasing an existing facility at the right price based on actual income and increase the cash flow by operating the business effectively and efficiently.

Stephen however was able to purchase a property that needed some repair, where rents could be raised almost immediately and repairs were mostly cosmetic. Despite the competition in the busy Dallas/Fort Worth metroplex, he was able to purchase and profit from a self-storage facility in a very short amount of time.

Myth #2: I either need to build a new facility or buy a newer one to make money.

Most people think that self storage buildings must be cheap to build since they are just metal buildings with doors. Yes, they are cheaper to build than most other commercial buildings, but there is much more to developing and building than meets the eye. In most cases, it’s a laborious process that takes months, if not years, to complete. Then all you have is an empty facility with a large debt service. It may take several years to break even and this is definitely not a fast track to success.

The smart investors are buying existing, older facilities that are poorly operated and need minor repairs. These properties are not on the radar screen of the big companies and can be picked up at great prices. With these facilities, you often start with a positive cash flow and once the repairs have been made and you operate it professionally, the money really starts rolling in. That’s just what Stephen did. He purchased an older facility that really wasn’t that attractive physically. It was not new and it was not modern, but it had potential just because of that. Stephen has been upgrading the property and installing more modern conveniences that enable him to earn an even faster return on his efforts with the property.

Myth #3: It takes a lot of money to get in the self storage business and financing is difficult to obtain.

In many cases, you can purchase a 30,000 square feet, 20 year old facility for less than a single-family home in California. Sure, it is going to be more expensive than most rental houses, but financing is extremely easy to obtain. There are an abundance of lenders nationwide who are fighting for self storage loans and will even finance up to 90 percent of the purchase price. Self storage has some of the best loan programs available in the commercial market with great interest rates and terms. It is due to fact that this asset class has the lowest default rate among all commercial real estate types.

Stephen actually was able to purchase a property with none of his own money down by using the funds he obtained from a private money lender. You can do exactly the same thing.

So, what are the benefits of this type of investment and is it right for you?

Now that we’ve dealt with the most common myths that keep investors from looking at self storage, let’s concentrate on the benefits of this business. Once you grasp these strategies, you will begin to understand why few, if any speakers have ever showed up at your real estate club exposing this great investment.

Benefit #1: Scale – The powers of numbers…An average size self storage facility has 300 units and let’s say that a 10 x 10 unit rents for $60 per month. I typically increase the monthly rental price by five percent each year at my facilities. So, the $60 unit would increase by $3 to $63 per month. $3 times 300 units will increase the cash flow by $900 per month or $10,800 per year. If there were no increases in expenses, the value of the facility just went up over $100,000 due to a $3 per month rental increase. How many jobs out there allow you to increase your income over $10K and add $100K to your retirement every year? What if you could do this every 8 months instead of annually?

Benefit #2: Fees - Better late than never…Late fees are unbelievable in the self storage business. It’s not uncommon for many tenants at my facilities to pay an additional $20 in late fees each month on a $35 per month 5 x 10 rental unit. I have one facility that averages 8 percent of the gross income each month in late fees. This particular property averaged $1,165 per month in 2006 in late fees. Talk about free money and cash flow, it added up to almost $14,000 last year. Not only was it found money (the previous owner didn’t charge late fees), it also increased the value of the property by over $140K.

Benefit #3 : Admin Charges – Give them something for FREE and still make money…One of the easiest profit centers to set up in this business, as long as it is done correctly, is the administration fee. I charge every new customer a $15 administration fee, but give them a new, sturdy cylinder lock as a gift. This lock would most likely cost them about $15 if purchased at a local store, but my cost is only $3 since I buy them in bulk. I have very few customers complain about the fee because they feel like they received something of equal value in return. Bottom-line is I make an additional $12 every time someone moves into a unit. At one facility, we get 15 new customers each month which equates to an additional $180 per month in income from administration fees. This adds another $2,160 per year in income and over $20K to the value of the facility.

Benefit #4: MULTIPLE Profit Centers – These are only three of more than 30 profit centers that I can generate from a self storage facility. Some of the others include record storage, ebay consignment, mailbox rental, moving supplies, outside RV/boat parking, packing and shipping services, notary services, fax services, copy services and the list is as long as your imagination.

Self storage can truly set you free financially and it’s one area where you don’t have to trip over other real estate investors looking for deals. It obviously worked for Stephen, and it is an area that we are planning on getting much more involved in at the beginning of 2011.

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3 Killer Tips To Sell Your Real Estate Investment Properties Faster

Roland — Thu, 01 Jul 2010 14:09:33 +0000

Okay there are 3 tips and they are all in the same area, staging. The purpose of staging is to make your house as appealing as possible to the buyer.

First, The Not So Secret Tips

You want your property that you are trying to sell to look big, open, spacious and welcoming, so the first step is to empty the house out as much as possible, leaving just a few key pieces of furniture to help set the mood. Make sure all necessary repairs are done.

Clean the carpets, walls and especially the front lawn and your doorway, as that’s your buyer’s first impression.

Make sure the front door is clean or freshly painted.

The 3 Staging Secrets

Secret #1 – Scent

Most people don’t realize how important scent is. Out of the five senses, scent actually has the strongest direct link to our emotions. Since most buyers in your area are going to buy based on emotions, it’s vital that you make sure your house smells great. Scented Air Fresheners or Candles will work wonders. Pet odors are a major turn off and will require extreme cleaning.

Secret #2 – Lighting

Most people underestimate how important lighting is when it comes to staging. Open all the curtains and turn on all the lights. If it’s still too dim, get some extra lamps to help with lighting. A brightly lit home seems cheery and inviting, while a dark home seems gloomy and depressing.

Secret #3 – Collect Contract Info and Follow up

Collecting the contact information of your potential buyers or their agent’s contact info, allows you to drastically increase the chances of them returning or making an offer. Less experienced real estate investors are less likely to want to make “warm calls” (cold calls from leads,) so be sure you’re either willing to do that yourself, you hire it out to someone who will do it, you have a partner who will take care of this for you or your are working with an agent who’s willing to do this. Very often Buyers will be considering more than one property and can be convinced to take a second look.

If you follow all the common sense tactics of home staging, then on top of that make sure you home has a great scent that accentuates the house, is properly lit and you follow up with your prospects, you’ll be far ahead of the curve when it comes to selling your home.

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Getting The Most From Your Investment Property

Roland — Wed, 30 Jun 2010 14:18:31 +0000

Maximizing the income potential of your investment property can be quite the task, but necessary if you want to be competitive in a surging market. The demand for quality rental homes, condos and properties is at an all time high and Destin is no exception to this trend.

The real estate market is one of the strongest in the world as millions of people flock to the USA on a yearly basis for vacations and relaxation. This has caused a boom in the tourism industry and the creation of jobs, services and an abundance of housing.

The first thing you should decide is what kind of rental property is your investment going to be. Is it going to be a long term rental or , are you going to market to the vacation rentals market? Both have their definite advantages.

The advantage of long term rentals is the fact that there are dependable (hopefully) tenants. Tenants that are paying monthly and that is a major attraction if you want to have that property paid off quickly and with a minimum amount of concern. The vacation rentals market can be a little more worry some, but the weekly rental rates can compare easily to a monthly rental price.

Once you have chosen which vein of rentals you are going to market to, you should consider any renovations that need to be done to appeal to your chosen market. Long term renters will be looking for things like proximity to work, schools, shopping and the like.

Location is extremely important for renters. Vacation renters are looking for a different type of convenience, mainly that the rental is within driving distance of major attractions, beaches and restaurants.

If you have chosen to go with the vacation rentals market there are a few things that you should do to ensure that your home stays rented for as much of the year as possible. One thing that is extremely important it the actual marketing of your home to consumers.

There is no better way to do this than with an excellent website. Also, be sure to keep the home in pristine condition. You home must look appealing to prospective renters from across the country and the world. Likely the only look they will have at the home before they arrive is online. Make sure that your home looks they way it does online when they arrive. Maybe they will recommend your home to others!

Renting homes in either market is a tried and tested way of making some great money. Not only do the homes pay for themselves, but you are accruing equity the whole time, and that will only allow you to increase your net worth and maybe pick up another home or two to expand your real estate portfolio.

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Property Management Is Not For Everyone – Income Properties Carry Benefits and Burdens

Roland — Mon, 28 Jun 2010 14:19:59 +0000

Ask anyone who has ever owned rental property and they’ll tell you… It was great except for the tenants! Tenants and managing an income property can be one of the toughest challenges you ever face in your real estate investing exploits

Property managers say they have a hard job to do everyday. They say that they have to deal with angry customers all day or do rough manual labor. Even some people say their job is hard because their manager above them asks them to do work they are not paid for. Let us look at the facts. Everyone that has a job will always find something difficult about it and want to tell others how hard it truly is. No one is going to say that their job is not as important because they do not work hard for what they do for a living.

In America, there are a variety of jobs out there for the average person. There is retail, construction, customer service, etc. and they all have different expectations and pay for a good honest day of work. Most of these people when they are off work get the opportunity to go out and enjoy life it they are not too tired to do so. Most people can get in there cars and drive home, put their feet up and not have to worry about their jobs until they come in the next day for work. There are people out there trying to make an honest living that do not get to do some of the simple things listed above. People involved in some types of rental property management have one of the types of jobs that you do not always get to go out and do what you want.

In rental property management, especially the mangers that deal with self storage, their days and nights revolve around their property. These managers most of the time live on site and have to deal with some late night calls from tenants, the police showing up due to a security breach or something just as annoying as the security gate not working. In rental property management, you have to deal with it all for the most part.

After your hard day on the property, answering phones, maintenance, etc, sometimes they would like to go out and unwind. Unfortunately, with most properties, they are the only manager that can deal with issues that might arise. So that evening out does not happen. Now that is one extreme of some people in rental property management. Some properties have relief managers in place so the actual property manager can go out and enjoy a quiet evening not having to worry about their facility.

Most people could not imagine not being able to go out and do what they desire after work. Some people in rental property management cannot because they want to ensure that their clients know someone will always be available when they need assistance.

That is most of the time a great selling point for managers to tell their prospective customers. Think about it. Would you want to live somewhere or rent a storage unit from a facility that had someone readily available if you were having troubles with your unit?

It is believed that most people would. That is why most people involved in rental property management do what they have to do to get more business. This type of career is not for everyone. It does take some getting use to.

So next time you are complaining that your job is hard and so forth, at least be grateful that you can take off early or after work to go enjoy yourself. When most people leave their jobs for the day, their job is an afterthought. With some on site managers, they sometimes wonder how many calls they will have to take tonight to take care of facility or customer issues.

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Jump Start Your Real Estate Investing Career

Stephen Parrish — Wed, 23 Jun 2010 14:27:16 +0000

Whether you are new to real estate, or have reached a “plateau”, the following will help “jump-start” your real estate investing career.

Surround Yourself With Like-Minded People

“Creative” real estate is non-traditional, which means that most people don’t do it this way. Thus, most people you speak with will tell you it won’t work. If you tell them you heard it in a seminar or a course you bought from a late-night television “guru,” they will laugh and call you “gullible.” Attorneys and other professionals will denounce it, because it sounds unusual. Keep in mind that these people are either threatened by their own lack of success or are looking to protect their own butts.

The first thing you should do its join a local real estate association. These associations will help you keep your thoughts in the right place and prove to your subconscious that it really does work, despite the opinions of the 20/20’s, Datelines, 60 Minutes and other self-proclaimed “consumer watchdogs.” If you cannot find a group, form a “mastermind” group that meets for breakfast once a week. If you don’t know what a mastermind group is, you should read Think and Grow Rich by Napoleon Hill. If you already read it, read it again, again and again.

Have a Team

Don’t wait until you have a deal brewing to find the players. You need to find the following players on your team:

* Attorney – preferably one that does real estate deals for himself as well as others

* Title or Escrow Co – stay away from the big name companies; find one that caters to investors. Make sure they understand double closings, land contracts etc.

* Insurance Agent – find one that understands land contracts, landlords, etc.

* CPA – find one that is aggressive and owns real estate

* Contractor – one that will give you free estimates and knows how to “cut corners” in the right places

* Mortgage Broker – one that is savvy, creative and experienced with investors

* Partner – in case you need it for money or experience

* Mentor – someone you can call to smooth out the rough spots

Don’t Talk to Unmotivated Sellers

This is the biggest mistake I see beginning investors make. They waste time talking to sellers who are marginally motivated. Even worse, they drive by the house and look for comps without even talking to the seller first! Never visit a house before speaking with the seller over the phone. I love Ray Como’s Mastermind Script Book. It has hundreds of questions designed to extract the seller’s motivation over the phone. Heck, the course will save you enough gas money to pay for itself!

Be Persistent

Anyone who has ever been in sales will tell you that few deals are ever made on the first try. In fact, most deals are made after contacting a prospect for the fourth or fifth time.

Let me give you an example. I contacted a person in May 1998 who had a junker house he was thinking of selling. I met with him once and made him an offer. He didn’t like it. Did I stop there? No way! I called him twice a month for the last year. I mailed him two more offers he rejected. We finally came to an accord and closed this month.

Have a follow up system like a salesman. I use Symantec ACT! 4.0. I allows me to schedule follow ups and keep a running history of calls and conversations.

Keep Educated

Want to find out more about Property Investor, First Time Home Buyers

Ten Myths Preventing People From Succeeding In Real Estate Investing

Stephen Parrish — Tue, 22 Jun 2010 16:48:25 +0000

The following are the top 10 reasons people use for not succeeding in real estate investing. If I offend anyone with this list, it probably means I’m right on track!

Reason #1: No Cash

The Myth: “You need money to make money.”

The Truth: Find a good real estate deal, and the money will find you. Ask any seasoned investor and they will tell you that lack of funds is never an issue; lack of good deals is! If you can negotiate a good price on a house, you will find plenty of partners willing to put up the money.

Reason #2: No Time

The Myth: “I’ve got a job, a spouse, kids and little time on my hands.”

The Truth: Throw out your television and you’ll have all the time you need. People spend an average 3 hours per day in front of the tube. They spend even more time on weekends. Want to do something fun this Saturday? Load the kids in the mini van and go driving around looking for ugly houses. Make a game out of it giving a dollar to each of your kids that spots an ugly house. Tell them that each ugly house your buy means enough money to take them all to Disney World.

Reason #3: Everyone Says This Stuff Doesn’t Work

The Myth: “That late night TV stuff doesn’t work.”

The Truth: You can convince yourself that anything won’t work. Henry Ford once said, “Whether you think you can or think you can’t, you are right.”

Every real estate transaction has risks; some risks are realistic, while others are remote. If you listen to the critics, the naysayers and other pessimists, you’ll convince yourself it doesn’t work. Most people that criticize money-making ideas need to do so for their own ego. After all, if it were true, what’s their excuse for not being successful? Make it a point of not taking financial advice from anyone who makes less than you do.

Reason #4: A Lot Of People Do This Now

The Myth: “There’s too many people buying houses to find a deal.”

The Truth: There are more than enough deals to make everyone rich. At any given time there are hundreds of properties for sale in your market for each investor looking for them. In addition, a majority of people who say they are investors are just sitting on the sidelines waiting for someone to fall in their lap. Don’t be one of them – go out and make deals happen.

Reason #5: It Doesn’t Work in My Market

The Myth: “It doesn’t work in my market.”

The Truth: It works in EVERY market. True, it may work differently in some markets than in others, but there are investors making money in every city, every day of the week. You have to learn your market – the rents, the trends, the local customs, the bankers, the title companies, etc. Then, learn the techniques and adapt them for your market. If you are in a hot market, you can sell properties faster and ride inflation. If you are in a down market, you can find lots of bargains. And, in any market, there are people with financial problems that translate into bargain properties.

Reason #6: The Recession is Coming

The Myth: “Certainly, the September 11th tragedy, the huge number of layoffs and the decline of the stock market will kills the economy, so anything I buy will go down in value.”

The Truth: Sell cheaper or with attractive terms. When Dell wants to move computers, they drop the price. When GM wants to move cars they offer no interest financing. Be creative and go things they make your houses sell and rent faster. If the prices are falling, buy way below market and sell just below market. If rental vacancies go up, offer free satellite TV (heck, it’s $25/month). When everyone else is “doom and gloom”, it only clears out the competition.

Reason #7: Realtors Won’t Cooperate With Me

The Myth: “Real estate agents don’t want to cooperate with investors.”

The Truth: The right agent can be your best friend and #1 source of business. I have a one agent that brought me six deals in the past year. He knows exactly what I want and only calls me when there’s a deal. You need to educate a few agents and let them know exactly what you want. Few agents have repeat customers – you have to make them understand that you will be giving them business over and over again.

Reason #8: I Have Bad Credit

The Myth: “I need good credit to buy houses.”

The Truth: Good credit helps, but you don’t need it to make money in real estate. Lease/options, owner-financing, flipping properties and other creative techniques will allow you to buy real estate without credit. You can always use a partner who has good credit. You can also borrow “hard money” without having good credit. In the meantime, you can work on fixing your bad credit so you can use it as an asset in the future.

Reason #9: I Might Lose Money

The Myth: “Real estate is very risky.”

The Truth: Real estate is one of the safest investments you can buy. The stock market is beyond your control. Savings, CDs and money market funds won’t give your enough return to make money. You have to be willing to take a calculated risk to make money. The more you educate yourself, the less risky real estate becomes. However, don’t think you need to know EVERYTHING before taking action.

Reason #10: I Don’t Know What To Do

The Myth: “I need to learn more before I start.”

The Truth: You probably know more than enough to get started in real estate. It takes years to learn a lot. You never learn everything. Success is an ongoing learning process. Read some books, take some seminars and go take MASSIVE action. Then, learn some more and take a lot more action. If you are really impatient, enlist the help of others.

Henry Ford said, “Why should I clutter my mind with general information when I have men around me who can supply any knowledge I need?” Henry Ford was a smart man because he realized that he didn’t need to know it all if he could consult with others that did. Ronald Reagan’s cabinet was said to be the team of the brightest people in politics.

If you are looking for good priced property investments or help make sure to check us out at Real Estate Investment, First Time Home Buyer Unique version for reprint here: {title}.

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