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Condo-Hotels – A New Second-Home Alternative To Time Shares
Condo-hotels have evolved as a better, more reliable second home alternative to time-shares. They are usually attractive, high-rise hotels on the ocean or in other prime locations, and range in price from the mid $200,000s to over 1 million,...
Interest Rate Increases And You!
After 12 rate increases by the Fed, it does appear that the real reason behind the Fed action is to apply the brakes on inflation. The Fed seems confident that economic growth is on track but wary that costlier energy could "fuel" dangerous...
Is Bay Area Real Estate Risky Business?
Bay Area real estate is an ever-increasingly popular investment for prospective property or home owners in California. The location is prime, and the price is always right. Whether it is due to the area's oil-rich location near the shore, the...
Real Estate Investor Question: Rehab And Sell, Or Rehab And Keep?
Here's another awesome question I received from my discussion board. The question; Why bother keeping property after it's rehabbed? Why not sell it after the rehab and GET PAID!
Of course, the first questions that you must answer is how emergent...
Sprucing Up Your Yard And Garden To Sell
If you are thinking of selling your home, the best way to raise the value of your property is to fix the place up! Whether it be new landscaping, a new front door, remodeling the kitchen or bathroom, or building a fence, every dollar that you put...
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Real Estate Investing -- Starting Right Is The Key To Profits
You've heard of the potential payoff from real estate investing. The good news is, it's true! The bad news is, it won't happen for most people. Why? They have unrealistic expectations. Real estate investing isn't a "get rich quick" endeavor, although it sometimes happens. No real business is. So, prepare to make a serious time commitment. Would you expect to become extremely wealthy at anything in just a few months? Know that you'll have to keep learning, keep getting contracts, and keep putting time into it.
Still in? Great, you're a realist! Your first step is to choose an area to focus on. Do you want to purchase run-down properties and repair them to sell for profit (rehabilitate, or rehab them)? Do you want to buy properties and turn them quickly (flipping)? Maybe you want to buy properties, then lease them to potential buyers with an option for them to purchase them later, while you accumulate equity. There are pros and cons to each of these, depending on your financial position, your location, your available time, and other considerations. We'll be going over them all in future issues of the newsletter. You'll find the possibilities exciting.
Once you know what you're looking at draft your plan IN WRITING. People who do this get three times as much done in the same amount of time. Set long-term goals for 3, 5 and 10 years out for what you want your cash, equity, and cash flow to be. Then, you can work backwards from there to set 1-year, 6-month, and 3-month goals. Without this, you'll be driving without a map, taking or skipping deals without regard to how they fit into your big picture. Leaves lots of room for "Wish I'da's...." Don't do it! You can always adjust your plan as you go along.
Keep your day job for as long as possible. If and when it seems time to go, before you do, get some of those low- to no-interest credit cards that are out there. It could really ease some cash flow worries to be able to tap on a $10,000 line if you're doing a fixer-upper and run into an unforeseen problem with no additional bank draw in sight.
Get an attorney who knows and understands the creative options of real estate. Some banks just don't understand simultaneous closings, for
example; you'll want your lawyer to know how to smooth things so that there aren't any snags that cost you time and money. Some even have their own title companies. A good place to ask for a referral is to ask a mid- to large-sized developer. This is one place not to haggle about price; he or she will be worth their weight in gold when they can get your deals done and you know that you can sleep at night because it's been done quickly and right.
As soon as you decide to get into real estate investing, begin building your list of buyers. We'll be covering more on this later; but, when you meet them, learn as much as you can about the kinds of deals they do, how long it takes them to conclude a deal, and so on. Most people love to talk about how they became successful, if you ask respectfully and don't waste their time.
Warning, warning! Think very long and hard before taking on a partner. If you do, it should be somebody who brings something to the party that you don't have, and it should be for one deal only until you see how things go.
Which brings us to how to set up your company. You should set up a separate corporate entity for each deal. An LLC is cheap and easy to set up. Land trusts are even better, because your name isn't personally in the public records, inviting some chump to sue you. The idea is to keep your personal assets off the table if something goes wrong. Talk with your attorney about it; he has forms that can have you done in a few minutes.
Finally, if you've made your plan, you have to work it to get anywhere. If you're not out there making any offers, you're never going to close any deals. No deals closed, no profits. If you're not making any profits, you're not in business, you're dreaming. Set a number of deals you're going to bid on per week and per month, and then get out there. Make it happen!
About the Author: Lynn Stonebraker has been profiting from real estate since 1987. Get free weekly training in her newsletter, available at http//www.RealEstateInvestingInformation.com.
Source: www.isnare.com
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