I have been buying property in a land trust since I first got started as an investor. I was lucky to have seasoned real estate investors in my REIA that taught this principle. Not every investor is that lucky when they start out, so I want to go over how easy buying property in a land trust really is. I also have a blank land trust that you can use for your own properties.
Why Buy in a Land Trust?
Land trusts hide your ownership of real estate, and they make it harder for people to find you. This is especially beneficial for landlords as you will see below. Read the rest of this entry →
I remember the time when I was first starting out, and I didn’t know how to talk to a seller without sounding like a complete newbie. It was always my biggest fear that they would realize that I had no clue what I was doing. In my mind, I may as well have had a sign around my neck saying, “I haven’t done a single deal”.
In reality, with just a little help you can sound like a confident pro on the phone.
Using a “Cheat Sheet” or Property Information Form
So how do you get on the phone with a seller when you are brand spanking new and sound like an intelligent, experienced investor? You do that with the help of a Property Information Form.
You still have to sit up straight, put a smile on your face and sound confident, but with this form you can get the conversation off to a good start. And that’s what you need to have at the top of your mind. This should be an easygoing conversation with a few prompts to help you move it along.
Remember that every good conversation starts with good listening
I have made a short video to show you how to get your “confidence on” and sound like a pro.
Would You Like Your Own Property Information Form?
Are you currently using a form when you talk with motivated sellers? Let me know what works for you.
If you haven’t already subscribed to the “Inner Circle”, be sure to do that today so you don’t miss any of the business building tips I have coming your way. I want this year to be your best year ever! And if you enjoyed this article, please share it.
Brand new real estate investors are always worried about filling out the Sales and Purchase Contract even before they find their first investment property. And I will admit, it seems like a big deal until you have done it a few times.
But the truth of the matter is that folks tend to make it harder than it really is. It's actually a pretty simple and straightforward process. I have made a short video so that you can see first hand just how easy it is. If you plan to “assign the contract”, I have gone over that too.
What Needs to Be Included In a Sales and Purchase Contract?
A basic sales and purchase contract will say that you are buying the property “for this amount of money”. Be sure the dollar amount is correct. Here are some other things that should be included:
That clear title will be guaranteed
If the property is being purchased “as is” it needs to state that
Who will be cleaning out the house (if applicable)
Permission to put a lock box on the house if it is vacant
When the utilities will be switched into the new buyer's name
Any special concessions you are paying for such as closing costs
You need to spell out everything in detail; there should never be any assumptions by either party. I usually re-name my master contract as the name of the property and save it in a file I created called “Offers Submitted” on my computer.
I'm pretty sure that the first thing that comes to mind for any real estate investor when you think about using video in your real estate business, is using it to sell one of your houses. There's no doubt that's a great use of video.
It really doesn't matter whether you have a junker property that you are trying to wholesale, or a house that you have just completely renovated that you will sell to a retail buyer. Nothing tells the story like video.
But those types of videos are just the tip of the iceberg when it comes to all the ways to effectively use video in your real estate business.
Here are some things you will learn in this article:
How video helps build your authority and expert status in your niche
Why it's a great tool for teaching others how to do things. In fact, “how to videos” are one of the biggest types of video searches on YouTube.
Why video helps landlords rent their properties quicker
How landlords can effectively use video
What to use to create screen cast videos
I also have some tips for you for creating those videos.
If you haven’t already subscribed, be sure to do that today so you don’t miss any of the business building tips I have coming your way. I want 2013 to be your best year ever! And if you enjoyed this article, please share it.
I am a big fan of using the standardized forms in your business. It not only makes your job easier, but it ensures that you get all of the information you need each and every time you inspect a house. It is so easy to get “caught up” talking to the seller, that you forget to note something important.
For instance, one of the things on my form is the number of windows in the house. I cannot tell you how many times I forgot to note this prior to putting this on my form. If you are a wholesaler, you will need to know the exact number of windows that need to be replaced to figure the cost. This number can get to be pretty big if you have a lot of windows.
It can also be pretty easy to walk past the panel box. Sometimes they are on the exterior of the property and other times they are on the interior. Having to put in another panel box and update the electrical in a house is another costly repair you don’t want to overlook.
What doesn’t need to be on this form?
Your Property Inspection Form is for the major repairs. You don’t need to note every receptacle cover and light fixture that needs to be replaced. I put these types of things in my fudge fund. A “fudge fund” is an amount that you include in your repair estimates for these minor things as well as for those “unexpected” expenses that inevitably crop up.