September 23, 2013 in Makeover Monday, Videos
I have something new for you coming up on my blog called “Makeover Monday; Baby Steps to Success for Creating the Business and the Lifestyle You Love” where I will be giving you simple tips for making over your business in the next 12 months. Some of these will be videos and some will be written tips.
September 11, 2013 in Getting Started, Investing In Real Estate
This post is going to be short today, because this topic is really easy to cover. It’s sometimes hard to implement, but the solution to the problem is an easy one to figure out.
Here’s the million dollar question: “What can I do to finally move past fear and procrastination and get started”?
I have heard more excuses this week than I have heard in a long time from people that can’t seem to just get started in real estate investing. They have to wait until the stars are “perfectly aligned” to begin. You know; reasons like these:
I can probably list at least a dozen more of these reasons why folks say they just can’t seem to get started; reasons they just can’t take those first steps. But if you will take a close look at the list you will notice that none of these things are essential for getting started in real estate investing. They are details that can be figured out along the way. The world won’t come crashing down because the color of your envelope is wrong. Not having a logo will have absolutely no impact on your business.
One thing I have learned in the past few years that has served me well is Read the rest of this entry →
August 18, 2013 in Cool Tools, Investing In Real Estate
Everyone loves technology that makes running our businesses easier, and I have two free tools to tell you about today. They are Google Voice and Google+ Hangouts.
Google Voice has so many features that make this free a winner. Even though you have a dedicated business line for your company, there are so many advantages to using Google Voice you will definitely want to check this out.
Here are just a few of the things you will learn about in this article:
If you are still sitting on the sidelines when it comes to using video in your business, this is a way to get started once again without any cost. One unique thing about Google+ Hangouts is that with this service you can do live stream meetings and record them at the same time. You can also use Google+ Hangouts to do other types of video recordings.
Here are just 4 ways you can use Google+ Hangouts in your business:
To read about the other ways to use Google+ Hangouts in your business and the many advantages of Google Voice Continue Reading Here……
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 this year to be your best year ever! And if you enjoyed this article, please share it.
December 26, 2012 in Getting Started
When you are just starting out, all of the steps involved in finding a property and putting it under contract can be overwhelming. So many of the things that experienced investors do practically on “autopilot”, are steps that have to be learned one at a time when you are brand new.
This series of posts that I am doing, will start at the beginning and go over those “first steps”.
November 24, 2012 in Investing In Real Estate
We are all guilty of this at times; looking for a short cut or the “easy button”. And in most caes, it doesn't take us very long to figure out that there really are no shortcuts.
If we are to be successful not only in real estate but in just about any venture we take on, there is going to be some hard work involved. Success doesn't happen overnight. There will also be times that we inevitabily want to throw in the towel. It's times like this that we need two things:
If you are one of those folks that is having a little trouble getting started or maybe just getting a little momentum going, then this post is for you.
I have some tips for you on:
-The basics needed for buying your first property
-Building your team
-Tools and resources you will need
August 12, 2011 in Exit Strategies, Getting Started, Investing In Real Estate
A lot of beginning real estate investors have a hard time grasping the concept that you need to know the day you buy a property what you plan to do with it; or your exit strategy as it is commonly called. Experienced real estate investors also typically have a backup exit strategy or a “Plan B”. Having more than one exit strategy gives you options if things don’t work out as planned. As the saying goes, “You make your money the day you buy the property”. In most cases it will be very difficult for any investor to make money on any property if he pays too much for it initially. So knowing what you plan to do with the property right from the beginning is extremely important.
Let’s face it. Things don’t always work out as planned. For instance, if you purchase a property with the intention of rehabbing it and then selling it to a retail buyer, what happens if you can’t find a buyer? You may have to rent the house until the market improves, so it’s important to know whether or not this property would cash flow if you find yourself in that situation. Another thing to consider is the effect it will have on your
financing if you have to hold the property long term. If you have used some type of short term construction financing for the purchase and rehab of the property, will you be able to refinance later if you can’t find a buyer?
Over the past couple of years this has become a big part of the “buying criteria” for rehabbers in my area. They have passed on some properties that would have been good deals to flip. But if they weren’t able to find a buyer, they were going to be too expensive to cash flow as rentals. Taking the exit strategy one step further; it makes a difference in your renovation whether you plan to sell the house to a landlord or to a retail buyer (a home owner). Typically a real estate investor wouldn’t put in granite counter tops and expensive upgraded cabinets in a rental home. In a bad market you may make different choices than you would in a good market. But if you buy the house at the right price, you will always have options available should one exit strategy not work out the way you planned.
Yes! The amount of money you will need will depend on your exit strategy. Some are short term strategies, and others are long term strategies.
Whatever exit strategy you ultimately choose isn’t nearly as important as knowing what that strategy is the day you make your offer on the property.
