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Real Estate Investing Mistake #2: Inspections and Repairs

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The only real solution for real estate investing mistakes is consistent action! You’ve got to stick with it and realize that part of learning process. You WILL make mistakes… and you will continue to make them for as long as you choose to invest.

The key is to learn from each and move on. Add it to a policy and procedure manual so to speak! And avoid that particular real estate investing mistake in the future!

When I first started in real estate, I would document every real estate deal in detail. I would be sure to document: (1) What went well, (2) What didn’t go well!, Continue reading →

Real Estate Investing Mistake #1: Farm Area

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When I first got started in real estate investing, I was the poster child for mistakes! The one thing I did PROPERLY was that I took action. And success favors the people that take action.

The key is to keep moving and not dwell on each individual real estate investing mistake that you make, especially early on! Just keep on going… and take a few minutes to figure out what the lesson was, add it to your knowledge and experience bank, and move on to the next!

In this article series, I’ve highlighted 17 real estate investing mistakes that I made early on and share with you what you can do to avoid making the same real estate investing mistakes I made…

The first mistake new real estate investors make is always thinking the grass is greener on the other side! That “another” market will have better deals, more motivated sellers, and more qualified buyers. Once your business is established with duplicatable systems in place, it can be easy to expand into additional markets. But in the beginning, stick with your targeted farm area. Continue reading →

Real Estate Investing Mistake #7: Not Having Joint Venture Agreements In Place

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Real estate investing is exciting when you’re just getting started. Real estate is all you can think about and all you can talk about. Your enthusiasm rubs off on others and you instantly start attracting people that want to lend money on for deals, partner with you on properties, joint venture with you on aspects of your business, etc.

The problem is that when you’re so excited, it’s hard to imagine anything EVER going wrong. Why would you need anything more than a handshake and verbal agreement?

Sure, you may be laughing as you read this, but you’ll see… when it comes time to putting a joint venture together, you’ll be eager to get moving along and you just might make this critical real estate investing mistake… and it COULD wind up costing you tens of thousands of dollars, friendships, and worse. Continue reading →

7 Steps to Getting Started In Real Estate

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There are only 7 steps you need to master to be successful in real estate. If you fail to master any single step, you’re building your real estate business on a weak foundation. Wouldn’t you rather build your home on a rock-solid, unbreakable foundation?

Step #1: How To Set Your Business Up And Build Your Team

I defer to Napoleon Hill! If you look at people that have been successful in the past, a common thread is the people they are surrounded with. You need to build your team with the RIGHT people.

Remember, you get what you pay for! (To give you an idea Continue reading →

Finding Buyers: First Time Homebuyers

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The key to finding real estate buyers is knowing exactly who you’re trying to pinpoint. The biggest reason investors (and even Realtors®) have a hard time when it comes to finding real estate buyers is that they simply believe in the concept of casting the widest net and hoping for the best.

While this may seem the most logical way to find real estate buyers, it’s actually putting you at a disadvantage. You need to focus on a specific type of buyer so that you can speak directly to his/her wants and needs in the homebuying process.

There are dozens of “types” of real estate buyers our there, but for the sake of STAYING narrow, in this article, we’re going to focus on the first time home buyers. Continue reading →

’Talking Head’ Real Estate Videos

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Real estate videos are getting easier and easier to produce… and cheaper and cheaper to create. Most people are familiar with the virtual tour type of real estate video where you can see a 360 tour of the property.

However, the virtual tours of the 90s and early 2000s are getting outdated fast, not to mention, they distort the property.

In this article, we’re going to talk about a different kind of real estate video: The Talking Head. (For more information on property videos, see the article entitled “Real Estate Video to Find Buyers”). Continue reading →

Sell Your House At Auction

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One of the biggest keys to success with potential buyers in a buyers’ market is the perception that they are “getting a deal”. Using an auction, whether going through an auction house or conducting a silent, private, auction on your own is a great way to give potential homebuyers the perception of a great deal!

NOTE: Be sure to check with an attorney in your area to make sure that you have all of your legal requirement in place to protect yourself when you’re selling through a home auction.

If you were to poll a group of motivated homebuyers and ask them; what is the most important thing they are looking for in a purchase, you would think maybe it would be the number of bedrooms, square footage or location, when the reality is they just want to know they are getting a deal. Sure, the other criteria is “part” of the equation, but the “deal” is the clincher! Continue reading →

Real Estate Video to Find Buyers

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Real estate video is becoming more and more popular whether you’re talking about property videos or talking head videos to establish trust and credibility.

Now, we’re not talking about the Virtual Tours Realtors® were using in the late 90s and early 2000s. What I’m referring to here is creating real estate videos and posting them to sites like YouTube.com and Vimeo, among others.

With the increasing popularity of these types of sites, it’s impossible to deny the power of video, especially given research that shows between 84%-93% of all buyers start their search online! And of those, you increase your chances of buyers looking at YOUR property when you have a virtual tour, video or slide show. Continue reading →

Don’t Make These Mistakes With Your LLC or Corporation

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A business entity can provide personal liability protection for its owners. The problem is that many people start business without proper instruction on how to run and manage agreements between parties, agreements with customers, internal paperwork, cash controls, voting rules, state and Federal reporting requirements and a host of other issues.

In fact, we have found between 20 to 25 actions, behaviors, or neglected tasks which commonly cause a business structure to be forfeited and can result in personal liability for the owner or owners.

Here are 5 of them:

#1. USING THE BUSINESS FOR FRAUDULENT ACTIVITIES: YOU CANNOT, SHOULD NOT, AND SHALL NOT USE YOUR BUSINESS TO CHEAT OR DEFRAUD: For example, John Smith gathers money from investors claiming that he will develop a new product for his company. Continue reading →

Bandit Signs to Wholesale Houses

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Bandit signs are highly effective when it comes to wholesaling houses. Lots of investors will use bandit signs to find motivated sellers, but few will use bandit signs to find buyers and sell property fast!

When using bandit signs to target buyers, here are some tips you can use to save time and money (We’ve spent thousands of dollars testing and tracking).

Types of Signs:
Use white or yellow 18×24 blank bandit signs. You’ll want to use the corrugated plastic ones that come with the metal stands. Continue reading →