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Tags: Apartment Complexes, Baths, Bedrooms, Better Chance, Duplex, Financial Freedom, Intention, Invest, Investing Money, Larry Haines, Money Investing, Money Time, Nbsp, One Of The Millions, Owner Financing, People, Rental Houses, Rental Real Estate, Surprise, Time After Time
Flipping through late-night infomercials recently, I saw two real estate get-rich quick schemes, and I couldn’t help but wonder why people still fall for those old scams? Has anyone really talked a seller out of his home for no money down with owner financing lately?
Real estate infomercials do great harm to beginning investors, who waste hundreds of dollars on old information. Worse yet, those beginners soon get discouraged and miss out on the true (and profitable) adventure of real estate investing.
One of the most popular late night infomercial shows tells beginners that it’s possible to make a fortune by buying houses with no money down and then renting them out to cover the monthly payments. It’s true that you can buy a home for no money down, but the requirements include having good credit, good income, and the home should be owner-occupied.
Rentals don’t normally qualify for no money down financing. Institutional lenders aren’t supposed to make no money down loans on investment properties, and even if you could buy an investment home with no money down, the monthly payments would generally eat up the rent.
Late-night scammers also claim that investors can get owners to pay the closing costs, including the down payment. But when a lender asks where your down payment will be coming from, saying, “the seller” is not the right answer! Today’s sellers are also fairly savvy, and understand that with no money invested in a property, a buyer could easily walk away and leave them with a home that’s been ruined by careless tenants.
Another TV program offers a bogus system for buying houses at ridiculous prices, but think about it: has anyone bought a home, free and clear, for $345.00 at a tax sale recently? Hordes of investors flock to the tax sales in the area where I live, bidding up the prices of foreclosure properties far beyond a few cents on the dollar. It just doesn’t happen.
Today, another real estate investment scam is popular in Southern California. Here?s how it works: a young person we’ll call Charles charged $4,000 on his credit card to hire a real estate “mentor,” after the mentor wined and dined him at a fancy Beverly Hills restaurant.
In exchange for the fee, the mentor instructed Charles to find distressed houses by driving around the area and writing down the addresses of ugly houses in nice neighborhoods. Once Charles had given him the addresses, the mentor obtained the owner’s address and sometimes a phone number. Then it was up to Charles to call the owners and talk them into selling their houses for no money down, and carrying the paper, too!
I met Charles when he called me about buying a property that my husband and I had on the market for $1.2 million. When I asked him how such a young man was going to make the payments on $1.2 million home, he told me that he planned to rent the house out for enough to make the payments.
As a real estate investor myself, I tried not to laugh at his naivete, and after talking to Charles and listening to his frustration about trying so hard to follow his mentor’s advice, I offered to help him find a property, and I’m happy to say that Charles now owns his own home. But he’ll still have to spend years paying off a $4,000 credit card bill.
If you want to make money as a real estate investor, a good first step is to buy your own home, like Charles did. You can do that for no money down if you have good credit, or for a relatively little amount of money down if your credit is poor. Once you’ve purchased your own home, fix it up and then either sell it or refinance it and use your profits as the down payment on an investment property.
Don’t pay hundreds of dollars for out-dated methods that may have worked in the middle of last century! They’re a waste of your time and money. Real estate investing is truly a great way to make a fortune, but you must stick to tried-and-true proven strategies, ones that work in today?s real estate market.
Copyright ? 2006 Jeanette J. Fisher
About the Author: Jeanette Fisher offers FREE How to Start Real Estate Investing Teleseminar, free ebook, The Truth about Making Money Flipping Houses http://doghousetodollhousefordollars.com/
Tags: Buying Houses, Closing Costs, Foreclosure Properties, Fortune, Hordes, Institutional Lenders, Investment Properties, Investment Scam, Investors Flock, Late Night, Loans, Money, Owner Financing, Profitable Investing, Real Estate Investment, Renting, Ridiculous Prices, Scammers, Scams, Tv Program
Flipping through late-night infomercials recently, I saw two real estate get-rich quick schemes, and I couldn’t help but wonder why people still fall for those old scams? Has anyone really talked a seller out of his home for no money down with owner financing lately?
Real estate infomercials do great harm to beginning investors, who waste hundreds of dollars on old information. Worse yet, those beginners soon get discouraged and miss out on the true (and profitable) adventure of real estate investing.
One of the most popular late night infomercial shows tells beginners that it’s possible to make a fortune by buying houses with no money down and then renting them out to cover the monthly payments. It’s true that you can buy a home for no money down, but the requirements include having good credit, good income, and the home should be owner-occupied.
Rentals don’t normally qualify for no money down financing. Institutional lenders aren’t supposed to make no money down loans on investment properties, and even if you could buy an investment home with no money down, the monthly payments would generally eat up the rent.
Late-night scammers also claim that investors can get owners to pay the closing costs, including the down payment. But when a lender asks where your down payment will be coming from, saying, “the seller” is not the right answer! Today’s sellers are also fairly savvy, and understand that with no money invested in a property, a buyer could easily walk away and leave them with a home that’s been ruined by careless tenants.
Another TV program offers a bogus system for buying houses at ridiculous prices, but think about it: has anyone bought a home, free and clear, for $345.00 at a tax sale recently? Hordes of investors flock to the tax sales in the area where I live, bidding up the prices of foreclosure properties far beyond a few cents on the dollar. It just doesn’t happen.
Today, another real estate investment scam is popular in Southern California. Here?s how it works: a young person we’ll call Charles charged $4,000 on his credit card to hire a real estate “mentor,” after the mentor wined and dined him at a fancy Beverly Hills restaurant.
In exchange for the fee, the mentor instructed Charles to find distressed houses by driving around the area and writing down the addresses of ugly houses in nice neighborhoods. Once Charles had given him the addresses, the mentor obtained the owner’s address and sometimes a phone number. Then it was up to Charles to call the owners and talk them into selling their houses for no money down, and carrying the paper, too!
I met Charles when he called me about buying a property that my husband and I had on the market for $1.2 million. When I asked him how such a young man was going to make the payments on $1.2 million home, he told me that he planned to rent the house out for enough to make the payments.
As a real estate investor myself, I tried not to laugh at his naivete, and after talking to Charles and listening to his frustration about trying so hard to follow his mentor’s advice, I offered to help him find a property, and I’m happy to say that Charles now owns his own home. But he’ll still have to spend years paying off a $4,000 credit card bill.
If you want to make money as a real estate investor, a good first step is to buy your own home, like Charles did. You can do that for no money down if you have good credit, or for a relatively little amount of money down if your credit is poor. Once you’ve purchased your own home, fix it up and then either sell it or refinance it and use your profits as the down payment on an investment property.
Don’t pay hundreds of dollars for out-dated methods that may have worked in the middle of last century! They’re a waste of your time and money. Real estate investing is truly a great way to make a fortune, but you must stick to tried-and-true proven strategies, ones that work in today?s real estate market.
Copyright ? 2006 Jeanette J. Fisher
About the Author: Jeanette Fisher offers FREE How to Start Real Estate Investing Teleseminar, free ebook, The Truth about Making Money Flipping Houses http://doghousetodollhousefordollars.com/
Tags: Buying Houses, Closing Costs, Foreclosure Properties, Fortune, Hordes, Institutional Lenders, Investment Properties, Investment Scam, Investors Flock, Late Night, Loans, Money, Owner Financing, Profitable Investing, Real Estate Investment, Renting, Ridiculous Prices, Scammers, Scams, Tv Program
Knowing what a Good Deal is Is the Key to Success in Real Estate.
Knowing what a Good Deal is Is the Key to Success in Real Estate.
Knowing and being able to negotiate good real estate deals every time is the key to real estate investing success. What to look for, and how to calculate your profit, cashflow and risk exactly and then evaluate the deal is revealed. These techniques apply to all real estate investments including foreclosures, short sales, rehabs, flips, muliti-family, lease option and owner financing.
Dear Investor,
Take this little survey: The most important key to Real Estate Success is:
1. Finding Motivated Sellers
2. Funding Your Deals
3. Negotiating
4. Knowing a Good Deal when you see one.
Yes all of them are important. And if you answered #4 you’re right on the money. Why, because if your deal is a not good one, all your other skills and marketing and power will not make you money, and may even lead to disaster.
On the other hand, if you can unfailingly target good deals, you will always be successful and all the other skills and your marketing methods will serve to increase your success.
It’s a lot easier to state the question than give the answer. Why?
SO… WHAT IS A GOOD DEAL?
It’s a lot easier to state the question than give the answer. Why?
Because it depends on many factors like:
> Market value and purchase price
> Expenses, carrying costs, repairs
> Cashflow and profit
> Holding time
> Loan terms
> Risk factors
> And more . . .
And most importantly, it depends on the type of deal you’re doing. For example, if you have a loan on a property that you intend to rent or sell on a lease option, the terms of the mortgage, future tax increases, and current area rents are critical to consider in insuring a positive cashflow. However, if you are planning to do a short rehab job, and sell or just flip to another investor, rental income is irrelevant as are future tax increases.
IT’S WHAT YOU DON’T THINK ABOUT THAT CAN GET YOU
The thing that trips up many investors, is that in our enthusiasm to do a deal that we’ve found, we don’t take into consideration “hidden” costs.
For example, if you’re doing a renovation and you’ve done your due diligence on contractor costs, have you also considered your carrying costs such as mortgage payments, utilities, etc. not only during the renovation, but also the time it will take to sell and close with a new buyer?
Or if you’re using a realtor to sell the property, have you calculated the effect of a 6-7% commission and the closing costs the seller will pay on your bottom line. A 10% profit margin can shrink pretty quickly to zero under those circumstances.
READ THOSE LOAN TERMS CAREFULLY
Or have you taken into account, not just your loan to value ratio on the property, but your investment to value ratio (e.g., the total of all outstanding loan balances plus the additional funds you’ve put in from your own cash or borrowed from your home equity line or friends and family)?
And on the income side, have you calculated how long you should hold the property to receive a significant profit from the pay down of the mortgage. With a new 30 yr loan, you may have to wait 5-10yrs to get the same pay down you’d get after a few years from a 30yr loan that’s been seasoned for 10 years.
And did you carefully read the note contracts to take account of adjustable rates and pre-payment penalties?
CHECKLISTS AREN’T ENOUGH
A number of courses and real estate gurus will give you checklists. That’s helpful in not forgetting something, but it doesn’t help you with the laborious and complex task of putting all the numbers together.
There’s just something about working with the actual real numbers, that brings the reality of the deal into actual focus. Our hopes and wishes dissolve before the actual profit and loss calculations.
Moreover, the numbers can pinpoint the weaknesses in a deal, and point the way to a solution. No mere checklist can do that.
WHAT ABOUT RISK?
I think you’ll also agree that a Good Deal, is not just High Profit, but also, most importantly Low Risk. Many a dream of a golden future has come crashing down because some little thing went wrong.
Many a would-be mogul, is now working at a 9 to 5 because their killer deal was wrecked by an unforseen glitch. This is what we mean by high risk.
The successful investors do deals with low risk. Deals that are so robust that even if almost everything went wrong they’d still come out with a profit.
BUILD IN A SAFETY MARGIN
For example, suppose you have a rental with a positive cashflow. Is your cashflow high enough or your option payment big enough, that even if you had to evict your tenant for non-payment and it took you 2 months to fill it with another cash-paying customer, you’d still come out ahead?
Or, is your investment to value so low that even if you had to offer your buyer a big discount for a quick sale, you’d still walk away from the closing table with a fat check?
In real estate things can and usually do go wrong. It’s Normal. So, wouldn’t you like all your deals to have these kinds of safety margins?
FIXING THE PROBLEMS WITH YOUR DEAL
Now, if you knew in advance that your risk was too high, or your cashflow was too low, or your profit over the life of the deal wasn’t enough, you’d want to think of solutions.
This is what is meant by being a “transaction engineer”. Find the solution, fix the problem, test it on the numbers, and then negotiate it into the deal.
And if you can’t find a solution (but there always is one) or the seller won’t accept itNEXT!
A RISKY DEAL IS NEVER WORTH DOING!
I can tell you from real experience, a bad or risky deal is NEVER WORTH DOINGno matter how enticing the vision. The personal stress, heartache, and loss of confidence can be even more harmless than the potential financial loss. In the words of an ex-president’s wife, if you are faced with doing a bad dealJust say No!
WHAT’S THE ANSWER?
Some experienced investors have a feel for good deals, and can avoid trouble most of the time. Others only do a particular type of deal and use a rough “rule of thumb” to evaluate their risk and profit.
However, what’s really needed is a “calculator” or computer program that will take in all the variables and
> Calculate the exact profit and cashflow for all kinds of deals.
> Measure and Evaluate the financial risk in the deal
> Use standard and safe criteria for what constitutes a good deal
> Suggests alternatives to fix what is wrong
A DEAL EVALUATION TOOL
We’ve taken tons of real estate courses and looked at all kinds of real estate software, and nothing has come close to what we as investors need. So we decided to create our own Deal Evaluation Tool.
Well after several months of testing and improvement, we now use it for all our dealsshort sales, subject to, lease option, rehab, wholesaling, and even some commercial.
Since we can try out different “what-if” scenarios, it’s kept us away from some real pitfalls, and helped us negotiate better profit margins. We wouldn’t “leave home without it”.
CONSTANTLY MEETING THE NEEDS OF INVESTORS
Well, some other investors wanted to try it, so we put it on our website. Much to our delight we now have a community of users and a users group that shares their insights about doing deals and creative ways to use the Deal Evaluation Tool.
Their suggestions, are leading to a rapid improvement of already incredibly useful tool. There is just nothing out there like it. We’ve also put a demo up for those investors who would like to get a feel for using it. And we hold classes for new users.
Knowing all the numbers, and having evaluated our risks with the Deal Evaluation Tool gives us more confidence in negotiating deals with sellers and more consistent high profit real estate deals.
And that’s what we all want, isn’t it.
Best of Success,
Richard Odessey
This article may be reproduced in its entirety only if unaltered and the resource box is included.
About the Author: Richard & Michelle are experienced investors & founders of the premier site on the internet - http://www.InvestorWealth.com: training real estate investors to do high profit deals. Offering Free Teleseminars by the top real estate investors, how-to tools and kits and hands-on training with personal advice from experts from the comfort of your home
Tags: Carrying Costs, Disaster, Estate Success, Finding Motivated Sellers, Flips, Foreclosures, Good Deals, Holding Time, Lease Option, Loan Terms, Marketing Methods, Owner Financing, Positive Cashflow, Real Estate Investments, Rehab Job, Rents, Risk Factors, Tax Increases, Time Is The Key, Time Loan
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7 Steps To Make Money In Real Estate Investing
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| Submitted By: Larry Haines |
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#1 Know that you can do it too!
Have you ever stopped to think about who owns all the downtown buildings? Or how about all those apartment complexes you see everywhere? When you see a “For Rent” Sign on a house do you wonder how many more rental houses that guy owns.
Well, the point to these questions is to say that you can be one of the millions of people that own rental real estate too? That actually comes as a surprise to some people and that is why the title above says KNOW that you can do it too! You can and you should. Let me repeat that. You can and you should.
There are plenty of excuses people use to say; “well, I can’t do that” and as the saying goes - “You either can or you can’t, either way you are right!” Here’s what I want you to do. Just below write out the first few “I can’t” reasons. I’ll even get you started…
What if you could turn it around so there were no excuses, no more “I can’t”? Wouldn’t that allow you to achieve your goal of financial freedom? Wouldn’t that allow you to create the result of buying properties below market value so you could make money time after time?
What we intend to do is what we will ultimately get. The more clear the intention, the better chance we will do the things necessary to get it. For instance, if you say; “I want to invest in real estate”, that intention is very vague and not easily acted upon. However if you can describe what kind of real estate you want it becomes much clearer and much more likely to happen.
As an example, if you say; “I want to own a rental duplex in the hospital district with each side being 3 bedrooms and 2 baths and it needs to cash flow at least $150 per side and I don’t want to pay more than $10,000 down and would love owner financing”, you are much more likely to find what you are looking for.
Is it easier to believe that you can own a duplex in the hospital district or that someday you want to be rich? Your mind will help you be successful if you truly believe and articulate what you want in detail.
#2 Begin with the end in mind
In Stephen Covey’s book “The Seven Habits of Highly Effective People”, habit number one is “Be Proactive”. You’re being proactive just by reading this article. You’re taking action. Habit number 2 is “Begin with the end in mind”. Set a goal. Know what you want and plan how to get there.
So many would be investors don’t have a road map to where they want to end up so they don’t end up anywhere. THIS IS A CRITICAL STEP!!
There is a major difference between investing in real estate and being a real estate investor. By inheriting a property or buying a house that pays you $2 per month, you are an owner of an investment property. (Many people actually loose money each month because they didn’t buy right but that is another story). Technically, they are invested in real estate.
But they are not real estate investors. They don’t have a plan of accumulating wealth with strategies and tactics that get them there over time. (Sorry, this is not a get rich quick opportunity…lottery tickets sold elsewhere).
A plan should have realistic goals. For instance, if your desire is to retire wealthy, what do you mean by “retire wealthy”. Be very specific. I have one client that defines it as “I want my wife to be able to stay home and I don’t want to have to work. I need about $6,000 to pay my bills and I want to be able to do some traveling so I want $10,000 per month”
You should have a long term goal of 10 - 15 years or more; medium term goals in the 5 - 10 year time horizon and shorter term goals in the 2 - 5 year range and immediate goals that define what you are going to do this year. Let’s take a look at a sample of this…
A 52 yr. old working male with a wife that works as a teacher might start with basic goals as follows:
10 year goal
retire at 62 with no reduction in lifestyle [so they need to replace $82,000/year income ($6,834 per month) which might take 10-12 free and clear houses generating cash flow in the $500 - $600/month range]
5 year goalOwn 15 housing units (could be apartment or duplex generating at least $150/unit in free cash flow ($2,250) to retire my wife to be looking for real estate full time).
Own Real Estate in my self Directed IRA - grows tax deferred or even tax free if using a ROTH
2 year goalBe buying 3-4 housing units/year (one per quarter? in appreciating areas).
ImmediateGet in depth education from local investors doing deals in my area.
Join the local REIA - Real Estate Investors Association.
Understand my financial situation - set a household budget, savings & Investment plan, income statement and balance sheet (which you will need for loans anyway).
Develop a buying criteria - (what do you want to buy, where, how much, what condition, how big, etc).
Find an investor friendly real estate agent (to help me find property that fits my criteria).
NOTE: this is just a summary of goals while a real plan is more in depth & detailed.
#3 Model success - Another way to say this is “don’t recreate the wheel”. If 8,000,000 people have already done something and hundreds of thousands are currently doing it too, DON’T TRY TO MAKE IT UP AS YOU GO!
There are many real estate investors that are happy to share their experience over a cup of coffee or lunch (you buy of course). The investors I have been privileged to know are a caring, sharing group of people that want to give back and help people. That’s how I got interested.
Now let’s talk specifics. If you were going to go into the hamburger business would your chance of success be better if you were starting your own burger place or buying into a big name franchise?
Assuming all things were equal, you wouldn’t have to develop all the systems and training for your own business if you went the franchise way. You would have the expertise of people that have been there and made mistakes and refined their systems and processes to improve the business. You would have the help of other franchise owners in your area to let help you get started and to talk with about local business trends and situations and on and on….
The point of this is to find out what other successful people are doing and model them. Don’t recreate the wheel. If your advertising isn’t working to generate leads, find someone that has a “lead generation machine” and copy what they are doing. (Please don’t infringe on copyrights, etc). But if they have a web page driving lead traffic, you should consider it. If they are putting signs out, you should consider it. If they are doing direct mail, you might give it a try. I think you get the point.
Look at every process as you find, fund, fix and flip real estate and break down the components to business processes and then put a system around the process to help you make it more efficient and more manageable.
#4 Focus, Focus, Focus
Lack of focus is probably the single biggest cause of new investor failure that I have seen. Every month people are buying new books and tapes from the circuit guru that flies into town for the REIA meeting or some big name putting on their own event. I’m not saying that you shouldn’t expose yourself to different techniques to buying and/or selling property but most people have a “flavor of the month” investing technique that they get excited about and don’t ever focus creating a business (being a real estate investor).
Look at your resources, network of people and resources, time you have and level of difficulty and commitment to do a specific type of transaction. You should pick one that considers your time and resources and then get really good at it.
#5 Take action
You don’t have to be good to begin, but you have to begin to be good. This is the shortest section here. TAKE ACTION! Do something. One of my bible study teachers used to say to me after I asked so many questions was; “Larry, Just get a mitt and get into the game!” Translation for real estate investors….”Just get out there and make offers”. You can’t make money until you get a contract that is signed by the seller, right?
#6 Build a team of experts
You’ll want to have a team of experts on your site and should have a title attorney, CPA, property manager, appraiser, and contractor all in place.
#7 Make offers!
You can learn a lot and not make money. You can plan a lot and not make money. You can network with hundreds of people and not make money. You can attend meeting after meeting and conference call after conference call and not make money.
Start making offers and start making some money. How many? How about 1 a day to start and then get up to 50-100 per month? Believe it or not, at some point someone will accept one of your offers and you’ll be “off to the races”.
Article Tags: make, people, real
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Tags: Amp Nbsp, Apartment Complexes, Baths, Bedrooms, Better Chance, Duplex, Financial Freedom, Intention, Invest, Larry Haines, Money Investing, Money Time, One Of The Millions, Owner Financing, People, Quot, Rental Houses, Rental Real Estate, Surprise, Time After Time
Flipping through late-night infomercials recently, I saw two real estate get-rich quick schemes, and I couldn’t help but wonder why people still fall for those old scams? Has anyone really talked a seller out of his home for no money down with owner financing lately?
Real estate infomercials do great harm to beginning investors, who waste hundreds of dollars on old information. Worse yet, those beginners soon get discouraged and miss out on the true (and profitable) adventure of real estate investing.
One of the most popular late night infomercial shows tells beginners that it’s possible to make a fortune by buying houses with no money down and then renting them out to cover the monthly payments. It’s true that you can buy a home for no money down, but the requirements include having good credit, good income, and the home should be owner-occupied.
Rentals don’t normally qualify for no money down financing. Institutional lenders aren’t supposed to make no money down loans on investment properties, and even if you could buy an investment home with no money down, the monthly payments would generally eat up the rent.
Late-night scammers also claim that investors can get owners to pay the closing costs, including the down payment. But when a lender asks where your down payment will be coming from, saying, “the seller” is not the right answer! Today’s sellers are also fairly savvy, and understand that with no money invested in a property, a buyer could easily walk away and leave them with a home that’s been ruined by careless tenants.
Another TV program offers a bogus system for buying houses at ridiculous prices, but think about it: has anyone bought a home, free and clear, for $345.00 at a tax sale recently? Hordes of investors flock to the tax sales in the area where I live, bidding up the prices of foreclosure properties far beyond a few cents on the dollar. It just doesn’t happen.
Today, another real estate investment scam is popular in Southern California. Here?s how it works: a young person we’ll call Charles charged $4,000 on his credit card to hire a real estate “mentor,” after the mentor wined and dined him at a fancy Beverly Hills restaurant.
In exchange for the fee, the mentor instructed Charles to find distressed houses by driving around the area and writing down the addresses of ugly houses in nice neighborhoods. Once Charles had given him the addresses, the mentor obtained the owner’s address and sometimes a phone number. Then it was up to Charles to call the owners and talk them into selling their houses for no money down, and carrying the paper, too!
I met Charles when he called me about buying a property that my husband and I had on the market for $1.2 million. When I asked him how such a young man was going to make the payments on $1.2 million home, he told me that he planned to rent the house out for enough to make the payments.
As a real estate investor myself, I tried not to laugh at his naivete, and after talking to Charles and listening to his frustration about trying so hard to follow his mentor’s advice, I offered to help him find a property, and I’m happy to say that Charles now owns his own home. But he’ll still have to spend years paying off a $4,000 credit card bill.
If you want to make money as a real estate investor, a good first step is to buy your own home, like Charles did. You can do that for no money down if you have good credit, or for a relatively little amount of money down if your credit is poor. Once you’ve purchased your own home, fix it up and then either sell it or refinance it and use your profits as the down payment on an investment property.
Don’t pay hundreds of dollars for out-dated methods that may have worked in the middle of last century! They’re a waste of your time and money. Real estate investing is truly a great way to make a fortune, but you must stick to tried-and-true proven strategies, ones that work in today?s real estate market.
Copyright ? 2006 Jeanette J. Fisher
About the Author: Jeanette Fisher offers FREE How to Start Real Estate Investing Teleseminar, free ebook, The Truth about Making Money Flipping Houses http://doghousetodollhousefordollars.com/
Tags: Buying Houses, Closing Costs, Foreclosure Properties, Fortune, Hordes, Institutional Lenders, Investment Properties, Investment Scam, Investors Flock, Late Night, Loans, Money, Owner Financing, Profitable Investing, Real Estate Investment, Renting, Ridiculous Prices, Scammers, Scams, Tv Program
Knowing what a Good Deal is Is the Key to Success in Real Estate.
Knowing what a Good Deal is Is the Key to Success in Real Estate.
Knowing and being able to negotiate good real estate deals every time is the key to real estate investing success. What to look for, and how to calculate your profit, cashflow and risk exactly and then evaluate the deal is revealed. These techniques apply to all real estate investments including foreclosures, short sales, rehabs, flips, muliti-family, lease option and owner financing.
Dear Investor,
Take this little survey: The most important key to Real Estate Success is:
1. Finding Motivated Sellers
2. Funding Your Deals
3. Negotiating
4. Knowing a Good Deal when you see one.
Yes all of them are important. And if you answered #4 you’re right on the money. Why, because if your deal is a not good one, all your other skills and marketing and power will not make you money, and may even lead to disaster.
On the other hand, if you can unfailingly target good deals, you will always be successful and all the other skills and your marketing methods will serve to increase your success.
It’s a lot easier to state the question than give the answer. Why?
SO… WHAT IS A GOOD DEAL?
It’s a lot easier to state the question than give the answer. Why?
Because it depends on many factors like:
> Market value and purchase price
> Expenses, carrying costs, repairs
> Cashflow and profit
> Holding time
> Loan terms
> Risk factors
> And more . . .
And most importantly, it depends on the type of deal you’re doing. For example, if you have a loan on a property that you intend to rent or sell on a lease option, the terms of the mortgage, future tax increases, and current area rents are critical to consider in insuring a positive cashflow. However, if you are planning to do a short rehab job, and sell or just flip to another investor, rental income is irrelevant as are future tax increases.
IT’S WHAT YOU DON’T THINK ABOUT THAT CAN GET YOU
The thing that trips up many investors, is that in our enthusiasm to do a deal that we’ve found, we don’t take into consideration “hidden” costs.
For example, if you’re doing a renovation and you’ve done your due diligence on contractor costs, have you also considered your carrying costs such as mortgage payments, utilities, etc. not only during the renovation, but also the time it will take to sell and close with a new buyer?
Or if you’re using a realtor to sell the property, have you calculated the effect of a 6-7% commission and the closing costs the seller will pay on your bottom line. A 10% profit margin can shrink pretty quickly to zero under those circumstances.
READ THOSE LOAN TERMS CAREFULLY
Or have you taken into account, not just your loan to value ratio on the property, but your investment to value ratio (e.g., the total of all outstanding loan balances plus the additional funds you’ve put in from your own cash or borrowed from your home equity line or friends and family)?
And on the income side, have you calculated how long you should hold the property to receive a significant profit from the pay down of the mortgage. With a new 30 yr loan, you may have to wait 5-10yrs to get the same pay down you’d get after a few years from a 30yr loan that’s been seasoned for 10 years.
And did you carefully read the note contracts to take account of adjustable rates and pre-payment penalties?
CHECKLISTS AREN’T ENOUGH
A number of courses and real estate gurus will give you checklists. That’s helpful in not forgetting something, but it doesn’t help you with the laborious and complex task of putting all the numbers together.
There’s just something about working with the actual real numbers, that brings the reality of the deal into actual focus. Our hopes and wishes dissolve before the actual profit and loss calculations.
Moreover, the numbers can pinpoint the weaknesses in a deal, and point the way to a solution. No mere checklist can do that.
WHAT ABOUT RISK?
I think you’ll also agree that a Good Deal, is not just High Profit, but also, most importantly Low Risk. Many a dream of a golden future has come crashing down because some little thing went wrong.
Many a would-be mogul, is now working at a 9 to 5 because their killer deal was wrecked by an unforseen glitch. This is what we mean by high risk.
The successful investors do deals with low risk. Deals that are so robust that even if almost everything went wrong they’d still come out with a profit.
BUILD IN A SAFETY MARGIN
For example, suppose you have a rental with a positive cashflow. Is your cashflow high enough or your option payment big enough, that even if you had to evict your tenant for non-payment and it took you 2 months to fill it with another cash-paying customer, you’d still come out ahead?
Or, is your investment to value so low that even if you had to offer your buyer a big discount for a quick sale, you’d still walk away from the closing table with a fat check?
In real estate things can and usually do go wrong. It’s Normal. So, wouldn’t you like all your deals to have these kinds of safety margins?
FIXING THE PROBLEMS WITH YOUR DEAL
Now, if you knew in advance that your risk was too high, or your cashflow was too low, or your profit over the life of the deal wasn’t enough, you’d want to think of solutions.
This is what is meant by being a “transaction engineer”. Find the solution, fix the problem, test it on the numbers, and then negotiate it into the deal.
And if you can’t find a solution (but there always is one) or the seller won’t accept itNEXT!
A RISKY DEAL IS NEVER WORTH DOING!
I can tell you from real experience, a bad or risky deal is NEVER WORTH DOINGno matter how enticing the vision. The personal stress, heartache, and loss of confidence can be even more harmless than the potential financial loss. In the words of an ex-president’s wife, if you are faced with doing a bad dealJust say No!
WHAT’S THE ANSWER?
Some experienced investors have a feel for good deals, and can avoid trouble most of the time. Others only do a particular type of deal and use a rough “rule of thumb” to evaluate their risk and profit.
However, what’s really needed is a “calculator” or computer program that will take in all the variables and
> Calculate the exact profit and cashflow for all kinds of deals.
> Measure and Evaluate the financial risk in the deal
> Use standard and safe criteria for what constitutes a good deal
> Suggests alternatives to fix what is wrong
A DEAL EVALUATION TOOL
We’ve taken tons of real estate courses and looked at all kinds of real estate software, and nothing has come close to what we as investors need. So we decided to create our own Deal Evaluation Tool.
Well after several months of testing and improvement, we now use it for all our dealsshort sales, subject to, lease option, rehab, wholesaling, and even some commercial.
Since we can try out different “what-if” scenarios, it’s kept us away from some real pitfalls, and helped us negotiate better profit margins. We wouldn’t “leave home without it”.
CONSTANTLY MEETING THE NEEDS OF INVESTORS
Well, some other investors wanted to try it, so we put it on our website. Much to our delight we now have a community of users and a users group that shares their insights about doing deals and creative ways to use the Deal Evaluation Tool.
Their suggestions, are leading to a rapid improvement of already incredibly useful tool. There is just nothing out there like it. We’ve also put a demo up for those investors who would like to get a feel for using it. And we hold classes for new users.
Knowing all the numbers, and having evaluated our risks with the Deal Evaluation Tool gives us more confidence in negotiating deals with sellers and more consistent high profit real estate deals.
And that’s what we all want, isn’t it.
Best of Success,
Richard Odessey
This article may be reproduced in its entirety only if unaltered and the resource box is included.
About the Author: Richard & Michelle are experienced investors & founders of the premier site on the internet - http://www.InvestorWealth.com: training real estate investors to do high profit deals. Offering Free Teleseminars by the top real estate investors, how-to tools and kits and hands-on training with personal advice from experts from the comfort of your home
Tags: Carrying Costs, Disaster, Estate Success, Finding Motivated Sellers, Flips, Foreclosures, Good Deals, Holding Time, Lease Option, Loan Terms, Marketing Methods, Owner Financing, Positive Cashflow, Real Estate Investments, Rehab Job, Rents, Risk Factors, Tax Increases, Time Is The Key, Time Loan
Flipping through late-night infomercials recently, I saw two real estate get-rich quick schemes, and I couldn’t help but wonder why people still fall for those old scams? Has anyone really talked a seller out of his home for no money down with owner financing lately?
Real estate infomercials do great harm to beginning investors, who waste hundreds of dollars on old information. Worse yet, those beginners soon get discouraged and miss out on the true (and profitable) adventure of real estate investing.
One of the most popular late night infomercial shows tells beginners that it’s possible to make a fortune by buying houses with no money down and then renting them out to cover the monthly payments. It’s true that you can buy a home for no money down, but the requirements include having good credit, good income, and the home should be owner-occupied.
Rentals don’t normally qualify for no money down financing. Institutional lenders aren’t supposed to make no money down loans on investment properties, and even if you could buy an investment home with no money down, the monthly payments would generally eat up the rent.
Late-night scammers also claim that investors can get owners to pay the closing costs, including the down payment. But when a lender asks where your down payment will be coming from, saying, “the seller” is not the right answer! Today’s sellers are also fairly savvy, and understand that with no money invested in a property, a buyer could easily walk away and leave them with a home that’s been ruined by careless tenants.
Another TV program offers a bogus system for buying houses at ridiculous prices, but think about it: has anyone bought a home, free and clear, for $345.00 at a tax sale recently? Hordes of investors flock to the tax sales in the area where I live, bidding up the prices of foreclosure properties far beyond a few cents on the dollar. It just doesn’t happen.
Today, another real estate investment scam is popular in Southern California. Here?s how it works: a young person we’ll call Charles charged $4,000 on his credit card to hire a real estate “mentor,” after the mentor wined and dined him at a fancy Beverly Hills restaurant.
In exchange for the fee, the mentor instructed Charles to find distressed houses by driving around the area and writing down the addresses of ugly houses in nice neighborhoods. Once Charles had given him the addresses, the mentor obtained the owner’s address and sometimes a phone number. Then it was up to Charles to call the owners and talk them into selling their houses for no money down, and carrying the paper, too!
I met Charles when he called me about buying a property that my husband and I had on the market for $1.2 million. When I asked him how such a young man was going to make the payments on $1.2 million home, he told me that he planned to rent the house out for enough to make the payments.
As a real estate investor myself, I tried not to laugh at his naivete, and after talking to Charles and listening to his frustration about trying so hard to follow his mentor’s advice, I offered to help him find a property, and I’m happy to say that Charles now owns his own home. But he’ll still have to spend years paying off a $4,000 credit card bill.
If you want to make money as a real estate investor, a good first step is to buy your own home, like Charles did. You can do that for no money down if you have good credit, or for a relatively little amount of money down if your credit is poor. Once you’ve purchased your own home, fix it up and then either sell it or refinance it and use your profits as the down payment on an investment property.
Don’t pay hundreds of dollars for out-dated methods that may have worked in the middle of last century! They’re a waste of your time and money. Real estate investing is truly a great way to make a fortune, but you must stick to tried-and-true proven strategies, ones that work in today?s real estate market.
Copyright ? 2006 Jeanette J. Fisher
About the Author: Jeanette Fisher offers FREE How to Start Real Estate Investing Teleseminar, free ebook, The Truth about Making Money Flipping Houses http://doghousetodollhousefordollars.com/
Tags: Buying Houses, Closing Costs, Foreclosure Properties, Fortune, Hordes, Institutional Lenders, Investment Properties, Investment Scam, Investors Flock, Late Night, Loans, Money, Owner Financing, Profitable Investing, Real Estate Investment, Renting, Ridiculous Prices, Scammers, Scams, Tv Program
Knowing what a Good Deal is Is the Key to Success in Real Estate.
Knowing what a Good Deal is Is the Key to Success in Real Estate.
Knowing and being able to negotiate good real estate deals every time is the key to real estate investing success. What to look for, and how to calculate your profit, cashflow and risk exactly and then evaluate the deal is revealed. These techniques apply to all real estate investments including foreclosures, short sales, rehabs, flips, muliti-family, lease option and owner financing.
Dear Investor,
Take this little survey: The most important key to Real Estate Success is:
1. Finding Motivated Sellers
2. Funding Your Deals
3. Negotiating
4. Knowing a Good Deal when you see one.
Yes all of them are important. And if you answered #4 you’re right on the money. Why, because if your deal is a not good one, all your other skills and marketing and power will not make you money, and may even lead to disaster.
On the other hand, if you can unfailingly target good deals, you will always be successful and all the other skills and your marketing methods will serve to increase your success.
It’s a lot easier to state the question than give the answer. Why?
SO… WHAT IS A GOOD DEAL?
It’s a lot easier to state the question than give the answer. Why?
Because it depends on many factors like:
> Market value and purchase price
> Expenses, carrying costs, repairs
> Cashflow and profit
> Holding time
> Loan terms
> Risk factors
> And more . . .
And most importantly, it depends on the type of deal you’re doing. For example, if you have a loan on a property that you intend to rent or sell on a lease option, the terms of the mortgage, future tax increases, and current area rents are critical to consider in insuring a positive cashflow. However, if you are planning to do a short rehab job, and sell or just flip to another investor, rental income is irrelevant as are future tax increases.
IT’S WHAT YOU DON’T THINK ABOUT THAT CAN GET YOU
The thing that trips up many investors, is that in our enthusiasm to do a deal that we’ve found, we don’t take into consideration “hidden” costs.
For example, if you’re doing a renovation and you’ve done your due diligence on contractor costs, have you also considered your carrying costs such as mortgage payments, utilities, etc. not only during the renovation, but also the time it will take to sell and close with a new buyer?
Or if you’re using a realtor to sell the property, have you calculated the effect of a 6-7% commission and the closing costs the seller will pay on your bottom line. A 10% profit margin can shrink pretty quickly to zero under those circumstances.
READ THOSE LOAN TERMS CAREFULLY
Or have you taken into account, not just your loan to value ratio on the property, but your investment to value ratio (e.g., the total of all outstanding loan balances plus the additional funds you’ve put in from your own cash or borrowed from your home equity line or friends and family)?
And on the income side, have you calculated how long you should hold the property to receive a significant profit from the pay down of the mortgage. With a new 30 yr loan, you may have to wait 5-10yrs to get the same pay down you’d get after a few years from a 30yr loan that’s been seasoned for 10 years.
And did you carefully read the note contracts to take account of adjustable rates and pre-payment penalties?
CHECKLISTS AREN’T ENOUGH
A number of courses and real estate gurus will give you checklists. That’s helpful in not forgetting something, but it doesn’t help you with the laborious and complex task of putting all the numbers together.
There’s just something about working with the actual real numbers, that brings the reality of the deal into actual focus. Our hopes and wishes dissolve before the actual profit and loss calculations.
Moreover, the numbers can pinpoint the weaknesses in a deal, and point the way to a solution. No mere checklist can do that.
WHAT ABOUT RISK?
I think you’ll also agree that a Good Deal, is not just High Profit, but also, most importantly Low Risk. Many a dream of a golden future has come crashing down because some little thing went wrong.
Many a would-be mogul, is now working at a 9 to 5 because their killer deal was wrecked by an unforseen glitch. This is what we mean by high risk.
The successful investors do deals with low risk. Deals that are so robust that even if almost everything went wrong they’d still come out with a profit.
BUILD IN A SAFETY MARGIN
For example, suppose you have a rental with a positive cashflow. Is your cashflow high enough or your option payment big enough, that even if you had to evict your tenant for non-payment and it took you 2 months to fill it with another cash-paying customer, you’d still come out ahead?
Or, is your investment to value so low that even if you had to offer your buyer a big discount for a quick sale, you’d still walk away from the closing table with a fat check?
In real estate things can and usually do go wrong. It’s Normal. So, wouldn’t you like all your deals to have these kinds of safety margins?
FIXING THE PROBLEMS WITH YOUR DEAL
Now, if you knew in advance that your risk was too high, or your cashflow was too low, or your profit over the life of the deal wasn’t enough, you’d want to think of solutions.
This is what is meant by being a “transaction engineer”. Find the solution, fix the problem, test it on the numbers, and then negotiate it into the deal.
And if you can’t find a solution (but there always is one) or the seller won’t accept itNEXT!
A RISKY DEAL IS NEVER WORTH DOING!
I can tell you from real experience, a bad or risky deal is NEVER WORTH DOINGno matter how enticing the vision. The personal stress, heartache, and loss of confidence can be even more harmless than the potential financial loss. In the words of an ex-president’s wife, if you are faced with doing a bad dealJust say No!
WHAT’S THE ANSWER?
Some experienced investors have a feel for good deals, and can avoid trouble most of the time. Others only do a particular type of deal and use a rough “rule of thumb” to evaluate their risk and profit.
However, what’s really needed is a “calculator” or computer program that will take in all the variables and
> Calculate the exact profit and cashflow for all kinds of deals.
> Measure and Evaluate the financial risk in the deal
> Use standard and safe criteria for what constitutes a good deal
> Suggests alternatives to fix what is wrong
A DEAL EVALUATION TOOL
We’ve taken tons of real estate courses and looked at all kinds of real estate software, and nothing has come close to what we as investors need. So we decided to create our own Deal Evaluation Tool.
Well after several months of testing and improvement, we now use it for all our dealsshort sales, subject to, lease option, rehab, wholesaling, and even some commercial.
Since we can try out different “what-if” scenarios, it’s kept us away from some real pitfalls, and helped us negotiate better profit margins. We wouldn’t “leave home without it”.
CONSTANTLY MEETING THE NEEDS OF INVESTORS
Well, some other investors wanted to try it, so we put it on our website. Much to our delight we now have a community of users and a users group that shares their insights about doing deals and creative ways to use the Deal Evaluation Tool.
Their suggestions, are leading to a rapid improvement of already incredibly useful tool. There is just nothing out there like it. We’ve also put a demo up for those investors who would like to get a feel for using it. And we hold classes for new users.
Knowing all the numbers, and having evaluated our risks with the Deal Evaluation Tool gives us more confidence in negotiating deals with sellers and more consistent high profit real estate deals.
And that’s what we all want, isn’t it.
Best of Success,
Richard Odessey
This article may be reproduced in its entirety only if unaltered and the resource box is included.
About the Author: Richard & Michelle are experienced investors & founders of the premier site on the internet - http://www.InvestorWealth.com: training real estate investors to do high profit deals. Offering Free Teleseminars by the top real estate investors, how-to tools and kits and hands-on training with personal advice from experts from the comfort of your home
Tags: Carrying Costs, Disaster, Estate Success, Finding Motivated Sellers, Flips, Foreclosures, Good Deals, Holding Time, Lease Option, Loan Terms, Marketing Methods, Owner Financing, Positive Cashflow, Real Estate Investments, Rehab Job, Rents, Risk Factors, Tax Increases, Time Is The Key, Time Loan
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7 Steps To Make Money In Real Estate Investing
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| Submitted By: Larry Haines |
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#1 Know that you can do it too!
Have you ever stopped to think about who owns all the downtown buildings? Or how about all those apartment complexes you see everywhere? When you see a “For Rent” Sign on a house do you wonder how many more rental houses that guy owns.
Well, the point to these questions is to say that you can be one of the millions of people that own rental real estate too? That actually comes as a surprise to some people and that is why the title above says KNOW that you can do it too! You can and you should. Let me repeat that. You can and you should.
There are plenty of excuses people use to say; “well, I can’t do that” and as the saying goes - “You either can or you can’t, either way you are right!” Here’s what I want you to do. Just below write out the first few “I can’t” reasons. I’ll even get you started…
What if you could turn it around so there were no excuses, no more “I can’t”? Wouldn’t that allow you to achieve your goal of financial freedom? Wouldn’t that allow you to create the result of buying properties below market value so you could make money time after time?
What we intend to do is what we will ultimately get. The more clear the intention, the better chance we will do the things necessary to get it. For instance, if you say; “I want to invest in real estate”, that intention is very vague and not easily acted upon. However if you can describe what kind of real estate you want it becomes much clearer and much more likely to happen.
As an example, if you say; “I want to own a rental duplex in the hospital district with each side being 3 bedrooms and 2 baths and it needs to cash flow at least $150 per side and I don’t want to pay more than $10,000 down and would love owner financing”, you are much more likely to find what you are looking for.
Is it easier to believe that you can own a duplex in the hospital district or that someday you want to be rich? Your mind will help you be successful if you truly believe and articulate what you want in detail.
#2 Begin with the end in mind
In Stephen Covey’s book “The Seven Habits of Highly Effective People”, habit number one is “Be Proactive”. You’re being proactive just by reading this article. You’re taking action. Habit number 2 is “Begin with the end in mind”. Set a goal. Know what you want and plan how to get there.
So many would be investors don’t have a road map to where they want to end up so they don’t end up anywhere. THIS IS A CRITICAL STEP!!
There is a major difference between investing in real estate and being a real estate investor. By inheriting a property or buying a house that pays you $2 per month, you are an owner of an investment property. (Many people actually loose money each month because they didn’t buy right but that is another story). Technically, they are invested in real estate.
But they are not real estate investors. They don’t have a plan of accumulating wealth with strategies and tactics that get them there over time. (Sorry, this is not a get rich quick opportunity…lottery tickets sold elsewhere).
A plan should have realistic goals. For instance, if your desire is to retire wealthy, what do you mean by “retire wealthy”. Be very specific. I have one client that defines it as “I want my wife to be able to stay home and I don’t want to have to work. I need about $6,000 to pay my bills and I want to be able to do some traveling so I want $10,000 per month”
You should have a long term goal of 10 - 15 years or more; medium term goals in the 5 - 10 year time horizon and shorter term goals in the 2 - 5 year range and immediate goals that define what you are going to do this year. Let’s take a look at a sample of this…
A 52 yr. old working male with a wife that works as a teacher might start with basic goals as follows:
10 year goal
retire at 62 with no reduction in lifestyle [so they need to replace $82,000/year income ($6,834 per month) which might take 10-12 free and clear houses generating cash flow in the $500 - $600/month range]
5 year goalOwn 15 housing units (could be apartment or duplex generating at least $150/unit in free cash flow ($2,250) to retire my wife to be looking for real estate full time).
Own Real Estate in my self Directed IRA - grows tax deferred or even tax free if using a ROTH
2 year goalBe buying 3-4 housing units/year (one per quarter? in appreciating areas).
ImmediateGet in depth education from local investors doing deals in my area.
Join the local REIA - Real Estate Investors Association.
Understand my financial situation - set a household budget, savings & Investment plan, income statement and balance sheet (which you will need for loans anyway).
Develop a buying criteria - (what do you want to buy, where, how much, what condition, how big, etc).
Find an investor friendly real estate agent (to help me find property that fits my criteria).
NOTE: this is just a summary of goals while a real plan is more in depth & detailed.
#3 Model success - Another way to say this is “don’t recreate the wheel”. If 8,000,000 people have already done something and hundreds of thousands are currently doing it too, DON’T TRY TO MAKE IT UP AS YOU GO!
There are many real estate investors that are happy to share their experience over a cup of coffee or lunch (you buy of course). The investors I have been privileged to know are a caring, sharing group of people that want to give back and help people. That’s how I got interested.
Now let’s talk specifics. If you were going to go into the hamburger business would your chance of success be better if you were starting your own burger place or buying into a big name franchise?
Assuming all things were equal, you wouldn’t have to develop all the systems and training for your own business if you went the franchise way. You would have the expertise of people that have been there and made mistakes and refined their systems and processes to improve the business. You would have the help of other franchise owners in your area to let help you get started and to talk with about local business trends and situations and on and on….
The point of this is to find out what other successful people are doing and model them. Don’t recreate the wheel. If your advertising isn’t working to generate leads, find someone that has a “lead generation machine” and copy what they are doing. (Please don’t infringe on copyrights, etc). But if they have a web page driving lead traffic, you should consider it. If they are putting signs out, you should consider it. If they are doing direct mail, you might give it a try. I think you get the point.
Look at every process as you find, fund, fix and flip real estate and break down the components to business processes and then put a system around the process to help you make it more efficient and more manageable.
#4 Focus, Focus, Focus
Lack of focus is probably the single biggest cause of new investor failure that I have seen. Every month people are buying new books and tapes from the circuit guru that flies into town for the REIA meeting or some big name putting on their own event. I’m not saying that you shouldn’t expose yourself to different techniques to buying and/or selling property but most people have a “flavor of the month” investing technique that they get excited about and don’t ever focus creating a business (being a real estate investor).
Look at your resources, network of people and resources, time you have and level of difficulty and commitment to do a specific type of transaction. You should pick one that considers your time and resources and then get really good at it.
#5 Take action
You don’t have to be good to begin, but you have to begin to be good. This is the shortest section here. TAKE ACTION! Do something. One of my bible study teachers used to say to me after I asked so many questions was; “Larry, Just get a mitt and get into the game!” Translation for real estate investors….”Just get out there and make offers”. You can’t make money until you get a contract that is signed by the seller, right?
#6 Build a team of experts
You’ll want to have a team of experts on your site and should have a title attorney, CPA, property manager, appraiser, and contractor all in place.
#7 Make offers!
You can learn a lot and not make money. You can plan a lot and not make money. You can network with hundreds of people and not make money. You can attend meeting after meeting and conference call after conference call and not make money.
Start making offers and start making some money. How many? How about 1 a day to start and then get up to 50-100 per month? Believe it or not, at some point someone will accept one of your offers and you’ll be “off to the races”.
Article Tags: make, people, real
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Tags: Apartment Complexes, Baths, Bedrooms, Better Chance, Duplex, Financial Freedom, Intention, Invest, Investing Money, Larry Haines, Money Investing, Money Time, Nbsp, One Of The Millions, Owner Financing, People, Rental Houses, Rental Real Estate, Surprise, Time After Time
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