If you’re thinking about investing in real estate to make money, you need to first determine your financial goals. Do you need to make money quickly, invest for your children’s college fund, or build wealth for your retirement? Once you determine your financial goals, you need to decide which type of investing strategy works for you.
Make Money in Real Estate - Fast Cash Strategy
If you’re low on cash, get started by finding a bargain house and selling the contract to another real estate investor. Join a real estate investing club to find investors willing to pay you for finding good deals.
Make Money in Real Estate - Income Property Strategy
If you want to increase your monthly income, look for income property that returns a positive net income from month to month. Start with single family house. Look for a bargain below market value. Fix up the house to generate top rental income. Find houses that will rent for more than your mortgage payment. You may need to go out from your home area to a location that supports this type of return on your money. You can’t pay $300,000 for a home with a mortgage of $1,500 that only rents for $1,000. You might start with a home for around $300,000 that rents for $1,750. You will need good credit to get a loan with good interest rates. In a few years, your rental income should go up. Many real estate investors enjoy thousands of dollars each month generated by income property.
However, some investors don’t like dealing with tenants and prefer to make money in other real estate ventures.
Make Money in Real Estate - Investment Property Strategy
If you want to make money focusing on profits, investment property offers a different strategy. Instead of worrying about rental income, look for property that you can transform and sell or property that will appreciate significantly over time. Besides fixing a house up, you can transform a property by changing it. For instance, some investors buy apartment buildings and turn them into condominiums. Many investors speculate in land and make money by holding the land until new development in the area increases the value.
Examine your financial situation along with your long term goals. You can get started by flipping properties, move onto income properties, and then make larger profits with investment properties. You might end up using a combination of all three strategies to make money investing in real estate.
Copyright ? Jeanette J. Fisher
About the Author: Jeanette Fisher teaches how to find, finance, fix and sell. Free ebooks “Credit Tips” http://worryfreecredit.com “Flipping Houses” at http://doghousetodollhousefordollars.com
Tags: Bargain Market, Financial Goals, Good Deals, Interest Rates, Investing In Real Estate, Investing Money, Mortgage Payment, Net Income, Profits, Property Strategy, Real Estate Investment, Real Estate Investment Property, Real Estate Investor, Real Estate Investors, Rents, Retirement, S College, Single Family, Strategy Works, Thousands Of Dollars
There’s a lot of deal killers that you’ve got to keep your eyes peeled for or else you’ll say “another deal down the tubes.” Some of these deal killers can include attorneys, realtors, and other investors.
However, I’m not going to touch those in this article. I want to go over one of the deal killers I see many investors making that have no clue there making… Talking numbers to quick.
The fact is you’ll dig yourself an early grave as investor by going in for the kill to early by talking about the house numbers. More often than not, investors talk money to quickly when meeting with sellers. And as a result, the seller’s door will shut, while the investor may never get the second opportunity.
So, you wanna increase your profits and the likelihood of getting an offer accepted?
Then get the motivated seller to like you first. When they like you, they’ll feel they can relate to you and a certain level of trust is earned and thus your chances of getting the deal closed just drastically increased.
Use the phone as much as possible to collect enough data to see if the deal is worthwhile, but when you meet in person, it’s better to get to know the seller and find a common ground before you ever talk about the house and the house numbers.
It’s better to back away from the money issue all together and build a strong rapport right from the gate. A couple of years ago, I was assisting a knucklehead investor in another market that was looking at a deal that had about $40K in equity. He’d met with the owners and got nowhere, so he called me to see if I’d meet with them for a percentage of the deal.
At the time, I had a few deals in the works in this area myself, so I agreed. He’d met with these people already and they’d talked by phone on several occasions but he couldn’t land the deal. I spent a little over an hour and learned more in that hour than he knew after three or four meetings. I took an interest in them by listening to their family history, how many kids they had, and yes I walked away with the deed. They did the deal because they trusted me because I invested in them first.
Make sense?
This is so simple to do, yet often overlooked. I know you can pull this off, so listen up.
Look for items that you can make small conversation with to build a level of rapport. Here’s a brief list:
- Awards on wall - Vehicles in Drive - Children pictures on wall - Diplomas displayed on wall - Artwork
It’s literally amazing how much you can learn by just looking at the walls and walking up the driveway. When walking up to the door, pay close attention to the gutters, the way front door looks, the mailbox, and the landscaping. Does it look overgrown, does it look in need of repairs. If so, the seller could be facing some financial hardships. Just be aware of what’s going on by observing what you see with your own two eyes. This alone could open the door for you conversationally plus let you know what type of situation the seller may be in.
About the Author
Derek Pierce is a full time real estate investor that got his start investing in real estate when he bought his first property in September of 2000. Now, he reveals the real estate investing secrets he swears by at http://www.thereisecrets.com
Tags: Attorneys, Clue, Common Ground, Deal Killers, Early Grave, Family History, Investing Guide, Investor, Investors, Likelihood, Lot, Money Issue, Motivated Seller, Occasions, Profits, Real Deal, Real Estate, Realtors, Tubes
There are many potential rewards associated with opening a dollar store. However, with those rewards come many risks as well. It is important that the entrepreneur who is opening a dollar store carefully determine what those rewards are in their case and then compare the rewards to the many risks that will also be faced.
So what are some of the rewards associated with opening a dollar store? The rewards can include the potential for monetary profits. There is also the freedom associated with working for yourself, and the pride associated with owning your own business. Among the biggest rewards for many is getting rid of the 9-to-5 J-O-B and the boss that comes with that J-O-B.
All of these rewards and more are attainable if you are opening a dollar store. Well run dollar stores can be profitable. Owning and operating your own business does offer a degree of independence. You can definitely determine what you do and when you will do it. (However, never lose sight of the fact that mistakes can affect business performance.) There is nothing to compare to the pride as you stand in your finished and ready to open for the first time store. Say goodbye to your boss; you are now your own boss.
All of these rewards are well worth seeking. They are all very achievable when opening a dollar store. However never allow those rewards to blind you to the risks associated with business ownership. Recognize the rewards. Recognize the risks. Together they define your potential business success. It is absolutely no fun to see a business fail because the risks existed, yet they were not recognized or properly addressed because of the potential rewards.
To Your Dollar Store Success!
Tags: Boss, Business Degree, Business Performance, Business Success, Business/Network Marketing, Dollar Store, Dollar Stores, Entrepreneur, Freedom, Fun, Owning Your Own Business, Pride, Profits, Rewards, Time Store
There are many potential rewards associated with opening a dollar store. However, with those rewards come many risks as well. It is important that the entrepreneur who is opening a dollar store carefully determine what those rewards are in their case and then compare the rewards to the many risks that will also be faced.
So what are some of the rewards associated with opening a dollar store? The rewards can include the potential for monetary profits. There is also the freedom associated with working for yourself, and the pride associated with owning your own business. Among the biggest rewards for many is getting rid of the 9-to-5 J-O-B and the boss that comes with that J-O-B.
All of these rewards and more are attainable if you are opening a dollar store. Well run dollar stores can be profitable. Owning and operating your own business does offer a degree of independence. You can definitely determine what you do and when you will do it. (However, never lose sight of the fact that mistakes can affect business performance.) There is nothing to compare to the pride as you stand in your finished and ready to open for the first time store. Say goodbye to your boss; you are now your own boss.
All of these rewards are well worth seeking. They are all very achievable when opening a dollar store. However never allow those rewards to blind you to the risks associated with business ownership. Recognize the rewards. Recognize the risks. Together they define your potential business success. It is absolutely no fun to see a business fail because the risks existed, yet they were not recognized or properly addressed because of the potential rewards.
To Your Dollar Store Success!
Tags: Boss, Business Degree, Business Performance, Business Success, Business/Network Marketing, Dollar Store, Dollar Stores, Entrepreneur, Freedom, Fun, Owning Your Own Business, Pride, Profits, Rewards, Time Store
There are many potential rewards associated with opening a dollar store. However, with those rewards come many risks as well. It is important that the entrepreneur who is opening a dollar store carefully determine what those rewards are in their case and then compare the rewards to the many risks that will also be faced.
So what are some of the rewards associated with opening a dollar store? The rewards can include the potential for monetary profits. There is also the freedom associated with working for yourself, and the pride associated with owning your own business. Among the biggest rewards for many is getting rid of the 9-to-5 J-O-B and the boss that comes with that J-O-B.
All of these rewards and more are attainable if you are opening a dollar store. Well run dollar stores can be profitable. Owning and operating your own business does offer a degree of independence. You can definitely determine what you do and when you will do it. (However, never lose sight of the fact that mistakes can affect business performance.) There is nothing to compare to the pride as you stand in your finished and ready to open for the first time store. Say goodbye to your boss; you are now your own boss.
All of these rewards are well worth seeking. They are all very achievable when opening a dollar store. However never allow those rewards to blind you to the risks associated with business ownership. Recognize the rewards. Recognize the risks. Together they define your potential business success. It is absolutely no fun to see a business fail because the risks existed, yet they were not recognized or properly addressed because of the potential rewards.
To Your Dollar Store Success!
Tags: Boss, Business Degree, Business Performance, Business Success, Business/Network Marketing, Dollar Store, Dollar Stores, Entrepreneur, Freedom, Fun, Owning Your Own Business, Pride, Profits, Rewards, Time Store
There are many potential rewards associated with opening a dollar store. However, with those rewards come many risks as well. It is important that the entrepreneur who is opening a dollar store carefully determine what those rewards are in their case and then compare the rewards to the many risks that will also be faced.
So what are some of the rewards associated with opening a dollar store? The rewards can include the potential for monetary profits. There is also the freedom associated with working for yourself, and the pride associated with owning your own business. Among the biggest rewards for many is getting rid of the 9-to-5 J-O-B and the boss that comes with that J-O-B.
All of these rewards and more are attainable if you are opening a dollar store. Well run dollar stores can be profitable. Owning and operating your own business does offer a degree of independence. You can definitely determine what you do and when you will do it. (However, never lose sight of the fact that mistakes can affect business performance.) There is nothing to compare to the pride as you stand in your finished and ready to open for the first time store. Say goodbye to your boss; you are now your own boss.
All of these rewards are well worth seeking. They are all very achievable when opening a dollar store. However never allow those rewards to blind you to the risks associated with business ownership. Recognize the rewards. Recognize the risks. Together they define your potential business success. It is absolutely no fun to see a business fail because the risks existed, yet they were not recognized or properly addressed because of the potential rewards.
To Your Dollar Store Success!
Tags: Boss, Business Degree, Business Performance, Business Success, Business/Network Marketing, Dollar Store, Dollar Stores, Entrepreneur, Freedom, Fun, Owning Your Own Business, Pride, Profits, Rewards, Time Store
For an experienced and clever investor, creative real estate investing is a technique that can bring in profits beyond our imagination. Many investors use rehabbing to build fortunes. These investors seek run down, neglected, ugly properties for very less, sometimes lot less than their market value because of their decrepit condition. They then fix the property keeping costs of repair as low as possible, repaint the property, giving them a face lift and manage to sell the property at an amazing price bringing them huge profits!
How to Rehab a Property: This field of investing in real estate is good for experienced and knowledgeable investors not recommended for novices. The investor seeking to rehab a property should study the location as well as the structural design of the house, paying attention to the kind of neighborhood it is located in, shopping facilities as well as transport facilities available in that locale. The investors should have a good idea of the local market, the current land value, must be experienced in rehabbing to judge what needs fixing, the ability to estimate the cost of rehabbing a property, should decide if he wants to rehab it himself or let a contractor do it for him. Consider all aspects to try and get the house at a greater profit and work things out that with minimum costs the property gets to look presentable and try and sell it for its current value or higher. The investor should have a good idea about the latest trends in color and interior decorations spending within a preplanned budget that will help make the rehabbed property more desirable to the buyers. It is better to do the rehabbing yourself as you can significantly lower costs cutting it buy nearly 50% than when a contractor is hired to do the job. It will be better if the investor is trained professionally to fix houses, as he will have a clear idea of the work that needs to be done and how to get it done at lowest costs possible.
Some investors make major money investing in and rehabbing commercial real estate, others are experts in rehabbing obsolete homes and make huge profits by selecting properties near a lake, yet others specialize in rehabbing condos in places, where there is significant demand for condos. Some investors rehab and sell their property at a good profit usually yet others rehab, refinance and rent the property to get better returns on investments. There are investors who acquire homes for say $100,000, rehab it for say $20,000 and sell it for $300,000! The sky is the limit for experienced real estate investors who invest in rehabs!
There are several firms available online to help you with rehabbing properties.
Alexander Gordon is a writer for www.smallbusinessconsulting.com - The Small Business Consulting Community. Sign-up for the free success steps newsletter and get our booklet valued at $24.95 for free as a special bonus. The newsletter provides daily strategies on starting and significantly growing a business.
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Tags: Budget, Creative Real Estate, Creative Real Estate Investing, Current Value, Face Lift, Fortunes, Imagination, Interior Decorations, Investing In Real Estate, Investor, Knowledgeable Investors, Latest Trends, Local Market, Neighborhood, Paying Attention, Profits, Real Estate Investing, Rehabs, Structural Design, Transport Facilities
There are many potential rewards associated with opening a dollar store. However, with those rewards come many risks as well. It is important that the entrepreneur who is opening a dollar store carefully determine what those rewards are in their case and then compare the rewards to the many risks that will also be faced.
So what are some of the rewards associated with opening a dollar store? The rewards can include the potential for monetary profits. There is also the freedom associated with working for yourself, and the pride associated with owning your own business. Among the biggest rewards for many is getting rid of the 9-to-5 J-O-B and the boss that comes with that J-O-B.
All of these rewards and more are attainable if you are opening a dollar store. Well run dollar stores can be profitable. Owning and operating your own business does offer a degree of independence. You can definitely determine what you do and when you will do it. (However, never lose sight of the fact that mistakes can affect business performance.) There is nothing to compare to the pride as you stand in your finished and ready to open for the first time store. Say goodbye to your boss; you are now your own boss.
All of these rewards are well worth seeking. They are all very achievable when opening a dollar store. However never allow those rewards to blind you to the risks associated with business ownership. Recognize the rewards. Recognize the risks. Together they define your potential business success. It is absolutely no fun to see a business fail because the risks existed, yet they were not recognized or properly addressed because of the potential rewards.
To Your Dollar Store Success!
Tags: Boss, Business Degree, Business Performance, Business Success, Business/Network Marketing, Dollar Store, Dollar Stores, Entrepreneur, Freedom, Fun, Owning Your Own Business, Pride, Profits, Rewards, Time Store
There are many potential rewards associated with opening a dollar store. However, with those rewards come many risks as well. It is important that the entrepreneur who is opening a dollar store carefully determine what those rewards are in their case and then compare the rewards to the many risks that will also be faced.
So what are some of the rewards associated with opening a dollar store? The rewards can include the potential for monetary profits. There is also the freedom associated with working for yourself, and the pride associated with owning your own business. Among the biggest rewards for many is getting rid of the 9-to-5 J-O-B and the boss that comes with that J-O-B.
All of these rewards and more are attainable if you are opening a dollar store. Well run dollar stores can be profitable. Owning and operating your own business does offer a degree of independence. You can definitely determine what you do and when you will do it. (However, never lose sight of the fact that mistakes can affect business performance.) There is nothing to compare to the pride as you stand in your finished and ready to open for the first time store. Say goodbye to your boss; you are now your own boss.
All of these rewards are well worth seeking. They are all very achievable when opening a dollar store. However never allow those rewards to blind you to the risks associated with business ownership. Recognize the rewards. Recognize the risks. Together they define your potential business success. It is absolutely no fun to see a business fail because the risks existed, yet they were not recognized or properly addressed because of the potential rewards.
To Your Dollar Store Success!
Tags: Boss, Business Degree, Business Performance, Business Success, Business/Network Marketing, Dollar Store, Dollar Stores, Entrepreneur, Freedom, Fun, Owning Your Own Business, Pride, Profits, Rewards, Time Store
Buying real estate at a discount to the fair market value is one of the important ingredients to making the most money in today?s housing market. One of the best investing niches to buy at a discount is buying a pre-foreclosure home.
Why is buying a pre foreclosure such a good deal?
First of all, pre-foreclosure is the period of time between when the lender files a foreclosure lawsuit or notice of default against the property owner and the date the property is sold at a public auction or trustee?s sale.
During this period of time the home owner still controls his property. He can bring his mortgage current and stop the foreclosure process or he can sell the property to save his credit profile from having a foreclosure notice attached to it. He can pay off the loan he can no longer afford to make payments on and perhaps have some equity left over in the property to put some cash in his pocket.
The pre-foreclosure period is the first and best stage in the foreclosure process to buy a property at a discount because you, the investor, can do three important tasks to maximize your profits:
You can evaluate the profitability of buying the pre-foreclosure.
You can inspect the property to determine what repairs need to be made and discount your offer price accordingly.
You can negotiate the price and terms with the home owner directly and perhaps get a discount as much as 50% off the current market value.
This is ideal compared to the following stages in the foreclosure process, namely, the public auction and post-foreclosure stage.
The public auction stage can carry more risk to the investor as well as disappointment. There is more competition at the public auction and so the price may be bid up beyond your top bid price for the property. You also need to come with cash in hand in the form of cashier?s checks to buy the property. Then there is the disappointment of being told the sale has been cancelled. This is typically due to some legal maneuvering by the home owner such as filing for bankruptcy protection to stall the sale.
The last stage of post-foreclosure occurs when there are no successful bids at the auction. The lender takes the property back and it becomes what is commonly known as ?real estate owned? or an REO. At this point many lenders will list the property with a local real estate broker at fair market value depending on the condition of the property. The lender may even choose to rehab the property to obtain a higher sales price. The likely type of buyer at this point is someone wanting a personal residence or an investor that will buy and hold.
What skills do you need to buy a pre-foreclosure property for the most profit?
With so much opportunity in pre-foreclosures you should be highly motivated to learn all you can about the skills needed to be successful in this real estate investing niche. There are a number of skills you need to develop to be successful.
One very important skill or method you must develop is the ability to locate the pre-foreclosure listings before the rest of the eager investor competition does.
Now you can find these properties for free if you go down to the county courthouse yourself and research the public records. This is time-consuming, however, and the information you?ll gather is very basic. Highly successful investors use other methods and strategies they have developed to locate distressed home owners and pre-foreclosure lists. These include:
Foreclosure Subscription Services:
Foreclosure subscription services provide pre-foreclosure property listings. However, not all listing services are the same. There can be a vast range in two critical areas:
[1] How fast they notify you of new listings. The best services should have listing information to you in a matter of days, not weeks. [2] How comprehensive the information is that they gather. You need more than an address, the loan the default has been recorded on and basic property information, to make informed investment decisions. The best services will also provide you with such information as any other loans against the property and local comparable sales.
Strategies of getting the distressed home owner to call YOU for help and ready to make a deal
There are successful methods of contacting the home owner of a pre-foreclosure that involve mailing them or calling them or leaving something on their doorstep. You need to develop the skill to write and deliver a message to the home owner that will get their attention and get them to call you instead of a competing investor.
Better yet, if you can get a home owner to call you before the notice of default is even filed, you?ll be way ahead of the pack of competing investors. This is really a very special skill that the most successful investors have developed.
This is just one of the skills you need to develop. Others include property evaluation skills such as crunching the numbers to calculate potential profits and knowing how to inspect the property to determine the condition and what repairs need to be made and how much they will cost. You need good communication skills when talking to the home owner to build trust and make a connection so you can negotiate successfully with them. You also need skills in drafting the purchase contract with the proper clauses to protect your interest to avoid getting stuck with a property that turns out not to be a good deal upon further investigation.
How to learn the skills to be a successful investor
If you haven?t developed these skills and don?t know where to start, I recommend you find a real estate investor mentor. Find someone in your local area who is already successful in pre-foreclosure investing and ask if they will coach you. They will need an incentive, of course. Maybe they need someone to do some grunt work because of time constraints. Then be their grunt and keep your eyes and ears open at all times and be a sponge. In time you will develop the skills and strategies needed to be highly successful in the lucrative niche of buying pre-foreclosure homes.
What to do if you don?t have a local real estate mentor to help you
If you don?t have a local real estate mentor, the next best thing is working with a ?virtual? mentor. Many of the best and most successful investors in pre-foreclosures have written step-by-step guides to help someone just getting started or someone who wants to improve their skills to make even more money. So find yourself a mentor, either in your area or a ?virtual? mentor and start learning how to make money in pre-foreclosure homes.
Tags: Bid Price, Cashier, Credit Profile, Current Market Value, Disappointment, Foreclosure Homes, Foreclosure Process, Foreclosure Property, Housing Market, Niche, Niches, Notice Of Default, Period Of Time, Pre Foreclosure, Profitability, Profits, Property Owner, Public Auction, Trustee, Ty
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