| If you have ever thought about investing in | | | | possible when you purchase an investment |
| real estate, now is the time. You may be | | | | property, if at all possible. If you are |
| thinking that since the real estate market is | | | | using your own money, you will be limiting |
| in the tank at the moment and that it can't | | | | your own cash flow. You can borrow money from |
| possibly be a good time to get into this | | | | a conventional lender and put as little down |
| market. But you couldn't be more wrong! There | | | | as possible, or you can also get a hard money |
| are more foreclosures than ever right now and | | | | loan for the cost of the property and the |
| that presents a ton of opportunity for us | | | | rehab costs. |
| investors who have been waiting for prices | | | | |
| like what we are now seeing. I know the media | | | | 3) Don't do your own renovations. You have |
| is out there saying the sky is falling. | | | | probably seen them on TV shows, those house |
| However, there are many successful investors | | | | flipping pros doing their own rehab work. |
| quietly sitting back and laughing as they | | | | However, you won't be able to do more than |
| make money hand over fist. Let me let you in | | | | one flip at a time if you're doing your own |
| on a little secret that all successful | | | | work. You need a solid power team, including |
| investors know...The time to buy is now! | | | | reputable skilled contractors who will |
| | | | fulfill this end of things. |
| It's the perfect time to get involved right | | | | |
| now as a real estate investor. Lenders are | | | | 4) To get great deals, buy from motivated |
| currently finding themselves in situations | | | | sellers. Banks are quite motivated these |
| where they have loans that are not getting | | | | days, being that they have so much inventory |
| paid, and home owners are being forced into | | | | right now due to all the foreclosures. There |
| foreclosure everywhere you turn. There are | | | | is also a system to find motivated sellers |
| banks all over the place with so much | | | | out there called the Four D's. Look for them. |
| inventory, they don't know what to do with | | | | They are: Death, Divorce, Disaster, Disease. |
| it. They simply cannot move it quickly | | | | All of these reasons will produce motivated |
| enough. There are also thousands of | | | | sellers and you will be helping these folks |
| incredibly motivated sellers just waiting for | | | | out who have been hit by these types of life |
| someone to come along and save them from | | | | events, by purchasing their home before they |
| foreclosure. That 'someone', could be you. | | | | go into foreclosure. |
| | | | |
| There are a few things that you should keep | | | | 5) He who mentions dollar amounts first |
| in mind before getting started: | | | | loses. It's a known fact. The first rule of |
| | | | negotiation is to wait for the other person |
| 1) Never pay too much for your investment | | | | to name a price. List all of the items on the |
| property. There are plenty of homes available | | | | rehab punch list during the counteroffer |
| for very reasonable prices. You make your | | | | phase, as negotiating power. |
| money when you buy! You should never pay more | | | | |
| than 65% of the after repaired value of the | | | | 6) Finally, The best thing that you can do |
| home. Don't forget that you will have other | | | | for your own success in real estate is follow |
| costs to pay, such as holding costs, closing | | | | and focus on a tried and true system for |
| costs, as well as any money that you spend on | | | | investing in real estate. Find something that |
| the rehab of the home to bring it up to | | | | resonates with you, stick to it, focus on it |
| rentable or saleable condition. Bottom line, | | | | and take action-that's where most folks fall |
| you need to be able to still turn a profit. | | | | short. Just do it! Stick to a tried and true |
| | | | system and you will be making money in no |
| 2) Use none or as little of your own money as | | | | time at all. |