It Will Make or Break You
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Earlier today, I was riding around with a friend looking at some houses. He is a fellow entrepreneur and was telling me about one of his businesses. He has created an incredible product that is superior to its competition and can be sold at a competitive price.He has 10 or 15 clients now but hasn't sold anything lately. So I asked him, "Why aren't you making more money off of it?" After going back and forth for several minutes, we came to the answer...MARKETING!
An excellent marketer can sell out an inferior product. I was thinking, "If he has... continue reading >>
Think & Grow Rich
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More people attribute their financial success to Napoleon Hill's classic, Think & Grow Rich, than any other book in the history of the world. That should be enough said to get the point across to any serious student. After interviewing over 500 of the wealthiest men of his time and more than 20 years later, Hill crystallized the science of personal achievement.I just started reading the book again for probably the 5th or 6th time, and it still amazes me. I have also listened to the abridged and unabridged CDs countless times. But just reading or listening to the... continue reading >>
Getting an Upfront Contract
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An upfront contract is an agreement that is structured with someone BEFORE taking someone through your sales process. It is a technique developed by David Sandler and is extremely powerful. Use an upfront contract and you'll be playing by your rules, not be theirs!The following script will show you how to effectively set up an upfront contract:
Me: Thank you so much for meeting with me today. How much time did you see us spending together today?
Investor: Well, I don't know. How long do these meetings usually last?
Me: We can be done and have all your questions... continue reading >>
Where the Heck is the Leak?
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We finished renovating one of our houses about a month ago. I visited the house when we were wrapping up the punch list and having it cleaned. It was looking great! In the price range that we are in, most of the houses don't have much of any upgrades and just have carpet and vinyl throughout. To help with marketability, we tiled the kitchen and baths, put up crown throughout, and added chair rail and picture frame molding in the living area. So needless to say, I was happy that the house came out looking as good as it did... continue reading >>The "Fundamental Four" Assumptions of the Successful Investor
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There are Four Fundamental Assumptions that every "successful" real estate investor must embrace. Any one of them that you lack could be the missing link that's holding you back. Deals Are Abundant! That is, deals are abundant to the real estate investor that dedicates him or herself to a continuing education. Since getting started a little over 5 years ago, I've never stopped consuming investing information through CDs, books, courses, and seminars. If you plan on becoming a player in the field, being a serious student is the only path. Even after doing over 50 deals, I sought out a... continue reading >>Door Knocking for Dollars - What to Say at the Door
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We we first began in real estate, we were a couple of broke college kids. We had done our first deal while in school and had embarked to follow our dreams of making the big money. Being that we had little to no capital, we were interested in low-to-no cost marketing techniques to get the ball rolling. In comes "Door Knocking for Dollars."One of the first courses that we bought was on short sales. It was an extremely rudimentary course but ultimately, it got us our next deal. The course taught us, among other things, how to go to... continue reading >>
Using Hard Money as a Real Estate Investor
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If you have been in the real estate investing arena for very long, you have probably heard the term “hard money” used a few times. To clarify this subject, let me explain exactly what “hard money” is, why investors use it, and my experience with hard money lenders in our business.What Hard Money Really Is
First off, there are three things that signify a hard money loan:
Based on the Property – the loan is made based on the deal, not your credit and is usually around 65 to 70% of the after repaired value (ARV).Short Term –... continue reading >>
Developing a Solid Financing Arsenal
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I was speaking to an investor group in Columbia, South Carolina last night on recruiting private investors. That always seems to be a popular topic among beginning investors. It seems that many investors have a hang up when it comes to getting a deal financed. One of the investors asked me what I thought about using credit cards, and it got me to thinking not just about his question but about how to develop a solid financing arsenal.Let's just say that you find someone to finance some deals for you. You work out some terms and how the relationship... continue reading >>
You Better Have a Good Exit Strategy
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Recently, I wrote about Developing a Solid Financing Arsenal. After reading one of the comments from our readers, it sparked an interesting question in my head, "How does an investor's financing arsenal effect their choice of exit strategy?"When I use the words "exit strategy," I mean WHAT IS YOUR PLAN? Because you better have one especially in this market!
Here is what it comes down to:
The less options that you have to finance a deal, the less options you have for your exit strategy. The more options you have to finance a property, the more ways there will... continue reading >>
Fact or Fiction : No Money Down Zero Down Real Estate Investing
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Have you ever seen the movie "Boiler Room?" If not, check it out! One of the best scenes involves Ben Affleck doing a group interview. He works for a less than reputable brokerage firm and tells a fresh batch of recruits like it is. One of the first questions Affleck asks is whether anyone had already taken the Series 7 Exam. When one of the guys pompously raises his hand, Affleck tells him to get out saying, "We don't train old brokers here, we hire new ones!"When I got started as a real estate investor, I had zero experience... continue reading >>
