The Two Vital Skills Every Investor Must Master
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To be successful at real estate investing, there are two skills that you must develop: Negotiating and Marketing. And to truly develop and master these skills, it's going to take study, practice, application, testing, retesting, and knowing the difference between what's working and what's not.It should be your number one goal to become both a negotiating and marketing master! By doing so, you position yourself to turn your real estate investing business into a cash cow.
Fast Track to Real Estate Negotiating Mastery
Get educated!
Here's a hand full of books to get you started. Selling 101 by Zig... continue reading >>
How to Build Long Term Relationships in Your REI Biz
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In the real estate investing game, there are many different relationships that you will want to build. You'll most likely be communicating daily with motivated sellers, buyers, tenants, investors, and contractors just to name a few. You will experience the most success in your real estate investing business with the least headaches and hassle if you are able to build rock solid long term relationships. True win-win relationships.A great question to ask yourself is, "Have I been effective at building long term relationships so far in my life?" Be honest with yourself because to bridge a weakness, you must... continue reading >>
Real Estate Investing Reality Show : Kicking off the Renovation, Episode 2
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It's one thing to read about real estate investing techniques, strategies, and tips. It's a whole other thing to actually see it in action.If you missed the first episode, watch it first. We take you through our due diligence prior to purchasing the property.
http://www.realestateinvestor.com/media/blog/4608/
We just closed on the property last Wednesday, September 17th. The second episode commenced last Friday when we kicked off the renovation.
Here's a quick list of what you'll find in the video:
Meet our partners on the deal, Sean Hall and Eli Sanderlin.How the lead came in and a "Must... continue reading >>
Hot New Real Estate Investing Reality TV Show
Check out the video below to get a taste of what's to come. We just shot the next episode last Friday so stay tuned.
Patrick Riddle
http://www.MustKnowInvesting.com
How to Combat the Shopper
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First off, let's define "shopper" and make sure we are on the same page.
A shopper is a seller who has contacted every investor in the book to try and get the best offer possible. These people have very little loyalty and aren't thinking about anything other than what's in it for me (as if I could blame them). They call every "We Buy Houses" ad in the phone book, the newspaper, on the internet, etc.
BEWARE: A shopper can steal a ton of your time and suck the life right out of you. You spend time researching their property,... continue reading >>
Why You Should "Mortgage" Your Free and Clear Properties
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I was on a coaching call with one of our students the other day, and we got on the subject of free and clear properties. He has done several deals now and is really getting his feet wet in the real estate game. He purchased a couple properties recently and just finished with the renovations. He owns the houses free and clear and wants to pull his money back out through a refinance. His plans are to hold on to the properties and use the cash from refinances for his next deals.This brought to mind a couple suggestions for... continue reading >>
Are You Wasting Time with Unmotivated Sellers?
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What is a motivated seller?It's not someone who wants to sell. It's not someone that wishes they could sell. A motivated seller is someone who MUST SELL! From their point of view, they don't have a choice. They've got to get rid of their house as soon as possible.
More time is wasted talking to, conducting due diligence on, and meeting with unmotivated sellers than any other part of the business. It's your job as an intelligent real estate investor to disqualify leads that don't work for your business model as quickly as you possibly can.
If you have... continue reading >>
Caution: Another Real Estate Investing Mistake That Could Cost You Big Bucks
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Whether you're a seasoned real estate investing pro or brand new to the game, this mistake can jump up and bite you.Here are a couple scenarios where caution should be taken:
Let's say you contract a vacant property and negotiate a long closing period. You know that it' s a good deal, you've done your due diligence, and the closing is set for two weeks out. The stage has been set. You've got your renovation plan together, and your contractors are ready to get started. Have you ever bought the materials for a job, got a dumpster delivered to... continue reading >>
How to Turn a Good Deal into a Great Deal
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Good deals just don't cut it for me anymore. To do a deal in today's market, it has to be great! I would suggest that you prescribe to the same philosophy. If you've been reading my blog lately, you know that we've talked a lot about minimizing risk and maximizing returns. By turning a good deal into a great deal, you are accomplishing both.
7 Simple Ways to Turn a Good Deal into a Great Deal
1. Get "The Stuff" Thrown In
Let your imagine run wild. The appliances, the furniture, TVs, really anything... continue reading >>
Warning: Don't Make the Same Mistake I Did
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No matter how good you come out on a property, leaving $25,000 on the table leaves a slight sting. And that's exactly what happened when our first lease option tenant buyer cashed us out. It all came down to a few sentences in our lease option agreement in the purchase price section. Ever since then, we vowed never to make that same mistake again.What is a Lease Option
A lease option is when someone rents a property from you for a specified time frame (just like a normal lease), but they also have the option to buy the... continue reading >>