The Art of Conversing with Team Members
Preview:
By: Steve Cook
Honestly, I'm sad to admit that it has taken me so long to get around to writing an article like this one. For many years, I've been teaching people how to do deals. In this process, I've also taught them how to establish relationships with team members, and I've seen some flourish and others fail before they even get started.
When you are getting started in the real estate investing business, talking with potential team members can be very intimidating. My advice has always been to keep trying... continue reading >>Being Broke: Career-Ending Problem Or Creative Opportunity?
Preview:
By: Steve Cook
Being Broke: Career-Ending Problem Or Creative Opportunity? I know that many people are inspired by my rags-to-riches story. We’re always inspired by the stories of someone who has overcome many hurdles. For example, when I got started in the business, I was broke! I didn’t have money. In fact, I was in debt from a previous, failed business venture. Now, many people view “being broke” as a disadvantage. I’m here to tell you that the reason that I’ve experienced success as a real estate... continue reading >>
When To Start Negotiating A Sales Contract On Your Finished Rehab... and when NOT to.
Preview:
By: Steve Cook
Lately, I’ve seen students blowing deals at the very moment they find out that buyers want to purchase their renovated homes. It’s becoming enough of a trend that I feel the need to tell you why this is happening - and how you can avoid it. It’s not easy to get a home sold today. It’s natural to become anxious when someone expresses an interest in your home. But this is not the time to negotiate. Allow me to explain: For example, let’s say your home has been... continue reading >>
Finding and Filling YOUR Niche!
Preview:
By: Steve Cook
I have to say: I live in one of the toughest states in the country for investing. Our Maryland legislature is constantly passing new laws that have serious effects on the business of real estate investors. And you know what? It doesn’t matter if you are a landlord or a flipper, there are new laws passed frequently that will affect your business.
For example: I had a discussion with a student yesterday, who was discouraged by the recent laws that have been passed regarding Maryland foreclosures. His... continue reading >>
The Success Trap: Why Do Investors Give Up On What's Working?
Preview:
By: Steve Cook
With all of the students that I have taught, I've noticed a subtle, yet problematic trend. I hope you pay close attention and watch for it in your own investing. I believe every investor will, at one time or another, face the same temptation.
Everyone Starts With "Sweat Equity"
Of course, when you get your start in real estate investing, you're hungry. You put your nose to the grindstone, and you really work the business hard.
Your "action" is focused on finding a deal. You're diligent about making offers and... continue reading >>
Low Hanging Fruit! Part 1
Preview:
By: Steve Cook
The Path of Least Resistance- Low-Hanging Fruit!
Low Hanging Fruit! Part 2
Preview:
By: Steve Cook
The Path of Least Resistance- Low-Hanging Fruit!
A Lesson In “Sales!” – Part II
By Steve Cook
Last month, you read about my early days as a computer salesman. There, I did not try to be a good salesman, and educate, sell and motivate people to buy a computer system that they weren’t sure they wanted.
I simply went after the people who my competitors had already educated on the value of the system – and I made these prospects a competitive offer.
Some... continue reading >>
Practical Solutions To Controlling Your Rehab Contractors
Preview:
Time and time again, it’s been said that the most challenging element for an investor in rehabbing a property or flipping real estate is working with contractors to ensure that the project is completed within the planned timeframe and budget. While there are numerous reasons for a project to run over time or over budget, the two main culprits are 1) lack of communication between investor and contractor regarding quality of materials or workmanship and 2) mishandling of repair monies by investor or contractor. Quality ProblemsBeginning with the issue of communication (or lack thereof), we as investors usually ask... continue reading >>
The Only Contingency You Will Ever Need - Moral & Legal Issues In Flipping Houses
Preview:
It's no secret to anyone who's ever done it that entering the real estate investing market as a new investor can be very, very intimidating.
In fact, the paperwork alone can at first seem a most formidable foe. That’s why so many people are tempted to add contingencies to their purchase contracts that allow them to escape from an offer unharmed.
Now I don't believe that there is anything wrong with this line of thinking. Protection is good and necessary.
However the error is found in the use, or should I say “abuse,” of... continue reading >>
How To Get Around Non-Assignable Contracts!
Preview:
In the beginning...
When I first started investing contracts to purchase REO properties from banks were still assignable. Whenever I wholesaled a property, I signed a simple, one-page Assignment of Contract with my buyer which assigned my buying position in my contract with a bank to my buyer. Effectively, my buyer (the assignee) stepped into my shoes and closed the deal.
As more and more banks were burned by assignees who bought positions in their sales contracts but did not perform, they decided it was time to start to control the selling process and force the original buyer... continue reading >>
