Real Estate Investing: Q&A- Trouble Understanding Where to Start

Question: I have A.D.D. and I am having trouble understanding where to start.  I just can’t hear this, this, and this.  I need to know why I need to start there and how. Can you help?

Answer: There are many successful beyond millionaires who have A.D.D. in the real estate industry or any industry.  It is up to you to decide whether or not you will allow this to hold you back.  Everyone has their own way of learning and you will need to determine what that is for you.

Understanding Where To Start

As far as needing to know why certain information is required, it is best for you to take one thing that you don’t know and read a variety of books, listen to audios or look at video on that subject so you can get a better understanding from many different views.  There are many things in the real estate industry that can stop someone before they even start but you must realize that majority of the methods out here have been proven to work.  It may be hard to take someone’s word for it but just taking action on a method will go a lot further than just over analyzing it because you would have created an experience.  When you actually get out there and do something, it’s not just on paper anymore and fluttering in your mind.  You have taken action towards something you didn’t know about or fully understand.

Wholesaling requires marketing to find sellers who need to sell their home and cash buyers to purchase them. If you are into other forms of real estate investing, say rehabbing to fix and flip, you will need to locate properties for cheap. In order for people to know what you do and what you are looking for, you must market yourself and your business either by word of mouth, or passing out business cards/flyers, social networking, to name a few. There are other things you need to consider like funds to purchase and rehab, system to follow, what you plan to do with the properties, etc.

Wrap-Up

NO matter what you face in life, there is always a way to overcome it.  There are plenty of resources available that you will be able to relate to. When understanding where to start, read or listen to books on a topic. Take what you have learned and implement it into your business. The main thing you need to remember is that you have to look within yourself to find the determination to keep going, NO MATTER WHAT!

Go out there and start marketing in your target area to generate the leads you are going after and see what happens.  Success nor learning happens overnight. Taking action will help to overcome some of the fears of not knowing enough. Many people learn with experience. Document what you did and follow and tweak it to make your own system.

For more information on marketing, please check out our post “6 Marketing Strategies Every REI Should Know.”  Did this help you? If so, please do us a favor and share with others and comment below.

To Your Success!

Real Estate Investing

 

 

 

 

 

 

Supreme Investing Group, LLC

Email: sig@supreme-investing.com

Quote

“Unsuccessful people make decisions based on their current situations. Successful people make decisions based on where they want to be.” – Quoteistan.com

Real Estate Niches, Mailings and Descriptions. OH MY!

REAL ESTATE NICHES, MAILINGS AND DESCRIPTIONS. OH MY!

If you are new to real estate investing and don’t know what niche to choose from, this short post will help you to understand what is involved in a few of the most popular markets. Also, take a look at our previous post “6 Marketing Strategies Every REI Should Know” to learn more about marketing strategies to your chosen niche.

Pre-Foreclosure/Short Sale

A pre-foreclosure/short sale specialist is someone who will work with homeowners who are in pre-foreclosure and the mortgage companies who these owners owe to.

You will have to send out multiple mailings, find contact information, drop out door packets to these distressed homeowners. You need to understand that these homeowners are not going to just talk to anyone. They may be trying to avoid the mortgage company. So, that’s why we use multiple ways to contact them and get them to call us.

You will offer them solutions to ridding themselves of their property that will help them to get a fresh start. You will also need to contact the mortgage company and negotiate a lower price for the money owed, this is called a “short sale”.

You will need to have scripts and other materials to help you with this process. Keep in mind that this is a long process but it can be very rewarding for all parties involved if the sale goes through.

Virtual Wholesaler

If you want to work out of various markets, then virtual wholesaling will be the strategy you will want to employ. A virtual wholesaler is someone who seeks to find large active cities to get their business involved in.

You will locate real estate agents, contractors bird dogs, buyers, title agencies, and any other power team member needed to find a property, get it under contract, and close on it.

You will need to have materials, scripts, and any other information needed that will help you to successfully research and market to find these power team members.

You will need to set-up systems that will allow you to track the different stages the wholesale process, multiple ways for your power team members to be able to keep in contact with you, and a program to collect signatures for contracts that need to be signed.

Private Money

Seeking private money is a necessary strategy if you would like to buy and hold properties, fix and flip properties, or wholesale properties through a double close. You would be considered a private money specialist which is someone who seeks and markets to find investor lenders to fund our deals. These private money lenders will want to earn a high return on their investment funds (ROI).

When seeking to find private money, you must be very familiar with the materials needed to show that you are an expert and know what’s going on in the investing market, like retirement, 401K, bank CD’s, etc. You will locate a list, receive a referral from someone, contact people you know, market your company, and speak at events to build a private money list.

You will need to have scripts to help you to go through multiple conversations. It will be your duty to keep in contact with them even if you don’t have a project for them to invest in currently. You will also contact them when you do have a deal for them to see if they would be interested in that deal or not.

Co-Wholesaler

A co-wholesaler is someone who markets to find other wholesalers who are putting properties under contract and need to find a buyer to purchase those deals.

You, as the co-wholesaler, will search online to find these wholesalers and offer to find them a buyer if they would be willing to split the finder’s fee.

When working with other wholesalers, you don’t have to search and market for a seller, they have done that for you, which makes this a great strategy.
You will need a script to use when speaking with these wholesalers. It will be your duty to keep in contact with them, find out what types of properties they are looking for, buyers, etc.

WRAP-UP

There are many other strategy niches to choose from but the ones mentioned in this post, can be lucrative if you do your research, develop or find scripts, market consistently, and get your name out there. We suggest you start working on one strategy at a time so you don’t become overwhelmed. Once you see that your knowledge and business have grown, then start to add on more strategies to continually grow your business.

We hope you enjoyed reading our post. If you have any questions, comments or concerns, please leave a message below or contact us by email at sig@supreme-investing.com.

We wish you the best in your chosen field,
Supreme Investing Group, LLC Team

Making a blind offer to a homeowner

 

Q: Is there a way for me to know how much to offer a homeowner without going to the property?

offer
Offer to a homeowner

A: When determining a blind offer for purchasing a homeowner’s property, it is best to gather as much information about the site from online sources. It is recommended that you do a google search of the address and look at google street view to make sure there is actually a property there.  Also, use the tool to see the condition of the neighborhood.

Zillow.com, Trulia.com, Eppraisal.com are great sites to get some information and estimates of the value of the homeowner’s property as well as comps. You can also visit your online county website to gather the owners names, addresses (if they are absentee owners) and tax assessment information.

These are great ways to get a broad idea on a blind offer to a homeowner but this information will not let you know the condition of the property. The online pictures may be up to 10 years old, the property could have had a fire or the home could have been remodeled in the last few years. It is hard to determine an offer without knowing the repair costs which could range from minor cosmetic repairs to major reconstruction.

If you want to get the best estimate without you personally going to the property, you could hire someone to go to the property.  They can take some pictures for you and possibly talk to some neighbors to get some info regarding the area.  It is best to get some hard evidence to arm you for negotiating the best potential deal that can benefit both you and the homeowner.

I hope this  Q & A was valuable to you.  If there is something you would like more info on, please comment below or use our speak your question feature located in the sidebar.