Finding good real estate deals is an art that takes time to master. Like any business, customers are what drive it. Your primary customer is the seller who is motivated to sell below market value. Finding motivated sellers requires advertising, marketing, salesmanship, and, like any business, keeping your nose to the ground.
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Scott Rister is a successful full-time investor living in Dallas, Texas and I think every real estate investor need to learn some strategies that work for him and would be work for you as well. Here is one of his suggestion.
Finding Motivated Sellers: Luck or Hard Work?
Did you just hear about the investor in your local RE club that closed on a deal netting them $15,000 and they didn’t even have to lay a hand on the property? Or what about the person that just bought that rental house on the same block for 30-50% less that what you paid for yours? Are you at the point of scratching your head and thinking they’re just lucky? Or probably that’s all they do and just don’t have a life outside of real estate….right?
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This time, I’d love to share with you regarding what Jay P. DeCima, a seasoned real estate investor with more than 40 years of hands on experience, say about partnering on real estate deals for the right reasons.
My (Jay) personal investment strategy has constantly changed over the years as I’ve discovered what works, what don’t and how to “tighten-up” my deals to maximize cash flow. I’ve always felt that investing alone is better than splitting the pie and sharing my profits! However, I have had several excellent partnership ventures over the years. And I must tell you this, when they work, you can achieve your financial goals many times faster than doing deals alone. But remember, I said when they work – that’s the tricky part.
There are a variety of forms of ownership of property. The more common forms of ownership include:
1) Joint Tenancy: property owned by two or more people at the same time in equal shares; typically referred to as the four unities (unity of time, title, interest and possession vesting in each joint tenant). Each joint tenant has an undivided right to possess the whole property and a proportionate right of equal ownership interest. When one joint tenant dies, his/her interest automatically vests in the surviving joint tenant(s) by operation of law. Words in the deed such as “John and Mary, as joint tenants with right of survivorship and not as tenants in common” establishes title in joint tenancy. Not all the states allow this form of property ownership.
Does buying preconstruction make sense today? Yes…and no. It depends on the market, the deal and you. First, we need to understand:
What is preconstruction?
Buying preconstruction, or off-plan, is where you buy into a development before it has been constructed. You are relying on a set of architectural plans. Frequently, developers will offer substantial discounts to buy off-plan. The best preconstruction projects will sell out before a shovel goes in the ground. Often the best units go to “insiders.”
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I’d like to share with you regarding a great strategy for real estate entrepreneurs written by Vena Jones-Cox, a real estate investor from Cincinnati, Ohio.
In almost every seminar I have ever attended, a lot of time has been devoted to teaching attendees how to find good deals. Because deal-finding is so crucial to one’s investing success, I recently decided to look back and see which methods have generated the most deals and the best deals for me. In reviewing the 150 properties I’ve bought or flipped over the last 5 years, I was surprised to find that many of the “traditional” sources of great deals haven’t worked for me, while some less obvious methods have been great lead generators. I’d like to share with you the results of my little inventory.
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21
Nov
Seven Mistakes Every Real Estate Investor Makes
Author: SmartInvestor // Category: StrategiesWhat sets truly successful investors apart from those who are only moderately successful or – worse – those who prematurely pack it in and decide to give up on real estate investing altogether? Mistakes do it every time. However, all investors are prone to mistakes, naturally. The key to moving forward is recognizing those mistakes and working proactively to keep them to a minimum. Below are some of the most common mistakes – and how you could avoid them:
1) Treating real estate investing as an unusual hobby – Real estate investing is serious business. Fortunes can be made in real estate investing, so treat it seriously. Get a business card and distribute it. Successful investors pass business cards out like Halloween candy.
No real estate investor is an island unto himself. Even experienced real estate investors depend upon knowledgeable professionals to assist them doing the business. Without the availability of the group of professionals we have dealt with over the last twenty six years, many transactions would not have closed. Our ability to close a deal has in fact been helped many times by our association with the attorney and title company that we deal with.
Many real estate investors fail and go broke because they have not surrounded themselves with knowledgeable experienced professionals to assist them in completing the entire package. It has been said that your real estate investing destiny is only as good as your dream team.