Sunday, 15 July 2012

Where Do Real Estate Investors Find Great Buys on Property?

The answer in one word is: UGLY. You need to have a motivated seller (DON'T WANTER) and property that is ugly. Great buys in real estate are in rough condition. I can count the nice properties on one hand that I got great buys in over the years. I am talking about thousands of properties. So if you have not guessed it yet, if you get in this business you are going to need to be in the rehabilitation of property business. What do I mean by ugly:

a. Weeds two feet high in the yard

b. Gutters hanging down from the house

c. Holes in the roof are good

d. Maintenance neglected

e. Out dated kitchens, shag carpet, unpainted walls for 10-20 years

Some of examples of a great buy:

a. Keep cool indoor pool I. I bought a house in Pontiac once such that when you walked in the front door, the paint was pealing from the walls. The house was full of moisture. When you got to the top of stairs to basement, you ran into crystal clear water. The water was to the top step. Someone had stopped up the floor drains and broken a water pipe. Water was running out of the basement windows. I had no competition on buying this house. We called the water department and had the water turned off at the street. We had the house dried out and got a great buy. The point is that there was little competition to buy this home. They could not see past the water coming out of basement windows. This was a foreclosed property and the bank was a motivated seller.

B. �A little smell I purchased a house where the owner had a dump truck load of sand poured into the basement. The sand was for a permanent litter box for her 25 cats. I had to take my clothes off in the garage when I got home. Again, I had no competition on the buy. The rehab on this house was labor intense.

c. Moving walls I In this house, you opened the door and roaches fall on you or better said, the walls move I. Again, the competition fell away- this required an exterminator and all was well.

d. Also look for backed up sewers, fleas, houses full of trash, as things to look for when looking for a great buys.

This business requires hard work but the rewards can be great. The majority of properties that people donate to charities meet the above conditions. There are great buys in real estate but it requires investors with a talent to restore the homes to a classic condition. Restoring homes, and putting them back in great shape, is for me, part of a process of fulfilling the American dream for homeowners and is what I love most about this business. The investors who look and see fully restored homes instead of the above are ones that get the great buys on homes they otherwise couldn't afford. If you are new investor, I recommend you focus on the lighter rehabs, paint and carpet changes for example. Some of the examples above were light rehabs they just had obstacles that others could not see past.

Ralph Mark Maupin has purchased and sold in excess of 3,500 single-family homes and many multi family properties. Mark teaches real estate investing seminars, and has real estate mentoring program.

 

.  The follow is great information on  Real Estate Investor Associations. Real Estate Association Are So Important to Your Success as investor and first time buyer?

What Should You Look for in REIA?

 

Some might say it is real estate "haven" of like minded people out to help each other on the common goal of real estate investing. A REIA is a real estate investment association. A group formed for the continuing education and networking benefit of its Club members.

Real Estate Investment Associations meet regularly all over the country. They hold there meetings usually on monthly basis in the evening. Guests can usually come free to a first meeting or pay thereafter a meeting by meeting charge. Membership is encouraged as these organizations are primarily funded through membership. Whether you are a new or seasoned investor, membership in your local association is a priority. There is old saying it's never too late to learn something new. These meetings are full of valuable real estate investing information. Learn from those who have been in the "investor land mine fields". Having a place and a setting for putting your dream team together through the networking, which is priceless? How many times have you heard, "It's not who you are, but who you know that makes you successful?" The people you meet at these meeting will move you to a whole new level of results by cutting through the red tape of investing. You can not believe what you get in value from the membership investment. It's like having Mark Twain as your personal coach for one year of training on writing a success book and all you pay him is $150 to $200 dollars.

 

Individual members benefit from meeting both new and seasoned investors. What great places where newer investors go to learn and work for seasoned investors, finding them deals and getting paid while learning. That's right, they make money, learn the business without risking their own dollars or credit. Being Wholesaler of real estate is sometimes call being bird dog for the seasoned investors. Growing up I always heard the term "that dog don't hunt". This holds does not hold true in the real estate investing club business. Here the meaning is "this does dog hunt". The new investor will learn as they earn free from risk and pressure. They have the experienced investor along as your coach and mentor.

 

There are resources tables at the investor meetings where every one brings their fliers and business cards. What great way for group to get to know each other and promote different recourses like Investor Real Estate Agents, Investor's Mortgage Loan Officers, Real Estate Attorneys, And Real Estate Minded CPAs, Accountants, Property Managers, Contractors, Title Companies, and Wholesalers? Real Estate Business Suppliers with products or services for the real estate investor seeking repeat business can network at their local REIA to meet potential customers. Like minded people working together can move mountains.

 

These REIAs and Real Estate Clubs invite national and local speakers and experts to teach their members new and innovative techniques that when applied, will bring success. A lot of National Speakers have investing courses, boot camps and home study courses for sale to the attendees. The club leaders work on reviewing these course and reputations before inviting speakers to the events. Some of the REIAs provide forms disk for their members. It is always advised that members check with their own attorneys before using.

What to Look for in a Successful Real Estate Investor Association (REIA)

• Owners or board members invest in real estate in the market that club is located. Many of the most successful REIAs have expert real estate board members or owners.


• They provide a good mix of local and national expert speakers


• They have an online presence – they provide resources and information their members can access – like forms, seminars, and up coming event calendar, list of real estate terms and what they mean


• Meetings are held regularly (at least monthly). Many of most successful groups have more than one meeting a month


• Speakers give great value – they give more than promised


• Membership includes benefits – forms disk, access to recordings of local speakers


• Opportunities to network with like minded people


• Local REIA to be member National Associations for investor club to gain advise and coaching.

How to find a Real estate investors association in your area may be done by going to National Real Estate Network LLC web site http://www.MegaEveningEvent.com on the home page look in the lower left hand side for a list of real estate clubs through the country.

National Real Estate LLC is sometimes call and know for information the following: Real Estate Association of Michigan, Michigan Real Estate Group, Real Estate Investment Association of Michigan, REIA of Michigan, Real Estate Class Michigan, Real Estate Investing Club Michigan, Landlord Club Michigan, Michigan Real Estate Mentoring Program, Michigan Real Estate Training Classes, Michigan Real Estate Seminars, Michigan Real Estate Schools, Michigan Real Estate Courses, Michigan Real Estate Network, Michigan Real Estate Conventions, Michigan Real Estate Boot Camps, Michigan Real Estate Forums, Michigan Real Estate Licensing, Michigan Real Estate Learning Center, and Michigan Learning Annex. http://MegaEveningEvent.com

 

 


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