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How to Build a Real Estate Investing Power Team
As you continue to read about real estate investing, you will no doubt come across the term power team. What is this power team A power team is a group of people without whom successful real estate investing becomes very difficult, if not impossible. Included in a power team are at least one real estate agent, a mortgage broker, and a real estate lawyer, all of whom will have experience in creative real estate investing.
So, how do you go about building this team Well, you could just get a copy of the Yellow Pages and start calling, but that will most likely take a very long time, time that could be better spent working on real estate deals! Wouldnt it be better to have these people call you I thought so, so heres what I did. Keep in mind that this technique not only netted me a power team, but also a list of potential partners/buyers for future deals.
The local paper offers a deal on weekend real estate listings, so I placed an advertisement in the paper that read:
"Fixer-upper for sale. Cheap. Need cash and quick closing. 555-5555"
What sort of people would respond to an ad like this Some will be tire-kickers and the curious, but a good number of callers will be investors and real estate agents. I had the number in the paper forwarded to a voicemail service, and its a good thing I did as there were a lot of calls! I find that those who are just curious about the ad tend to hang up without leaving a message, so that takes care of those that arent serious.
After listening to the messages I found that there were two real estate agents that had answered. I called the first one, George, and told him that the home had sold, but would he be interested in working with fixer-uppers in the future He replied that he would, but didnt seem interested in discussing it much further. Now, I should mention here that I never actually had a home to sell - what I posted is called a ghost ad, used to guage interest in something. You may not feel entirely comfortable with this, and thats fine. Simply post a different ad that gets the same sort of message across.
The next agent, Elizabeth, was much more receptive. We spoke for well over an hour about her experiences in real estate - it turns out that she actively invests in real estate herself. She would be more than happy to search the mls on my behalf, as well as submit as many offers as I would send her way. Perfect!
And heres the best part: since I had found a real estate agent who also invests, I was also able to use the resources that she uses in her deals. So I now had access to a great real estate lawyer as well as a mortgage broker, along with a recommended property inspector. That saved me loads of work and time. My power team was now complete!
Ive since become good friends with Elizabeth, and she regularly sends me listings that havent made it to the mls yet. This gives me a huge advantage in pursuing deals as only a relatively small number of people are aware of the sale. I picked up my latest rental property this way - the property was going to be listed on the mls in two days time, but since Elizabeth let me in on the deal early I was able to close before the general public became aware.
A good power team is crucial to your success as a real estate investor, and oftentimes finding one member of the team can lead you to the others. Happy Investing!
Masters Of Disguise
Gene Hackman once lamented that the worst thing about becoming a famous actor is that you lose the ability to observe people without being noticed yourself.But some performers are so good at disguises that notoriety is no obstacle.A case in point was John Barrymore trying to buy his first house in Beverly Hills in 1926.Frustrated by rising real estate prices due to stars like Tom Mix and Charlie Chaplin moving into the neighborhood, Barrymore went to look at a lot dressed as his most famous movie role,Mr. Hyde.The realtor was taken aback by the long haired, wild eyed, fiendish looking man who got out of the limo.Every time the broker would suggest a price he was met by an intimidating growl.Finally he made the sale by lopping twenty thousand dollars off the initial number.
To Buy or Rent For Your College Student
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Dont Sign That Lease Yet
Youre being transferred to a new city in another state for a position that you start in exactly two weeks. You fly to your new hometown to select an apartment. You have exactly two days to make a decision and sign a lease, so when, after much searching, you find a vacancy in a relatively decent property, youre anxious to sign when the lease is placed in front of you. Resist the urge. As mentioned in previously in our report "Avoiding Tenants Tribulations," wearing rose-colored glasses can easily fool you into believing that your best interests as a tenant will be protected. Your desire to find a home and wind up what can be an exhaustive search process can push you into signing on the dotted line before youve read and understand all of the fine print of your lease.
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Every year, people resolve that THIS New Year will be different: "This will be the year that I write that book, start that new venture, double my income, take more time off to spend with my family," and the list goes on and on. However, when people think about pursuing their dreams, they often squash the idea because it doesnt seem practical.
The Minefields in Your Lease
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In order to find a real estate broker or agent who meets your needs and makes your buying or selling experience a positive one, Century 21 Real Estate Corporation recommends you:
Conditions Are Right For Buying The Higher Priced Home You’Ve Always Wanted
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Is Accumulating a Net Worth of $1,000,000 Easy Yes and No
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Easing Your Way Into Homeownership: A Guide To Low Down Payment Mortgage Programs
There’s no question about it:Buying a first home is a big financial commitment.In most cases, a home is the largest single purchase an individual or family will make in a lifetime.However, because of the tax advantages afforded to homeowners, buying a home also can be one of the best financial decisions you’ll ever make.
Internet Success Recipe
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Student Home Purchase Plan
Tuition costs are climbing, housing costs are climbing, it seems like all the costs for students are climbing these days. Students can afford cost increases less than any other demographic in Canada. Because of this, parents and students alike are looking for new ways to offset the costs of education.
How To Create A Website In Less Than A Week
Heres a really simple way... any novice can create a fully functional website in less than a week.
Tips on Budget Decorating
Home decorating on a budget is the ultimate adventure in decorating. It requires a little bit of planning, creativity, and patience. If you are like me, sometimes you wish you could be a genie and wiggle your nose and **poof** its done. However, that takes away from all the fun! Follow these tips and youll have a home that looks like a page out of your favorite magazine!
The Top 20 Web Mistakes Small Businesses Make
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The Curious History Of Wine Consumption In America
The history of wine consumption in America has been frought with starts, stops, and inconsistencies.The American population has always had a love-hate relationship with alcohol.Historic prohibitionist attitudes amongst much of the American population have blurred the line between moderate wine consumption and detrimental alcoholism.As a result, regular, moderate consumption of wine by the American public continues to face ideological and legal impediments.
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Flat Fee MLS Listings - Is this the future of real estate
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