For those of you who have not yet paid a fortune to go to a seminar an listen hours of sale pitches so you can buy a "No Money Down, No Risk" real estate investment, i have great news. You just save yourself a lot of money because i am going to reveal the secret FOR FREE, not tomorrow on a WEBINAR, TODAY.
How can you make money with a property with out paying for the property, the mortgage, the taxes, the Real Estate Commissions, and all that? The answer is kind of ironic... Just not owning the property. There is a huge difference between being the owner of a property and "C O N T R O L L I N G" the property...
That is the secret. Once you learn how to control the property, you are in Business.
You can start your Real Estate Investment Career just like that. Controlling one or two properties at a time, and if your marketing campaigns are running you will be able to sell those properties no problem.
That is called wholesaling and involves the idea that a contract is a binding instrument that can be transferred and sold. So in reality you will be selling contracts, not Houses.
The average assignment of contract tin today's market range between 1k to 10k, usually 5k per property. Now, Being completely honest here, you and me know that the real money is in buying, rehabbing and selling the property, but you also know that you need to pay the price there, by taking risk and closing the deal, making repairs and carry the property until it is sold.
Controlling the property is relatively easy, but if you are not informed it can be a little tricky. Last week, we presented an offer to a bank for a REO property in Miramar, Florida. The asking price was 69k and the bank had denied numerous offers below that number. When we saw the opportunity and the property we sent an offer for 42k and we included all the documentation to support that value, Closing cash with in 30 days with a two weeks due diligence period. We received a call back after two days and with a little negotiation, a couple of thousand dollars more and an additional 2k on deposit we got the verbal acceptance, and 72 hours to deliver the deposit to the title company.
Until then, we were not controlling the property, and now we had two weeks with no risk at all to market this property and sell the contract for a profit.
Sound easy? well with the right coaching it is. When you look for a mentor, please follow the next fives rules :
How can you make money with a property with out paying for the property, the mortgage, the taxes, the Real Estate Commissions, and all that? The answer is kind of ironic... Just not owning the property. There is a huge difference between being the owner of a property and "C O N T R O L L I N G" the property...
That is the secret. Once you learn how to control the property, you are in Business.
You can start your Real Estate Investment Career just like that. Controlling one or two properties at a time, and if your marketing campaigns are running you will be able to sell those properties no problem.
That is called wholesaling and involves the idea that a contract is a binding instrument that can be transferred and sold. So in reality you will be selling contracts, not Houses.
The average assignment of contract tin today's market range between 1k to 10k, usually 5k per property. Now, Being completely honest here, you and me know that the real money is in buying, rehabbing and selling the property, but you also know that you need to pay the price there, by taking risk and closing the deal, making repairs and carry the property until it is sold.
Controlling the property is relatively easy, but if you are not informed it can be a little tricky. Last week, we presented an offer to a bank for a REO property in Miramar, Florida. The asking price was 69k and the bank had denied numerous offers below that number. When we saw the opportunity and the property we sent an offer for 42k and we included all the documentation to support that value, Closing cash with in 30 days with a two weeks due diligence period. We received a call back after two days and with a little negotiation, a couple of thousand dollars more and an additional 2k on deposit we got the verbal acceptance, and 72 hours to deliver the deposit to the title company.
Until then, we were not controlling the property, and now we had two weeks with no risk at all to market this property and sell the contract for a profit.
Sound easy? well with the right coaching it is. When you look for a mentor, please follow the next fives rules :
- Keep it real; New "Gurus" are just cashing on the lack of knowledge of people who somehow understand that this is the time to jump into the waters of real estate investing. But, come on. Do you really believe that there is a chance to do this, from a tropical beach working two hours a week? or that you will make 185k on a single deal following a program, where the average price of a RETAIL property is 130k??? Be ready for opportunity, but please, be smart.
- Look for a Real Estate Investor, Not a Speaker or a celebrity. If you knew the secret to make millions on auto pilot, would you be traveling the states, doing seminars, events, shows, and not do what you know??? There are a lot of speakers who teach the insigths of real estate and try to give you their "secret weapons" but they don't actively invest in Real Estate. Get help from a mentor who is on the street, evaluating deals, selling houses, and then he takes away some time from real estate to run his successful courses and seminars for extra profit.
- Buy Mentoring, don't buy just materials; Some people have more Tony Robins CD's than music in their homes and have not yet taken "Massive Action" because they only listened to the first three Cd's and saw the first DVD of the $5.500 course they bought. Get personal time with your mentor. Get time to walk a couple of deals with them.
- Keep it Close; Getting a mentor 2500 miles away is not the best use of your money. I prefer a local successful RE Investor that a super star in the sky. Go to your local REIA, meet investors and ask who of those are being consistently doing 4 deals or more a month, and then get them to mentor you... Chances are, you will learn more hands on than anything else.
- Take care of your business. ; I love to delegate. We have spent so much time creating systems for anything we do in the office. From marketing for sellers to closings. But i personally perform every single task that i plan to delegate so i know what i want, and nobody in my office can say something can not be done. You want to learn how to be successful... Do it yourself.
I will attach to this blog some properties we are working on, so please feel free to Analise them, call us and email them to your friends, colleagues and competitors.
Thanks
WHOLESALE DEALS
2720 NW 16 Ct.,Ft. Lauderdale 33311
Wholesale Price: $72,000 ==>
3 bedroom, 2 bath CBS house. Large house at 1900 sq. ft. total. Needs kitchen and bath work.
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1610 NW 8th St Fort Lauderdale, FL 33311
Wholesale Price: $36,000 ==>
2 bedroom, 1 bath CBS house. Needs normal rehab. Great for rental. Call for access.
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3830 NE 13 Ave., Pompano Beach 33064
Wholelesale Price: $78,000 ==>
3 bedroom, 2 bath CBS house. CAC. 1092 sq. ft. Minor rehab needed. Call to see.
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3515 NW 176 Ter.,Miami 33056
Wholesale Price: $49,900 ==>
3 bedroom, 1 bath CBS house. 1090 sq. ft. Large lot. Normal updating needed inside.
