Offlineis property Values in your area. IF you lived there a long time, you know the area and have seen the changes taking place. If you haven't lived there long,go to open houses and look at what selling/how much/ in your area. Look at for sale ads at prices /areas and rent rates.
How may times did you say to yourself, "I saw that property and could have got it for a good price" or it sold for XXX amount and you know they made alot of cash....and THEN you see it has turned into a car dealership or resturant or whatever and someone took ACTION and is making the money YOU could have made!!
You MUST take action after you learn the VALUES of properties and see deals.
Know what used to be a fairly nice area has changed- it happens all the time and its something you need to be aware of. Learn the RENT rates in your town.
ONCE you learn this you will be able to find the REAL DEALS that most other investors miss.
Your best areas of housing is the most affordable, because they have a LARGER group of buyers.
Learn repair cost and how to add that cost into your overall expenses(along with all other holding/closing cost and add 10% more for overages) to REALLY know how much you can make or not.
Most of all, YOU are supposed to be a 'problem solver' and take the time to listen and understand peoples problems so that you can SOLVE them and help people without being RUTHLESS and GREEDY.
If you dont know VALUES, you will NOT know a deal when you see one. You have to know what the house will sell for.
Pick an area of REI, foreclosures,wholesale,buy/hold, REO's, storage units,car washes, billboards, mobilehomes what ever EXCITES you and learn all you can about it and you can change you LIFE.
Learn HOW to STRUCTURE deals and be creative to Make it work
DONT try to learn EVERYTHING about REI, you never will. NOBODY know everything about REI.
Dean has set your path to success in front of you,just follow the path!!
Stick with the DG Family here and we will help you through it.
DON'T let YOU stop YOU.
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Real good post Mike , alot of good information.
Curtis Fillers
(Charlotte,NC)
Thank you! You bring up many great points for us to put into our tool box!
My DG Journal/Journey - http://www.deangraziosi.com/real-estate-forums/investing-journals/65333/...
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you; plans to give you hope and a future." - Jeremiah 29:11
Success is always to be found on the other side of FEAR! Don't stop, push over the mountain to success waiting on the other side!
Curtis and Lisa.
I'm just here trying to help others with the info I have gained that I think is important for everyone to know.
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Mike,
Thanks for your great post. It helps to remind us to keep up to date what's going on in our area and that we are problem solvers. Thanks again.
Cheryl & Dave
You're welcome- hope you took something new from it.
Numbers are very important but don't overlook other areas
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Mike,
Yes. We did learn something new! Thanks again.
Cheryl & Dave
it
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
If you don't know your prices, YOU'RE in TROUBLE! Thankfully my dad is a carpenter and still knows material and labor prices, so we can get a very close idea of what repairs are gonna be and all that stuff.
Thanks!
RENinja
"Remember, success is a journey, not a destination.
Have faith in your ability."
Bruce Lee
Great post Mike! Definitely - if you don't know your numbers you can seriously lose money and jeopardize your business. You MUST learn how to run the numbers, know what the prices are and how to estimate repair costs. This separates the real successful investors from the amateurs. It's not hard. Take a little extra time to do your homework.
Good luck!
Karen
KEEP MOVING FORWARD
"If it is important to you, you will find a way. If not, you'll find an excuse."
_____________________________________________________________________________
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Great Post. I especially like your comment about being a problem solver. Sometimes we get caught up in the details and forget that.
Chris
"Faith is the eternal elixir which gives life, power, and action to the impulse of thought.
"Faith is the starting point of all accumulation of riches!"
- Napoleon Hill, Think and Grow Rich
as values continue to slide/fall, you need to be especially careful when buying.
If values are dropping 1% a month,you can see where you be losing profit and or value if you did not buy correctly
The tool below can help in many ways
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Thanks Mike great info im going to bookmark this one.
For thou, O God, has proved us thou hast tried us, as silver is tried. Thou broughtest us into the net, thou laidst affliction upon our loins. Thou has caused men to ride over our heads, we went through fire, and through water, but thou broughtest us out into a WEALTHY PLACE. Psalms 66:10-12
Yes, don't let me stop me!
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
All the techniques and strategies will mean NOTHING if you DONT know the VALUES
If values are dropping 1% a month,you can see where you be losing profit and or value if you did not buy correctly
The tool below can help in many ways
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
If values are dropping 1% a month,you can see where you be losing profit and or value if you did not buy correctly
The tool below can help in many ways
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Good luck!
Karen
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Thanks!
RENinja
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Thanks Mike,great post,great info.you do everybody in DG land a huge service with your post's. Thank You,Thank You
All The Best
Chuck
Thanks Mike, do you think that zillow is a good/accurate way to find a value of a house?
I know the way to get a pretty good value is by comps. and similarities of the house.. for example sq. ft. and location.
yesterday is history, tomorrow is a mystery, but today is a gift. That is why it is called the "present."
"Be not afraid of growing slowly; be afraid only of standing still"
I tried posting earlier with a well thought out paragraph, but couldn't get the security captcha's right, so my post was deleted...
anyway, thanks for the rehab link-pretty cool,
Val
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
up now
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
All The Best
Chuck
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Most real estate agents know the value of mailers and I should know I taught them for 4 years. One of the most basics is the postcard.So,do you religiously mail them? To whom? Most investors mail postcards to people in foreclosure. This is a great idea, but did you know that there is a wealth of other information that is public knowledge?
Try mailing to people in probate; going through a divorce; in bankruptcy; and landlords who just walked out of eviction court. This information is public knowledge, and the typical investor doesn't tap into it. NEVER be typical.
Randy Bailiff
Dean Graziosi Real Estate Investment Coach
to learn
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
this is a great post. i will take your advice.
AND CONGRATULATIONS TODAY IS YOUR FOUR YEAR ANNIVERSARY ON DEANGRAZIOSI.COM
thanks for all your wonderful information, advice, and assistance.
THANKS MIKE
WALT
AND CONGRATULATIONS TODAY IS YOUR FOUR YEAR ANNIVERSARY ON DEANGRAZIOSI.COM
thanks for all your wonderful information, advice, and assistance.
THANKS MIKE
WALT
It was said by another DG'er "if you've been on this site for over 2yrs, you've got problems"
I guess I 'have problems', because I enjoy Helping people!
Thanks again Walt
Best Wishes
Mike
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Mike you are always chock full of usefull information.
Keep reaching for the stars
Donna
Thanks for the info Mike!
Stephan Roberts
"In absence of clearly defined goals, we become strangely loyal to performing daily acts of trivia!"
Here is a FREE property analyzer I've found:
https://tvallc.infusionsoft.com/go/RehabLite/sroberts/
It's a great tool to use to help analyze your deals (and did I mention it's FREE)! But, you really should spend the $97 and get the full premium edition! IT'S AWESOME!!
Thanks Mike!
open houses are a great way to learn what's going on in your area; see how long the property is listed before you see a 'sale pending' sign on it; then compare the listing price to the selling price. Get into the habit of visiting open houses every weekend... you can find great agents who will be happy to provide some useful information. Also, you will be able to see what the houses that sell look like on the inside
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...