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 6 days ago '16        #1
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Usd2bDrich409 
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Weekly dose of real estate investing
 

 
First off, much appreciation to all the love that has been shown, the questions that have been asked, the connections that have been made, and the people that I have been able to personally connect with whether it be thru PM's, via email, on the phone, or in person since starting this thread series. I try to get back to everyone as time permits and my apologies if it takes a lil while, but Boxden is a hobby not a habit.

I never know where my connections are going to come from, but 2 things have stayed true in my life and those are:

1) If you help enough people reach their goals you will undoubtedly reach your own

2) You net worth is a direct reflection of your network

And I'm blessed to say that I've been able to network with some pretty solid people that have helped me get ahead.

Sorry for being a little late on the post today, but I'm a family man before anything else and they came first today.

Now, on to today's real estate talk. I'm a lil pressed for time so I want to talk about a simplistic subject...

WHERE TO FIND DEALS

I will start by saying that deals are everywhere. There are millions of houses in the US and each of them fall into 1 of 4 categories...Being bought....Being sold....Being lived in (either by owner or tenant) ....Or sitting vacant. To me that means of these 4 categories 2 of them give me an opportunity to invest and possibly even 3 if the one that is being lived in is either going through foreclosure or has a landlord that is tired of being a landlord.

Let's start with the easy ones being the first 2. When it comes to properties being sold, as an investor you don't make money when you sell, you make money when you buy. You have to buy the property at the right price to ensure that when you disposition it you are making a profit. Overpaying for a property is where a lot of investors mess up. They are so eager to just get in the game that they ignore the numbers and give in to the temptation of buying a property just to have one only to later realize that their cashflow or equity may end up being in the negative at some point. The key here is to have a formula and stick to it and if the house doesn't fit the formula, don't buy it. This takes discipline, but mastered over time and you will constantly acquire the best deals.

The formula, well my formula, is to never acquire a property for more than 75% of the actual value and be sure to include the cost of repairs in that. Some may agree with this and some may disagree, but again, this is my formula and everyone is entitled to their own. So, as a simple example, if a house is worth $100,000 and needs $5,000 in repairs, then the most I will offer is $70,000. If the seller says no then I happily walk away. As an investor you are a shopper, not a spender. You shop until you find the deal that meets your formula.

Now how do you go about finding deals like that? There are actually several ways. One way is to actually talk to realtors. Now while in a previous thread I did state that you don't need a realtor to sell a property, I do use them to acquire properties because I don't have to pay them on the buying side of the transaction. So I talk to many realtors, tell them what im looking for as far as percentage to value and I let them go to work.

Another way is a way I mentioned in the last thread and that was talking to the mailmen and offering them an incentive to find houses for you.

Affidavit of heirship is another great way. This is when someone has been deeded a property because someone in their family has passed away and left the property to them or they acquired it through probate. Either way, now they typically have 2 houses to pay for and can't necessarily afford both payments. There are several ways to position a purchase price that is favorable to you while taking the burden off of their hands. Plus, affidavit of heirship is a public record so you can get the info for free from the courthouse.

Speaking of public records, divorces are public record too. That's another good source. You can see if they had a house together (owned not rented) and if they both plan on moving. In a lot of cases they just want to move on and get what they can for the property. It's a perfect opportunity to get a good house while following the formula.

Deals are everywhere if you know where to look. If you live in a neighborhood that has an HOA, talk to the head of the HOA and let them know you are an investor and you buy houses. Them bastards love telling you who is behind on their HOA payments. You never know what problem that family may be having, but their house payment may be one of them and you can come in and potentially take over payments or get the house for a fraction of its value.

Also on the being sold portion, look for houses that have been on the market for a while and see if they are willing to sell you the house on terms. I will go over different terms in detail on another day, but if you can purchase the house on terms then you typically can setup a helluva deal for yourself while giving the seller what they want.

When it comes to vacant houses, again, use your local mailmen and have them doing the work for you. It doesn't cost you anything until you close on a house and even then you coming out ahead still. Another good way though is to use Uber and Lyft drivers. If you take an Uber or Lyft, while in the car let them know that you are an investor and that you pay people $1000 for finding you vacant properties that you close on. They see tons of houses and neighborhoods. Now you have access to properties that you may have never driven by on your own. It's all about putting other people to work and rewarding them nicely for that work while still profiting well yourself.

Call every For Rent sign and see if they are interested in selling. You never know which of them is a tired landlord and just wants to get rid of the property, but all they know is to re-rent it again. You can call and give them a way out, especially if the property is costing them money instead of making them money.

This post today was simply a way to hopefully to get you all thinking outside the box when it comes to finding deals/properties. Trust me, when you make a habit of it you will see that there are deals everywhere!

Looking forward to next week.


Last edited by Usd2bDrich409; 02-13-2020 at 01:15 AM..
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 6 days ago '16        #2
Usd2bDrich409  OP
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@ @@ @ @ @ @1 @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @


Last edited by Usd2bDrich409; 02-13-2020 at 12:52 AM..
+5   

 5 days ago '04        #3
Ace2125 
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Great stuff man
+2   

 5 days ago '08        #4
LegalTrappeRx 
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Good sh*t. Thanks again man!
+1   

 5 days ago '19        #5
LuxuriousGreen1 
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Great read. Thank You.
+1   

 5 days ago '19        #6
scondini 
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Solid info as always
+1   

 5 days ago '11        #7
Coke Hogan 
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Love
+1   

 5 days ago '04        #8
barrebeast 
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literally watching matt mckeever right now... will read later
+1   

 5 days ago '16        #9
JSN 
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I'm not an agent but I'm a marketer with experience in real estate. This is some solid advice even for me. So thank you sir
+2   

 5 days ago '16        #10
Usd2bDrich409  OP
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 JSN said
I'm not an agent but I'm a marketer with experience in real estate. This is some solid advice even for me. So thank you sir
Preciate it bro

 5 days ago '12        #11
MemphisAmbition 
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 Usd2bDrich409 said
First off, much appreciation to all the love that has been shown, the questions that have been asked, the connections that have been made, and the people that I have been able to personally connect with whether it be thru PM's, via email, on the phone, or in person since starting this thread series. I try to get back to everyone as time permits and my apologies if it takes a lil while, but Boxden is a hobby not a habit.

I never know where my connections are going to come from, but 2 things have stayed true in my life and those are:

1) If you help enough people reach their goals you will undoubtedly reach your own

2) You net worth is a direct reflection of your network

And I'm blessed to say that I've been able to network with some pretty solid people that have helped me get ahead.

Sorry for being a little late on the post today, but I'm a family man before anything else and they came first today.

Now, on to today's real estate talk. I'm a lil pressed for time so I want to talk about a simplistic subject...

WHERE TO FIND DEALS

I will start by saying that deals are everywhere. There are millions of houses in the US and each of them fall into 1 of 4 categories...Being bought....Being sold....Being lived in (either by owner or tenant) ....Or sitting vacant. To me that means of these 4 categories 2 of them give me an opportunity to invest and possibly even 3 if the one that is being lived in is either going through foreclosure or has a landlord that is tired of being a landlord.

Let's start with the easy ones being the first 2. When it comes to properties being sold, as an investor you don't make money when you sell, you make money when you buy. You have to buy the property at the right price to ensure that when you disposition it you are making a profit. Overpaying for a property is where a lot of investors mess up. They are so eager to just get in the game that they ignore the numbers and give in to the temptation of buying a property just to have one only to later realize that their cashflow or equity may end up being in the negative at some point. The key here is to have a formula and stick to it and if the house doesn't fit the formula, don't buy it. This takes discipline, but mastered over time and you will constantly acquire the best deals.

The formula, well my formula, is to never acquire a property for more than 75% of the actual value and be sure to include the cost of repairs in that. Some may agree with this and some may disagree, but again, this is my formula and everyone is entitled to their own. So, as a simple example, if a house is worth $100,000 and needs $5,000 in repairs, then the most I will offer is $70,000. If the seller says no then I happily walk away. As an investor you are a shopper, not a spender. You shop until you find the deal that meets your formula.

Now how do you go about finding deals like that? There are actually several ways. One way is to actually talk to realtors. Now while in a previous thread I did state that you don't need a realtor to sell a property, I do use them to acquire properties because I don't have to pay them on the buying side of the transaction. So I talk to many realtors, tell them what im looking for as far as percentage to value and I let them go to work.

Another way is a way I mentioned in the last thread and that was talking to the mailmen and offering them an incentive to find houses for you.

Affidavit of heirship is another great way. This is when someone has been deeded a property because someone in their family has passed away and left the property to them or they acquired it through probate. Either way, now they typically have 2 houses to pay for and can't necessarily afford both payments. There are several ways to position a purchase price that is favorable to you while taking the burden off of their hands. Plus, affidavit of heirship is a public record so you can get the info for free from the courthouse.

Speaking of public records, divorces are public record too. That's another good source. You can see if they had a house together (owned not rented) and if they both plan on moving. In a lot of cases they just want to move on and get what they can for the property. It's a perfect opportunity to get a good house while following the formula.

Deals are everywhere if you know where to look. If you live in a neighborhood that has an HOA, talk to the head of the HOA and let them know you are an investor and you buy houses. Them bastards love telling you who is behind on their HOA payments. You never know what problem that family may be having, but their house payment may be one of them and you can come in and potentially take over payments or get the house for a fraction of its value.

Also on the being sold portion, look for houses that have been on the market for a while and see if they are willing to sell you the house on terms. I will go over different terms in detail on another day, but if you can purchase the house on terms then you typically can setup a helluva deal for yourself while giving the seller what they want.

When it comes to vacant houses, again, use your local mailmen and have them doing the work for you. It doesn't cost you anything until you close on a house and even then you coming out ahead still. Another good way though is to use Uber and Lyft drivers. If you take an Uber or Lyft, while in the car let them know that you are an investor and that you pay people $1000 for finding you vacant properties that you close on. They see tons of houses and neighborhoods. Now you have access to properties that you may have never driven by on your own. It's all about putting other people to work and rewarding them nicely for that work while still profiting well yourself.

Call every For Rent sign and see if they are interested in selling. You never know which of them is a tired landlord and just wants to get rid of the property, but all they know is to re-rent it again. You can call and give them a way out, especially if the property is costing them money instead of making them money.

This post today was simply a way to hopefully to get you all thinking outside the box when it comes to finding deals/properties. Trust me, when you make a habit of it you will see that there are deals everywhere!

Looking forward to next week.
More gold my brother. Thank you
+1   

 4 days ago '16        #12
Brucebaner2 
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I should do one of these for cyber and the THC industry.
+2   

 4 days ago '16        #13
Usd2bDrich409  OP
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 Brucebaner2 said
I should do one of these for cyber and the THC industry.
Hell yea bro. Those are 2 things I'm definitely interested in and would be tuned in.
+1   

 17 hrs ago '04        #14
ATLDOPEBOI24 
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Gonna start checking out leads in a couple of days. Been watching YouTube vids to get more educated.

 13 hrs ago '09        #15
g00dears 
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Thanks for the info!



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