9 Sure Fire Ways to Flip Houses Fast in a Slow Market
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The housing market has hit rough times in all parts of the country. Flipping houses is one aspect of real estate that remains a bright spot during this gloomy time. To flip a house, you contract to buy the home then immediately sell your buying rights to another buyer. The following are nine suggestions to …
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The Smart Apartment and Commercial Investors View of the World
“Darin, if you are going to invest your money make sure your investment is working as hard as it can, every day. Our time is limited, so, the investment needs to have more than one component working simultaneously to build your wealth”
-Manson Houmes, Retired Real Estate Investor, 74 Years Young
The above is some of …
Post from: Real Estate Blog
Answer to questions 3 and 4 from Sunday’s Blog about TOP TEN items…
Here you go….
3) 50% Rule. What is this?
Answer: Most counties in the U.S. require that if you are spending more than 50% of the assessed value of the property being rehabbed you will need architectural plans prepared by a certified architect (OUCH!), special permits and engineer certifications, etc. to continue bringing the property up to code. SHOW ME THE MONEY!
4) Don’t install your Central A/C Unit in the kitchen area. Why?
Answer: There are two parts to a standard air conditioning (A/C) system. The compressor and the air handler. The compressor is outside and the air handler is inside the home. The air handler controls the air distribution inside the home via a thermostat (you know, the little box on the wall). Based on thermostat settings and the air temperature inside the home, the thermostat will turn the A/C system ON or OFF.
Kitchen temperatures will vary during the day. If you park or install the A/C’s thermostat inside or near the kitchen, it will follow the air temperatures occurring inside the kitchen. Can you see what problems are going to occur? ON/OFF all day costing you DINERO (MONEY for you non-Spanish speakers), etc.
Bonus: www.robertkburns.com/recommends/learntowholesale <=== Download Preston Ely's FREE eBOOK - "Learn to Wholsale".
(If link fails cut & paste this link: http://tinyurl.com/learntowholesale into your browser)
Bob Burns
www.investmentpropertiesmiamiflorida.com
Don
?
t make the same mistakes I did
?
look for a Mentor.
After an up and down career in the corporate world, I decided I had enough and wanted to start investing in South Florida Real Estate. After all, the baby boomers were maturing; the economy was humming along and everyone from where I’m from (Philadelphia - Home of the Eagles, soft pretzels with mustard, hoagies) wanted to retire in Florida. I though I was real smart. After all, I dabbled with Real Estate in Puerto Rico and was moderately successful. Man, was I WRONG! I should have gotten a Mentor to guide me!
Some of the many benefits my associates and MREIA members receive are the experience we offer them and because of the networking, the benefit of everyone else’s experience.
If you are a newbie (new to real estate) having someone, a mentor, to ask questions is a blessing. I am always saying - “Look at all the mistakes I can tell you about and how to avoid them while pursuing a deal or making a purchase.”
One of the things as a Newbie, that took me a while to grasp, was creating a business entity and team building to help achieve our objectives, reduce mistakes and limit risk.
Below is a brief outline of items you should address to help you get started in your real estate investment career or hobby:
Before you Start Looking for Deals:
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- Make sure EVERYTHING IS IN WRITING.
- Join a Real Estate Investors Association REIA.
- Open a Florida Corporation
- Create Articles of Incorporation
- Identify corporate Officers: President, Treasurer, Secretary, etc.
- Need to declare number of outstanding shares and price per share.
- Create Articles of Incorporation
- Buy/Sell Agreement or Share Ownership Agreement.
- Want the ability to move shares when board of directors change.
- Make sure you have a Shotgun Clause.
- Dictates that if you are in a partnership and the partners want to get rid of you, you have to be bought out.
- Company Seal
- Meeting Book
- TAX ID # or EIN #
- Print up Your Business Cards
- Business Bank Account
- Documents Needed to Open an Account
- Drivers License with Photo
- Articles of Incorporation
- Certificate of Status
- EIN #
- Signatures of Corporate Officers
- Bank Stamp for Deposits
- Documents Needed to Open an Account
- Build Your Team
- Real Estate Accountant
- Real Estate Attorney
- Business Plan
- Attend Conventions
- Develop A System
Next Step: Finding the Deal
Take the 1st Step with Someone!
Bob Burns
Check out our Mentorship Program Outline at:
http://www.investmentpropertiesmiamiflorida.com/?page=consulting
Love the Dips in Life
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I was just listening to an interesting interview with a well-known entrepreneur named Seth Godin. He had some important things to say that I think apply to your situation as a new real estate investor.
He talked about "dips", which he says is the difficult spots you’re going to run into whenever you do something …
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A Moral Lesson
Here’s a quick exercise for you.
Finish this phrase: “Rich people are______________.”
How did you complete this phrase? Are your answers mostly positive or negative? Did you think of words like successful, accomplished, and disciplined? Or did you come up negative words like greedy, snotty, or ruthless?
Whether you admire or despise the wealthy, how you feel about …
My $2,500 mistake (I deserved it)
One of the things you learn from real estate investing is the importance of SYSTEMS. Systems are standard ways of doing things, and systems are usually passed down to new investors from experienced investors. Experienced investors, when they make expensive mistakes, create a system to help ensure they don’t make those mistakes again.
Having said that, …
Insurance and the “Subject to” Dilemma
Real Estate and Insurance…necessary Evil?
Kiyosaki coming to Cincinnati this week…
The Absolute Best Way To Find DealsNo Ifs, Ands, or Buts!!
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Heres how to get the best deals of all time. Learn this and youll never have to struggle to find deals ever again. This is not a magic, infomercial technique. In fact, its free and available to everyone. All you need is a cell phone and breath mints! Guaranteed.
Heres how: R-E-L-A-T-I-O-N-S-H-I-P-S
Author Margaret Wheatley states, …
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Automating Your Short Sale Business
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Todays multiple listing service is full of short sale listings all across the country that are missing the most important part of a successful short sale; cash offers from individuals that can close quickly! Unfortunately, most investors are too focused on negotiating one short sale at a time instead of systemizing and exponentially growing their …
Post from: Real Estate Blog
Finding Yourself In A Multiple-Offer Situation? Youre Not Alone.
The days of rock-bottom housing prices may be reaching an end, says the National Association of REALTORS.
According to them, the number of Existing Home Sales fell by a modest 140,000 units last month. It’s the fifth straight month in which home sales straddled the 4.5 million mark.
The national housing inventory is down 900,000 from …
Post from: Real Estate Blog
Good News for Multifamily Investors
Despite media reports and expert commentary to the contrary, the federal government is trying to stabilize the nations capital markets. Its approach has been to help revitalize what has historically been the locomotive that pulls the economic train here in the United States real estate.
No doubt, it is doing its part to reform the …
Post from: Real Estate Blog
60 Minutes Video About Mortgage Meltdown, December 2008
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See what the experts are predicting for the real estate industry. 60 Minutes Video
To automatically receiveupdates like this make sure toregister for the Family Man Buys Houses Community Newsletter bygoing to www.familymanbuyshouses.com
My first book
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Door Knocking Secrets Revealed
The purpose of this book is to illustrate a step-by-step system for beginner and seasoned real estate investors to use to overcome the fear of approaching homeowners that are in one of many distressed situations (foreclosure, divorce, job transfer, death, etc.) and provide a fair and reasonable solution that will solve the home owners problem …
Worker’s Comp Issues for the Real Estate Investor
Download your F.REE leaked chapters here:
More info…
Hey - check this out:
Be a Real Estate Heavyweight
It shows you the latest real estate investing techniquesthat work in today’s economy …even if you’re not anexpert or have no clue what you’re doing.
2 Chapters Leaked:
Be a Real Estate Heavyweight
Go immediately to read the first 2 chapters and you willfinally learn exactly what is working in …
12 Hours of SEBRING Car Racing
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WOW!
Had a GREAT time with Jamie at 12 Hours of Sebring Car Racing in March 2009. Check out the pictures and videos.
Click Here for More Racing Pictures
Check outthevideos I took at Sebring International Raceway while hanging withthe Prime Time Race Group–> Click Here for AWESOME Racing Videos!
Enjoy, Steve
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