Flipping Houses: Real Estate Investing For Beginners If the numbers work out, they compose a contract on the spot, and have their latest "good deal". Understand what leases together with the local rates and what sells. This is really a strategy to make some fast cash.
Finding capital to fund real estate investments just takes a little thought. Every deal and business venture will take money. It does take money to make money, but it doesn't have to be your money. So having said that, where can you find money that isn't yours so you can use it to go faster and farther than you could have using only your own resources? Because growing a successful MLM business is not easy. The challenges of getting your business to a point to where it does become easy, to where it does generate passive income, are many. And unfortunately, the overwhelming majority of those who start an MLM business will quit when the going becomes difficult. If you're saying to yourself "I don't like going into debt--I'd much rather pay for things as I have the money" then you're going to move at a snail's pace creating success for yourself. A job with a 401k is probably a better fit for you. Calculate all the overhead costs and then add the real estate costs to it to decide if the property is worth buying. You may be actually paying more than it deserves. Evaluate what kind of costs you are going to put in after purchasing the property also. If you can be better off not purchasing it, then this is the time to back out. Thanks the owner and say clearly that you are no longer interested in proceeding further with the deal. Most people dream of winning the lottery. However the odds of this ever happening are so low that it is almost useless to even dream. But, it is not as big of a risk investing money in a real estate program because the tools you learn will prepare you to become a real estate broker and when you take this step you are on your way to becoming independently wealthy. It may take some time to build up experience and clientele, but within a few years you could be making an income like you never imagined not to mention leave your day job!
Even if the reserve price is never met, hosting an auction is still a good idea for real estate investing because it generates publicity and interest in a property. An auction brings more people onto and into your property than your real estate agent can over a course of weeks all in just a couple of short hours. An open house can also accomplish this, but open houses still do not generate as much interest as an auction does.
W - this W relates to probably the most important question - Why are you selling? This single answer may save a lot of conversation because if the seller is motivated, and he will tell you why, take the order and close the sale. The WOWWW Method covers the more important questions that ultimately need to be answered, but many investors prefer to ask more questions including - What other properties do you own that you want to sell? Taking written profile sheets is easier than making notes on scrapes of paper. We actually scan every pre-qualifier sheet and save them with pictures of the property for when the seller gets motivated enough that we can make a deal - usually 2 to 6 months later.