Five Keys To Attending Real Estate Events
March 9, 2010
l needed a step up in my real estate arena and this convention did it for me. l have always heard that when the student is ready the teacher will appear. I had more teachers than l could ask. You see l just got home from an ‘out of this world’ conventions. This was a real estate event that absolutely blew my mind away. So in this blog l want to re-iterae why it is key to you attending real estate events . This also applies to what ever field you are in.
First key is Education
In order to compete effectively one has to keep up with what’s current. This is by following the key players in what ever industry your in. In my real estate industry those players are Than Merrill with fortune Builder and Preston Ely and Pete the ninja who have come up with the absolute real estate machine called Freedom soft. Education in my point of view is learning how and what changes and improvements to implement in your business.
The Second key is Motivation
When you see 1000 people assemble in a room this gets me charged. This real estate gurus got me more change and challenged as. This was not only on various aspectsof the industry but all facets of life. We learned about setting your self up for success. How to implement systems. How to outsource and the benefits. And on Sunday we even had church. This make the convention real for me.
The Third Key is Connections
Networking was one of the things they allowed and encourged. We had people from all the 50 states, canada and Southern America. l met some very informative people who shared different aspects of the real estate market. They was such a mixture of great attendees. One take away they repeated all the time, was that, it only takes getting one or two connections and you can achieve far beyound once expectations .
The fourth key is a free Vacations
This kinds of events are usually set up in the most beautiful parts of our country and in some of the great hotels. For instance this event was in San diego next to the beach. It was just spectular and the event was in the Manchestor hyatt hotel and for the rates comparable to local hotel. So you get to have a vacations and learn. The best part is that all these expenses are deductable in your taxes. The is in my opinion is the best way to have a vacation.
The flip side of events is that they require you to sacrifice time and money. At times this could mean from family. For instance l met a couple who actually had their six month baby with them. However the rewards are incomparable. But the great key is not whether you attend events or not buy to take ACTION with what you know.
How To Quicken The Eviction Process.
May 3, 2009
As some point as a landlord we have to deal with eviction. I have had my fair share of experience with evictions and decided to blog about it. The process begins with being familiar with the landlord-tenant laws that govern your state. In Missouri for instance if you own a LLC then you have to use a lawyer for evictions, however as a sole proprietor you can file the eviction for yourself.
A great way to quicken the eviction process is to change from yearly rental lease, to a month to month lease. This has allows me to get rid of any problematic tenant quickly as all l have to do is give them 30 days notice. In my lease agreement l have stipulated that after the 5th of every month they are late, and a late fee is assessed. However after the 10th of the month l immediately file an eviction notice. Whereas In a yearly lease if after three month of non payment a tenant pays his rent, the landlord is obligated to whatever time is left on the yearly lease agreement.
I learned about this when l jointed a landlord network meeting. The guest speaker was lawyer who had been advising his client to month to month lease. With the economy declining this month to month lease cover you as you are able to unfortunately discharge non- paying tenants within a shorter time period. The month to month lease also keeps the tenants on toes as they know that failure to adhere to the lease agreement can quickly result to eviction.
Updating you lease agreement is also very crucial. Every time l attend the landlord network meeting and learn something new l update my month to month lease. This is because the law seems s to favor the tenants and as landlord we have to cover ourselves. For instance did you know that if a tenant abandoned your property you still are required by law to mail them their deposit or explain how it was used up? Failure to do so can result in up to a fine three times the deposit amount on the landlord. This is new law in my state of Missouri.
How The Government Is Stabilizing The Housing Market?
March 5, 2009
With about nine million homes lost and an expectation of this problem to rise, the government has step in to assist the housing market. The allocated amount of about 75 million dollars has been set aside with an expectation of up to 4 million home owners to qualify. So how does this amount reach the masses?
To qualify for the program the loans
- The mortgage must have been obtained before January 1 2009.
- The primary mortgage must be less than $729,500
- Live in the property
- Fully document their income by providing pay stubs and tax returns
-sign a statement of financial hardship ,Federal officials clarified the definition of “at risk” as those: suffering serious hardships, declines in income or increase in expenses; facing an interest rate hike; having high mortgage debt compared to income; owing more than their house is worth, or demonstrating other reasons for being close to default.
- Go for counseling if the total household debt - including auto loans credit cards and alimony total more than 55% of their income.
They are two aspect of this program
One of the aspects is the refinance which lasts until June 2010. The refinancing portion, which is open to homeowners who took out loans from Fannie Mae and Freddie Mac, allows borrowers with less than 20% equity in their homes to refinance to the current prevailing rate. However, borrowers cannot owe more than 105% of the value of their home and must be current on their payments.
The other aspect is the Loan modification. The modification program will be in effect until the end of 2012, but loans can only be adjusted once.
This guideline were released on Wednesday; while borrowers are being encouraged to contact their loan servicers, companies said it would be several weeks before they can start processing applications. I believe this is a step in the right direction and the impact though long term will not only increase consumer confidence but start increasing the values of the homes.
Back To The basics in Real Estate
February 25, 2009
Every Wednesday l attended The Mo-Kan real estate network group. Am still amazed at people who are still very interested in becoming real estate investors and are first time beginners. I personally think that this is the best time to be involved. This blog is dedicated to those who are looking to be involved in real estate for the first time. Today l want to share with you some of tips that l discussed with the new real estate investors
Personal skills.
Some of the personal skills required are persistence, communication, time management, good listening skills and love to help people. So if you are not good at this start working on this skills.
Mentorship.
Decide on a program that provides mentorship. Mentorship will not only shorten your learning curve but also help when you have questions. They are a lot of ups and downs and mentoring help with keeping focus.
Education
Keep up with reading different books and articles. Attend as many real estate seminars as you can. The market keeps changing even in your particular area so always try to be informed.
Partnership
This is a good time for partnership. Every one has something to bring to the table, partner with people who have been in the field for long time
Networking
This is especially for so for beginners. They are various people in your team whom you will need such as lawyers, Tax preparers, Rehabbers, realtors, mortgage brokers and so on. Network groups are good for referral to such professional. One can also learn a lot from attending this meeting.
l hope l have given you a place to begin in your real estate career. For education material and ideas visit my website www. Realestate webucation.
Advantages Of Networks In Real Estate
January 22, 2009
They are so many numerous gains in joining a network group in real estate. My emphasis is in real estate but l believes that all other different kinds of business can benefit from networking. Networks are usually a collection of people with similar interests to promote their business. This blog discusses some of the benefits that l have gained since joining. Our network group is called the Mokan group which is Missouri Kansas group.
The first deal l ever did was a result of this group. A lady whom we met often at the group came to me with information of a house that she was helping the owner sell. Because of the amount they were selling she would not be able to list it. I went and met the couple and we discussed the situation. Another lady who is now my business partner knew an investor who was investing in that area and we were able to sell this property and net $3000.
Being a regular at this meeting which we hold once a week one gets to meet other regulars and form a bond. This is a result of the common interest which in my case is real estate. This is how l came to meet with my partner and now we do more deals and have specials area that we can assign each other. This reduces duplication and improves on efficiency.
Some of our members are contractors, roofer, plumbers, real estate agents and tax professionals. This contacts helps in when a need arises. When l first joined my contractor had taken off with part payment and unfinished job. Using people from the group the work was done in less than three weeks. This people know that their name will be passed around the group if they do not perform. They also an understanding that payment is after work has been completed. This creates a win-win situation for both parties.
This group has provided an immense source of resources. By having various professionals in the group my answers is only a phone call away. I have learnt so much by joining this group and also made money. Other things that our group does is fundraising to help our community. This group has become very meaningful to me. I would strongly recommend anyone to join networks in their area.<–>
Three Aspects Of Real Estate In 2009
January 7, 2009
They are certain aspects of the real estate market that show a more optimistic look in 2009. While all sectors of the have been affected certain indicators might help the real estate market.
1.Housing prices.
The houses prices have fallen about 21% and in certain areas 30%. For the real estate investors this lower prices do help stimulate buyer demand. In turn the buyers mop up the excess housing inventory.
2. The stimulus.
If successful they will be job creation and economic expansion. The resultant effect will be that cetain housing market will firm up quicker than expected. The stimulus will also aid in creating consumer confidence which will stimulate the economy.
3. Interest rates.
The recent interest rate reduction by the feds will help those who qualify refinance or buy starter homes. Programs such as the FHA are also assisting those with lower credit scores stay in their homes.
This aspects are worth taking in account as we head on the new year.<–>
The Creative Use Of Internet Marketing In Real Estate
December 18, 2008
In today’s real estate market, the creative use of internet marketing is almost imperative. An online presence is a vital component of a real estate professional’s marketing strategy. Because today’s consumers want accurate information quickly and conveniently, real estate professionals must harness the features, capabilities and opportunities of online marketing. This blogs looks at the benefits and future of the (more…)
Common Mistakes To Avoid While Flipping Houses
November 29, 2008
With so many commercials and shows on flipping house it is easy to think that it is an easy money making scheme. Just like any trade you needs skill and time to avoid common mistakes make while flipping houses. This blog examines some of those mistakes and how to avoid them.
- Just like any field it is important to educate yourself about real estate and flipping techniques. This could be from magazines or real estate education programs. Also research the market to know what people are willing to buy houses for or how safe the community is.
- If you intend to do some remodeling to increase the value get more bids never less than three bids. A deadline for the completion of the job, with penalties, should have been written in the contract. Also make sure they are licensed and have insurance and check out their references.
- Look for distressed properties. Those are ones that the seller is “desperate to sell” for reasons such as: divorce, bankruptcy, death, poor condition of the property, late on payments or other. This offers much profit margins and room for negotiate.
- Network, network, and network this has saved me a great. They are people who have been there and done it for more than 10 years. They have made a fair share of mistakes and are willing to help you avoid them so reach out. You can even partner up with these experience real estate investors and shorten your learning curve.
Mistakes made during flipping can be very costly yet they are can be avoided. While the above discussed tips begins your research always be on the lookout.
Reason for evicting a tenant
November 12, 2008
Each state has different regulations when it comes to evicting a tenant. In Missouri a landlord may not evict a tenant without a court order. The landlord may begin eviction proceedings if a tenant:
- (more…)
The key to success is know the real estate market cycle
November 8, 2008
The Real estate market occur in different cycles. Sometimes the prices are rising sometimes the prices are falling and other times they have reached the peak or bottom before changing directions. As a real estate investor it is important to understand these cycle so as to make sound investment decisions- An up market is when prices are rising also called a sellers market. This is because they are more sellers than buyers. The sellers can raise their prices to the maximum the market will allow due to many buyers scrambling to buy before the market goes even higher.
- A down market is when prices are dropping also known as a buyer market. This is because more people are selling properties than buying them. During this time buyer can name their prices and sellers will often accept less money just to get rid of their property.
- A peak market is when prices are at their maximum. A peak market is also called a bubble market. This means prices have reached the highest they are going to go before they start sinking back down. During this market the numbers of buyers and seller starts to equal out. The result is the properties prices start to fall.
- A bottom market is when prices hit their lowest point. That is they reach the absolute lowest level. The number of buyers and sellers once again equal. The result is the start of the up and down cycle of the real estate market all over again.
No matter how long a cycle lasts the key , the key is identifying what part of the cycle your real estate market is<–>
