Sunday, May 30, 2010

Getting the deals from the banks


Their is a little known fact that all bank Repos have to be put up for sale so everyone in the public can have a chance to purchase it. A lot of bad information is floating around in the public investor arena that this guys buddy has a sister that can buy directly from the bank.

Their is nothing further from the truth. If a property is not sold over a certain period of time it goes to auction. If the property is not sold from their it usually lands on the MLS again.

Their are a lot of tapes that have multiple properties you can buy that are very cheap. You usually have to buy all the properties on the tape. Be careful with these type of properties and be sure to check title on them. When you buy these type of foreclosures your on the hook for whatever taxes are owed them. I know of an investor that thought they had got a great deal on a package of homes. She later found out the deal was not all that great she was on the hook for over $1,000,000 in taxes.

Wholesalers are another source of home buying. I usually do not like this path either. Your leaving money on the table. The wholesalers have to make a profit and that's the difference in wholesalers. Some are very reasonable and others are not. I do purchase from time to time from them but never pay full price for them. I always make sure they have the spread I demand.

The best way is to buy the properties when they first hit the market. Granted you will not get them all, but you'll get some very good properties using this method. You do get the best price and a good title. Buying investment properties this way is by far the safest and most profitable.

The last one I want to talk about is short sales. Great way to buy homes if you have patience. You need to deal with someone who has a history of successful closings. You also need to make sure your offer is accepted by the seller and is in escrow. This means you have first dibs on the property. If you don't have it in escrow then the seller is still excepting offers.

So if you understand all the ways investment property can be bought your chances of success will be almost certain. Brett Young Valley Realty

Sunday, May 23, 2010

Taking time in investing


I talk to a lot of investors weekly, they want massive profits quickly. So they get in a hurry to make profit in real estate. Surprise! almost all the time the ending is not good.

When you have someone wanting to make money in real estate it does take some time to find the right properties. I remember in 2004-2005 I wrote up to 100 contracts to get a property. My clients always made money that way. My principles have never wavered just because I wasn't making any sells. Great investment Real Estate is not easy to get.

Having the right neighborhoods and selling points is a most to sell or rent a home. You'll need a team that understands the whole process that goes with investing. This helps you odds increase massively!

Having completed over 500 homes I understand that their are different ways to buy real estate. One thing that rings true on every real estate investment deal is the details.

1. What do other properties in that neighborhood sell or rent for? 2. Are the properties that your looking at the same as yours? For example are they remodeled, fixer upper, Square footage and many other factors a untrained eye might not see.

So be patient and check out your possible investment with a pro. Sure it may cost a little more but the savings will be giant, and the most important thing is your pocketbook grows!

When someone is looking for properties for you and it's taking more time then you want don't rush them. I know in my instant's, I want you to buy an investment property. I don't make anything until you do. I want my clients to make top dollar and I go the extra mile to do so.

My resume doesn't impress anyone with the amount of properties that I've sold, it's the money I've made them. Brett Young

Sunday, May 16, 2010

Details help you keep clients


When your dealing with clients that are buying investment property or have bought real estate from you, they can always generate more income for you.

I was talking to a prospective client this week who had bought a few investment homes and was not treated well. The previous realtor had not kept that client because of his lack for details. The prospective client was having trouble collecting rent and had called the realtor for some help.

The realtor not only didn't help him but didn't bother to call him back. This client was not a huge client but one who bought from time to time.

I have a client that has purchased and sold 5 homes with me over the last 10 years. I have made $35,000+ dollars from this client because I did the details. I always called him back and dealt with all the problems after the sales. He currently has another home in escrow with me.

Clients like followup and taking care of a few problems. You may not make giant money on there first deal, but it will create more deals for you in the future.

My company did 14 homes in April and are on track to do that this month. I get those deals because I take care of problems. I have two other clients I'm taking care of a few things for free. They have not bought a home from me in almost three years but I know they will again when they are ready.

Deal with details after the deals are done and receive big rewards later through more business and referrals. Laying down a good foundation may cost you some time but will pay big dollars later. Brett Young Valley Realty

Sunday, May 9, 2010

Learning to deal with Wholesalers


I went on a trip to help find some more areas to buy more investment real estate in. Tim my agent in the Ohio area set up a meeting with a big wholesaler that owned over 80 properties in one of the areas I liked.

We usually buy directly from the bank, but in this one area things were getting bought up very quickly by my company and others. Leaving a void for some my investors.

We met with the wholesalers for two days and looked at there properties. They did have some good and bad properties. In fact we purchased one that day that I thought was a super deal. It was a duplex that cash flowed very well. I know the rents because of past purchases in the same area.

The wholesaler was well connected and had another assistant with him that was showing us his homes also. I liked some and some I didn't.

We looked at 4 properties that we liked and said we would purchase them. They had told us what the properties were worth and based on that we said we would purchase them. When we went back and comped the properties( I always do this to make sure of what the properties are worth) and didn't like what we saw on two of them.

We went back the next day to tell them our concerns and the assistant got verbally upset. I later learned he was in some financial trouble and needed to dump some properties to get some much needed funding. So his opinion of the properties were very screwd because he was looking out for himself not me or my clients.

I wanted to write this story to make sure when your buying wholesale real estate make sure you comp the properties out and get the real price of a home. If they get upset over that then don't do business with them. I ended up do business with the wholesaler because he understood my concerns and wanted me to get a great deal. The assistant was upset both verbally and visually and I didn't want to deal with him.

I always like to buy real estate anyway I can as long as everything is verified. Wholesalers can be very good for your business but always verify the values of the properties you intend to invest in.

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Brett young
Valley Realty
Owner/ CEO Roof Top Investment
Real Estate Investment

Sunday, May 2, 2010

Investing is a full time job!


Their are a lot of Real estate investment courses you can take to learn the real estate game. Prices vary from $150-$100,000. What they seem to teach you to do is look for real estate the old fashioned way, drive, look and don't deal with Realtors. In fact I'm ask all the time why are you still a realtor, doesn't that tie your hands and get you less deals?

The answer to that is no. What it does do is get me more properties to buy Thur the MLS and banks. It takes a lot of time to find the better deals. I check 4 things with each property, spread, Days on Market, Neighborhood, and time. To get that type of information in a consist ant format I need my real estate license. With the Internet and all the other tools at my disposal things can get done quicker and much more efficient.

When your looking for investment real estate you need all the information you can get to make a intelligent decision. Also having a real estate license keeps me up on all the current laws and trends in the business.

Imagine going to court with someone who said they knew all the laws but didn't have there law degree or license. Would you trust them? Your going to pay them a lot of money to support you, and I don't think a sensible person would trust someone without a license to represent them in court.

The other issue I have with these real estate courses do they help you in any investment properties that make you actual money or do they just sell you the course and good luck?

Make sure you get with people that are in the business and understand your needs and expectations. Spending a lot of money does not guarantee success but getting people who do this all the time can make you a huge success. Details are the crucial things in a deal can make or break you.

In closing be careful out there and make sure your dealing with people that do real estate investing full time, because finding the right deals is harder than most people think. Brett Young Valley Realty www.rooftopprofitmax.com