Every Real Estate Investor needs a team of good people around them in order to get the deals done right. Pick Your Team carefully and...
Always Treat Your Team Well! That's literally the number one Rule when it comes to your Team.
Hire slow and Fire fast. That's the number two Rule. Take your time finding team members and do your due diligence. Ask for referrals from other investors and ask for references from potential team members themselves. You can't be careful enough. If and when something does go wrong, Fire Fast. Don't give second chances or you may be putting your entire business and your reputation on the line.
Who are your Team Members?
01) A great Real Estate Agent or Broker who understands investing
02) An awesome Title Company and Title Agent*
*Some states require Real Estate Attorneys, so use friends and family to find a good one.
03) A very thorough Home Inspector
Investing in real estate can be a challenging process for beginners. However, there are basic tips that make it easier. Real estate is a major investment, so ensure you approach it with care and consideration. Following these tips will help you get started.
Which Investment Method is Right for You?
Most real estate investors choose one of these methods:
The differences between the two are huge, so this is a big decision.
Investing in a Real Estate Investment Trust
If you select the REIT method, then you’ll be purchasing shares of a portfolio of real estate. REITs have professional managers that select the real estate in the trust. This method is similar to purchasing a mutual fund, where you just invest your money and don’t have anything to do with managing the real estate yourself.
A real estate investment trust can...
When it comes to purchasing your Short Term Rental Property, Michelle's got 7 Rules you must know about the numbers.
#1 You make your money on the Buy: Meaning you never buy "hoping" the value goes up. You must make your equity when you purchase the property by buying it for the right price in the first place. Don't expect to make it up later.
#2 NEXT! If the numbers don't work, Next. If the location isn't right, Next. If the seller won't budge on the terms or the price, Next. There's always another property. Don't hang on to this one like a dog with a bone.
#3 Never buy a property that's in perfect condition...unless you can still get it for 30% under the ARV. Remember Rule #1: you need to make your money on the Buy. Very rarely will you find a seller with a property in perfect condition willing to discount the price of that property. Therefore, don't focus on properties that are...
Today, Chris Villela is teaching us some of what she has experienced as a long term rental investor. We talk about Exit Strategies, Holding Strategies, making your money on the "buy," and so much more. Enjoy this episode and the interview.
WHAT BOOKS, PRODUCTS, SERVICES, OR LINKS WERE MENTIONED...
There are no Show Notes for this his Episode...
[00:01] Over the last two centuries, nearly 90 percent of the world's millionaires have created their wealth through real estate. Here to tell you how you can ride this wave with less risk and less capital while creating greater income, is your host, best...
Although real estate may seem like a sure bet for anyone, many investors make the same few mistakes. Eliminate these errors from your investing activities and you'll be well on your way to accumulating the wealth you desire.
Avoid These Mistakes
1. Poor research. Most of us do a lot of research when we plan our vacations or purchase a new television. If you were buying one that was worth $100k, you can bet you'd do even more research! Well, you should be doing that when you purchase a piece of real estate, too.
This show was about scams and being scammed.
You don't have to be dumb to be scammed. You just have to trust the wrong people. We hope you will pass this on - or at least the information on - to those you love and care about.
Remember, they may not tell you they're thinking of attending a real estate event. So, don't wait for them to bring up the subject. You do it! Protect the people you care about.
[00:01] Over the...
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