6

Oct

Real Estate Investors

Posted by Mr. Jackson  Published in JKL Investors

Real Estate Investment

Whether you are new to real estate investing, or you have just reached a “plateau” and need some ideas, these reminders will help “jump-start” your real estate investing career and get you back on track.

Have a team
Don’t wait until you have a deal brewing to find the players. You need to find the following players on your team right now:

  • Attorney
    Preferably one who does real estate deals for himself as well as others.

  • Title or Escrow Company
    Stay away from the big name companies, and find one that caters to investors. Make sure they understand double closings, land contracts etc.

  • Insurance Agent
    Find one who understands land contracts, landlords, etc.

  • CPA
    Find one who is aggressive and owns real estate.

  • Contractor
    One who will give you free estimates and knows how to “cut corners” in the right places.

  • Mortgage Broker
    One who is savvy, creative, and experienced with investors.

  • Partner
    In case you need one for money or experience.

  • Mentor
    Someone you can call to smooth out the rough spots.

Don’t talk to unmotivated sellers
This is the biggest mistake I see beginning investors make. They waste time talking to sellers who are marginally motivated. Even worse, they drive by the house and look for comps without even talking to the seller first! Never visit a house before speaking with the seller over the phone.

Be persistent
Anyone who has ever been in sales will tell you that few deals are ever made on the first try. In fact, most deals are made after contacting a prospect for the fourth or fifth time.

Have a follow up system like a salesman. I use a program that allows me to schedule follow ups and keep a running history of calls and conversations.

Keep educated
“If you think education is expensive, try ignorance.” I am not sure who first said it, but I give him credit. You can lose more money with a mistake than you can learning how to avoid one. Even if you have been at this business for years, you need to keep up with current trends and laws.

Have a plan
Don’t just wander around looking for deals. Have a plan. Make X number of phone calls a week. Spend $X per month on advertising. Make X number of offers per week. Pass out X number of business cards each day.
Eventually, you start to get lucky. I mean that facetiously because luck always happens to those who are at the right place at the right time. If you plan and persist–you get lucky.

Treat this as a business
People are lured to investing in real estate because of the quick buck they are promised. Don’t hold your breath; you won’t get rich quick. An “overnight sensation” usually takes about five years.
I would guess that 90% of the people who take a seminar quit after three months. This is a business like any other. It takes months, even years to cultivate customers and have a life of its own.

You need to treat it like any other business. Give it time, effort, attention, and professionalism, and it will flourish before you know it.

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Real Estate ‘NOTE’ Investment

Frequently Asked Questions

1. What is a note?

  • A written document that states a promise to pay, and the terms which include the amount, interest rate and length of time in which to fulfill this promise.

    • 2. What if I want cash now instead of waiting 30 years to get paid back?

  • That’s where I come in. I work with investors who are interested in purchasing your note (or your client’s note) from you so you can have the money you need. This way, you don’t have to worry about late payments or non-payment any longer!

    • 3. Who buys notes?

  • Actually, there are thousands of individuals across the country who buy notes. Just like banks buy mortgages, private buyers buy notes as investments. They collect payments over time for a steady stream of income.

    • 4. How much is this going to cost me?

  • There is no charge to you, the note holder.

    • 5. How long will it take before I get my money?

  • All deals vary, but normal closing time is 2 to 3 weeks once we have lined up a buyer.

    • If you have any other questions, please feel free to contact us. We will be happy to help you.

    CLICK ON THE REAL ESTATE INVESTMENT LINKS TO YOUR RIGHT FOR NOTE AND REAL ESTATE LISTINGS