LandCzar's blog

This is a question I recieve all the time. Here is the honest truth. Nobody has all the answers and anybody who says they do are simply lying to you. There are times when I get posed a question from a potential seller or buyer and I don't have a clue as to the answer. I have always looked at this as a great thing. It forces me to go do some research and get educated. Which in turn makes me a smarter and stronger investor. It's part of the growing process. I would say if you aren't getting a question here and there that stumps you then you're probably not increasing your knowledge.

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Own Your Situation,
Ben

An assignment contract is a simple method of putting YOU in a position of making cash. It breaks down to two steps.

1) Find an incredible real estate deal
2) Find an interested buyer

You do those two things as often as possible. You can make as little at a couple grand or all the way up to $10K - $20K per deal. It is most certainly more than possible to close more than one deal a month. Even if you were to only cash in on one crappy deal a month how much would your life change? What difference would $2K make in your home? That's an alright weekend vacation at the very least. It's more than some people make a month.

I received an email from a gentleman marketing one of my properties I have on contract. He's actually from another state. I believe he came to me through this site (there's a tip). One simple question in his email...

What are the estimated rehab costs?

That's a great question. As a wholesaler you will need to estimate rehab costs. It's not all that complicated. I'll get into that on another day. For now I wanted to explain the two types of rehabs.

1) Fix and sell at market value.
2) Fix and rent then sell later.

You will find most rehabs come down to these two categories. Obviously some investors will fix houses in nicer areas just to compete with the market, but more times than not they will probably skimp in order to maximize profit.

Thought I'd write a little bit off topic today on real estate. I'm writing about work/life balance. It's actually not off topic at all now that I think about it.

My girlfriend the other day was describing me to one of her friends. Her friend asked what I was like. My girlfriend said, "Most people's drive is down here, but his is off the charts way up here. It's impossible to keep up and he is consumed by everything he does." Thanks Sugar.

Now I know most people will look at this and think it's both a compliment and a problem.

A lock box is your friend especially if you do this on the side and have a full time job.

It's a simple little thing that has combination and hangs on a doorknob. The combination opens a little compartment that you can store a key in. Investors can go by and check out the property anytime whether you are there or not!

One thing to remember. When you give this combination out make sure you know or trust the person going in there. I can usually tell if I have a player on the phone or not. Only major players get access to my properties without my presence. I have an obligation to protect the house. One thing we don't want is to come show a house one day and all the copper be stripped out because I gave to lock box combo to an untrustworthy person.