#1 Thing You Need to KNOW

#1 Thing You Need to KNOW

is property Values in your area. IF you lived there a long time, you know the area and have seen the changes taking place. If you haven't lived there long,go to open houses and look at what selling/how much/ in your area. Look at for sale ads at prices /areas and rent rates.

How may times did you say to yourself, "I saw that property and could have got it for a good price" or it sold for XXX amount and you know they made alot of cash....and THEN you see it has turned into a car dealership or resturant or whatever and someone took ACTION and is making the money YOU could have made!!

You MUST take action after you learn the VALUES of properties and see deals.

Know what used to be a fairly nice area has changed- it happens all the time and its something you need to be aware of. Learn the RENT rates in your town.

ONCE you learn this you will be able to find the REAL DEALS that most other investors miss.

Your best areas of housing is the most affordable, because they have a LARGER group of buyers.

Learn repair cost and how to add that cost into your overall expenses(along with all other holding/closing cost and add 10% more for overages) to REALLY know how much you can make or not.

Most of all, YOU are supposed to be a 'problem solver' and take the time to listen and understand peoples problems so that you can SOLVE them and help people without being RUTHLESS and GREEDY.

If you dont know VALUES, you will NOT know a deal when you see one. You have to know what the house will sell for.

Pick an area of REI, foreclosures,wholesale,buy/hold, REO's, storage units,car washes, billboards, mobilehomes what ever EXCITES you and learn all you can about it and you can change you LIFE.

Learn HOW to STRUCTURE deals and be creative to Make it work

DONT try to learn EVERYTHING about REI, you never will. NOBODY know everything about REI.

Dean has set your path to success in front of you,just follow the path!!

Stick with the DG Family here and we will help you through it.

DON'T let YOU stop YOU.

__________________

Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools


amazing advice thanks for

amazing advice thanks for the advice


know the market in your area

rsaldana wrote:
Thanks Mike, do you think that zillow is a good/accurate way to find a value of a house?
I know the way to get a pretty good value is by comps. and similarities of the house.. for example sq. ft. and location.

If you dont really know the market, a get them from REA or solds in your area

try trulia and others-
but you can 'one stop shop' at
findcompsnow for Comps, Cash Buyer and PML at one place

try it - its free

see other links below

Mike

__________________

Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools


bump

bump
Smiling

__________________

Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools


bump

bump
Smiling

__________________

Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools


bumping up

bookmark and bump up for others

__________________

Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools


great stuff

Hi Mike as always your on my radar, many thanks, Jim

__________________

jbischoff


Market Shift

and so will VALUES

Stay Alert

__________________

Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools


values rise

stay alert

__________________

Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools


bump to top

curtisfillers wrote:
Real good post Mike , alot of good information.

Curtis Fillers
(Charlotte,NC)

__________________

Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools


bringing back #1

bumping it up so others who missed it can read the #1 Need post from Mike...

__________________

Valerie

“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss

"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown

My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...


Thanks Mike.....am

going to start calling realtors today as instructed to out of dean's book 30 days to real estate cash. Am nervous but put together the script matt offered and have 10 numbers in front of me and a partner who will put up EMD as long as it's refunded if a deal doesn't go thru. Thanks again. Louis


info

Hi Mike , Coach and everyone else, thanks for sharing your all awesome, many thanks and success, Jim

__________________

jbischoff


Good Advice

Mike,
Great comments. Knowledge is the the light that guides you, focus is the laser that demolishes the obstacles.

__________________

With your success in mind,
Jim McKinney

"With integrity, nothing else matters.
Without integrity, nothing else matters!"


Mike

Great Info. Looking forward to the rest of your posts


Excellent Advice!

Excellent Advice! Thanks Mike!

Loren

__________________

"Whatever the mind(of man)can conceive, and bring itself to believe, it can acheive." - Napoleon Hill

"You become what you think about most of the time." - Earl Nightingale


bump up for all

saroberts69 wrote:
Thanks for the info Mike!

__________________

Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools


#1 Thing you need

Hello Mike,
Thanks for this information. I found more than one thing I need from this article:

1. Learn and know your market value
2. Learn and know the rental market
3. Learn and know the repair costs and value
4. Remember to be a problem solver
5. Learn and know one area of REI to focus on
6. Don't let me stand in my way.

Well I am working on all of this, including getting out of my own way.


Thanks Mike!

Thanks for your post. Its important to keep up to date with all the changes and updates that are happening in our area.

__________________

This is my incentive for potential buyers and sellers!

http://www.hopedrugcard.com


Keep this bumped

to top and HELP DGer's

__________________

Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools


THANKS AGAIN MIKE

THANKS AGAIN MIKE


bump

IrvinDs wrote:
amazing advice thanks for the advice

__________________

Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools


bump bump

BD6870 wrote:
Mike you are always chock full of usefull information.

Keep reaching for the stars
Donna

__________________

Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools


MIKE IS ALWAYS SO HELPFUL

THANKS MIKE


VALUES/Rent rates

End buyers or REI for buy n hold

YOU HAVE to have the numbers and KNOW Values

__________________

Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools


BUMP

bump good info to have


Great Advice

Back in November I hit the jackpot with 2 Realtor's who rock! I ask for something not only do I get promptly but if its not possible to get it to me within an hour they tell me when they will and ask if that is OK? They follow up with me, hold me accountable for my actions with them. In 2014 From Vero Beach FL to Miami, we will be taking the area over.

__________________

K. Michael Fishbaugh

Some of you will rebuild the deserted ruins of your cities. Then you will be known as a rebuilder of walls and a restorer of homes. Isaiah 58:12


bumping up

curtisfillers wrote:
Real good post Mike , alot of good information.

Curtis Fillers
(Charlotte,NC)

__________________

Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools


Learning Values How To

I absolutely agree with the lead post in this string, good information Mike. Let's now take that a step further. I'll name my top 10 ways to learn values--price, costs, rental rates, etc. I invite others to add their best recommendations as well. I am a believer that as an active real estate investor you owe yourself and your profession some regular time that is devoted to enhancing your education about your area. The following list is not in any particular order, just what occurs to me should be at the top of the list:
1) Identify an area within your market city that you would like to learn the most about;
2) Drive streets in this area, looking for "For Sale" and "For Rent" signs, make calls on these properties.
3) Do online searches for recent real estate articles on real estate trends and property values in the area.
4) Spend time on zillow, trulia, rentometer, and other websites. They are not absolutes for values, but looking at areas and value estimates, rental rates, etc., can give you a lot of info to work from.
5) Schedule lunch appointments to pick the brains of a real estate agent, appraiser, property manager, and contractor.
6) Obtain a copy of the book "Estimating Rehab Costs" and go through it.
7) Physically inspect physically distressed properties, and practice evaluating.
Cool Attend a Real Estate Investor's Association meeting in your area every month.
9) Find one or two very seasoned investors in your area that you can call when you have a question.
10) Work with the training team for the DG program for coaching and training on better understanding your craft.

Again, I invite additions from others, and we wish each of you great success in all you do.

__________________

Dallin Wall
Real Estate Training Team
Forum Blog Location--A collection of my
"Best of" posts:
http://www.deangraziosi.com/blogs/dwall


Bumping up

lisag2010 wrote:
Thank you! You bring up many great points for us to put into our tool box!

__________________

Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools


Thanks I see why your a super star

I hope god keeps blessing you
Always
keep up the good work.

__________________

IM a Diamond in the rough looking for partners I would like to be apart of dean's elite team in the very near future my goal is 100 properties a year

P.S.
god bless all the members may we all shine bright like diamonds.

P.H.G.


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