#1 Thing You Need to KNOW

Posted on: Sun, 05/15/2011 - 20:34

reinvestor42

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#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.

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Posted on: Tue, 03/04/2014 - 21:37 #61

reinvestor42

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bumping up

reinvestor42 wrote:

cstrickland wrote:

Great Post. I especially like your comment about being a problem solver. Sometimes we get caught up in the details and forget that.

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Posted on: Thu, 03/06/2014 - 22:23 #62

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The Value is In the Usage

I've made this comment before in this string, but there is a lot of wisdom in the points made by Mike here. I'd like to emphasize how important it is that you use what you read in this forum.
I'd also like to stress that we need to view ourselves as problem solvers. We may not be able to solve everyone's problems, but we can solve some problems if we will get out there, evaluate properties, talk to owners, and most importantly, make regular offers.

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Posted on: Mon, 05/12/2014 - 10:10 #63

reinvestor42

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bumping up

to the top

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Posted on: Wed, 06/25/2014 - 10:06 #64

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really it is very nice

really it is very nice post all information are great thanks for sharing it

Posted on: Fri, 08/15/2014 - 18:43 #65

reinvestor42

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Posted on: Thu, 10/23/2014 - 11:28 #66

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bump

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Posted on: Sat, 11/15/2014 - 10:59 #67

reinvestor42

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bump

again

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Posted on: Sun, 12/14/2014 - 00:08 #68

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bump. Do it

Valuni wrote:

Thanks Mike!

open houses are a great way to learn what's going on in your area; see how long the property is listed before you see a 'sale pending' sign on it; then compare the listing price to the selling price. Get into the habit of visiting open houses every weekend... you can find great agents who will be happy to provide some useful information. Also, you will be able to see what the houses that sell look like on the inside

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Posted on: Sun, 12/14/2014 - 03:31 #69

NATCHEZ MISSISSIPPI

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BUMPING AGAIN

read and understand this it will help you very much see also #2 #3

Posted on: Sun, 01/11/2015 - 11:39 #70

reinvestor42

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bump

reinvestor42 wrote:

All the techniques and strategies will mean NOTHING if you DONT know the VALUES

reinvestor42 wrote:

as values continue to slide/fall, you need to be especially careful when buying or making offers.

If values are dropping 1% a month,you can see where you be losing profit and or value if you did not buy correctly

The tool below can help in many ways

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Posted on: Tue, 01/20/2015 - 21:28 #71

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Bumping

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Posted on: Thu, 02/12/2015 - 13:02 #72

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Posted on: Wed, 04/01/2015 - 23:13 #73

reinvestor42

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Coach

ellsworth wrote:

Great post Mike! Definitely - if you don't know your numbers you can seriously lose money and jeopardize your business. You MUST learn how to run the numbers, know what the prices are and how to estimate repair costs. This separates the real successful investors from the amateurs. It's not hard. Take a little extra time to do your homework.

Good luck!

Karen

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Posted on: Thu, 04/02/2015 - 01:15 #74

NATCHEZ MISSISSIPPI

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THANKS MIKE

always helping us to be better investor / wholesalers.

Posted on: Tue, 06/02/2015 - 16:21 #75

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Correct...

You are absolutely correct Valerie. It's both a great way to learn your market, AND a great way to network. You HAVE to treat this as a business or you won't be in business.

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Here is a FREE property analyzer I've found:

https://tvallc.infusionsoft.com/go/RehabLite/sroberts/

It's a great tool to use to help analyze your deals (and did I mention it's FREE)! But, you really should spend the $97 and get the full premium edition! IT'S AWESOME!!