Hey guys and gals
Yesterday we entered the contest that Fast Company is having to find “2010’s Most Influential Online Person” and sent out one email and we cracked the top 50. It only took 200 or so “1st contacts”
To say that you are one of the top 100 Most Influential People Online on the planet would be pretty incredible. We’re diggin into it a little more this am and I’ll let you know how we think it works exactly but thought everyone with any size list at all should check it out and get their peeps to participate
The other cool thing and the angle we’re taking is that Fast Company mag said that everyone who enters will be in their November issue and “ONE OF” the most influential people online, so the email that greg sent out yesterday to our list told people about this and how they can use it in their local markets for positioning
Check it out
http://fcinf.com/v/ag4h/welcome
But make sure to get your people to actually register themselves so they can say that they are “One of the most influential people online for 2010” and in the November 2010 issue of the mag
Thanks
Jon
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Time Management
Read the full article: http://mareinet.com/time-management-tips/
Members fo MAREI are made up of all types of business folks: real estate investors, Realtors, mortgage lenders, title people, attorneys, you name it, we probably have one as a member. What do we all have in common besides our passion for real estate?
Not enough time . . . .
So what can we do about it . . . here are some ideas from a recent article that came through my email this morning . . .
1. Manage your email, there are tons of tools out there and this article mentions using the “rules” in the Outlook program to sort emails as they come in based on rules. You can also utilize the calendar and task list tools and if I am not mistaken, these will integrate with your smart phone.
2. Phone calls, first of all, when you leave a message – includethe best time for them to return your call to help eliminate phone tag. Second, actually leave a message stating why you are calling. Nine times out of ten I will leave a message stating exactly what I need from the person. They get the answer and call me back and leave a message “I have your answer, please call me”. Could you please just leave the answer so I don’t have to call you again. And . . .
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Wholesale Buyers List
Read full Blog at http://mareinet.com/17-ways-to-build-a-wholesale-buyers-list/
This article came through the MAREI email today. We have a lot of wholesalers or wholesalers to be at MAREI and these are some good ideas.
Read the full article “17 Ways to build a wholesale buyer’s list”
Note that many of the tools he mentions are available in the MAREI Tool Box Section
# Call the “For Rent” “lease option” “renovated” ads in the newspaper, craigslist, backpage, kijiji, etc.
# Call the “For Rent” signs that are handwritten that you see hiding behind the bushes:)
# Call the “We buy houses” people.
# Market for another wholesaler by using a Flex Option.
# Have a property under contract!!
# Go to a real estate Auction – see who the cash buyers are.
# Call the section 8 office in your city, and property managers – find out who’s buying.
# Get a deal under contract, make sure your hard money lenders know about it, their buyers need to buy so the lender can make money.
# Your local REIA meetings. Nothing takes the place of talking and shaking hands. .
# Use Social Media!! Linkedin, Twitter, Facebook, BiggerPockets, RealEstateInvestor.Com, REIClub.com.
# Post an ad in Craigslist saying you have properties 30%-50% of retail value. Send them to your site or sqeeze page.
# Make a solid contact with a realtor that will search the MLS for cash buyers within the last 6 months.
# Go to events that are geared towards real estate, hard money, financing.
# Search in Google, Yahoo, Bing, Facebook, Twitter “Sell houses fast”, “We buy houses”. Typically . . .
Click link at top to read the full article.
http://www.virtualdealfactory.com/blog.php?route=view&blog_id=708&member=3789
Due Diligence
I am new here to Virtual Deal Factory and not to bag on my fellow members, but the first thing I see is a house in the "hood" in Kansas City Missouri.
The seller is professing that it has a $60,000 value, is selling at about $30,000 and it just needs a little TLC. Being from Kansas City and knowing our urban core and it's values I have to say, don't beleive 90% of what you read on property postings online, don't use online valuation services, and get a disinterested 3rd party opinion.
You see this particular house is located right on the edge of our urban core next to our berlin wall of the street Troost. Take a house one block west of Troost and an identical house one block east of Troost and you will find values can vary up to $50,000 in some cases. The west side is the up can comming neighborhood the east side has yet to see the revitalization. Thus the online valuation tools can and will give you higher values.
We also see a lot of sellers touting the $60,000 value based on an appraisal, but check that appraisal - usually they are 2-4 years old.
I personally get an email or a phone call at least once a week from someone in Hawaii, California, Arizona, New York or some other coastal area about the great deal they have. They have just put a Kansas City area house under contract to buy for $20,000 usually (or worse yet have already purchased), it's worth $60,000 they tell me and it just needs a bit of work, and I can buy it for $30,000.
So having access to our local MLS I look it up and more often than not it is currently active in our MLS for somewhere between $5k and $8k, they are being sold a house by a wholesaler for $20K, they are then trying to sell it to me for $30k and the whole deal depends on me buying it for $30k to get the ball rolling. Actually it depends on me beleiving it's worth $60k when all is said and done.
Also for a home to need just a little TLC I am going to want under $1000 in repairs, the MLS listing shows boarded up windows, states it has been vandalized - so in addition to paint an carpet it needs a furnace, central air, a hot water heater and plumbing, not to mention all the broken windows fixed. And then it needs to be occupied immediatly so it does not get vandalized again.
When I see other homes in the area and what they are selling for here is what I find:
Vacant Fixer Upper - worth about $5k max
Vacant not needing much work - maybe $10k
Occupied & Tenanted needing TLC - about $15k to $20k
Occupied, tenanted, in excellent condition - depending on the rent somewhere between $30k and $40, maybe $50 if it is in an exceptional area.
So before you buy a house in an urban core anywhere in the country, do a little research of your own on Realtor.com and see what the prices are of other homes in the area. Do not look at auto evaluation service. On Realtor.com pick any realtor with houses for sale in the area and ask them about the value - a realtor that has nothing in the deal.
Don't ask the person selling it to you, or the realtor that is selling it to you as they are all representing themselves and the money they make, they are not there to protect you.
I don't want another call like the one I had yesterday from the new investor who had just bought an urban core Kansas City house after going through one of those $10k to $50k training programs with a mentor who helped him buy a $5k house for $30k and now he does not know what to do with it.
My recommendation, list it and get rid of it for $5k and consider the $25k lost as a learning experience. Or you can try to get it rehabbed (probably another $8 to $18k), then get it tenanted and cash flowing for the next 9 to 10 months, then rehab it again to put another tenant in it, eventually in 5 to 10 years you may get it to turn around and the urban core area may turn around. To do all this you need to find an excellent person in the area where the house is located that knows all about rehab and managing properties. Hire them to do the work -but be sure to check them out to.
If you have not yet bought a house in an out of state urban core area, but are thinking about it . . . find the local Real Estate Investment or Landlord Group . . . spend the $99, the $150, the $300 to join. Then through their social networking and message boards ask questions, learn the area and real numbers, not the ones the so called gurus are telling you about, and then invest with an informed decision.
You can find a local REIA group online at www.NationalREIA.com and in Kansas City you can find our REIA group www.MAREInet.com - the $99 to $350 spent on membership now can save you $1000s in the long run on a bad deal in a city you know nothing about.
http://www.virtualdealfactory.com/blog.php?route=view&blog_id=707&member=3789
A great opportunity to make easy profits for savvy investors!
Hello fellow Investors,
We are working with several investors, real estate agents, and a lender that are picking up some unlisted REO's that need a little bit of rehab to get them back on the market. In our program, you can purchase a rehab at 30 to 40 cents on the dollar, or buy just below retail with little to no money down, and renters already in place (basically a sign and collect rents). The properties are Multi-Family Units (2, 3 & 4 bedrooms). The properties are located in the Newark area (No War Zones), but some tough neighborhoods. The Cash Flow on these Multi-Family Units is incredible. With todays low interest rates, and the rents you can collect by providing decent housing in NJ - We have an Investors Goldmine.
In some cases we are rehabbing entire blocks, one to two properties at a time. Some of the tenants are Section 8, some are self pay, the investor can use our Property Management Team or do it themselves. We are looking for Out-Of-Area Investors as well - As you may have heard in the news lately Newark and the entire New Jersey Area is depressed with very high unemployment, but the good news is that the State and local Mayors are working very hard to generate Tax Dollars by getting Abandoned and Foreclosed Properties back on the Market by using Investors to - Buy, Renovate & Pay RE Taxes and get Renters into Decent Livable Properties.
So whether you are a Rehaber or looking for Turn Key - Buy & Hold, We would like to talk with you. So click on the link below to get more info by giving us your contact information. We are only looking for those who are serious!
http://tinyurl.com/2wk9qvz
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Tuesdays Top Ten...
Words of Wisdom, Hints of Life, & Quotes 2 Remember:
1-Money spent on experiences is more valuable than money spent on stuff.
2-If that "one little thing" is something you can live with, let it go.
3-Bread before booze.
4-Before you send a controversial e-mail, save it in your draft folder for at least 24 hours first
5-What I do today is important because I am exchanging a day of my life for it.
6-Cherish life's simple pleasures.
7-The most wasted of all days is one without laugher.
8-Dream what you want to dream, go where you want to go,
be what you want to be. Because you have only one life and
one chance to do all the things you want to do.
9-Advice is what we ask for when we already know the answer but wish we didn't.
10-At age 4 success is not peeing in your pants.
At age 12 success is having friends.
At age 16 success is having a drivers license.
At age 20 success is having sex.
At age 35 success is having money.
At age 50 success is having money.
At age 60 success is having sex.
At age 70 success is having a drivers license.
At age 75 success is having friends.
At age 80 success is not peeing in your pants.
Happy Tuesday, VDF! ;)
-Vinny Deal Fini
http://www.virtualdealfactory.com/blog.php?route=view&blog_id=705&member=1
Suburban Atlanta Homes with Tenants Ready
Hi Everyone, we have already sold the hot listing at 5798 Hilton Ridge in Lithonia, GA. However, I have another home coming up also in Lithonia that is a 3BR/2BA with a 2 car garage. Be on the lookout for it on my Hot Deals page!! This one will be priced to sell at $39K and it does not need any work!
http://www.virtualdealfactory.com/blog.php?route=view&blog_id=704&member=1931
2 lots for price of 1
I own two lots side by side in Cherokee Village, Arkansas. Great deal for investor and/or builder that might want to buy 2 lots for less than the price of 1 and sell off one lot and own your lot free and clear. Another option would be to combine into one large lot and build a home to live in or sell or just build 2 homes and sell. Profit potentials are very good, especially if you are willing to hang on to lots for future value increase. If there are some ideas out there for marketing these lots please let me know. Help is appreciated and potentially could be compensated. Thanks, Mel
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sub 2
going today to get a 170k home on a sub 2 buy,,,wish me luck,,I am askinhg the seller for 3 payments , zero interest , and to wait until i sell to get her money,,..In have nothing in the deal but should get control of the home ( did i say 175K home ) and be able to sell it LTO for 30K more than she is asking , I keep the option money for front end profit , and have a 20K or so payday in a yr.,, sounds good doesn't it ,, hang with me and you can see how it all comes out !
http://www.virtualdealfactory.com/blog.php?route=view&blog_id=701&member=131
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