| |
| |
|
Real Estate Information |
|
|
How to Build a Real Estate Investing Power Team
As you continue to read about real estate investing, you will no doubt come across the term 'power team'. What is this 'power team'? A power team is a group of people without whom successful real estate investing becomes very difficult, if not impossible. Included in a power team are at least one real estate agent, a mortgage broker, and a real estate lawyer, all of whom will have experience in creative real estate investing. So, how do you go about building this team? Well, you could just get a copy of the Yellow Pages and start calling, but that will most likely take a very long time, time that could be better spent working on real estate deals! Wouldn't it be better to have these people call you? I thought so, so here's what I did. Keep in mind that this technique not only netted me a power team, but also a list of potential partners/buyers for future deals. The local paper offers a deal on weekend real estate listings, so I placed an advertisement in the paper that read: "Fixer-upper for sale. Cheap. Need cash and quick closing. 555-5555" What sort of people would respond to an ad like this? Some will be tire-kickers and the curious, but a good number of callers will be investors and real estate agents. I had the number in the paper forwarded to a voicemail service, and it's a good thing I did as there were a lot of calls! I find that those who are just curious about the ad tend to hang up without leaving a message, so that takes care of those that aren't serious. After listening to the messages I found that there were two real estate agents that had answered. I called the first one, George, and told him that the home had sold, but would he be interested in working with fixer-uppers in the future? He replied that he would, but didn't seem interested in discussing it much further. Now, I should mention here that I never actually had a home to sell - what I posted is called a 'ghost ad', used to guage interest in something. You may not feel entirely comfortable with this, and that's fine. Simply post a different ad that gets the same sort of message across. The next agent, Elizabeth, was much more receptive. We spoke for well over an hour about her experiences in real estate - it turns out that she actively invests in real estate herself. She would be more than happy to search the mls on my behalf, as well as submit as many offers as I would send her way. Perfect! And here's the best part: since I had found a real estate agent who also invests, I was also able to use the resources that she uses in her deals. So I now had access to a great real estate lawyer as well as a mortgage broker, along with a recommended property inspector. That saved me loads of work and time. My power team was now complete! I've since become good friends with Elizabeth, and she regularly sends me listings that haven't made it to the mls yet. This gives me a huge advantage in pursuing deals as only a relatively small number of people are aware of the sale. I picked up my latest rental property this way - the property was going to be listed on the mls in two days time, but since Elizabeth let me in on the deal early I was able to close before the general public became aware. A good power team is crucial to your success as a real estate investor, and oftentimes finding one member of the team can lead you to the others. Happy Investing! About The Author Adem Hamidovic is a part-time real estate investor and operator of www.ProfitPiggy.com, a website devoted to new and experienced real estate investors alike.
MORE RESOURCES:
Google News |
|
|
|
RELATED ARTICLES
Grab Quick Profits As Real Estate Prices Soar Real estate values rise and fall in cycles. Currentlyhome prices are nearing a top in many areas. Property Investment Strategy: Securing Properties with Little or No Deposit Property Investing often requires creative strategies to make it successful. Professional property investors often use the option contract as a tool to develop some useful investment strategies. Grab Your Dream UK Home On The Cheap - Property Auctions Did you know that every year thousands of UK properties are sold at significantly below market value? The majority of these properties are released through property auctions where regular savings of between 10% to 40% are available to market value. Even so, property auctions continue to be used only by the elite and for the astute buyer/investor this generates a fantastic opportunity to secure a dream home/good investment at bargain basement prices. Selling Your Home In The Winter In many parts of the country, selling a home during the winter months can be a challenge. Dreary, cold weather and the end-of-the-year holidays can keep buyers away and heighten fears of your home staying on the market longer than expected. Financing Houses What Real Estate Lenders Look ForLenders control many programs -- some make use of over 200! Generally, lenders look for the following typical standards, with many exceptions:1. Absolutely no late mortgage payments2. Writing on the Wall - Are REITs a Better Investment for You? When I was a young child I had many annoying tendencies. My mother explained to me that the most annoying was my need to write on the walls of every room. Real Estate Investing - Finding Cheap Houses Real estate investing expertise can certainly accommodate the luxury home market. In some ways, the upper end of the housing marketplace produces easier success than the lower end. The Real Estate Agent Alphabet Alphabet Letters after a person's name seem to bestow some kind of special prestige. PHD, MD, ESQ are common. The Value of Building Home Equity There are numerous advantages to owning a home. One of the serious advantages is the equity that is built over time. Do You Need to Download a Landlord Inventory On-Line Today? Do you need to download a Landlord Inventory on-line now? Why is it so important to have a Landlord Inventory?Firstly, if you are a landlord, you need to be prepared. As much as we all like to think we can trust everyone, it is very important that buy to let landlords protect their investment property as thoroughly as possible. Property for Sale in Bulgaria - Emerging Property Markets 1 The latest investment property headline is this: Popular and well trodden markets such as France and Spain are out, Bansko is in.Where?Bansko, Bulgaria. Should I Invest in Real Estate While Running an Internet Business? Of course you should. I practice this for quite a while and I never looked back. Avoiding A Bad Investment Is Easier Than You Might Think Human nature being what it is, none of us can get serious about the idea of buying a house without experiencing at least a few small twinges of worry. What we fear, of course, is making a mistake. Real Estate Development Marketing A Specialist Article For Those Interested In Real Estate Development From the desk of Colm Dillon .. Buy to Let Property Investment In recent years buy to let has been a popular way of investing in residential property. Stock markets are out of favour with many investors who have seen the values of their portfolios, endowment policies and pension funds shrink, whereas property has generally continued to rise in value. Mortgage Broker Training: How to Secure Loyalty From Realtors So you've just returned to your office after delivering an Oscar worthy presentation to a real estate agent. They're impressed and ready to do business with you. 10 Ways To Find Investment Properties If you really want the best deals in investment properties, you have to increase your odds by finding more deals. Who is more likely to get a cheap apartment building, an investor that looks through the MLS listings and calls it a day, or the one that uses ten resources? Here are the ten:1. Do You Speak Real Estate? Anyone interested in real estate should be able to talk the talk. Here is a list of common phrases and words with ashort explanation. Destin Florida Triples In 3 Years Do you want to see something that is absolutely amazing? Let me show you what has happened in Destin, Florida over the last 3 years. Back in August of 2002, the median price of a home selling in Destin was $229,000. Homebuyer Heaven Can't Possibly Last With interest rates at record lows over the past year, there's really only one way for them to go, the only question is when. Most experts agree that rates will remain fairly stable in the short term, at least until the end of the year, and some believe they will even decrease slightly.
|
| home | site map |
| © 2006 TIGER MEDIA |
