Real Estate Recession Riches - Top 10 Real Estate Investing Tips That Don't Suck!

Real Estate Recession Riches - Top 10 Real Estate Investing Tips That Don't Suck!
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Allow me to share my story with you.<br><br>My name is Cory Boatright. I am 35 years old and since my early twenties I have started, run, or been directly involved with almost 40 different companies. <br><br>I have sold everything from Ginsu knives on eBay, Kirby vacuum cleaners door-to-door, all the way to $50,000 high-end electronics Online. <br><br>Out of the forty-something companies only TWO of them ever proved to be worthwhile endeavors. The other thirty-eight I decided to call &quot;business therapy&quot;. <br><br>Interestingly enough, both of the successful companies harnessed the power of the Internet to make their profits. After bringing in almost 4 million dollars in sales from my first start-up. I sold it and directed my passion to the world of real estate investing.<br><br>Why real estate?<br><br>Well, most of my affluent customers in my first business owned real estate so I knew there was something to be learned in that industry. I was a complete novice to it And…oh…by the way before I forget…did I mention that I didn&#39;t even graduate from high school? Apparently my drive to succeed coupled with my persistence to not fail clouded my judgment of the value of a formal education. So instead, I settled for a G.E.D. <br><br>I&#39;m not looking for any pity-party. I just mentioned this to demonstrate that if a highschool dropout can make it, the doors are open for just about anyone else to do it too.<br><br>Now fast forward a bit into my real estate experiences. I started out being a &quot;bird dog&quot; which means I was out finding good deals on properties and getting paid a finders fee for it. That fee was usually $500 &ndash; $1,500. After I learned how much money the investor was making selling the houses I was bringing him, I quickly learned how to assign, wholesale and flip distressed properties. <br><br>That brought in checks anywhere from $3,000 &ndash; $10,000. Not bad, but I had a hunch those properties were worth a lot more after they were fixed up. <br><br>So I decided to put together a &quot;skeleton&quot; rehab crew and thought I would make $15,000 &ndash; $30,000 per deal, but I was sadly mistaken. <br><br>My rehab attempts ended up being more of a mirage instead of a real profit center. My $30,000 paydays actually came out to be more around $17,500 after considering all the contractor frustrations, material costs, labor, marketing, selling and other holding costs. <br><br>Needless to say I had more fun assigning contracts.<br><br>It wasn&#39;t until around 2004 that I stumbled my way through a short sale and I made over $30,000 on that deal! <br><br>That was the most money that I had ever made on one single real estate transaction.<br><br>I couldn&#39;t believe the lender would accept less than what was owed for a payoff. <br><br>I was immediately hooked and quickly learned everything possible about the short sale process. The more I learned about Short Sales, the more I was asked by other investors to partner on deals. <br><br>I quickly became known as the local &quot;go-to&quot; guy for doing short sales. Other investors continually asked me how they too could learn to do what I was doing. So after being asked by numerous fellow investors to teach and coach them on the subject, I decided to &quot;dive in head first&quot; and write my first information product/home study course.<br><br>What I discovered in real estate investing was something I never expected. Not only was the short sale niche secretive, but the entire industry. And the &quot;real truth&quot; was shared only amongst a small, tight knit group of investors, but not anymore.<br><br>I&#39;ve cornered the &quot;top dogs&quot; in their niche of real estate investing and forced them to talk. When you finish reading &quot;Real Estate Recession Riches&quot; you are going to be smarter and wiser newbie or advanced real estate investor. Period. <br><br>Remember… be a servant,<br><br>Cory Boatright<br><br>Cory Boatright is a flat out genius. Listen to him and take notes. <br>– Tim Mai Co-author of the NYT Best Seller &quot;The One Minute Millionaire&quot;

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Cory MDiv Boatright. Real Estate Recession Riches - Top 10 Real Estate Investing Tips That Don't Suck!

INTRODUCTION

JASON SIMPSON

CHAPTER ONE

HOW A FULL-TIME COP IS MAKING A KILLING INVESTING IN REAL ESTATE…PART-TIME

EDUCATE YOURSELF

FIND THE TIME

EVERYTHING YOU DO IS EITHER MOVING YOU TOWARD YOUR GOAL OR AWAY FROM IT. PERIOD

CASH FLOW

THE BEST WAY TO START THE DAY

TIME MANAGEMENT

FIVE THINGS, EVERY DAY

FRANK AUFIERO

CHAPTER TWO

WHOLESALE YOUR WAY TO THE TOP!

WHOLESALING INVOLVES FINDING A BARGAIN PROPERTY AND PASSING THAT BARGAIN ON TO ANOTHER INVESTOR FOR A PROFIT

FOUR BASIC STEPS TO A SUCCESSFUL WHOLESALE TRANSACTION

“DO I HAVE TO USE MY OWN MONEY?”

ASSIGNMENT IS WHEN YOU HAVE A CONTRACT TO PURCHASE A PROPERTY ANI YOU ASSIGN ALL OF YOUR RIGHTS ANI OBLIGATIONS OF THAT CONTRACT TO SOMEONE ELSE

TYPES OF PROPERTIES TO WHOLESALE

WHO ARE MY BUYERS?

WHICH ARE THE BEST WHOLESALE DEALS?

WHAT CAN I EXPECT TO PROFIT ON A DEAL?

HOW IT WORKS

CHECKLIST FOR WHOLESALING

SETTING UP YOUR COMPANY

BUILD DATABASE 101

USING A PRE-SORT COMPANY

VIRTUAL ASSISTANTS

LOCATE PROPERTIES

DETERMINE THE PROPERTY’S VALUE

HOW DO YOU KNOW HOW MUCH TO OFFER FOR A HOUSE?

REPAIR ESTIMATION EXAMPLE

USING OPTIONS

SO WE HAVE A CONTRACT - NOW WHAT?

BRING IN THE MONEY

BENEFITS OF HAVING A MENTOR

RODNEY MILLER

CHAPTER THREE. HOW I RAISED OVER TWO MILLION DOLLARS IN PRIVATE MONEY

STEP 1: EDUCATE YOURSELF

NOTES AND MORTGAGES

TITLE WORK

INVESTING A RETIREMENT ACCOUNT IN REAL ESTATE

REFERENCE MATERIAL

STEP 2: BUILD CREDIBILITY

DEVELOP REFERENCES

DEVELOP TESTIMONIALS

HIGHLIGHT YOUR PAST PERFORMANCE

HARD MONEY

STEP 3: DEVELOP YOUR LOAN PRODUCT(S)

10% SIMPLE INTEREST-ONLY PAYMENTS WITH A FIVE-YEAR BALLOON LOAN

12% MEZZANINE LOAN

STEP 4: DEVELOP YOUR LENDER PRESENTATION

ELEVATOR SPEECH

THE SIT-DOWN MEETING

THE GROUP PRESENTATION

STEP 5: DEVELOP OUTSTANDING CUSTOMER SERVICE SKILLS

THANK-YOU LETTERS

FOLLOW-UP CALLS

KEEP THEM INFORMED

CARDS

STAY IN TOUCH

SERVICE YOUR LOANS LIKE A PROFESSIONAL

TAKE ACTION AND MOVE FORWARD

CORY BOATRIGHT

CHAPTER FOUR. HOW TO GET A LENDER TO SAY “YES“ TO A REAL ESTATE SHORT SALE. Nine Steps You MUST FOLLOW or Risk Failing

A SHORT SALE HAPPENS WHEN A LENDER AGREES TO THE SALE OF A HOME FOR LESS THAN IS OWED ON THE MORTGAGE

STEP 1: DETERMINE FAIR MARKET VALUE (FMV)

STEP 2: EVALUATE SOLD COMPS SYSTEMATICALLY

EXAMPLE

STEP 3: REVEAL THE ARV (AFTER REPAIR VALUE)

STEP 4: FIGURE OUT THE LENDER’S BPO

STEP 5: WHAT IS THE HOUSE TYPE AND HOW DOES IT AFFECT THE BPO?

ACCEPTABLE

NON-ACCEPTABLE

WHICH DEALS SHOULD YOU PURSUE?

CORY’S SHORT SALE CLASSIFICATIONS

STEP 6: LEARN THE LOAN TYPES

CONVENTIONAL LOANS

FHA LOAN

STEP 7: MEMORIZE THE PERCENTAGES

EXAMPLE #1

EXAMPLE #2

STEP 8: HOW TO DEAL WITH JUNIOR LIENHOLDERS

STEP 9: YOU ARE EDUCATED

ALLEN MOORE

CHAPTER FIVE

LONG-TERM WEALTH THROUGH RENTAL PROPERTIES

HOW I BECAME A LANDLORD

FINDING THE RIGHT RENTAL PROPERTY

BUILDING A REMODELING TEAM

MAKING YOUR GOALS WORK

MOVING FORWARD WITHOUT FEAR

DON’T LET FEAR STOP YOU FROM EARNING WHAT YOU ARE WORTH

ROBERT ELDER

CHAPTER SIX

HOW THE FEDERAL GOVERNMENT HELPED ME TO BE COME A REAL ESTATE MILLIONAIRE

THE FIVE WEALTH SECRETS ALL REAL ESTATE MILLIONAIRES KNOW AND USE

WEALTH SECRET #1: OTHER PEOPLE’S MONEY

WEALTH SECRET #2: BUY CASH FLOW PROPERTIES

THE MOST PREDICTABLE WAY TO GET RICH IS TO BUY AND HOLD CASH FLOW PROPERTIES

WEALTH SECRET #3: REAL ESTATE PRICES GO UP (APPRECIATION)

WEALTH SECRET #4: EQUITY MULTIPLIER EFFECT

WEALTH SECRET #5: THE COOKIE CUTTER METHOD

GETTING GOVERNMENT MONEY

WHAT I LIKE BEST ABOUT THE SECTION 8 PROGRAM

DEVELOP GREAT SYSTEMS

SUMMARY

DEVELOP GREAT SYSTEMS AND CREATE FREEDOM, NOT JUST ANOTHER JOB

JACK WERNER

CHAPTER SEVEN

HOW NOT TO GET BURNED ON A REAL ESTATE TRANSACTION

BE THERE OR BE SQUARE

LEARN ABOUT THE BUILDINGS YOU BUY

QUESTIONS FOR THE INSPECTOR

INSPECTIONS CAN PROVIDE VALUABLE KNOWLEDGE THAT WILL SERVE YOU AS LONG AS YOU CHOOSE TO STAY ACTIVE

TIPS FOR SUCCESS

TONY J. TYLER

CHAPTER EIGHT

THE BASICS OF ADVERTISING AND MARKETING

DEFINE YOUR PURPOSE

THE HEART OF WHY YOU ARE IN BUSINESS - THE ROOT OF WHY YOU DO WHAT YOU DO - MUST NOT BE “WHAT’S IN IT FOR ME?” BUT “WHAT’S IN IT FOR OTHERS?”

DEFINE YOUR COMPANY

DEFINE YOUR IMAGE

DEFINE YOUR GOALS

DEFINE YOUR MARKET

DEFINE YOUR BUDGET

MAKE ADVERTISING AND MARKETING A KEY COMPONENT OF YOUR BUDGET AND FOCUS ON HOW TO KEEP IT IN PLACE DURING SLOW TIMES

DEFINE YOUR FUTURE

BRIAN NIX

CHAPTER NINE

REHABBING HOUSES FOR HUGE PROFITS - HOW I DO IT

BEGIN WITH THE EXIT STRATEGY

MISTAKES TO AVOID

HOW TO FIX A HOUSE

PROFESSIONAL INSPECTION

CONTRACTOR BIDS

HIRE THE RIGHT CONTRACTOR

AVOID PERSONALIZING THE PROFITS AWAY

EVERY DOLLAR YOU UNNECESSARILY SPEND IS ONE LESS DOLLAR YOU GET TO KEEP

FINISHING THE JOB

NANCY RIEG

CHAPTER TEN

OPTION TO AUCTION TO SOLD!

WHY DO THIS?

UNIQUENESS

CREATES A SENSE OF URGENCY

CREATES COMPETITION

BUYER IS IN CONTROL

FUN, NO-PRESSURE BUYING

SYSTEMATIC SELLING PROCESS

HOW IT WORKS

BEFORE THE AUCTION

AUCTION DAY

CONCLUSION

GLOSSARY

Отрывок из книги

If you’re reading this book, it’s safe to say that you are thinking about learning to invest in real estate. Maybe you’re disappointed in what your current investments are doing. The stock market is making a lot of people nervous lately, and that isn’t doing anyone’s retirement account any favors. Maybe you’re looking for a new career, and you heard this might be an exciting way to make loads of money. Maybe you’re not sure why you’re interested, but someone said that you should find out what investing in real estate can do for you.

I get questions all the time from people who want to know how I did it. Then they want to know how THEY can do this - they want to know which area or investment niche they should focus on, and they really want to know how to fit all this into their current lifestyle. I can tell you not only MY story, but I found nine other colleagues who were willing to share THEIR stories to help you get started.

.....

•What can I do today to find a new deal?

I think you get the point! “What am I going to…”, “How can I…”, etc., are some great ways to begin your “Morning Power Questions”.

.....

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