Real Estate education is very important, if you are serious about being a real estate investor today. I just attended Dean Graziosi Real Estate Seminar.
I am working on real estate education about fours per day and marketing my real estate websites and blog to create buzz. I am learning how to use Social Media daily and getting better at it. There is so much information out on the internet, I have to be aware of all my opt-in request for free information/ebooks too.
In this tricky market it is more important than ever to decide on your exit strategies
before you even make an offer.
I am experimenting with several different ones to see which one or ones work best in this
Buy and wholesale to another investor
Been difficult since my offers are 14 days close and the banks are so creepy about
assignments. Have tried using trust assignments with some success but still not perfect.
Bill Bronchick suggests we use LLCs.
Buy, and close using the one-day dough people. In Aug we are having a webinar about
how to do that. You have to have your buyer already in the wings who is ready to put up
the money before you close so it’s a smooth double escrow.
We are trying this one right now. I bought a fixer at a good price and am going to hold
an onsite auction 30 days after closing.
Buy, rehab and sell to an end user - have to line up a hard money lender who won’t pick
Buy, rehab, and qualify for new loan. Then you can rent for some amazing cash flow,
Section 8 or do a lease with option or do a wrap.
All of these can work. Trying all of them to get a cookie cutter formula that I can rinse
and repeat. Follow my blog to see how I do.
This is why I started the T.A.R.E.I.C. and Blog :
I know nothing in life is free and work is a requirement. I want to help other people like myself .
By Phyllis Rockower, www.realestateclubla.com
Even though you don't need a degree (either legal or brokers) to do real estate, it's
important to learn the law. This is true for many reasons. First, you don't want to get
sued or arrested. Second, you don't want your tenants to have the upper hand.
When dealing with tenants, they say that whatever you don't know about being a
landlord, your tenants will teach you. That holds true for landlord tenant law. For starters,
you should know every statute - what it says about deposit returns, evictions, noncompliance,
and disposing of left behind furniture. You will always hear from a
disgruntled tenant you are having a problem with that he/she is going to get a lawyer and
sue you. If you are up on the law, you will be able to laugh at that. I can't tell you how
many times I've heard that and then, if and when they go to an attorney, the attorney
tells them I'm right.
You should also know municipal laws that affect your property, and criminal liability laws.
What happens if one of your tenants is caught doing drugs in your property? You could
What are the laws regarding fair housing? What can and can't you do? What if your
property manager screws up?
It's also important to know about lead-based paint laws, mold laws and how they will
affect you. What about environmental laws and liability?
Another area, which is important to know, is tax law and entities in which to hold title to
protect yourself. These are only a few of the areas that you need to be familiar with. If
you take some time to be knowledgeable, I guarantee that you will save money in the