Is there room for one more? - Posted by Brad Hill

import · December 13, 2004, 10:57am

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I loved it

import · December 13, 2004, 10:57am

Posted by Brad Hill on December 13, 2004 at 11:57:10:

I am interested in getting involved in RE investing and it seems that everybody is “buying houses cash”. Is there room for one more? How can you compete when you see signs everywhere and the paper is loaded with “we buy houses cash” adds?

import · December 13, 2004, 12:32pm

Certainly - Posted by kawika-CA

Posted by kawika-CA on December 13, 2004 at 13:32:59:

Here’s some facts:

Investors, or would be investors, come and go constantly. My local REI club has 30-50% people attending the meeting for the first time but the attendance never really grows much. I’ve heard from experienced teachers (a.k.a. gurus) that 95% of people who attend a real estate seminar or conference will never do a deal.
All the investors actively seeking out deals and finding them can’t possibly buy them all.
Some of the best deals you can find are those nobody knows about yet. I work expired listings and houses in foreclosure, among other targets, and everybody knows about them but I can still find deals.

Here’s some tips:

Believe it will work. If you don’t, you’ll procrastinate. The idea that someone would give you equity for free in my opinion is wrong. They trade it for something of value and piece of mind.
Treat it as a business. The numbers must work or don’t do the deal.
Help people. Focus more on what they need more than what you need and eventually you’ll get what you want. Anybody can put an ad in the paper but not every investor has the temperment, skill, or desire to really listen and formulate a solution. Work on that and you’ll be well ahead of most.
Be in it for the long-haul. If you’re looking to make a quick buck this probably isn’t the business for you and frankly you won’t get much help from this board either.
Know the laws in your state. I found it best to learn from experts in my part of the state and county. Check with your local REI club. You’ll probably hear a name of a teacher or book mentioned more than once.
Never turn off your buying machine. The minute you stop looking for deals and making offers your whole business comes to a screaching halt until you turn it back on.
Keep learning and keep it fun. Read books, message boards, go to seminars, or pick up a course to replinish the enthusiasm you had when you started. The great thing about seminars and bootcamps is that you are around dozens or hundreds of other investors trying to do the same thing you are and “get it” when you talk about your successes or challenges.
Have some cash or liquidity. This is not a no money needed business. Marketing, title searches, repairs, downpayments, earnest deposits, appraisals, etc. Eventually you’re going to have to spend some money to move fast on a deal.
Don’t listen to people who don’t believe or want you to be in the gutter with them. There is no shortage of people, even those in the business, that will try to tell you it won’t work or you’re too young or too old or you’re not rich enough. Selective deafness is a great skill when used appropriately and to your benefit.
If cash is an issue buy and sell some houses to get your cashflow going before you decide to hold houses long-term or go for bigger game. Having 20 houses is pointless if you can’t pay your grocery bill. But don’t forget about the holding longterm. I haven’t talked to a single quick-turn veteran who doesn’t wish they had held a few more houses to capture the rise in market prices that inevitably occurs ever turn up in the market cycle.

This board is great to keep you enthusiastic and optimistic about this business. Get some education and jump in. Houses are for sale every single day and somebody has to buy them, might as well be us.

import · October 8, 2005, 10:12am

WE ARE LIquidating - Posted by Ray Johnson

Posted by Ray Johnson on October 08, 2005 at 10:12:38:

Spartanburg, SC
We have 24 single family houses + 2 duplexes + 27 residential lots being sold for 70 cents on the dollar. Good condition, 90% occupied, professionally managed, list available. Contact: rjohnson@jvgroup.com

import · September 3, 2005, 4:33pm

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import · December 14, 2004, 8:39am

BRAVO!!! and … - Posted by Pam

Posted by Pam on December 14, 2004 at 09:39:14:

I have been in this business for 17 years and needed a little more enlightment…instead, with this post I got a kick in the … and now I’m off to the races once more. Thank you so much!

import · December 13, 2004, 1:12pm

Re: Certainly - Posted by Brad Hill

Posted by Brad Hill on December 13, 2004 at 14:12:03:

kawika-CA
Thank you for your inspiration and common sense view!

import · December 13, 2004, 12:54pm

Good post. Inspiring. - NTXT - Posted by Brent_IL

Posted by Brent_IL on December 13, 2004 at 13:54:29:

.

import · October 30, 2005, 10:57am

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import · February 6, 2006, 4:38pm

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import · May 27, 2006, 8:52am

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import · March 9, 2006, 6:20pm

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import · May 30, 2006, 4:36pm

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