Posted by Eric P. Martin on June 08, 2001 at 15:19:55:
I live in Chicago, and Chicago has different areas of course. How do you learn the prices of certain neighborhoods? Suppose I wanted to learn the prices of an certain area. How do you get the data? What do you base it on. How do you compare it with other houses? If I opened up a “Free Real Estate” magazine, do I base it on that? Trying to understand how to determine value… Thanks
New but Intensely motivated! - Posted by Eric Graham
Posted by Eric Graham on February 06, 2001 at 15:32:00:
I just stumbled onto CREonline about a week ago. I have read and printed out ALL of the articles and have read hundreds of the archived message board threads. This site is amazing! The knowledge if CRE amassed here in the articles and forums is mind boggling. And for me the availability to ask questions of experts and other investors is priceless (you could charge $100 a month for access to them and it would still be a bargain!?.but please keep it free?
I have over the last 5 years read quite a few books on REI and I recently broke down and bought Carlton Sheets course and devoured it. However the techniques presented here are much more powerful than the same old Buy, Rent and Hold stuff I have seen in the past.
The most exciting thing for me about this site is it has actually spurred me to take ACTION! In the last 2 days I have driven my farm area, located 6 possible vacant/rehab candidates and later this afternoon I will be at the courthouse looking up the owners to call or mail a letter to. I have also made over 50 calls on newspaper ads, FSBO signs and properties I have seen listed online. I have looked at 3 of them so far and will be inspecting 6 more today and tomorrow.
My question is this???.WHERE DO I START?!?! I mean, the info on this site has actually given me too much to use at this point in my investing. I plan on following the advice to not rent or rehab my first year. I am currently leaning towards flipping contract, L/O?s or mobile homes?.but I am not sure which direction to go in.
I have a good income and plenty of time off, however I do not have much liquid capital to start with. And my main objective is to save up 6-12 months living expense, pay off all of my debt and go full time as an investor so I can spend more time with my kids. And of course I would like to do all of this as quickly as possible!
Anyone have some advice/suggestions? Particularly about weather to go with flipping, L/O?s or Mobile homes?
I am very commited and motivated…I will do whatever it takes!
Thanks to all of you!
Eric Graham
Re: New but Intensely motivated! - Posted by JasonIL
Posted by JasonIL on February 06, 2001 at 17:42:24:
listen to Jim he is a GOD!!!
Re: New but Intensely motivated! - Posted by Jim IL
Posted by Jim IL on February 06, 2001 at 17:15:37:
Eric,
Good to hear that you are “out there trying”, that is the first step, to overcome to fear.
Now, since you have some course material, and have found this website, I’d make the first and most importnant move in my opionion, and that is to market.
Calling FSBO’s, and driving areas is okay, but this just makes it a “Shot gun approach”.
The real fun begins when sellers call you.
You want to get two pieces of info in front of as many people as you can.
Those two pieces of info are:
1.) What you do? (You Buy Houses)
2.) How to contact you? (Your phone number)
Make your marketing simple, don’t bother using flashy logos and company names.
Just get the above info out there, and people WILL call you.
When they call, DON’T ANSWER THE PHONE, instead, let it goto voicemail.
Have them leave a message with their name, number, a good time to call them back and the address of the home they are thinking of selling.
Once you have this, you can research a little bit, (unless you know your market well already), and then you call them back and stay in control.
IF you do this and get calls, come here with the info you gather and ask questions.
Check the archives here and the articles on how to talk to the sellers, and what info to gather.
Also, since you have the C. Sheets program, DO NOT just run down his “Seller’s info” sheet and ask questions.
Talk to the people, don’t be a machine reading from that paper.
Good luck,
Jim IL
Re: New but Intensely motivated! - Posted by Eric Graham
Posted by Eric Graham on February 07, 2001 at 02:31:21:
Jim,
Thanks a million for the advice! Which marketing techniques have worked best for you?
I am having business cards printed that say “I buy houses, any condition for CASH. Quick closing.” And plan to hand them out everywhere. I am also going to put flyers on bulletin boards, ect. And will be putting an ad in the “Nickel ads” under RE wanted. Any suggestions as to ad wording?
Thanks again.
Eric
The threshold of opportunity: - Posted by Chicago Steve
Posted by Chicago Steve on February 06, 2001 at 18:03:06:
As usual Jim’s right on the money!
I’d also suggest you click on the banner above and get the details to register for the upcomming convention.
Re: The threshold of opportunity: - Posted by Charles Steed
Posted by Charles Steed on February 06, 2001 at 20:12:15:
Just a couple of things to add. Become an expert in your market. What I mean is, get to know selling prices for residential property in your area. This has been extremely valuable to me. The reason, you won’t recognize a bargain without first knowing retail. Every so often a house goes up for sale at a screeming good price, and if you don’t know value, nothing is valuable.
I think it’s great you’re getting out there pounding the pavement. That’s the best way to get your feet wet. Things happen for people willing to get out and about. Can’t suggest a specialty for you because different approaches and techniques appeal to different personalities. If you stay out there, turning over stones, it won’t be long until you figure out what you like to do. For me, turning properties as quickly as possible has always been a thrill. Best wishes.