June 1, 2011
Greetings from FlipGirlMary, and welcome to my first monthly newsletter. I hope you find the information educational and useful to your real estate investing venture. I have addressed some of the topics that come up most often.
Working with Realtors
As I mentor many of my investor students, there is a common subject that comes up “Realtor’s won’t call me back” I find this absolutely stunning that these business professionals have the mind set that they feel it is okay to not return a call or request from a potential buyer. As a licensed Realtor myself, I often have to bite my tongue when speaking to other Realtors who just don’t get it! Do they not see they have a repeat buyer and do they not understand what real estate investing is all about and how it works? They draw conclusions immediately without even knowing what the investor wants or what their investment platform is. Don’t get me wrong, there are many Realtors out there that do get it, but Realtor’s are educated and trained in traditional real estate. If they have not educated or informed themselves about real estate investing, they are truly doing themselves a disservice. I have heard the most ridiculous things come out of their mouths like “did you buy some infomercial real estate program at 2am that made you believe you could make a lot of money” “this doesn’t make sense to me, and is sounding like a scam” “I will need copies of all your bank statements to show proof you have the cash to fund this deal” WHAT? Why any Realtor thinks that a buyer’s bank statement is any of their business, is beyond me. What the Realtor should be asking for is proof of funds to be given to the seller. If the seller has questions, the seller can contact the financial institution at which the funds are held. Absolutely under no circumstances should a Realtor ask you for your bank statements. Believe me I have heard many other things, but we will move on.
When looking for a Realtor who understands the investment world, ask these questions:
How many transactions have you done with real estate investors?
How long have you been a Realtor?
Do you personally buy and sell properties?
Do you personally list REO properties?
How many buyers are you currently working with?
What percentage of business you write is with investors vs. traditional real estate?
Are you willing to help me with pulling comps?
Are you willing to do walk through evaluations when I can not view a property?
Finding the right Realtor can take some time, but you must find someone that “gets it” and fits well with you. This is critical to your investing success.
Get Rich Quick
There are many people coming out of the woodwork to try real estate investing. They hear the sales pitches from the “guru’s” and although many of these gurus truly do have a very lucrative business, the new investor only hears what they want to hear. They have an unrealistic expectation to making money in this business. It is very important to remember that you are creating a business, and with any business, there is a learning curve. You are learning the trade of real estate investing and need to act in a professional manner. This is not a get rich quick opportunity, but a legitimate business that you must take very seriously and work very hard at. Yes, you will have freedom in your ventures, but that does not happen tomorrow. You must work your way to your financial freedom and have a realistic expectation that it will not just fall in your lap. There are questions you should ask yourself to determine if you are a true entrepreneur and will succeed in this or any venture. You must be honest with yourself or your business will suffer.
Are you lazy or ambitious?
Do you have a spine?
Are you shy or social?
Are you willing to do what it takes or do you put in a minimal effort?
Are you negative or positive?
Do you give up on things or are you persistent?
Do you worry about change or do you harness it and adapt?
Can you make quick decisions or are you indecisive?
Are you a dreamer or a doer?
Are you a skeptic or do you think optimistically forward?
Do you make excuses for things or stand up to your weaknesses and faults?
What are you passionate about?
Investor basics—what is this all about, and is it right for me?
Date: June 15, 2011
Time: 6:30 pm
Location: Appleton, WI
Seats will be limited, so please send in your details at http://www.flipafortune.com/?page_id=29 to reserve your seat. They will fill up fast.
Please sign up for my blog at http://www.flipafortune.com/ There is also a lot of good resources in the recommended reading area
Flip Girl Mary