Real Estate
Robert Allen with $100,000 chunk of cash
More Millionaires have been made through real estate than from any other source of income.
There will always be demand for real estate as long as there are people. We all need a roof over our heads regardless of market conditions.
The important thing to consider when buying real estate is your exit strategy. If plan B is “hold it” and you can make a profit holding the property for the long run, then you probably have found a good deal.
Remember to thorough when doing your due diligence and don’t get emotionally involved in the property.
When you enroll in the challenge on the Millionaire Hall of Fame, you will have access to our Success Habit System on the Challenge Resource page. I encourage you to use it to put your day on auto pilot.
Real estate“6 Week Quick Cash” Challengers are invited to come here to post their real estate comments and stories.
July 21st, 2008 at 4:04 pm
(I have nver “blogged” before.) I am not sure if this is the place to ask/share… I talked with a man today about some commercial property with a house he was selling. To make a long story short; he has a workshop and lots of tools and equipment for “airless repair”. When painters’ equipment needs to be repaired, they take it to an “airless repair” shop. The bottom line is: he has a workshop and equipment that would be ideal for someone just starting out. He has no loan on the property, so reasonable terms could be worked out. I don’t know how to contact people who might be interested in this. Any ideas?
July 21st, 2008 at 5:47 pm
Hi Sharon,
Sounds interesting. The 6 Week Quick Cash Help Sessions provide expert advice for all your real estate and business questions. Information for the calls are posted on the website or you can email me and I will send you the information.
Good luck with your deal!
Janet
July 22nd, 2008 at 11:45 pm
Mark Hornberger’s real estate class is so motivating. He really seems to understand where we novices are starting from. His explanations are clear, and I feel like I could actually do the type of deals that he is describing.
July 23rd, 2008 at 11:32 am
Hello Sharon,
I totally agree with you, I think Mark Hornberger is one of the best instructor with EWI, he is very organized and he knows exactly where novices are starting from. Not only that, he is so patient and so giving, he is another example of a great person who lives his life out of his passion, which is teaching and helping students to achieve their financial dreams.
July 23rd, 2008 at 11:35 am
I just got an offer accepted, and working on my exit strategies. I have a few options, but since I don’t have my buyers/investors completely lined up, which is so crucial in our investment, I am consistently working on that. Just like Bob said, you always sell before you buy.
July 23rd, 2008 at 12:12 pm
Many thanks to Mark Hornberger…he is so CLEAR ! I loved the prequal letter explaination. Great call !
July 23rd, 2008 at 8:14 pm
Alicia Q.,
I am in a similar position. I have found a great house that can be bought for about $200,000 or less and is worth $330,000. It is on the north side of town, near the country club, 4bd/2ba, over 2200 sg ft. And it has a pool! It is surrounded by more expensive homes, and it is the area where people would love to live. I would love to fix it up and sell it myself. (I even asked my husband if he wanted to move there.) But I don’t have the finances or credit line to do that. I am going to try to find a partner who might be interested in flipping it (or maybe even fixing it up.) I know having a partner is not as profitable as private money, but to me $10,000 is a LOT of money. I would be willing to let my partner take everything else. Anybody know of someone who might be interested?
I’m writing up the offer tomorrow, and hoping.
July 24th, 2008 at 11:18 am
Dear Sharon F,
Making any money is better than nothing, I still remember our mentors in EWI said when we find a good deal, the money will follow. So just use all the strategies that you have learned and I wish you get your offer accepted.
July 24th, 2008 at 3:01 pm
Dear Aliciaq,
It blew up in my face. Everything looked so good, I thought I couldn’t lose by putting in a bid. (I need the experience.) The house looked like it had been designed by Bobo the clown…it had a crazy layout. It was on the fringe of the country club area.
I felt foolish in front of the realtor. I lost a bit a confidence. I’ll try again tomorrow. Thank you for your support.
July 25th, 2008 at 9:15 am
Sharon,
All new investors feel frightened and insecure to start with. My dad used to tell me that everything is hard before it is easy. The important thing is that you made the move forward and you are on your feet ready to try again. Congratulations!
Remember this is a numbers game, You are mining for diamonds midst piles of rubble. All you need to do to succeed is to keep trying
July 26th, 2008 at 1:28 pm
Hello Sharon,
I remember one of the mentors told me, FAKE IT UNTIL YOU MAKE IT!!! Don’t be intimidated by these new problems or experiences, like myself, I just go out and make my offers every day, and when we put our intention on one thing, the universe will know and will provide us the resources which can help make it happen. I have difficulities all the time, but what I always remind myself is what’s important is not what I have done, it’s who I have become. When I look back, I feel so proud of myself and even more confident.
July 26th, 2008 at 11:08 pm
I got a FSBO lead for some package deals, owners are out of state. Will follow up tomorrow and see if I can work out something which is favorable to both parties.
July 27th, 2008 at 7:49 pm
I found another great property. I am approaching it more slowly. But, I had my contractor look at it and estimate the repairs/rehab costs. I am going to put in an offer, (Hope springs eternal).
July 31st, 2008 at 1:22 pm
Since I joined this 6 weeks challenge, I put more offers than I did before, and I feel very good about it. I already got one accepted, and will close in 2 weeks. Thinking of doing a fast turn over and get some quick cash. There are also some very good ones I am working on.
August 1st, 2008 at 5:40 pm
I found 2 great deals today! I am putting in an offer for the first, and giving a member of my team the chance to get the second deal. I feel great. I think that when people work together, we always get better results.
August 4th, 2008 at 3:19 pm
Dear Sharon F,
That’s so wonderful that you can work with your team on the deal. I truly believe team work is one of the key factors for success. This 6 week challenge, I think the journey itself counts more than the result.
August 5th, 2008 at 9:42 pm
Alicia,
I agree that the journey is IT. I have learned more about being a team member and sharing leads. I like this way of living and thinking. no matter what happens, I am a better person because of this challenge.
Mark Hornberger’s class tonight was great, as always. I appreciate the way he takes time to answer everyone’s questions. Great teacher!
August 7th, 2008 at 9:15 am
Dear Sharon F,
I enjoy Mark’s classes very much, it really builds up the foundation of our real estate investing. He is just another good example of a humble mentor, who shares his passions and fulfills his purpose, like so many other good trainers in EWI. I still remember one time one of my trainers said EWI is not for everybody, people tend to attract like-minded peope into their lives, Only when we resonate, we communicate, we have joint ventures, we encourage each other… There are different frequencies in life, and here at EWI we choose to go higher…
August 11th, 2008 at 8:40 am
Got another FSBO lead through my ads, will go see the properties tonight, he has two houses he wants to sell, one is in very good location, and the neighbor next door just sold their houses a couple of weeks ago for over $700k. I am going to do more research online this afternoon and come up with a few exit strategies when I talk to the seller. Just like we were taught, we make money when we buy, we need to have multiple exit strategies for every single deal we go into, and always we are problem-solvers, my plan is to create a win-win situation and see what the sellers reaction is.
August 12th, 2008 at 7:20 am
Went to meet the seller last night, and had a great conversation together, although that’s not my initial intention. He was not realistic about his asking price, and didn’t want to budge. I realized he is in the 2nd stage of what’s called Grief Cycle by Kubler Ross, DENIAL. He didn’t want to let go of his properties although he is negative every month. And then I found out he is very tight on money, so I introduced to him the Newwork Marketing company I am associated with, and the powerfulness behind MLM compensation structures. He gladly set up another meeting with me so I can give him a detailed presentation of this MLM business.
Although I didn’t get the deal that i wanted, but who knows, I may get a recruit and help him make some extra money to support his family. I always believe to be successful in any business, we need to create values and solve other people’s problems. When we see a need and we can use our services to satisfy this need, we create a win-win to both parties.
August 14th, 2008 at 9:04 am
Got a lead from a bird dog, owner is out of town, has three houses to unload. Talked to her, but for whatever reason, she was being very rude, didn’t want to give me any information. Maybe I haven’t perfected my scripts, when I asked anything about the house, she responded ” Go check the assessor’s website, you’ll have all the info you need”. When I was trying to ask her how much was the loan balance, she ended our conversation. Of course she thought it was very personal. Still practicing and perfecting my scripts, and make it more un-threatnening. But I know every seller I talk to, i learn something from it, so this incident didn’t bother me, just keep going.
August 19th, 2008 at 5:44 pm
Just want to report here, got another check from an owner of the property for a finder’s fee. My friends in San Diego are coming to LA for school the end of August, and they needed to rent a house. I was just searching on the web a couple of weeks ago, and saw this For Rent By Owner ad, so I contacted the owner and asked him about the property. It’s exactly what my friends were looking for. I told the owner that my friends would be very interested in the property, if they qualify, would you mind paying me a finder’s fee? I wasn’t sure if he would agree, but what have I got to lose? To my surprise, he said of course not, he would be happy to pay me a finder’s fee. I never thought it would be that easy, but just like Jesus said, ask and you shall receive. If we don’t ask, we’ll never be given.
September 16th, 2008 at 11:38 am
Does anyone know how to get on a team for the rich in six challenge? I am a super beginner, and think I would do much better if I could report to and share my successes no matter how small.
Today I called the title company and got lists of 4-20 unit buildings in all the areas we’re investing in. I already have a compiled list of buyers and what they want, which is mostly multi-unit properties in those areas. I am reasearching everything for rent in these area’s so I’ll know the rent values cold. Good Luck to everyone else too.
September 16th, 2008 at 9:11 pm
Some of the students on Mark Hornberger’s call today (September 16th) were asking how to find the great deals in Las Vegas. Well, I’m in Vegas, and the deals are truly phenomenal. For the first time in living memory, investors can actually cash flow on rentals! I will be more than happy to help anyone who wants to invest here. Just answer this blog with an e-mail address . . . . .
September 17th, 2008 at 4:36 pm
Myke - It doesn’t look as if many people are using this blog yet. What areas are you working in?
You could try calling in to the Real Estate help session and ask for other students in your area.
You can report your successes both here on the blog and also in the Millionaire Hall of Fame.
September 18th, 2008 at 5:05 pm
Oops! I just posted my real estate comment to the wrong site.
I have received information on a rooming house with 13 weekly paying tenants. The property is distressed, but fully occupied. I will make an offer next week. I have not completed reading the different methods, so I am not sure what I will offer. But the current owner is living on the property, so I think I will offer to let her remain as manager until I can complete repairs, and I will pay her a portion of the rents. She is buying from an individual owner, so I’m sure I should be able to negotiate a good deal.
I have another historic hotel that is in the name of a corporation which is dormant. I plan to transfer it to a seperate LLC and for a development team for the restoration. Anyone know a good restoration architect? Will that transaction be considered valid as part of the challenge?
September 19th, 2008 at 10:01 am
I’m open to joining a group. I’m in the Chicago area and a Mastery student. Currently, I have 2 properties under contract and would like to assign one or both. I’m here to network and get some cash in my pocket soon.. Let’s all work together and et rich!!!
Send me an email….
September 19th, 2008 at 2:33 pm
Yesterday I made about 40 calls to owners of 4 plexes + in University Place. I had to leave messages for most but there are a couple of out of state owners that may be interested! Last night I went to a realestate investors club in Redmond, and learned about financing in today’s market. I also got to meet some other big investors in the area, which is really up lifting. I used the MLS listings today, had my realtor send over some comps and I set up an appointment to sign the offers tomorrow.
September 22nd, 2008 at 5:22 pm
Looking to join or start a team for the challenge… I’m in the Chicago area and if you go to my website, you get my contact information.
I also have 2 properties under contract that I’d like to assign or find private money. If interested, let me know!
September 22nd, 2008 at 9:22 pm
If you’re a Mastery student in the Las Vegas area and would like to form a group, please let me know.
Also, if anyone can help me with the eBay/website hyperlinks I would appreciate it. The replay of Saturday’s class had no video, and I couldn’t get the directions to work on my Mac. Thanks.
October 14th, 2008 at 6:05 am
I am looking for a form that I can use to craft an offer letter for residential real estate. Mark Hornberger, in his first “Real Estate Course,” said that EWI had one available. Would someone please direct me to it?
Thank you!
Paula
October 14th, 2008 at 9:37 am
Hi Paula,
You can find the Real Estate forms on the Millionaire Hall of Fame. Click http://www.millionairehalloffame.com and login to your account. (If you need assistance you may call me at 800-371-9876 ext 108). After you are logged in, click the “My MHF tab to go to your personal webpage. Look for the word “tools” beside the 9/15/08 challenge under the house icon. Click “tools” and you will be directed to a page with challenge resources. Look in the challenge resource box for the button “Real Estate Forms” and click that button. A list of forms will come up. Click on the form you need and print it.
Best Wishes,
Janet Walgren
October 26th, 2008 at 2:20 pm
I have been using all of the knowledge from previous challenges and training to stabilize my future. I have closed on four properties over the past 4 months and I now have about $2K perr month cash flow. All of this started with $10K of my own money and the rest was other people’s money. I am enjoying the ride.