Posted by $Cash$ on July 16, 2002 at 24:43:47:
Ray,
Glad to meet you.
Good Investing Luck, you really do not need luck, just use your knowledge.
$Cash$
I buy Sub2…that’s what I do. - Posted by $Cash$
Posted by $Cash$ on July 15, 2002 at 18:38:54:
Received a few (whew!) personal e-mails lately asking advice on REI, which I do not mind. There are areas of real estate investing that I would hesitate giving advice on because my expertise is very limited in those areas. So here is what I do.
I buy Subject two (Sub2?s), that?s what I do. I have bought houses with, tax liens, foreclosures, rehab?s, L/O?s and PDYQ?s (don?t ask me). Did I make a few dollars? Yes. However, it is too long a process for me, I like the ?Chase?. There are others who post on this board with far more knowledge than I in these areas.
So I can only give advice on Sub2?s. I know that I can drive into most any city (except maybe Philadelphia I spent a week there one night) in the USA, with a population over 500,000, (I am a numbers kind of Guy), do what I do buy and sell one house and make $6K to $12K in 30 days. Can I buy more than one house? Yes. But follow me for a while, as I will get to that point later. If you live in an area with a population under 500,000 it still can be done, just not as many people from which to choose from.
You new people ?newbies? in real estate investing seem so concerned with finding a motivated this and that and all of the ?BUZZ? words I read. You should realize that you are the one that should be motivated. I wish that I had a dollar for every time I heard over the phone ?this isn?t one of those darn things where the loan stays in my name is it?? Heard that one before too?
Think for one moment, buy one house and make $6 to $12K. If you just did one house a month, would that not be great? Work about 6 hours per month; calculate that on an hourly basis. Forget about the Gazillion dollars others make or promise to make you in your first thirty minutes in this industry. Get your first deal and go from there. It gets easier and easier from there on.
I have grown fond of Wayne; so Wayne, listen up.
Here?s what you need to have and do to buy that one house.
A telephone.
Advertising albeit in a newspaper ad or by direct mailing?s with your phone number in the ad.
The seller calls. Answer the phone, get their address and set an appointment to meet with the sellers at their house.
Be on time for the appointment; make sure all the decision makers are there, the owners.
Use your knowledge about real estate investing; tell them how they will make a good decision by selling to you. Close the sale.
Advertise the house for sale.
When the phone rings, pick up the phone. If it is a buyer, set an appointment to show the house.
Meet the buyer at the house. The house will sell it self. Have them sign an Offer and Acceptance Form, collect the down payment and give them a receipt.
Give the O & A to the people who will do your house closings. These people will call your buyer; they will set up an appointment for the final closing. The people doing the closing, the Title Company, Escrow Company, Attorney, etc., should have all the State Specific forms required to keep it legal and protect you.
After the closing pick up your money from wherever the buyer closed on the house.
Overly simplified? No. A little bit smart-assed? Yes. The truth? Yes. Just trying to point out how really easy it is to get your first house. The important part of my message is your KNOWLEDGE in this industry.
Quit spending so much time analyzing the situation, unless you show up at a serial killers house, (if anyone posts back that would probably happen to me it probably will). All the people can do is say NO, and that?s when the sale really begins. From that point forward use your real estate knowledge and sales techniques, you have far more of it than the sellers do.
I have never read a real estate investment course. Between a good book on sales techniques (Zig Ziglar, Closing the Sale) and advice from postings on this board, you would have all the information you need to buy that first house. Zig was a pots and pans salesman, but probably sold enough metal to build a bridge around the world. By the way, I have never met Mr. Ziglar, nor attended his seminars, just read his book. GL (ON) pointed out to me that a new person would do well to take a course in public speaking and acting. It would be a help to you in getting over the first time jitters, don?t wait to take a course, get out there now, that was not listed as an excuse for you to wait. It?s not mandatory, but will enhance your abilities in reacting with buyers and sellers.
Yes, when over the phone or in the house of the seller what am I but an actor, whose performance will be judged by the seller with a ?yes? or ?no?. That?s why there are phone and sales presentation ?scripts?.
Just insert real estate jargon in place of pots and pans and start building your bridge; get the first sale.
$Cash$
Hear ye Here Ye: To all ye ?Garuships?, I beg thine humble forgiveness for mine post but Sub2?that’s what I do. God save the Kings and Queens.
Re: I buy Sub2…that’s what I do. - Posted by JWNC
Posted by JWNC on July 15, 2002 at 18:46:52:
Thanks $Cash$
Re: I buy Sub2…that’s what I do. - Posted by ray
Posted by ray on July 15, 2002 at 20:31:26:
Thanks $cash$. I’m about to do just that…going out to see my first houses tommorrow and hoping to have number one in the books very soon.