Posted by gorden sumner on June 14, 2010 at 24:54:50:
and i did about 1000 of them with vacant land when the real estate market in florida was red hot. i would love to know of an area in the us that is hot enough to do these types of transactions again. i am under the impression this type of dealing is more or less dead.
Real Estate Day Trading - Posted by C.S. Lewis
Posted by C.S. Lewis on June 13, 2010 at 14:19:07:
Has anyone ever done Real Estate Day Trading?
Re: Real Estate Day Trading - Posted by Lee
Posted by Lee on June 28, 2010 at 02:26:52:
Really all that Larry is doing is wholesaling houses for a quick $3000 profit. You have to have a good list of cash buyers to wholesale it in 1 day.
Larry one time mentioned that he has over 5000 “buyers” on his list but only about 100 of them are active buyers.
Larry even now sells a course about how he buys a property for very little and then puts it on ebay and auctions it off for his downpayment. I have monitored several of his auctions and some of the houses had a high bid of only $500. Larry would then just relist the house for another 2 weeks until he found someone that would pay at least $3000 down.
The things that Gurus teach is over simplified and rarely goes exactly how it is supposed to go.
I heard one Gurus talk about Lease/Options and how he would get $20,000 down from the tenant-buyer and then they would get another $20,000 when the house was sold. In private the guru told me that out of all the deals that he had done had anyone ever paid him $20,000 down. He then told me that $3000 - $5000 down is pretty normal.
Have you ever heard a guru tell you that 70% of lease-options never cash out and when people do move out you have to clean up the property and then wait a month or two before you find another tenant-buyer.
Gurus over simplify things and make it always sound like investing is super easy and that you can do it from you home sitting in your underwear and have people throwning $20,000 at you every week.
Investing is very profitable but it is a business and you have to run it like a business.
Re: Real Estate Day Trading - Posted by Larry
Posted by Larry on June 13, 2010 at 22:40:31:
No need to get alarmed. Its just a clever name for a book and a “not so new concept” of flipping properties fast using today’s technology. You can buy and sell a house for a profit in a day pretty easily but it takes days and days of planning. Find buyers, determine what the market will bear, get a property under contract for X and sell it for Y. Do it a few times, give it a catchy name, write a book, sell and repeat.
Re: Real Estate Day Trading - Posted by EDWIN
Posted by EDWIN on June 13, 2010 at 17:56:28:
PLEASE DON’T POLLUTE THIS DISCUSSION BOARD WITH YOUR IDIOTIC QUESTIONS ABOUT DAY TRADING.
Re: Real Estate Day Trading - Posted by Cathy
Posted by Cathy on June 13, 2010 at 20:34:28:
I joined my local REIA a few months ago and I received a newsletter that Larry Goins is going to be doing a FREE Seminar on “Real Estate Day Trading”. I was thinking about going to it, but before I waste my time I was wanting to know if anyone out there in the “REAL WORLD” does it? So, I don’t know how that it is an “IDIOTIC” question. I want to know because I am new to Real Estate Investing.
OKAY!
Re: Real Estate Day Trading - Posted by Edwin
Posted by Edwin on June 13, 2010 at 22:25:42:
Okay, my apologies. I should have been more clear. You are free to ask questions, but I think the idea of “day trading” in real estate is idiotic, just as I think it’s crazy in the stock market. And most experts in the stock market will tell you the same thing. It’s a fool’s game. Trying to buy an asset such as a stock and trying to resell it for a profit within hours or days is extremely risky. Not impossible, but very very risky. You can’t quite do the same with real estate, although what’s commonly known as “flipping” is probably the closest you’ll come to “real estate day trading,” if you insist on using that label. Larry Goin’s promotion of his “Day Trading” concept is intentionally designed to attract new and naive investors and those who think day trading in stocks is a viable investment plan (it’s not). If I were you, I’d forget the concept of day trading. It is not easy to do, either with stocks or real estate. Larry Goins is a big promoter, and while I’m not necessarily saying he doesn’t have some good ideas, I do think he oversimplifies the amount of effort and skill it takes to be a successful investor. Be careful.