I had the unfortunate circumstance of having to evict one of my tenants.

Yes, it does happen to even experienced real estate investors :-)
The good news is that this is my first one in 5 years! Not too shabby, but I hated it either way. It's just not my nature to do such things.

Anyway, while I was there a couple of things transpired that I thought was interesting and applied to real estate investing- especially to newbies.

Here's what happened: Many of the defendant/tenants didn't show up- including my tenants.

And this is what the Judge said: "Personal Service- they had every right and opportunity to be here but they CHOSE not to do so".

Hmm. They had the right and opportunity but didn't do anything.
They didn't even give themselves a fighting chance.

On the flip side I saw a little lady (with a little coaching from me hee hee hee) stand up to the attorney of a major bank who was evicting her out of her own home after what I felt was a wrongful foreclosure.
Guess what? She won! She bought herself a stay and a fighting chance.

So guys which ones are we?

Are we the ones who didn't even give real estate investing a chance. Perhaps just taking classes and never really even getting out there and making mistakes, making offers, and trying to get at least one small deal done?

Or are we like that little lady who with a little coaching, beat the odds by showing up and just DOING Something?

Remember, you don't have to hit a homerun every time. Give yourselves a fighting chance. Do something each day to bring you closer to that first deal.

You can do it.

I've seen it happen with my own eyes

Your friend,

Dennis
 
Well after all the hype about a housing turn around, seems like we're not really out of the woods yet.

Home prices have taken a dive for the 4rth month in a row.

SandP Chairman said "The rebound in housing prices seen last fall is fading," . With the Home Buyer tax credit about to expire, we may be in trouble.

Makes you wonder why restrictions are placed so heavily on investors who can actually move inventory, get the houses fixed up and sold either creatively or traditionally.

A Temporary hold on the 90 day seasoning rule helps, but investors have been hampered by lease option and owner financing restrictions as well.

It would be nice to get some help.

What do you guys think?

Dennis
Wholesaling
REI A-Z
Bird Dogging
Rehabbing
Tax Lien Investing
Deal Funding
Loan Modification
 
With the residential real estate debacle, comes the commercial free fall. A great opportunity also exists in the commercial market, with refinancing not working and more and more properties becoming abandoned by owners that simply can't deal with them any longer.

The LA Times had a great article on getting into this arena.

Some of the points I really appreciated were:
- Having plenty in reserves
- really ge to know the area
- understand the problem with the property as to why it is not currently profitable
- do your own homework
- see if the property is up to current code.
I comented on that:

Thanks so much for this article.
I appreciate the insight on making sure the property is up to code. That applies to all areas of real estate. With any properties that violate codes the city/county may view it as a dangerous building and look upon it with even more scrutiny. That can increase your repair amounts by a large margin and can even put a halt to work while the necessary permits are pulled.
Not a happy thing.

I would advise to start with apartments that are owned by mom and pop owners. You can get some nice deals here and work out owner finanicing as I have done. It's just a step above residential, and many of your current techniques work in this lower range of commerical properties.

Thanks

Dennis
Real Estate Investing A-Z
 
Special Announcement!
I'm gathering a bunch of my buddies this Thursday- March 11th to my training center in SE Houston. They're great real estate investors in the Houston- Texas area and here's what they want to do:

They want form a panel of real-world investors and have you throw all you real estate investing questions at them. Anything you want--- and check this: For FREE! Want to know what really works, and what does't in REI? Want to fill in the gaps of what you were studying from some REI Guru home study course? Wanna run a prospective deal by an experienced investor? Here you go.

Did I mention we're having cokes and Pizza too. I know I know just in time for bathing suit season.

Anyway, you're welcome to come and meet these guys and gals and me too.

Again, it's this Thursday March 11 at 6:30pm. at our training center. 6200 S Wayside Houston, Tx 77028. 713-481-2542 or 713-477-5950
See pics of our training area- use the tabs above.

See you there! Why wouldn't you go?

Dennis


RECoachDennis@Gmail.com
 
The Housing Predictor came out with an article claiming that stronger measures will be needed to prevent millions of homes from going into foreclosure.

The approach recommended is something similar to the New Deal approach FDR took during the Great Depression.

Are we at that point yet? Maybe not, but we're definitely getting there. Recent Obama initiatives may place a hold on foreclosures until banks have proven that they have assisted homeowners via the current programs available.

With 5 million homes foreclosed on already and another 15 million at risk of foreclosure, something has to happen. Banks are taking a wait and see approach since they don't know what Obama will do.

Home sellers and real estate investors can work together on loan mods and other creative ways to sell homes quickly should that be what the home owner wishes to do.

Dennis


Wholesaling

REI A-Z
Bird Dogging
Rehabbing
Tax Lien Investing
Deal Funding
Loan Modification
 
Now the question is, how do you do that?

Folks have been getting appraisals for years. While they are helpful and many times necessary, real world real estate investors know you have to do your homework as well.

You can make sure your numbers on the value of the property you're buying by doing this. It's quick, easy, and FREE.

Here's what you do:
Find the "area specialist" for the neighborhood your prospective investment property is in. You do this by finding the person that has sold the most houses in that area in the past 6-12 months. Contact them and put them on your side, possibly hinting at letting them sell your home when you're ready.

These folks are the experts. They know what the neighborhood is like, and the price changes from street to street. You can't get much more accure than that.

Hope it helps

Dennis

Wholesaling
REI A-Z
Bird Dogging
Rehabbing
Tax Lien Investing
Deal Funding
Loan Modification
 
Housing watch posted an article showing that although the sub prime meltdown had a role in the housing collapse, it was actually downfall of REPO - Renew Sale and Repurchase. This is a $20 trillion unsecured market in charge of collateralizing securities.

Once things started going down hill, REPO who is tasked with keeping money flowing took a dive as well.

Either way, as the author brings out- knowing what may have caused the collapse still doesn't make anyone feel better.

The problem is that all of us have a part to play: from bankers, to buyers, to real estate agents, appraisers, brokers, and real estate investors.

Everyone was just thinking that things would always continue on the way it was going, when in fact it was too good to be true. People were lying about how much money they made, appraisers were puffing up the actual value of the properties and builders were over building and everything was over hyped.

It really is time to live below our means and think before we make large purchases such as these.

For now, homeowners to have options and real estate investors do have an important role in moving all of this housing inventory.

Dennis

For real estate investors, handling your business the right way is essential to prevent your own mini housing collapse.
 
I read an article at http://ow.ly/1dfh7. It was really a testimonial of a seller in Austin, Texas that couldn't sell their home and went with a real estate investor/professional who did the deal and did it right.

What stood out to me was how the real estate investor provided the home owner with 3 options with which the house can be purchased.

This is genius! There is not a "NO" option here at all!
The seller can only pick from three different options, that will sell the house to the investor.

Best thing about it that we can learn is that the investor LISTENED to the homeowner's needs which were the basis for getting this deal done.

Very nice work.

Dennis


Real Estate Investing A-Z
Talk to me live and get your questions answered CLICK HERE
 
Many times, when we think of 'flipping houses' we think of a quick lump some that we can get when selling a home that we've bought, fixed up, and then sold.

Wouldn't it be nice to get both a lump sum at closing as well as cash flow each and every month?

A few problems arise: Financing to purchase and hold onto a piece of real estate.

With banks really tight these days, this is what real estate investors face. Of course, you can go with lease options, wraps, subject tos etc, but you can also bring in credit partners into an LLC format to purchase the home using their credit.

YOu both share in the lump sum created at closing, as well as monthly payments when sold via owner financing.

Not a bad win win situation.

Dennis

Other ways to finance homes through credit partners and private lenders.
 
Just in from Housing wire:

New Obama initiative may help homeowners get more time and may even prevent foreclosure on their homes.

Here's how: the proposal would Require Lenders to evaluate the homeowner as candidates for the Home Affordable Modification Program (HAMP).

Here's the kicker. If the homeowners do Not qualify, they may even get another 30 days after receiving the no-qualify letter for Home Affordable Modification Program (HAMP).

This can definitely save some homes- or at least buy some more time. Homeowners armed with this knowledge can forestall foreclosure or work closely with a real estate investor should they feel that selling their home is the best option.

Dennis