Today I wanted to give the stage to Joe Edgar, co-founder of TenantCloud.
Joe took some time this past week to write a guest post for the REtipster Blog, and I thought his perspective was pretty brilliant. Why? Because he illustrates that a great real estate investment doesn’t always boil down to the “buy low, sell high” mentality that we’ve all come to know. Your ability to make a profit on any property isn’t always what meets the eye… and it is entirely possible to sell a property “at a loss” while still making a killing along the way.
My hope is that you’ll walk away from this blog post with an entirely new perspective on what can be done if/when you’re ever in a situation where you need to sell a property for LESS than you paid for it. With the power of seller financing and a little ingenuity, you can turn this kind of situation into a very profitable outcome. Take it away Joe!
During the recent recession, selling real estate at a loss became a common (and usually very unwelcome) event for many real estate investors. Some may think that selling an investment property at a loss means you “bought a lemon” but in many cases, you can use lemons to make lemonade. [click to continue…]
If you’re running your business like I am, the phone is going to be a pretty important part of your life. This is one of the primary communication tools you will be using on a daily basis to find new opportunities, follow-up with leads, close deals, and make money.
If you’re going to be effective in the business world, you MUST have a reliable, efficient cost-effective and easy-to-use phone system that allows you to accomplish those essential, daily tasks that every business owner needs to do. There’s just no way around it.
Even if your goal is to spend less and less time on the phone (as mine has always been), you still need the right infrastructure in place. If you haven’t already taken the steps to get a good phone system in place, chances are you’re either working a lot harder than you need to, or you’re not doing the best job of managing your verbal communication with clients and customers. [click to continue…]
When you hear the words “hard money loan” (or “private money loan”) what’s the first thing that goes through your mind?
Shady looking lenders who conduct their business in dark alleys and charge sky-high interest rates? In prior years, some bad apples tarnished the hard money lending industry when a few predatory lenders were attempting to “loan-to-own”, providing very risky loans to borrowers using real estate as collateral and intending to foreclose on the properties. Luckily, these types of hard money lenders don’t exist in today’s market, although some residual stigma remains for some real estate investors who haven’t recently utilized the services of a reputable hard money lender.
In this article we will go over the basics of hard money loans, including:
- What hard money loans are all about.
- The types of properties and deals hard money loans are appropriate for.
- What kind of interest rates and loan to value ratios to expect.
- Standard requirements of the borrower.
- Where to find an experienced hard money lender to work with.
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If you’re like most landlords, you’re always interested in finding ways to increase the cash flow from your rental properties.
One way to do this is to simply take a fresh look at your business model and think about how you operate your rentals.
You probably know how to be a generalist (as most of us do) by renting to the Craigslist crowd, but consider how your income would increase if you became a specialist who dominates a niche market.
Traditional landlords get a lot of press and admittedly, it’s a fine way to learn the ropes. However, if you’re ready to expand, then you need to focus.
Yes, FOCUS! You can wring out more cash flow by adapting your rentals to your local market.
The Five Positions
Let’s take a look at five examples of how you can position a single family home: [click to continue…]
About a year ago, I published a handful of blog posts about how to build your own real estate website.
These blog posts have been a fairly big hit over the past year, and I think they were instrumental in helping “web design novices” take the first step toward establishing their presence on the internet.
Even as helpful as those tutorials may have been, I still get the occasional email or comment from new investors who still need more help connecting the dots. For one reason or another, the process of creating a real estate website still isn’t quite as easy as it should be. I have to admit, even though I was able to bridge some of the gaps for people who were just getting started, I wasn’t able to make it quite as easy as I wanted it to be.
To be honest, I understand why some people are still getting lost in the process. Tools like WordPress and Bluehost may have simplified the process to some extent, but it’s still not as idiot-proof as it should be. After all – we’re real estate people, not web designers… so why hasn’t anyone made this process easy enough for “normal people” like you and me?? [click to continue…]