If it's out there, I'll find it. Finally I've found a way to monetize these skills.
If you can think of other offers, comment below.
Sunday, October 31, 2010
Saturday, October 30, 2010
Research and Due Diligence
I do a lot of research on the internet as part of my due diligence. I've shared some neat tips and tricks with you, such as how to find your own comps, how to find what zip codes are the best for your next rehab investments and more.
Not everyone is internet friendly - and I hate to see someone not have the information they need to make a safe investment, so I am offering to do some of this research for you:
Do you have any other research ideas? If so, comment below and I'll add it to the list. Thanks everyone for all your support!
Not everyone is internet friendly - and I hate to see someone not have the information they need to make a safe investment, so I am offering to do some of this research for you:
Do you have any other research ideas? If so, comment below and I'll add it to the list. Thanks everyone for all your support!
Research and Due Diligence
I do a lot of research on the internet as part of my due diligence. I've shared some neat tips and tricks with you, such as how to find your own comps, how to find what zip codes are the best for your next rehab investments and more.
Not everyone is internet friendly - and I hate to see someone not have the information they need to make a safe investment, so I am offering to do some of this research for you:
Do you have any other research ideas? If so, comment below and I'll add it to the list. Thanks everyone for all your support!
Not everyone is internet friendly - and I hate to see someone not have the information they need to make a safe investment, so I am offering to do some of this research for you:
Do you have any other research ideas? If so, comment below and I'll add it to the list. Thanks everyone for all your support!
Research and Due Diligence
I do a lot of research on the internet as part of my due diligence. I've shared some neat tips and tricks with you, such as how to find your own comps, how to find what zip codes are the best for your next rehab investments and more.
Not everyone is internet friendly - and I hate to see someone not have the information they need to make a safe investment, so I am offering to do some of this research for you:
Do you have any other research ideas? If so, comment below and I'll add it to the list. Thanks everyone for all your support!
Not everyone is internet friendly - and I hate to see someone not have the information they need to make a safe investment, so I am offering to do some of this research for you:
Do you have any other research ideas? If so, comment below and I'll add it to the list. Thanks everyone for all your support!
Thursday, October 21, 2010
On Trust and Due Diligence in Real Estate - The JV Deal that We Passed On
Never judge a book by its cover. Beauty is only skin deep. All that glitters is not gold. If it seems too good to be true, it probably is.
All these sayings come back to one thing - find the truth for yourself.
Will I be successful in building wealth through Real Estate? I don't know yet. Armando Montelongo, our real estate trainer, says: "You overestimate what you can do in one year, and underestimate what you can do in ten." I must admit I had hoped for higher profits by this time, but we're still plugging along and keeping our eyes out for good deals.
I network with other Real Estate Investors in Austin as I'm constantly learning, even though I often invest out of state. That's where I met this man I'll call "Dude".
Dude got his real estate training elsewhere (I will not mention where). When we took Armando's training, Armando encouraged us to be independent in our business. This was it. We had all the knowledge and tools to begin building wealth in real estate. Yes, he had contractors and real estate professionals lined up to help us, but he also taught us enough about the business to find our own resources. I didn't realize how important that was until we were about to go into this deal.
Affirmation number 1 - Trust no one. Always perform your own due diligence.
This guy was nice enough, sincere enough and had a good plan for increasing value in that house. But as Armando says "Safety, Speed, Money". What that means is 1. make sure it's safe. If so, 2. move quickly, and then 3. realize the profit. So many follow the glamour of the "Money" they forget about, or minimize the importance of the first 2 steps.
We started to perform our own due diligence on the property - the numbers just didn't come up right with the comps. This deal was handed to him by his former training company. We said - "Dude, you say the ARV is $160k and it's more like $120k - where did you get your information?" Then we analyzed the contractor bid and saw they were overcharging for a lot of items. Then, when we encouraged him to challenge his real estate agent, he was hesitant, even a little afraid to call her. BIG RED FLAGS started flying everywhere.
Some training companies try to make investing easy for their students. This one company has a program with a network of Realtors and contractors to help students get started with their first deals. The reality is it's just a lead capture program full of unsuspecting and trusting students.
This poor guy trusted that the deal his training company sent him was accurate. We ended up backing out of the deal, and even recommended he back out of the deal as well, which he did.
As we winded down and were at peace with our decision, we took a moment to validate that the training we received from Armando Montelongo was even more valuable than we originally thought. Even after a year, we took a moment to reevaluate and appreciate how empowered we are in ourselves to make the right decisions in evaluating real estate investment deals.
Even today, if Armando Montelongo himself brought a deal to me, I will still perform my own due diligence. I trust no one.
Please leave me feedback or questions below!
On Trust and Due Diligence in Real Estate - The JV Deal that We Passed On
Never judge a book by its cover. Beauty is only skin deep. All that glitters is not gold. If it seems too good to be true, it probably is.
All these sayings come back to one thing - find the truth for yourself.
Will I be successful in building wealth through Real Estate? I don't know yet. Armando Montelongo, our real estate trainer, says: "You overestimate what you can do in one year, and underestimate what you can do in ten." I must admit I had hoped for higher profits by this time, but we're still plugging along and keeping our eyes out for good deals.
I network with other Real Estate Investors in Austin as I'm constantly learning, even though I often invest out of state. That's where I met this man I'll call "Dude".
Dude got his real estate training elsewhere (I will not mention where). When we took Armando's training, Armando encouraged us to be independent in our business. This was it. We had all the knowledge and tools to begin building wealth in real estate. Yes, he had contractors and real estate professionals lined up to help us, but he also taught us enough about the business to find our own resources. I didn't realize how important that was until we were about to go into this deal.
Affirmation number 1 - Trust no one. Always perform your own due diligence.
This guy was nice enough, sincere enough and had a good plan for increasing value in that house. But as Armando says "Safety, Speed, Money". What that means is 1. make sure it's safe. If so, 2. move quickly, and then 3. realize the profit. So many follow the glamour of the "Money" they forget about, or minimize the importance of the first 2 steps.
We started to perform our own due diligence on the property - the numbers just didn't come up right with the comps. This deal was handed to him by his former training company. We said - "Dude, you say the ARV is $160k and it's more like $120k - where did you get your information?" Then we analyzed the contractor bid and saw they were overcharging for a lot of items. Then, when we encouraged him to challenge his real estate agent, he was hesitant, even a little afraid to call her. BIG RED FLAGS started flying everywhere.
Some training companies try to make investing easy for their students. This one company has a program with a network of Realtors and contractors to help students get started with their first deals. The reality is it's just a lead capture program full of unsuspecting and trusting students.
This poor guy trusted that the deal his training company sent him was accurate. We ended up backing out of the deal, and even recommended he back out of the deal as well, which he did.
As we winded down and were at peace with our decision, we took a moment to validate that the training we received from Armando Montelongo was even more valuable than we originally thought. Even after a year, we took a moment to reevaluate and appreciate how empowered we are in ourselves to make the right decisions in evaluating real estate investment deals.
Even today, if Armando Montelongo himself brought a deal to me, I will still perform my own due diligence. I trust no one.
Please leave me feedback or questions below!
On Trust and Due Diligence in Real Estate - The JV Deal that We Passed On
Never judge a book by its cover. Beauty is only skin deep. All that glitters is not gold. If it seems too good to be true, it probably is.
All these sayings come back to one thing - find the truth for yourself.
Will I be successful in building wealth through Real Estate? I don't know yet. Armando Montelongo, our real estate trainer, says: "You overestimate what you can do in one year, and underestimate what you can do in ten." I must admit I had hoped for higher profits by this time, but we're still plugging along and keeping our eyes out for good deals.
I network with other Real Estate Investors in Austin as I'm constantly learning, even though I often invest out of state. That's where I met this man I'll call "Dude".
Dude got his real estate training elsewhere (I will not mention where). When we took Armando's training, Armando encouraged us to be independent in our business. This was it. We had all the knowledge and tools to begin building wealth in real estate. Yes, he had contractors and real estate professionals lined up to help us, but he also taught us enough about the business to find our own resources. I didn't realize how important that was until we were about to go into this deal.
Affirmation number 1 - Trust no one. Always perform your own due diligence.
This guy was nice enough, sincere enough and had a good plan for increasing value in that house. But as Armando says "Safety, Speed, Money". What that means is 1. make sure it's safe. If so, 2. move quickly, and then 3. realize the profit. So many follow the glamour of the "Money" they forget about, or minimize the importance of the first 2 steps.
We started to perform our own due diligence on the property - the numbers just didn't come up right with the comps. This deal was handed to him by his former training company. We said - "Dude, you say the ARV is $160k and it's more like $120k - where did you get your information?" Then we analyzed the contractor bid and saw they were overcharging for a lot of items. Then, when we encouraged him to challenge his real estate agent, he was hesitant, even a little afraid to call her. BIG RED FLAGS started flying everywhere.
Some training companies try to make investing easy for their students. This one company has a program with a network of Realtors and contractors to help students get started with their first deals. The reality is it's just a lead capture program full of unsuspecting and trusting students.
This poor guy trusted that the deal his training company sent him was accurate. We ended up backing out of the deal, and even recommended he back out of the deal as well, which he did.
As we winded down and were at peace with our decision, we took a moment to validate that the training we received from Armando Montelongo was even more valuable than we originally thought. Even after a year, we took a moment to reevaluate and appreciate how empowered we are in ourselves to make the right decisions in evaluating real estate investment deals.
Even today, if Armando Montelongo himself brought a deal to me, I will still perform my own due diligence. I trust no one.
Please leave me feedback or questions below!
Thursday, October 14, 2010
Fixer Available in Bakersfield
This is SOLD - The new buyer has fixed it an it is now on the market for MORE than our expect ARV!!!
Fixer in Bakersfield
Price: $62k Repairs (est $16,690 – have contractor in place ready to go)
ARV $105-$110k
Cash or Hard money only. Must close by 10/30/2010. Any interest, email me at jean at jeannorton dot com
Comps:
Address: | |||||
Beds/Baths: | 3/2 | Sqft: | 1453 | Built: | 1979 |
Use Code: | SFR | Units: | .1539 | ||
05/27/2010 | $110,000.00 | ||||
Address: | |||||
Beds/Baths: | 4/2 | Sqft: | 1177 | Built: | 1981 |
Use Code: | SFR | Units: | .1505 | ||
03/09/2010 | $105,000.00 | ||||
Address: | |||||
Beds/Baths: | 3/2 | Sqft: | 1314 | Built: | 1973 |
Use Code: | SFR | Units: | .1692 | ||
05/06/2010 | $95,000.00 | ||||
Address: | |||||
Beds/Baths: | 3/2 | Sqft: | 1277 | Built: | 1986 |
Use Code: | SFR | Units: | .1194 | ||
03/16/2010 | $108,000.00 | ||||
Address: | |||||
Beds/Baths: | 3/2 | Sqft: | 1522 | Built: | 1977 |
Use Code: | SFR | Units: | .2231 | ||
12/14/2009 | $115,000.00 | ||||
Fixer Available in Bakersfield
This is SOLD - The new buyer has fixed it an it is now on the market for MORE than our expect ARV!!!
Fixer in Bakersfield
Price: $62k Repairs (est $16,690 – have contractor in place ready to go)
ARV $105-$110k
Cash or Hard money only. Must close by 10/30/2010. Any interest, email me at jean at jeannorton dot com
Comps:
Address: | |||||
Beds/Baths: | 3/2 | Sqft: | 1453 | Built: | 1979 |
Use Code: | SFR | Units: | .1539 | ||
05/27/2010 | $110,000.00 | ||||
Address: | |||||
Beds/Baths: | 4/2 | Sqft: | 1177 | Built: | 1981 |
Use Code: | SFR | Units: | .1505 | ||
03/09/2010 | $105,000.00 | ||||
Address: | |||||
Beds/Baths: | 3/2 | Sqft: | 1314 | Built: | 1973 |
Use Code: | SFR | Units: | .1692 | ||
05/06/2010 | $95,000.00 | ||||
Address: | |||||
Beds/Baths: | 3/2 | Sqft: | 1277 | Built: | 1986 |
Use Code: | SFR | Units: | .1194 | ||
03/16/2010 | $108,000.00 | ||||
Address: | |||||
Beds/Baths: | 3/2 | Sqft: | 1522 | Built: | 1977 |
Use Code: | SFR | Units: | .2231 | ||
12/14/2009 | $115,000.00 | ||||
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