Why is it that after 30 years, the death of my mother is more horrific than if she had died in a car accident? Why is this tragedy so profound that it evokes some higher level of grief and sorrow?
After 30 years, I think I finally understand. It's not only that she died, nor that part of my family died, or that she was robbed of her life, or we were robbed of her, but that part of the entire city died that night. Everyone has a story that story extends with more heartbreak and challenges than what occurs with simple death, if there can ever be a simple death.
Because of the chaos, she was missing for 3 days before someone identified her body in the morgue. Maybe it was the denial that took someone 3 days to consider going there to check, or that they hadn't received all the bodies yet - or our hoping that maybe she was lost, wandering around with amnesia.
It's more profound because the funeral home was so crowded with others that died, scheduling viewings were difficult. It's not knowing what exactly killed her. Did her neck break? Was her heart crushed? An injury to the head? That mourning all of the dead, all of them, from the couple my parents went with to the dance who died, to the secretary in my father's office who also died, everybody knew someone - nobody went untouched from experiencing the shock, the disbelief and encompassing loss.
It was the stories, the stories of the broken pipes and there was so much blood the water ran pink. The stories how my fathers legs broke not by the fall, but during the rescue when the crane caused the fallen skywalk to put pressure on his legs strong enough to break them, even though he told the rescue workers "If you raise that one more time you will break my legs".
It was being strong for all of the others pain, my 17 year old sister, my brother and my father and for the community. Seeing their sorrow, having neighbors cry on my shoulders and leaning on me for their tears.
After 30 years, I now understand why I still even today get comments of sympathy (although I waive them off). It's the enormity of the disaster, the cumulation everybody's pain. It was challenges of the time and the experience of everyone's mourning that made my mother's death more horrific than if she had died in a car accident.
I honor and appreciate those that were there that night, that are working to honor those that died via the Skywalk Memorial and those that tried to comfort me.
http://youtu.be/yoGGMdktsRM - Great video about it.
Sunday, July 17, 2011
Tuesday, June 14, 2011
More Lessons Learned - The Swimming Pool from Hell
I've heard that investors should steer away from swimming pools when identifying properties to rehab. But what about when you invest in an area where pools are commonplace, and necessary?
I hate to negatively portray pools...as I had a pool growing up and loved playing and swimming. For a family, a swimming pool is a great way to distract kids while making dinner or to entertain them with friends. But as I sit here as a real estate investor and discover one problem after another, experience the mosquito over population, having to buy fish that eat mosquito larvae, the code enforcement threats and tearing up the entire concreted patio looking for that elusive "leak", I've got to think there must be a better way.
I hear about those that dig wells and use a "dowser" to find the water. I don't really get it, but it seems to work. Can't we use a dowser to detect leaks in swimming pools?
If you have the technical solution to identifying swimming pool leaks, let me know as I also have a technology commercialization degree and can bring that product to market with a significant profit. I know a "pain in the market" when I see it, and there are real estate investors throughout the south that would use this product.
I hate to negatively portray pools...as I had a pool growing up and loved playing and swimming. For a family, a swimming pool is a great way to distract kids while making dinner or to entertain them with friends. But as I sit here as a real estate investor and discover one problem after another, experience the mosquito over population, having to buy fish that eat mosquito larvae, the code enforcement threats and tearing up the entire concreted patio looking for that elusive "leak", I've got to think there must be a better way.
I hear about those that dig wells and use a "dowser" to find the water. I don't really get it, but it seems to work. Can't we use a dowser to detect leaks in swimming pools?
If you have the technical solution to identifying swimming pool leaks, let me know as I also have a technology commercialization degree and can bring that product to market with a significant profit. I know a "pain in the market" when I see it, and there are real estate investors throughout the south that would use this product.
More Lessons Learned - The Swimming Pool from Hell
I've heard that investors should steer away from swimming pools when identifying properties to rehab. But what about when you invest in an area where pools are commonplace, and necessary?
I hate to negatively portray pools...as I had a pool growing up and loved playing and swimming. For a family, a swimming pool is a great way to distract kids while making dinner or to entertain them with friends. But as I sit here as a real estate investor and discover one problem after another, experience the mosquito over population, having to buy fish that eat mosquito larvae, the code enforcement threats and tearing up the entire concreted patio looking for that elusive "leak", I've got to think there must be a better way.
I hear about those that dig wells and use a "dowser" to find the water. I don't really get it, but it seems to work. Can't we use a dowser to detect leaks in swimming pools?
If you have the technical solution to identifying swimming pool leaks, let me know as I also have a technology commercialization degree and can bring that product to market with a significant profit. I know a "pain in the market" when I see it, and there are real estate investors throughout the south that would use this product.
I hate to negatively portray pools...as I had a pool growing up and loved playing and swimming. For a family, a swimming pool is a great way to distract kids while making dinner or to entertain them with friends. But as I sit here as a real estate investor and discover one problem after another, experience the mosquito over population, having to buy fish that eat mosquito larvae, the code enforcement threats and tearing up the entire concreted patio looking for that elusive "leak", I've got to think there must be a better way.
I hear about those that dig wells and use a "dowser" to find the water. I don't really get it, but it seems to work. Can't we use a dowser to detect leaks in swimming pools?
If you have the technical solution to identifying swimming pool leaks, let me know as I also have a technology commercialization degree and can bring that product to market with a significant profit. I know a "pain in the market" when I see it, and there are real estate investors throughout the south that would use this product.
Tuesday, June 7, 2011
The Seminar Business and the "Hard-Sell Up-Sell"
After attending the Armando Montelongo Bus Tour and supposed Coaching Program in June of 2009 I've shared my learnings with you as I've experienced surprises, challenges and successes my real estate experiences.
But my passion and desire to learn didn't stop there. I've read books, learned about different real estate strategies and opportunities. I've learned about wholesaling and subject-to investing from colleagues that were trained via Nouveau Riche, bought 2 real estate information products from Phill Grove, I religiously listen to The Norris Group podcasts and even was suckered into the DC Fawcett and deceitful Karen Hanover (since arrested) pitch-fest called the Commercial Foreclosure Goldrush, and I network with my local real estate investors, all trying to live up to the dreams of real estate riches.
It was the second Phill Grove product I bought that opened my eyes to a deja-vue phenomena of the "Hard-sell Up-sell".
If this is all you read in this blog, just keep this question in mind when you attend a seminar and they try to sell you something more during the seminar: "Would I spend that amount of money to get a Master's Degree? Would I spend that amount of money to get a Bachelors Degree" If not, then think about the value of the programs they sell you during this seminars. If it costs you $50,000 to get an MBA from a nationally recognized institution, then why spend $50,000 for someone to share their "secrets of successes" with you?
The Armando Montelongo Roadmap
Armando Montelongo offers a free event where they teach you a real estate strategy and reward you with a free MP3 player for staying for the whole event. It is during that event they sell you on a 3 day real estate seminar for only $1500 and a very expensive self learning tax lien information product.
You go to the 3 day seminar and it is THEN they introduce you to a bus tour - that for me was $25,000 for 2 people. They claim you are taken by the hand and they will set you up with everything you need to be successful in real estate. You go to that bus tour and THEN the up-sell is a Master Mentor program priced at another $25,000 AND/OR you can go on another bus tour in Indianapolis where you can cash in on buy and hold strategies. I don't know the cost of that one. Of course then you must protect your assets because you WILL be rich - That was another $10,000.
Personally I had a great experience with the Armando Montelongo bus tour. I didn't need the Master Mentor program (actually they didn't offer it at the time and I wouldn't buy it now anyway). It helped me expand beyond my comfort zone so I could make investments in Real Estate - and that's when I started this blog that so many of you enjoy. And I personally thank Armando for his personal desire to see people succeed.
The Phill Grove/JT Foxx Roadmap
I bought Phill's first product because he would be a cash partner should I find a deal that worked with his numbers. I proposed a couple of deals to him and met him at one property but the numbers just didn't work. I sent another deal to him that was out of state, but he declined because it was out of state...OK, so I spent $997 for a training program, but really I wanted a JV partner and never got it, bummer, but I'll live and I found other partners. (BTW, the deal out of state returned an $18k profit on a $68k investment - 26% return isn't too bad in 4 months.)
Then Phill released his Mortgage Assignment program, again at a somewhat affordable price of $997 - and you got to come to a 2 day seminar for free. Now that sounded like a good deal and I signed up.
The program was fascinating in that it is just what is needed to implement a workaround in todays trying economic time. In fact, if it wasn't for Duncan Wierman's blog where he scared me into thinking I would be in big trouble if I actually became involved in these transactions I may be practicing what I learned, as it truly seemed to be a win/win/win real estate transaction.
As I mentioned, I've met Phill Grove a few times. He admitted to me that not too many people take action after learning real estate and I could tell he was frustrated with that fact and truly wants more people to be successful from his teachings.
The selling strategy for their up-sell product started early in the first day - the need for a mentor. The up-sell there were 2-fold, another event called mega-partnering (another $997), some New York Billionaire Experience (your choice, $997 or rub elbows with the rich at $3,997) and the big up-sell was a $40,000 mentoring program - all JT Foxx's programs.
If I ever have the "secret to success" and charge $40,000 for that secret, someone please slap me.
But my passion and desire to learn didn't stop there. I've read books, learned about different real estate strategies and opportunities. I've learned about wholesaling and subject-to investing from colleagues that were trained via Nouveau Riche, bought 2 real estate information products from Phill Grove, I religiously listen to The Norris Group podcasts and even was suckered into the DC Fawcett and deceitful Karen Hanover (since arrested) pitch-fest called the Commercial Foreclosure Goldrush, and I network with my local real estate investors, all trying to live up to the dreams of real estate riches.
It was the second Phill Grove product I bought that opened my eyes to a deja-vue phenomena of the "Hard-sell Up-sell".
If this is all you read in this blog, just keep this question in mind when you attend a seminar and they try to sell you something more during the seminar: "Would I spend that amount of money to get a Master's Degree? Would I spend that amount of money to get a Bachelors Degree" If not, then think about the value of the programs they sell you during this seminars. If it costs you $50,000 to get an MBA from a nationally recognized institution, then why spend $50,000 for someone to share their "secrets of successes" with you?
The Armando Montelongo Roadmap
Armando Montelongo offers a free event where they teach you a real estate strategy and reward you with a free MP3 player for staying for the whole event. It is during that event they sell you on a 3 day real estate seminar for only $1500 and a very expensive self learning tax lien information product.
You go to the 3 day seminar and it is THEN they introduce you to a bus tour - that for me was $25,000 for 2 people. They claim you are taken by the hand and they will set you up with everything you need to be successful in real estate. You go to that bus tour and THEN the up-sell is a Master Mentor program priced at another $25,000 AND/OR you can go on another bus tour in Indianapolis where you can cash in on buy and hold strategies. I don't know the cost of that one. Of course then you must protect your assets because you WILL be rich - That was another $10,000.
Personally I had a great experience with the Armando Montelongo bus tour. I didn't need the Master Mentor program (actually they didn't offer it at the time and I wouldn't buy it now anyway). It helped me expand beyond my comfort zone so I could make investments in Real Estate - and that's when I started this blog that so many of you enjoy. And I personally thank Armando for his personal desire to see people succeed.
The Phill Grove/JT Foxx Roadmap
I bought Phill's first product because he would be a cash partner should I find a deal that worked with his numbers. I proposed a couple of deals to him and met him at one property but the numbers just didn't work. I sent another deal to him that was out of state, but he declined because it was out of state...OK, so I spent $997 for a training program, but really I wanted a JV partner and never got it, bummer, but I'll live and I found other partners. (BTW, the deal out of state returned an $18k profit on a $68k investment - 26% return isn't too bad in 4 months.)
Then Phill released his Mortgage Assignment program, again at a somewhat affordable price of $997 - and you got to come to a 2 day seminar for free. Now that sounded like a good deal and I signed up.
The program was fascinating in that it is just what is needed to implement a workaround in todays trying economic time. In fact, if it wasn't for Duncan Wierman's blog where he scared me into thinking I would be in big trouble if I actually became involved in these transactions I may be practicing what I learned, as it truly seemed to be a win/win/win real estate transaction.
As I mentioned, I've met Phill Grove a few times. He admitted to me that not too many people take action after learning real estate and I could tell he was frustrated with that fact and truly wants more people to be successful from his teachings.
The selling strategy for their up-sell product started early in the first day - the need for a mentor. The up-sell there were 2-fold, another event called mega-partnering (another $997), some New York Billionaire Experience (your choice, $997 or rub elbows with the rich at $3,997) and the big up-sell was a $40,000 mentoring program - all JT Foxx's programs.
If I ever have the "secret to success" and charge $40,000 for that secret, someone please slap me.
The Seminar Business and the "Hard-Sell Up-Sell"
After attending the Armando Montelongo Bus Tour and supposed Coaching Program in June of 2009 I've shared my learnings with you as I've experienced surprises, challenges and successes my real estate experiences.
But my passion and desire to learn didn't stop there. I've read books, learned about different real estate strategies and opportunities. I've learned about wholesaling and subject-to investing from colleagues that were trained via Nouveau Riche, bought 2 real estate information products from Phill Grove, I religiously listen to The Norris Group podcasts and even was suckered into the DC Fawcett and deceitful Karen Hanover (since arrested) pitch-fest called the Commercial Foreclosure Goldrush, and I network with my local real estate investors, all trying to live up to the dreams of real estate riches.
It was the second Phill Grove product I bought that opened my eyes to a deja-vue phenomena of the "Hard-sell Up-sell".
If this is all you read in this blog, just keep this question in mind when you attend a seminar and they try to sell you something more during the seminar: "Would I spend that amount of money to get a Master's Degree? Would I spend that amount of money to get a Bachelors Degree" If not, then think about the value of the programs they sell you during this seminars. If it costs you $50,000 to get an MBA from a nationally recognized institution, then why spend $50,000 for someone to share their "secrets of successes" with you?
The Armando Montelongo Roadmap
Armando Montelongo offers a free event where they teach you a real estate strategy and reward you with a free MP3 player for staying for the whole event. It is during that event they sell you on a 3 day real estate seminar for only $1500 and a very expensive self learning tax lien information product.
You go to the 3 day seminar and it is THEN they introduce you to a bus tour - that for me was $25,000 for 2 people. They claim you are taken by the hand and they will set you up with everything you need to be successful in real estate. You go to that bus tour and THEN the up-sell is a Master Mentor program priced at another $25,000 AND/OR you can go on another bus tour in Indianapolis where you can cash in on buy and hold strategies. I don't know the cost of that one. Of course then you must protect your assets because you WILL be rich - That was another $10,000.
Personally I had a great experience with the Armando Montelongo bus tour. I didn't need the Master Mentor program (actually they didn't offer it at the time and I wouldn't buy it now anyway). It helped me expand beyond my comfort zone so I could make investments in Real Estate - and that's when I started this blog that so many of you enjoy. And I personally thank Armando for his personal desire to see people succeed.
The Phill Grove/JT Foxx Roadmap
I bought Phill's first product because he would be a cash partner should I find a deal that worked with his numbers. I proposed a couple of deals to him and met him at one property but the numbers just didn't work. I sent another deal to him that was out of state, but he declined because it was out of state...OK, so I spent $997 for a training program, but really I wanted a JV partner and never got it, bummer, but I'll live and I found other partners. (BTW, the deal out of state returned an $18k profit on a $68k investment - 26% return isn't too bad in 4 months.)
Then Phill released his Mortgage Assignment program, again at a somewhat affordable price of $997 - and you got to come to a 2 day seminar for free. Now that sounded like a good deal and I signed up.
The program was fascinating in that it is just what is needed to implement a workaround in todays trying economic time. In fact, if it wasn't for Duncan Wierman's blog where he scared me into thinking I would be in big trouble if I actually became involved in these transactions I may be practicing what I learned, as it truly seemed to be a win/win/win real estate transaction.
As I mentioned, I've met Phill Grove a few times. He admitted to me that not too many people take action after learning real estate and I could tell he was frustrated with that fact and truly wants more people to be successful from his teachings.
The selling strategy for their up-sell product started early in the first day - the need for a mentor. The up-sell there were 2-fold, another event called mega-partnering (another $997), some New York Billionaire Experience (your choice, $997 or rub elbows with the rich at $3,997) and the big up-sell was a $40,000 mentoring program - all JT Foxx's programs.
If I ever have the "secret to success" and charge $40,000 for that secret, someone please slap me.
The Jean Norton Roadmap
As you know from this blog I've shared what I've learned. I even had the chance to hold a field trip where I was able to share 3 days of what I know about real estate in a certain area, introduce people to my power team and build confidence in people otherwise unable to take those first steps into real estate investing.
The response was better than my expectations. I have testimonials that make me blush. I am not a real estate guru. I am still a student. I am happy to share what I've learned with others. In fact I have another field trip scheduled later this month (http://budurl.com/eld4).
Have I been approached by high priced opportunistic vultures that prey on these frustrated real estate investors? Yes. Will I be approached by more? Most likely. Will I let the lure of 5 figure hard-sell up-sell into my program? No. I will not recommend any program or product that I haven't used myself with success to those that follow me or attend my field trip. Not now, and not ever. You have my word.
But my passion and desire to learn didn't stop there. I've read books, learned about different real estate strategies and opportunities. I've learned about wholesaling and subject-to investing from colleagues that were trained via Nouveau Riche, bought 2 real estate information products from Phill Grove, I religiously listen to The Norris Group podcasts and even was suckered into the DC Fawcett and deceitful Karen Hanover (since arrested) pitch-fest called the Commercial Foreclosure Goldrush, and I network with my local real estate investors, all trying to live up to the dreams of real estate riches.
It was the second Phill Grove product I bought that opened my eyes to a deja-vue phenomena of the "Hard-sell Up-sell".
If this is all you read in this blog, just keep this question in mind when you attend a seminar and they try to sell you something more during the seminar: "Would I spend that amount of money to get a Master's Degree? Would I spend that amount of money to get a Bachelors Degree" If not, then think about the value of the programs they sell you during this seminars. If it costs you $50,000 to get an MBA from a nationally recognized institution, then why spend $50,000 for someone to share their "secrets of successes" with you?
The Armando Montelongo Roadmap
Armando Montelongo offers a free event where they teach you a real estate strategy and reward you with a free MP3 player for staying for the whole event. It is during that event they sell you on a 3 day real estate seminar for only $1500 and a very expensive self learning tax lien information product.
You go to the 3 day seminar and it is THEN they introduce you to a bus tour - that for me was $25,000 for 2 people. They claim you are taken by the hand and they will set you up with everything you need to be successful in real estate. You go to that bus tour and THEN the up-sell is a Master Mentor program priced at another $25,000 AND/OR you can go on another bus tour in Indianapolis where you can cash in on buy and hold strategies. I don't know the cost of that one. Of course then you must protect your assets because you WILL be rich - That was another $10,000.
Personally I had a great experience with the Armando Montelongo bus tour. I didn't need the Master Mentor program (actually they didn't offer it at the time and I wouldn't buy it now anyway). It helped me expand beyond my comfort zone so I could make investments in Real Estate - and that's when I started this blog that so many of you enjoy. And I personally thank Armando for his personal desire to see people succeed.
The Phill Grove/JT Foxx Roadmap
I bought Phill's first product because he would be a cash partner should I find a deal that worked with his numbers. I proposed a couple of deals to him and met him at one property but the numbers just didn't work. I sent another deal to him that was out of state, but he declined because it was out of state...OK, so I spent $997 for a training program, but really I wanted a JV partner and never got it, bummer, but I'll live and I found other partners. (BTW, the deal out of state returned an $18k profit on a $68k investment - 26% return isn't too bad in 4 months.)
Then Phill released his Mortgage Assignment program, again at a somewhat affordable price of $997 - and you got to come to a 2 day seminar for free. Now that sounded like a good deal and I signed up.
The program was fascinating in that it is just what is needed to implement a workaround in todays trying economic time. In fact, if it wasn't for Duncan Wierman's blog where he scared me into thinking I would be in big trouble if I actually became involved in these transactions I may be practicing what I learned, as it truly seemed to be a win/win/win real estate transaction.
As I mentioned, I've met Phill Grove a few times. He admitted to me that not too many people take action after learning real estate and I could tell he was frustrated with that fact and truly wants more people to be successful from his teachings.
The selling strategy for their up-sell product started early in the first day - the need for a mentor. The up-sell there were 2-fold, another event called mega-partnering (another $997), some New York Billionaire Experience (your choice, $997 or rub elbows with the rich at $3,997) and the big up-sell was a $40,000 mentoring program - all JT Foxx's programs.
If I ever have the "secret to success" and charge $40,000 for that secret, someone please slap me.
The Jean Norton Roadmap
As you know from this blog I've shared what I've learned. I even had the chance to hold a field trip where I was able to share 3 days of what I know about real estate in a certain area, introduce people to my power team and build confidence in people otherwise unable to take those first steps into real estate investing.
The response was better than my expectations. I have testimonials that make me blush. I am not a real estate guru. I am still a student. I am happy to share what I've learned with others. In fact I have another field trip scheduled later this month (http://budurl.com/eld4).
Have I been approached by high priced opportunistic vultures that prey on these frustrated real estate investors? Yes. Will I be approached by more? Most likely. Will I let the lure of 5 figure hard-sell up-sell into my program? No. I will not recommend any program or product that I haven't used myself with success to those that follow me or attend my field trip. Not now, and not ever. You have my word.
Tuesday, May 31, 2011
VIP Investors Field Trip-Bakersfield Podcast -
We had a great turnout for the web-cast on the next VIP Investor Field Trip-Bakersfield. Some of the previous attendees were there to share their stories. This is a must do for any investor interested in investing outside of their back yard, or in Bakersfield.
Click the Title to listen online, of follow the instructions below to get it via podcast.
If you want to hear this in iTunes:
Click the Title to listen online, of follow the instructions below to get it via podcast.
If you want to hear this in iTunes:
- Start iTunes
- Pull down the advanced menu
- Select "subscribe to podcast"
- Enter http://lowtech-ventures.blogspot.com/feeds/posts/default
VIP Investors Field Trip-Bakersfield Podcast -
We had a great turnout for the web-cast on the next VIP Investor Field Trip-Bakersfield. Some of the previous attendees were there to share their stories. This is a must do for any investor interested in investing outside of their back yard, or in Bakersfield.
Click the Title to listen online, of follow the instructions below to get it via podcast.
If you want to hear this in iTunes:
Click the Title to listen online, of follow the instructions below to get it via podcast.
If you want to hear this in iTunes:
- Start iTunes
- Pull down the advanced menu
- Select "subscribe to podcast"
- Enter http://lowtech-ventures.blogspot.com/feeds/posts/default
Friday, May 20, 2011
VIP Investors Field Trip-Bakersfield HUGE SUCCESS!
A BIG THANK-YOU for all that attended this eye-opening event!
Wow, this event went beyond my wildest expectations. Not only did I have my power team in place for these investors so they could take action today, but we all learned a lot, practiced different investing strategies and everyone shared their experiences, the good and the bad, to benefit all.
Here are some of the comments I received:
"My confidence has shot up 1000% because of this weekend..." - A.C.
"I am forever indebted to you for contributing to my legacy..." - D.A.
"Jean gave us a lot of bang for our buck!" - D.S.
"The topics were great. All of them!" - W.B.
"[Your team] is what I needed to re-start my mind set." - R.O.
"I feel a lot more comfortable making offers." - M.L.
"We would love for this to continue!" - M.P.
"We just love you guys so much!" - G.J.
"I appreciated Jean sharing her experiences and strategies she has developed." - C.C.
"Fantastic - Informative - The value of this weekend was greater than the cost." - S.H.
"You are the absolute best!" - C.J.
"I hope there is a part 2 trip in the near future...Keep up the good work Jean. The sky is the limit." - L.N.
"Jean, you were such an inspiration to me." - C.K.
"[this] was nothing short of amazing." - M.G.
"Again, Thank You for what you have done for us this past weekend! I can't say enough, you have now made me razor sharp and lethal!" D.A.
"You filled a gap that was missing." F.D.
And the emails are still coming. I had a great group, and it was absolutely perfect for learning different strategies in an intimate setting.
Who wants to come next time?
Wow, this event went beyond my wildest expectations. Not only did I have my power team in place for these investors so they could take action today, but we all learned a lot, practiced different investing strategies and everyone shared their experiences, the good and the bad, to benefit all.
Here are some of the comments I received:
"My confidence has shot up 1000% because of this weekend..." - A.C.
"I am forever indebted to you for contributing to my legacy..." - D.A.
"Jean gave us a lot of bang for our buck!" - D.S.
"The topics were great. All of them!" - W.B.
"[Your team] is what I needed to re-start my mind set." - R.O.
"I feel a lot more comfortable making offers." - M.L.
"We would love for this to continue!" - M.P.
"We just love you guys so much!" - G.J.
"I appreciated Jean sharing her experiences and strategies she has developed." - C.C.
"Fantastic - Informative - The value of this weekend was greater than the cost." - S.H.
"You are the absolute best!" - C.J.
"I hope there is a part 2 trip in the near future...Keep up the good work Jean. The sky is the limit." - L.N.
"Jean, you were such an inspiration to me." - C.K.
"[this] was nothing short of amazing." - M.G.
"Again, Thank You for what you have done for us this past weekend! I can't say enough, you have now made me razor sharp and lethal!" D.A.
"You filled a gap that was missing." F.D.
And the emails are still coming. I had a great group, and it was absolutely perfect for learning different strategies in an intimate setting.
Who wants to come next time?
VIP Investors Field Trip-Bakersfield HUGE SUCCESS!
A BIG THANK-YOU for all that attended this eye-opening event!
Wow, this event went beyond my wildest expectations. Not only did I have my power team in place for these investors so they could take action today, but we all learned a lot, practiced different investing strategies and everyone shared their experiences, the good and the bad, to benefit all.
Here are some of the comments I received:
"My confidence has shot up 1000% because of this weekend..." - A.C.
"I am forever indebted to you for contributing to my legacy..." - D.A.
"Jean gave us a lot of bang for our buck!" - D.S.
"The topics were great. All of them!" - W.B.
"[Your team] is what I needed to re-start my mind set." - R.O.
"I feel a lot more comfortable making offers." - M.L.
"We would love for this to continue!" - M.P.
"We just love you guys so much!" - G.J.
"I appreciated Jean sharing her experiences and strategies she has developed." - C.C.
"Fantastic - Informative - The value of this weekend was greater than the cost." - S.H.
"You are the absolute best!" - C.J.
"I hope there is a part 2 trip in the near future...Keep up the good work Jean. The sky is the limit." - L.N.
"Jean, you were such an inspiration to me." - C.K.
"[this] was nothing short of amazing." - M.G.
"Again, Thank You for what you have done for us this past weekend! I can't say enough, you have now made me razor sharp and lethal!" D.A.
"You filled a gap that was missing." F.D.
And the emails are still coming. I had a great group, and it was absolutely perfect for learning different strategies in an intimate setting.
Who wants to come next time?
Wow, this event went beyond my wildest expectations. Not only did I have my power team in place for these investors so they could take action today, but we all learned a lot, practiced different investing strategies and everyone shared their experiences, the good and the bad, to benefit all.
Here are some of the comments I received:
"My confidence has shot up 1000% because of this weekend..." - A.C.
"I am forever indebted to you for contributing to my legacy..." - D.A.
"Jean gave us a lot of bang for our buck!" - D.S.
"The topics were great. All of them!" - W.B.
"[Your team] is what I needed to re-start my mind set." - R.O.
"I feel a lot more comfortable making offers." - M.L.
"We would love for this to continue!" - M.P.
"We just love you guys so much!" - G.J.
"I appreciated Jean sharing her experiences and strategies she has developed." - C.C.
"Fantastic - Informative - The value of this weekend was greater than the cost." - S.H.
"You are the absolute best!" - C.J.
"I hope there is a part 2 trip in the near future...Keep up the good work Jean. The sky is the limit." - L.N.
"Jean, you were such an inspiration to me." - C.K.
"[this] was nothing short of amazing." - M.G.
"Again, Thank You for what you have done for us this past weekend! I can't say enough, you have now made me razor sharp and lethal!" D.A.
"You filled a gap that was missing." F.D.
And the emails are still coming. I had a great group, and it was absolutely perfect for learning different strategies in an intimate setting.
Who wants to come next time?
VIP Investors Field Trip-Bakersfield HUGE SUCCESS!
A BIG THANK-YOU for all that attended this eye-opening event!
Wow, this event went beyond my wildest expectations. Not only did I have my power team in place for these investors so they could take action today, but we all learned a lot, practiced different investing strategies and everyone shared their experiences, the good and the bad, to benefit all.
Here are some of the comments I received:
"My confidence has shot up 1000% because of this weekend..." - A.C.
"I am forever indebted to you for contributing to my legacy..." - D.A.
"Jean gave us a lot of bang for our buck!" - D.S.
"The topics were great. All of them!" - W.B.
"[Your team] is what I needed to re-start my mind set." - R.O.
"I feel a lot more comfortable making offers." - M.L.
"We would love for this to continue!" - M.P.
"We just love you guys so much!" - G.J.
"I appreciated Jean sharing her experiences and strategies she has developed." - C.C.
"Fantastic - Informative - The value of this weekend was greater than the cost." - S.H.
"You are the absolute best!" - C.J.
"I hope there is a part 2 trip in the near future...Keep up the good work Jean. The sky is the limit." - L.N.
"Jean, you were such an inspiration to me." - C.K.
"[this] was nothing short of amazing." - M.G.
"Again, Thank You for what you have done for us this past weekend! I can't say enough, you have now made me razor sharp and lethal!" D.A.
"You filled a gap that was missing." F.D.
And the emails are still coming. I had a great group, and it was absolutely perfect for learning different strategies in an intimate setting.
Who wants to come next time?
Wow, this event went beyond my wildest expectations. Not only did I have my power team in place for these investors so they could take action today, but we all learned a lot, practiced different investing strategies and everyone shared their experiences, the good and the bad, to benefit all.
Here are some of the comments I received:
"My confidence has shot up 1000% because of this weekend..." - A.C.
"I am forever indebted to you for contributing to my legacy..." - D.A.
"Jean gave us a lot of bang for our buck!" - D.S.
"The topics were great. All of them!" - W.B.
"[Your team] is what I needed to re-start my mind set." - R.O.
"I feel a lot more comfortable making offers." - M.L.
"We would love for this to continue!" - M.P.
"We just love you guys so much!" - G.J.
"I appreciated Jean sharing her experiences and strategies she has developed." - C.C.
"Fantastic - Informative - The value of this weekend was greater than the cost." - S.H.
"You are the absolute best!" - C.J.
"I hope there is a part 2 trip in the near future...Keep up the good work Jean. The sky is the limit." - L.N.
"Jean, you were such an inspiration to me." - C.K.
"[this] was nothing short of amazing." - M.G.
"Again, Thank You for what you have done for us this past weekend! I can't say enough, you have now made me razor sharp and lethal!" D.A.
"You filled a gap that was missing." F.D.
And the emails are still coming. I had a great group, and it was absolutely perfect for learning different strategies in an intimate setting.
Who wants to come next time?
Thursday, May 19, 2011
Buy and Hold in Fort Wayne Indiana?
This is the con-call (audio) portion of today's web-cast about the tremendous opportunity in Fort Wayne, Indiana. Click the Title to listen online.
If you want to hear this in iTunes:
If you want to hear this in iTunes:
- Start iTunes
- Pull down the advanced menu
- Select "subscribe to podcast"
- Enter http://lowtech-ventures.blogspot.com/feeds/posts/default
You can buy houses at $25-$30k and rent at $495/month - SWEET!
Buy and Hold in Fort Wayne Indiana?
This is the con-call (audio) portion of today's web-cast about the tremendous opportunity in Fort Wayne, Indiana. Click the Title to listen online.
If you want to hear this in iTunes:
If you want to hear this in iTunes:
- Start iTunes
- Pull down the advanced menu
- Select "subscribe to podcast"
- Enter http://lowtech-ventures.blogspot.com/feeds/posts/default
You can buy houses at $25-$30k and rent at $495/month - SWEET!
Buy and Hold in Fort Wayne Indiana?
This is the con-call (audio) portion of today's web-cast about the tremendous opportunity in Fort Wayne, Indiana. Click the Title to listen online.
If you want to hear this in iTunes:
If you want to hear this in iTunes:
- Start iTunes
- Pull down the advanced menu
- Select "subscribe to podcast"
- Enter http://lowtech-ventures.blogspot.com/feeds/posts/default
You can buy houses at $25-$30k and rent at $495/month - SWEET!
Friday, April 29, 2011
Bakersfield Successes Podcast
This is the con-call (audio) portion of today's web-cast about Successes in Bakersfield. The web-cast didn't record :( Click the Title to listen online.
If you want to hear this in iTunes:
If you want to hear this in iTunes:
- Start iTunes
- Pull down the advanced menu
- Select "subscribe to podcast"
- Enter http://lowtech-ventures.blogspot.com/feeds/posts/default
Click here to get your ticket: http://bakersfieldca.eventbrite.com
Bakersfield Successes Podcast
This is the con-call (audio) portion of today's web-cast about Successes in Bakersfield. The web-cast didn't record :( Click the Title to listen online.
If you want to hear this in iTunes:
If you want to hear this in iTunes:
- Start iTunes
- Pull down the advanced menu
- Select "subscribe to podcast"
- Enter http://lowtech-ventures.blogspot.com/feeds/posts/default
Click here to get your ticket: http://bakersfieldca.eventbrite.com
Bakersfield Successes Podcast
This is the con-call (audio) portion of today's web-cast about Successes in Bakersfield. The web-cast didn't record :( Click the Title to listen online.
If you want to hear this in iTunes:
If you want to hear this in iTunes:
- Start iTunes
- Pull down the advanced menu
- Select "subscribe to podcast"
- Enter http://JeanNorton.blogspot.com/feeds/posts/default
Click here to get your ticket: http://bakersfieldca.eventbrite.com
Another Hard Lesson Learned - Have your Rehab Inspected BEFORE You List it
When my business partner insisted on a house inspection prior to paying our contractor I must admit I thought it was a waste of $250. After all, the property was rehabbed and any problems should have been fixed. The buyer's lender will require an inspection - I mean how many times does a freshly rehabbed house need to be inspected? What a waste of money, right? WRONG!
I am wrong...so wrong. I'll admit it. Since I've been doing this solo, I kept my stance and let the initial inspection come from the buyer. The first house went into escrow with a really nice offer, they performed the inspection and to everyone's surprise, they noted termites. The buyer, not knowing how to deal with this news showed the report to the lender, and the lender refused to loan on the property.
I handed the inspection report to my contractor and he fixed everything on the list. I had the property treated for termites and now it's back on the market. Two-three weeks into this process the house looks like there's something wrong with it because its been on the market so long. I'm lucky to get any showings on it.
The second property went into escrow and that inspection found significant repairs needed. I handed the inspection report to my Contractor and he fixed everything on the list - no charge. However the buyer still got scared and backed out of the deal. Dang it!
That convinced to do a little math. What is the cost to have the property off market for 7-21 days, even though the buyer pays for an inspection, if it results in killing the deal? It costs plenty. Am I willing to take that chance in the future? No. $250 is inexpensive comfort to avoid surprises.
I've changed my posture - I'm doing a home inspection after every rehab from now on!
Another Hard Lesson Learned - Have your Rehab Inspected BEFORE You List it
When my business partner insisted on a house inspection prior to paying our contractor I must admit I thought it was a waste of $250. After all, the property was rehabbed and any problems should have been fixed. The buyer's lender will require an inspection - I mean how many times does a freshly rehabbed house need to be inspected? What a waste of money, right? WRONG!
I am wrong...so wrong. I'll admit it. Since I've been doing this solo, I kept my stance and let the initial inspection come from the buyer. The first house went into escrow with a really nice offer, they performed the inspection and to everyone's surprise, they noted termites. The buyer, not knowing how to deal with this news showed the report to the lender, and the lender refused to loan on the property.
I handed the inspection report to my contractor and he fixed everything on the list. I had the property treated for termites and now it's back on the market. Two-three weeks into this process the house looks like there's something wrong with it because its been on the market so long. I'm lucky to get any showings on it.
The second property went into escrow and that inspection found significant repairs needed. I handed the inspection report to my Contractor and he fixed everything on the list - no charge. However the buyer still got scared and backed out of the deal. Dang it!
That convinced to do a little math. What is the cost to have the property off market for 7-21 days, even though the buyer pays for an inspection, if it results in killing the deal? It costs plenty. Am I willing to take that chance in the future? No. $250 is inexpensive comfort to avoid surprises.
I've changed my posture - I'm doing a home inspection after every rehab from now on!
Another Hard Lesson Learned - Have your Rehab Inspected BEFORE You List it
When my business partner insisted on a house inspection prior to paying our contractor I must admit I thought it was a waste of $250. After all, the property was rehabbed and any problems should have been fixed. The buyer's lender will require an inspection - I mean how many times does a freshly rehabbed house need to be inspected? What a waste of money, right? WRONG!
I am wrong...so wrong. I'll admit it. Since I've been doing this solo, I kept my stance and let the initial inspection come from the buyer. The first house went into escrow with a really nice offer, they performed the inspection and to everyone's surprise, they noted termites. The buyer, not knowing how to deal with this news showed the report to the lender, and the lender refused to loan on the property.
I handed the inspection report to my contractor and he fixed everything on the list. I had the property treated for termites and now it's back on the market. Two-three weeks into this process the house looks like there's something wrong with it because its been on the market so long. I'm lucky to get any showings on it.
The second property went into escrow and that inspection found significant repairs needed. I handed the inspection report to my Contractor and he fixed everything on the list - no charge. However the buyer still got scared and backed out of the deal. Dang it!
That convinced to do a little math. What is the cost to have the property off market for 7-21 days, even though the buyer pays for an inspection, if it results in killing the deal? It costs plenty. Am I willing to take that chance in the future? No. $250 is inexpensive comfort to avoid surprises.
I've changed my posture - I'm doing a home inspection after every rehab from now on!
Wednesday, March 30, 2011
Bakersfield Investors Field Trip - May 13-14-15
Why Bakersfield? Under 5 months of inventory, bite-sized prices ($50-$60k) ARV's at $100k-$120k, 44 DOM for retail sales. I'll have a HML, gap funding investors, my favorite contractor, 2 RE agents. Get the invitation above.
Interview with MY BEST REAL ESTATE Buying Agent
Lisa Hoeflich is a California Real Estate Agent that likes to work with investors. Here in this interview she speaks about what to look for when choosing a Real Estate Agent for acquiring deals, and how to achieve the real win/win relationship with them.
To listen, just click on the Title above. OR
To subscribe to the podcast(s) via iTunes:
To listen, just click on the Title above. OR
To subscribe to the podcast(s) via iTunes:
- Start iTunes
- Pull down the Advanced Menu and select "Subscribe to Podcast",
- Enter http://lowtech-ventures.blogspot.com/feeds/posts/default
Note - Correction for the phone numbers mentioned in the recording: Tim Conners at La Costa Loans is 760-803-4354 and the number for Mark Epstein with Athas Capital is 818-803-4354.
I welcome your comments!
Interview with MY BEST REAL ESTATE Buying Agent
Lisa Hoeflich is a California Real Estate Agent that likes to work with investors. Here in this interview she speaks about what to look for when choosing a Real Estate Agent for acquiring deals, and how to achieve the real win/win relationship with them.
To listen, just click on the Title above. OR
To subscribe to the podcast(s) via iTunes:
To listen, just click on the Title above. OR
To subscribe to the podcast(s) via iTunes:
- Start iTunes
- Pull down the Advanced Menu and select "Subscribe to Podcast",
- Enter http://lowtech-ventures.blogspot.com/feeds/posts/default
Note - Correction for the phone numbers mentioned in the recording: Tim Conners at La Costa Loans is 760-803-4354 and the number for Mark Epstein with Athas Capital is 818-803-4354.
I welcome your comments!
Interview with MY BEST REAL ESTATE Buying Agent
Lisa Hoeflich is a California Real Estate Agent that likes to work with investors. Here in this interview she speaks about what to look for when choosing a Real Estate Agent for acquiring deals, and how to achieve the real win/win relationship with them.
To listen, just click on the Title above. OR
To subscribe to the podcast(s) via iTunes:
To listen, just click on the Title above. OR
To subscribe to the podcast(s) via iTunes:
- Start iTunes
- Pull down the Advanced Menu and select "Subscribe to Podcast",
- Enter http://lowtech-ventures.blogspot.com/feeds/posts/default
Note - Correction for the phone numbers mentioned in the recording: Tim Conners at La Costa Loans is 760-803-4354 and the number for Mark Epstein with Athas Capital is 818-803-4354.
I welcome your comments!
Wednesday, March 23, 2011
The 5 Different Rehab Contractor Styles - The Investor/Rehabber
This is the third in a series of "The 5 Rehab Contractor Styles" I've catagorized, how to identify them, what to watch for, and how to manage them. The 5 categories are The Salesman, The Perfectionist, The Investor/Rehabber, The Snob, and Hose A & Hose B. This is the third part where we discuss "The Investor/Rehabber"
"The Investor/Rehabber"
I've had 2 encounters with The Investor/Rehabber and I wasn't smart enough in my first encounter to use them. I look back on that experience and kick myself each and every time I think about the bid I got from them and didn't recognize what a sweet deal, and what a sweet relationship I could have had with these guys. It was my second encounter where I learned what a gem you can have with this category.
"The Investor/Rehabber" does this for a living, and acts as his own contractor. He buys his own properties and knows his market very well. He totally understands what is the least amount of investment necessary to turn a profit. He understands the amount of investment needed that will result in a return. He also knows where too much investment will not give you the return you desire.
This category of contractor is competent in rehabbing for investors and offers the best prices. He will have all of his insurance and legal entities in place and has a routine for billing - and won't be afraid to place a lien on your property either. He is efficient in the project, and he's efficient in making sure he is paid. He's also a good resource for teaching you a thing or two about rehabbing.
This is my favorite category of contractor, but I will admit that even this category of contractor has their issues.
This kind of contractor has a system in place. He has his paint colors, plant choices, landscaping styles, roofing styles, and will fix up your property just as he would his own properties. If you have you're own preferences, then you must make that clear in the beginning.
He has a crew and they work fast. He will get a house finished within 2 weeks and it will be done well. However, he will trust what his workers tell him about the property and when the workers say they are done, he believes them. The only thing I've had to adjust with working with the one investor/rehabber I've experienced is to have him, or a trusted 3rd party go through and make a list of outstanding details he needs to go back and do over.
You have to realize, when engaging with this contractor, that you won't get the highest price for your property in a specific neighborhood. For example, if someone spent $10,000 on a WOW level kitchen with granite, etc. that house may sell for $105,000. But if you spent $2,000 cleaning/repainting existing cabinets, maybe a new formica or tile countertops, your house will sell for $100,000. He knows what investments will get you the returns, but when you estimate the after repair value going into a project, eliminate the highest comps, as they may have the pricier granite kitchens.
This contractor is a professional and you must treat him as a professional. If you are wishy/washy about your decisions, too picky and make him redo things he's already done, or need and hour-by-hour account of the project, then this guy isn't for you. You are both professionals and you must respect each other as such.
"The Investor/Rehabber" is perfect if:
- You are not local to the project
- You feel you can trust his decisions when faced with minor issues
- You are flexible with project scheduling
"The Investor/Rehabber" is not a good fit if:
- You need to watch the project daily
- You change your mind often about colors, fixtures, etc.
- You are a perfectionist
- You want to have some level of involvement in the project
Overall, this category is my favorite and works best for me, as I rehab wherever it makes sense, not just in my back yard. I'm pretty easy going and I don't like working with other two we've discussed, The Salesman and The Perfectionist, for reasons discussed in the blog.
Tell me about your experiences - which category has worked best for you?
"The Investor/Rehabber"
I've had 2 encounters with The Investor/Rehabber and I wasn't smart enough in my first encounter to use them. I look back on that experience and kick myself each and every time I think about the bid I got from them and didn't recognize what a sweet deal, and what a sweet relationship I could have had with these guys. It was my second encounter where I learned what a gem you can have with this category.
"The Investor/Rehabber" does this for a living, and acts as his own contractor. He buys his own properties and knows his market very well. He totally understands what is the least amount of investment necessary to turn a profit. He understands the amount of investment needed that will result in a return. He also knows where too much investment will not give you the return you desire.
This category of contractor is competent in rehabbing for investors and offers the best prices. He will have all of his insurance and legal entities in place and has a routine for billing - and won't be afraid to place a lien on your property either. He is efficient in the project, and he's efficient in making sure he is paid. He's also a good resource for teaching you a thing or two about rehabbing.
This is my favorite category of contractor, but I will admit that even this category of contractor has their issues.
This kind of contractor has a system in place. He has his paint colors, plant choices, landscaping styles, roofing styles, and will fix up your property just as he would his own properties. If you have you're own preferences, then you must make that clear in the beginning.
He has a crew and they work fast. He will get a house finished within 2 weeks and it will be done well. However, he will trust what his workers tell him about the property and when the workers say they are done, he believes them. The only thing I've had to adjust with working with the one investor/rehabber I've experienced is to have him, or a trusted 3rd party go through and make a list of outstanding details he needs to go back and do over.
You have to realize, when engaging with this contractor, that you won't get the highest price for your property in a specific neighborhood. For example, if someone spent $10,000 on a WOW level kitchen with granite, etc. that house may sell for $105,000. But if you spent $2,000 cleaning/repainting existing cabinets, maybe a new formica or tile countertops, your house will sell for $100,000. He knows what investments will get you the returns, but when you estimate the after repair value going into a project, eliminate the highest comps, as they may have the pricier granite kitchens.
This contractor is a professional and you must treat him as a professional. If you are wishy/washy about your decisions, too picky and make him redo things he's already done, or need and hour-by-hour account of the project, then this guy isn't for you. You are both professionals and you must respect each other as such.
"The Investor/Rehabber" is perfect if:
- You are not local to the project
- You feel you can trust his decisions when faced with minor issues
- You are flexible with project scheduling
"The Investor/Rehabber" is not a good fit if:
- You need to watch the project daily
- You change your mind often about colors, fixtures, etc.
- You are a perfectionist
- You want to have some level of involvement in the project
Overall, this category is my favorite and works best for me, as I rehab wherever it makes sense, not just in my back yard. I'm pretty easy going and I don't like working with other two we've discussed, The Salesman and The Perfectionist, for reasons discussed in the blog.
Tell me about your experiences - which category has worked best for you?
The 5 Different Rehab Contractor Styles - The Investor/Rehabber
This is the third in a series of "The 5 Rehab Contractor Styles" I've catagorized, how to identify them, what to watch for, and how to manage them. The 5 categories are The Salesman, The Perfectionist, The Investor/Rehabber, The Snob, and Hose A & Hose B. This is the third part where we discuss "The Investor/Rehabber"
"The Investor/Rehabber"
I've had 2 encounters with The Investor/Rehabber and I wasn't smart enough in my first encounter to use them. I look back on that experience and kick myself each and every time I think about the bid I got from them and didn't recognize what a sweet deal, and what a sweet relationship I could have had with these guys. It was my second encounter where I learned what a gem you can have with this category.
"The Investor/Rehabber" does this for a living, and acts as his own contractor. He buys his own properties and knows his market very well. He totally understands what is the least amount of investment necessary to turn a profit. He understands the amount of investment needed that will result in a return. He also knows where too much investment will not give you the return you desire.
This category of contractor is competent in rehabbing for investors and offers the best prices. He will have all of his insurance and legal entities in place and has a routine for billing - and won't be afraid to place a lien on your property either. He is efficient in the project, and he's efficient in making sure he is paid. He's also a good resource for teaching you a thing or two about rehabbing.
This is my favorite category of contractor, but I will admit that even this category of contractor has their issues.
This kind of contractor has a system in place. He has his paint colors, plant choices, landscaping styles, roofing styles, and will fix up your property just as he would his own properties. If you have you're own preferences, then you must make that clear in the beginning.
He has a crew and they work fast. He will get a house finished within 2 weeks and it will be done well. However, he will trust what his workers tell him about the property and when the workers say they are done, he believes them. The only thing I've had to adjust with working with the one investor/rehabber I've experienced is to have him, or a trusted 3rd party go through and make a list of outstanding details he needs to go back and do over.
You have to realize, when engaging with this contractor, that you won't get the highest price for your property in a specific neighborhood. For example, if someone spent $10,000 on a WOW level kitchen with granite, etc. that house may sell for $105,000. But if you spent $2,000 cleaning/repainting existing cabinets, maybe a new formica or tile countertops, your house will sell for $100,000. He knows what investments will get you the returns, but when you estimate the after repair value going into a project, eliminate the highest comps, as they may have the pricier granite kitchens.
This contractor is a professional and you must treat him as a professional. If you are wishy/washy about your decisions, too picky and make him redo things he's already done, or need and hour-by-hour account of the project, then this guy isn't for you. You are both professionals and you must respect each other as such.
"The Investor/Rehabber" is perfect if:
- You are not local to the project
- You feel you can trust his decisions when faced with minor issues
- You are flexible with project scheduling
"The Investor/Rehabber" is not a good fit if:
- You need to watch the project daily
- You change your mind often about colors, fixtures, etc.
- You are a perfectionist
- You want to have some level of involvement in the project
Overall, this category is my favorite and works best for me, as I rehab wherever it makes sense, not just in my back yard. I'm pretty easy going and I don't like working with other two we've discussed, The Salesman and The Perfectionist, for reasons discussed in the blog.
Tell me about your experiences - which category has worked best for you?
"The Investor/Rehabber"
I've had 2 encounters with The Investor/Rehabber and I wasn't smart enough in my first encounter to use them. I look back on that experience and kick myself each and every time I think about the bid I got from them and didn't recognize what a sweet deal, and what a sweet relationship I could have had with these guys. It was my second encounter where I learned what a gem you can have with this category.
"The Investor/Rehabber" does this for a living, and acts as his own contractor. He buys his own properties and knows his market very well. He totally understands what is the least amount of investment necessary to turn a profit. He understands the amount of investment needed that will result in a return. He also knows where too much investment will not give you the return you desire.
This category of contractor is competent in rehabbing for investors and offers the best prices. He will have all of his insurance and legal entities in place and has a routine for billing - and won't be afraid to place a lien on your property either. He is efficient in the project, and he's efficient in making sure he is paid. He's also a good resource for teaching you a thing or two about rehabbing.
This is my favorite category of contractor, but I will admit that even this category of contractor has their issues.
This kind of contractor has a system in place. He has his paint colors, plant choices, landscaping styles, roofing styles, and will fix up your property just as he would his own properties. If you have you're own preferences, then you must make that clear in the beginning.
He has a crew and they work fast. He will get a house finished within 2 weeks and it will be done well. However, he will trust what his workers tell him about the property and when the workers say they are done, he believes them. The only thing I've had to adjust with working with the one investor/rehabber I've experienced is to have him, or a trusted 3rd party go through and make a list of outstanding details he needs to go back and do over.
You have to realize, when engaging with this contractor, that you won't get the highest price for your property in a specific neighborhood. For example, if someone spent $10,000 on a WOW level kitchen with granite, etc. that house may sell for $105,000. But if you spent $2,000 cleaning/repainting existing cabinets, maybe a new formica or tile countertops, your house will sell for $100,000. He knows what investments will get you the returns, but when you estimate the after repair value going into a project, eliminate the highest comps, as they may have the pricier granite kitchens.
This contractor is a professional and you must treat him as a professional. If you are wishy/washy about your decisions, too picky and make him redo things he's already done, or need and hour-by-hour account of the project, then this guy isn't for you. You are both professionals and you must respect each other as such.
"The Investor/Rehabber" is perfect if:
- You are not local to the project
- You feel you can trust his decisions when faced with minor issues
- You are flexible with project scheduling
"The Investor/Rehabber" is not a good fit if:
- You need to watch the project daily
- You change your mind often about colors, fixtures, etc.
- You are a perfectionist
- You want to have some level of involvement in the project
Overall, this category is my favorite and works best for me, as I rehab wherever it makes sense, not just in my back yard. I'm pretty easy going and I don't like working with other two we've discussed, The Salesman and The Perfectionist, for reasons discussed in the blog.
Tell me about your experiences - which category has worked best for you?
The 5 Different Rehab Contractor Styles - The Investor/Rehabber
This is the third in a series of "The 5 Rehab Contractor Styles" I've catagorized, how to identify them, what to watch for, and how to manage them. The 5 categories are The Salesman, The Perfectionist, The Investor/Rehabber, The Snob, and Hose A & Hose B. This is the third part where we discuss "The Investor/Rehabber"
"The Investor/Rehabber"
I've had 2 encounters with The Investor/Rehabber and I wasn't smart enough in my first encounter to use them. I look back on that experience and kick myself each and every time I think about the bid I got from them and didn't recognize what a sweet deal, and what a sweet relationship I could have had with these guys. It was my second encounter where I learned what a gem you can have with this category.
"The Investor/Rehabber" does this for a living, and acts as his own contractor. He buys his own properties and knows his market very well. He totally understands what is the least amount of investment necessary to turn a profit. He understands the amount of investment needed that will result in a return. He also knows where too much investment will not give you the return you desire.
This category of contractor is competent in rehabbing for investors and offers the best prices. He will have all of his insurance and legal entities in place and has a routine for billing - and won't be afraid to place a lien on your property either. He is efficient in the project, and he's efficient in making sure he is paid. He's also a good resource for teaching you a thing or two about rehabbing.
This is my favorite category of contractor, but I will admit that even this category of contractor has their issues.
This kind of contractor has a system in place. He has his paint colors, plant choices, landscaping styles, roofing styles, and will fix up your property just as he would his own properties. If you have you're own preferences, then you must make that clear in the beginning.
He has a crew and they work fast. He will get a house finished within 2 weeks and it will be done well. However, he will trust what his workers tell him about the property and when the workers say they are done, he believes them. The only thing I've had to adjust with working with the one investor/rehabber I've experienced is to have him, or a trusted 3rd party go through and make a list of outstanding details he needs to go back and do over.
You have to realize, when engaging with this contractor, that you won't get the highest price for your property in a specific neighborhood. For example, if someone spent $10,000 on a WOW level kitchen with granite, etc. that house may sell for $105,000. But if you spent $2,000 cleaning/repainting existing cabinets, maybe a new formica or tile countertops, your house will sell for $100,000. He knows what investments will get you the returns, but when you estimate the after repair value going into a project, eliminate the highest comps, as they may have the pricier granite kitchens.
This contractor is a professional and you must treat him as a professional. If you are wishy/washy about your decisions, too picky and make him redo things he's already done, or need and hour-by-hour account of the project, then this guy isn't for you. You are both professionals and you must respect each other as such.
"The Investor/Rehabber" is perfect if:
- You are not local to the project
- You feel you can trust his decisions when faced with minor issues
- You are flexible with project scheduling
"The Investor/Rehabber" is not a good fit if:
- You need to watch the project daily
- You change your mind often about colors, fixtures, etc.
- You are a perfectionist
- You want to have some level of involvement in the project
Overall, this category is my favorite and works best for me, as I rehab wherever it makes sense, not just in my back yard. I'm pretty easy going and I don't like working with other two we've discussed, The Salesman and The Perfectionist, for reasons discussed in the blog.
Tell me about your experiences - which category has worked best for you?
"The Investor/Rehabber"
I've had 2 encounters with The Investor/Rehabber and I wasn't smart enough in my first encounter to use them. I look back on that experience and kick myself each and every time I think about the bid I got from them and didn't recognize what a sweet deal, and what a sweet relationship I could have had with these guys. It was my second encounter where I learned what a gem you can have with this category.
"The Investor/Rehabber" does this for a living, and acts as his own contractor. He buys his own properties and knows his market very well. He totally understands what is the least amount of investment necessary to turn a profit. He understands the amount of investment needed that will result in a return. He also knows where too much investment will not give you the return you desire.
This category of contractor is competent in rehabbing for investors and offers the best prices. He will have all of his insurance and legal entities in place and has a routine for billing - and won't be afraid to place a lien on your property either. He is efficient in the project, and he's efficient in making sure he is paid. He's also a good resource for teaching you a thing or two about rehabbing.
This is my favorite category of contractor, but I will admit that even this category of contractor has their issues.
This kind of contractor has a system in place. He has his paint colors, plant choices, landscaping styles, roofing styles, and will fix up your property just as he would his own properties. If you have you're own preferences, then you must make that clear in the beginning.
He has a crew and they work fast. He will get a house finished within 2 weeks and it will be done well. However, he will trust what his workers tell him about the property and when the workers say they are done, he believes them. The only thing I've had to adjust with working with the one investor/rehabber I've experienced is to have him, or a trusted 3rd party go through and make a list of outstanding details he needs to go back and do over.
You have to realize, when engaging with this contractor, that you won't get the highest price for your property in a specific neighborhood. For example, if someone spent $10,000 on a WOW level kitchen with granite, etc. that house may sell for $105,000. But if you spent $2,000 cleaning/repainting existing cabinets, maybe a new formica or tile countertops, your house will sell for $100,000. He knows what investments will get you the returns, but when you estimate the after repair value going into a project, eliminate the highest comps, as they may have the pricier granite kitchens.
This contractor is a professional and you must treat him as a professional. If you are wishy/washy about your decisions, too picky and make him redo things he's already done, or need and hour-by-hour account of the project, then this guy isn't for you. You are both professionals and you must respect each other as such.
"The Investor/Rehabber" is perfect if:
- You are not local to the project
- You feel you can trust his decisions when faced with minor issues
- You are flexible with project scheduling
"The Investor/Rehabber" is not a good fit if:
- You need to watch the project daily
- You change your mind often about colors, fixtures, etc.
- You are a perfectionist
- You want to have some level of involvement in the project
Overall, this category is my favorite and works best for me, as I rehab wherever it makes sense, not just in my back yard. I'm pretty easy going and I don't like working with other two we've discussed, The Salesman and The Perfectionist, for reasons discussed in the blog.
Tell me about your experiences - which category has worked best for you?
Tuesday, March 15, 2011
The 5 Different Rehab Contractor Styles - The Perfectionist
This is the second in a series of the 5 Rehab Contractor styles I've catagorized, how to identify them, what to watch for, and how to manage them. The 5 categories are The Salesman, The Perfectionist, The Investor/Rehabber, The Snob, and Hose A & Hose B. This is the second part where we discuss "The Perfectionist"
"The Perfectionist"
The Perfectionist is extremely competent, friendly, fair and honest. You may not tell you have a perfectionist during the first meeting like you can with "The Salesman". The perfectionist has a calm and competent approach, is agreeable with what you want in your rehab and even endorses your ideas as good ideas. He has a Rolodex of subcontractors and vendors he trusts and will remain loyal to those to a fault.
The first sign you know you have a perfectionist is when he takes 2 weeks to get you his bid. You might even have to ask him once or twice when to expect the bid. When you finally get it it will be complete and the estimates will be accurate. As you work together, he will be competent and he will do a good job.
The Perfectionist will work for the rehab investor IF:
- You have a small project
- You have plenty of time in which to finish the project
- Quality in workmanship is very important to your end buyer
- You are rehabbing a house for yourself
- You want good detail in both the project and in the invoicing
The Perfectionist won't work for the rehab investor IF:
- You are using hard money on your project. I had a Perfectionist contractor and it didn't matter how many times I told him the cost of time. He seemed to sympathize with me, as he is a gentle person, but he still never "got it". It didn't occur to him that Home Depot cabinets, where may be more expensive, would save me $2,000 by having the project done that much sooner.
- You aren't local to the project. The Perfectionist likes to do a lot of the work themselves and if not perfect, will spend extra time getting it "just right". You will need to check in on a daily basis to keep the project running on time. Asking for an expected end date with him is not enough, because he will be wrong. You may even have to go over a project plan with timelines and milestones.
- Expect the Perfectionist to handle any change order in great detail.
Should you chose to hire the Perfectionist Contractor, plan to set aside some time to educate him on the philosophies of rehabbing houses for profits. You will have to explain how "good enough" is "good enough" and that the outcome doesn't need to be perfect. You pull him away from his comfort zone by insisting on finding better prices elsewhere. You will make him very uncomfortable checking in on him every day, and when you ask him to put more workers on the project he will claim everyone will fall over each other with more workers.
Do you have any Perfectionist Contractors in your experiences?
The 5 Different Rehab Contractor Styles - The Perfectionist
This is the second in a series of the 5 Rehab Contractor styles I've catagorized, how to identify them, what to watch for, and how to manage them. The 5 categories are The Salesman, The Perfectionist, The Investor/Rehabber, The Snob, and Hose A & Hose B. This is the second part where we discuss "The Perfectionist"
"The Perfectionist"
The Perfectionist is extremely competent, friendly, fair and honest. You may not tell you have a perfectionist during the first meeting like you can with "The Salesman". The perfectionist has a calm and competent approach, is agreeable with what you want in your rehab and even endorses your ideas as good ideas. He has a Rolodex of subcontractors and vendors he trusts and will remain loyal to those to a fault.
The first sign you know you have a perfectionist is when he takes 2 weeks to get you his bid. You might even have to ask him once or twice when to expect the bid. When you finally get it it will be complete and the estimates will be accurate. As you work together, he will be competent and he will do a good job.
The Perfectionist will work for the rehab investor IF:
- You have a small project
- You have plenty of time in which to finish the project
- Quality in workmanship is very important to your end buyer
- You are rehabbing a house for yourself
- You want good detail in both the project and in the invoicing
The Perfectionist won't work for the rehab investor IF:
- You are using hard money on your project. I had a Perfectionist contractor and it didn't matter how many times I told him the cost of time. He seemed to sympathize with me, as he is a gentle person, but he still never "got it". It didn't occur to him that Home Depot cabinets, where may be more expensive, would save me $2,000 by having the project done that much sooner.
- You aren't local to the project. The Perfectionist likes to do a lot of the work themselves and if not perfect, will spend extra time getting it "just right". You will need to check in on a daily basis to keep the project running on time. Asking for an expected end date with him is not enough, because he will be wrong. You may even have to go over a project plan with timelines and milestones.
- Expect the Perfectionist to handle any change order in great detail.
Should you chose to hire the Perfectionist Contractor, plan to set aside some time to educate him on the philosophies of rehabbing houses for profits. You will have to explain how "good enough" is "good enough" and that the outcome doesn't need to be perfect. You pull him away from his comfort zone by insisting on finding better prices elsewhere. You will make him very uncomfortable checking in on him every day, and when you ask him to put more workers on the project he will claim everyone will fall over each other with more workers.
Do you have any Perfectionist Contractors in your experiences?
The 5 Different Rehab Contractor Styles - The Perfectionist
This is the second in a series of the 5 Rehab Contractor styles I've catagorized, how to identify them, what to watch for, and how to manage them. The 5 categories are The Salesman, The Perfectionist, The Investor/Rehabber, The Snob, and Hose A & Hose B. This is the second part where we discuss "The Perfectionist"
"The Perfectionist"
The Perfectionist is extremely competent, friendly, fair and honest. You may not tell you have a perfectionist during the first meeting like you can with "The Salesman". The perfectionist has a calm and competent approach, is agreeable with what you want in your rehab and even endorses your ideas as good ideas. He has a Rolodex of subcontractors and vendors he trusts and will remain loyal to those to a fault.
The first sign you know you have a perfectionist is when he takes 2 weeks to get you his bid. You might even have to ask him once or twice when to expect the bid. When you finally get it it will be complete and the estimates will be accurate. As you work together, he will be competent and he will do a good job.
The Perfectionist will work for the rehab investor IF:
- You have a small project
- You have plenty of time in which to finish the project
- Quality in workmanship is very important to your end buyer
- You are rehabbing a house for yourself
- You want good detail in both the project and in the invoicing
The Perfectionist won't work for the rehab investor IF:
- You are using hard money on your project. I had a Perfectionist contractor and it didn't matter how many times I told him the cost of time. He seemed to sympathize with me, as he is a gentle person, but he still never "got it". It didn't occur to him that Home Depot cabinets, where may be more expensive, would save me $2,000 by having the project done that much sooner.
- You aren't local to the project. The Perfectionist likes to do a lot of the work themselves and if not perfect, will spend extra time getting it "just right". You will need to check in on a daily basis to keep the project running on time. Asking for an expected end date with him is not enough, because he will be wrong. You may even have to go over a project plan with timelines and milestones.
- Expect the Perfectionist to handle any change order in great detail.
Should you chose to hire the Perfectionist Contractor, plan to set aside some time to educate him on the philosophies of rehabbing houses for profits. You will have to explain how "good enough" is "good enough" and that the outcome doesn't need to be perfect. You pull him away from his comfort zone by insisting on finding better prices elsewhere. You will make him very uncomfortable checking in on him every day, and when you ask him to put more workers on the project he will claim everyone will fall over each other with more workers.
Do you have any Perfectionist Contractors in your experiences?
Wednesday, March 9, 2011
The 5 Different Rehab Contractor Styles - The Salesman
I’ve dealt with enough contractors now to know their different styles, their values, how they view their potential customer (you), and I share with you the most painful and expensive lesson of all; how to identify and manage each style.
This is the first in a series of the 5 Rehab Contractor styles, how to identify them, what to watch for, and how to manage them. The 5 categories are The Salesman, The Perfectionist, The Investor/Rehabber, The Snob, and Hose A & Hose B. The first style I bring in the series is The Salesman:
- The Salesman:
The Salesman contractor will be to your benefit IF:
- He has a production oriented business partner. My first contractor was a salesman. I attribute our success to 2 things: 1. he had a production oriented business partner, and 2. we made him stick within a budget. But we still went over our initial budget AND we got sold on upgrades that didn’t make a bit of difference to the selling price of the house.
- You can keep him within YOUR budget and check on him daily – Many salesmen are dreamers and just don’t have the mental capacity to stay on track. They are easily distracted with more exciting opportunities or other issues – most often unfulfilled commitments to previous clients.
- It’s not enough just to see his work (believe me I learned this the hard way). You need to find references (besides the one that referred you) and you must ask those references open-ended questions that encourage them to tell the story on how the project progressed.
The Salesman won’t work IF:
- There are no contracts. This guy is a dreamer and to him, anything is possible. His enthusiasm is contagious and it’s easy to feel that he is as trusting as if he is your own brother. You both agree on the image and you pull the trigger.
- Don’t let his financial arrangement fool you. I was impressed my salesman didn’t ask for money up front. By about the 3rd draw and 3 months later I had to fire him because he was so busy trying to live up to his previous commitments. Even then I was taken by his sales ability – he asked for one more week to prove himself. Like a fool, I allowed it, but he blew it again and this was the biggest and most expensive lesson of my rehabbing career.
If you feel yourself getting excited, then you are getting emotional about your project. Step back, keep it in check, speak to your mentors, and manage the project on a daily basis.
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