In this day and age, with strict laws protecting the rights of the tenant, it is more important than ever to properly screen your rental applicants. Sadly, there are the tenants from hell who know how to work the system and habitually live rent free for months at a time. They have every intention of using the eviction process to their full advantage. You do not want to ever find yourself in that situation.
The screen process should begin with a thorough rental application. The application should ask:
It is very important not to accept any information at face value. Verify everything that you can independently of the application.
The completed application is only the beginning of the rental application screening process. Call...
In this instant gratification world we live in, buyers expect a quick response when they contact you about a property. As a general rule, you have 2 minutes before they move onto the next property, the next realtor, or the next seller. You have to be prepared to reply FAST.
There are a number of ways to ensure that you get back to your prospects quickly.
The method or methods you choose are completely customizable. But whatever you do choose, you want to make sure that your prospects get a quality reply, quality feedback in a very short amount of time.
Watch our video to learn more!
In some markets, the supply of homes to flip may be too limited for your investment goals. Some investors turn to buying land and building homes to sell at a profit.
This can be a great way to earn profits in real estate. However, you must do your homework. There are many things that you need to check out in detail. These include, but are not limited to:
Flip University co-founder Michael Owen talks about these and more in this week's video.
We welcome your comments, questions, and suggestions!
When you are buying an investment property, there are things you need to disclose to the owner, particularly if you are a realtor as well as an investor.
Michael Owen discusses the ethics behind disclosure when buying real estate for flipping. He also gives advice on how to make your disclosures while negotiating the purchase of the investment property.
We welcome your suggestions for future blog topics.
This week's blog post is a special edition. Flip University founders Michael Owen and Thomas Detert do an interview-style video talking about:
Just click on the video below, sit back, and enjoy!
Coming to you from Denver, CO, Michael Owen talks about how success in real estate and making money by flipping houses has changed his life, and the life of his business partners and colleagues. Flip University can help you find similar success, and shorten your learning curve to do so!
Partner Tom's Mental Health Project: http://www.defyingdepression.com, http://facebook.com/DefyingDepression, http://Twitter.com/defying_d
Tom's Photography: http://facebook.com/tomsview
In any field, sport, profession, trade, or what have you, there are always some people who are very successful, and those who are not. Many blame the competition, the economy, or other external factors. The field, the sport, the profession, or trade does not care who you are, or where you come from. You simply have to know what to do, when to do it, and get out there and do it. And a little bit of luck never hurt!
In order to maximize your odds at achieving the success you want, you must have a firm grasp of the skillset you need. That means studying. Studying others who have the success you want. Learning the nuts and bolts. Finding mentors to help move your success along.
Achieving success is a huge motivator. That motivation will lead to more success, which in turn leads to more motivation.
If you want to learn the nuts and bolts; if you want the motivation and success, check out our online content here...
Selling on assignment refers to having a house in contract to purchase, and you assign the contract to another buyer for a finder's fee or commission. This is one of several ways of making money in real estate, particularly in hot markets.
Be upfront with the seller if you plan to assign the contract. Leaving it to the fine print to inform the seller is a sure way to cause bad feelings. You do not have to disclose any particulars with the seller.
Absolutely, under no circumstances, let the assignee (the person you are assigning the contract to) inspect the property without you present. You want to be involved in any communication that goes on between the seller and the assignee.
Make sure that your contract has strong enough wording to allow you to assign it.
Ensure that you have a solid signed contract with the seller before having any potential assignee inspect the property.
You want to...
If you are just starting out, chances are you have a full time job taking up a lot of your time. You might have family commitments as well. So how do you fit in the time to flip houses?
Michael Owen has some answers for you.
Learning how to invest wisely in real estate is very important. You could invest a lot of time and money in real estate seminars on weekends. You will end up spending a lot of money, and losing whole weekends or longer.
Learning how to flip online is now available. It is less costly than seminars, and you get to learn in the comfort and convenience of your own home. No travelling, no entire weekends gone. Flip University has those online resources available to you!
It's a good idea to meet local bankers, house inspectors, realtors, contractors, and even other flippers....
One of the keys to success in flipping houses, or buying investment properties is being able to negotiate effectively. Being a strong negotiator gives you a competitive edge against other buyers. It can make the difference between a deal being profitable for you or not.
I recently purchased a property, listed on MLS, for $35,000 below the asking price. In fact, this house was previously under contract by another investor for the full asking price of $160,000 but he found it was too tight a profit margin to make it worthwhile. I was able to negotiate a much lower price. One of the factors was that I made a cash offer, with incentives to close including paying for title and survey costs.
As a general rule, expect 3 moves (3 rounds of negotiations) before you land a deal. I made an offer of $100,000; they countered at $130,000. I offered $115,000 which was rejected. We settled at $125,000.
Good negotiating saved me $35,000 which...