| Taking Personal Responsibility - the Best Way to | | | | make it work. Stepping out on faith means that you |
| Ensure Your Rehab Real Estate Investing Success | | | | believe in yourself. This doesn't mean that you go off |
| There are a lot of factors that are involved in a | | | | half-cocked, but that you prepare yourself and know |
| successful rehab real estate investing transaction. You | | | | that you will be able to deal with the unknown. This |
| need a property, a reputable appraiser and contractor | | | | can be a scary thing. Stepping out on faith is not |
| and a funding source to purchase the property. | | | | something that many of us are comfortable with. In |
| Depending on what you plan to do with the property, | | | | fact, we often talk ourselves out of doing something, |
| you may also need a good mortgage broker to | | | | rather than into it. Then, there are all the well-intentioned |
| refinance you, a motivated REALTORÂ(R) to | | | | naysayers in our lives. They take their fears and put |
| sell the property or a good property management | | | | them onto us. They mean well, but they can make you |
| company to locate and interview tenants and manage | | | | miss out on your dreams. They would never have the |
| the property for you. This doesn't include other possible | | | | guts to go out and do something like this, and they |
| service providers, such as a surveyor, landscaper or | | | | can't see you doing it either. They don't see |
| handyman.. A good real estate investor will make sure | | | | themselves as snatching your dream away. They |
| that they have all of these components line up. | | | | probably think that they are protecting you. But many |
| However, you can't forget the most important part of | | | | times, snatch away your dreams is exactly what they |
| the equation - YOU! Isn't this a No-Brainer? You would | | | | do. It is okay to be afraid when you are starting |
| think that it would be. Purchasing an investment | | | | something new. It is perfectly normal. The important |
| property is serious business. However, many real | | | | thing to remember is that you can't let that fear stop |
| estate investors actually abdicate responsibility to | | | | you. You can use it as a tool to make sure you are |
| everyone else who is involved in the process. They | | | | prepared. Fear will make you feel a little on edge. Use |
| assume that, because they are surrounded by | | | | that extra energy to make sure that you have all of |
| professionals, that they do not have to concern | | | | your decks in a row. Make sure that you are as |
| themselves with the details. Nothing could be further | | | | prepared as you can be. Use the fear, don't let it |
| from the truth. As creators of the Ultimate TurnKey | | | | paralyze you. Educate yourself. Get coaching. Find a |
| Real Estate Investing System™, we | | | | mentor. Do what you can to prepare yourself. But |
| know first hand the value of setting up a system. This | | | | remember, at some point, you will have to stop |
| is why we did it. If you have ever spoken with us in | | | | preparing and do something. You will have to step out |
| person, you will know that we created the system to | | | | on faith. That is a good thing. It allows you to test |
| make real estate investing an easier process for other | | | | yourself and the courage of your convictions. Things |
| real estate investors. We didn't see any point in other | | | | probably won't work out exactly liked you planned. |
| real estate investors having to re-invent the wheel, and | | | | And that is okay too. It is when we are dealing with |
| start from scratch. So, we put together a team to help | | | | challenges that we learn new ways of doing things. |
| ensure our clients' success. Again, if you have spoken | | | | We see things in a different light. In fact, we see |
| with us, you know the story. The System was created | | | | ourselves in a different light. You might not know how |
| as a support for real estate investors, not as a | | | | strong you really are until you put yourself out there. |
| replacement for their active involvement in their own | | | | You won't know what you can truly accomplish until |
| transactions. We have talked to other wholesalers | | | | you push yourself. So remember, it is okay to be |
| who have experienced the same phenomena. The | | | | afraid. Fear can't hurt you, unless you let it stop you; |
| funny thing is, they do not even offer the support | | | | instead, step out on faith. Remember, faith can move |
| system that we do, but they have run into several | | | | mountains. Marketing for Real Estate Investors: 4 |
| clients who want to push responsibility back onto them. | | | | Marketing Tips to Put Your Real Estate Business on |
| Whose Responsibility is it Anyway? Simply put, it is | | | | Steroids Many real estate investors simply do not pay |
| your responsibility. Probably 99% of investment | | | | enough attention to their marketing. You don't have to |
| properties are sold AS-IS and earnest money deposits | | | | have a huge budget to start a marketing plan. But if |
| are non-refundable. This means that, if something is | | | | you don't market, it will definitely cost you money. Here |
| wrong with the house, or needs fixing, it is the | | | | Are My Top 4 Marketing Strategies to Create |
| responsibility of you, the buyer, not the seller. This | | | | 6-Figure Income Real Estate Investing Businesses in 6 |
| differs greatly from transactions where you are buying | | | | Months: 1. Direct mail campaign - A mail campaign is |
| a house to live in yourself. Those types of homes are | | | | one of the best ways to market your real estate |
| typically not fixer-uppers. If they are, they are probably | | | | investing business. And, it's very easy and cost |
| sold as is, and you are going to get the house for a lot | | | | effective. Besides the cost of acquiring the names, you |
| less than you would if it did not need fix up. Of course, | | | | will only have to pay for copies, envelopes and |
| the fact that the property needs repairs is what | | | | stamps. Here are a few things to remember when |
| makes it a good candidate in the first place. | | | | starting a mail campaign: • When |
| Remember, your best investment properties are ones | | | | starting a mailing campaign, consistency is key. It takes |
| that need repairs. So, you should go into the project | | | | several exposures (at least 3-5) before your |
| with the mindset that you will be painting, replacing | | | | prospects start feeling comfortable with the thought of |
| carpet, fixing drywall, and possibly even adding on | | | | doing business with you. This means that you cannot |
| bathrooms or replacing kitchens. The key here is to | | | | send out one mailing and expect to get a response. |
| know all of this when you go into the purchase. This is | | | | You will need to send out at least seven mailings, |
| your responsibility. So, how can you do this? You might | | | | spaced seven to fourteen days apart. |
| be a new investor who has no idea what repairs | | | | • Send both postcards and letters |
| would even be involved. Or, maybe you don't have | | | | as part of your mailing sequence. • |
| time to get that involved. We would suggest that you | | | | Envelopes should always be hand-addressed. Those |
| take the time to find out, and you educate yourself | | | | that have pre-printed labels do not get opened as |
| where needed. This is not because anyone is going to | | | | frequently. • Always start your |
| try to take advantage of you, but because you need | | | | mailing off with a headline that benefits the customer. |
| to have your knowledge base intact before going into | | | | Let them know what you can do for them. For |
| your endeavor. If you still feel like you don't know | | | | example: "End your house worries today." or "Sell your |
| enough, or you are still too busy, you are probably | | | | home for Fast Cash." 2. Newspaper Ads -- This is a |
| correct. However, if you are ready to get started, | | | | more costly way of marketing, but when done |
| make sure that you have a quote on hand from a | | | | correctly and consistently, you can get you a lot of |
| licensed contractor and see what repairs they are | | | | bang for your buck. Newspaper ads can give you a lot |
| going to do. Make sure that you walk through the | | | | of exposure, whether you are using them to buy or |
| house or see interior photos. This way, you will know if | | | | sell. The larger the circulation, the higher the advertising |
| there is something else that you think should be done | | | | cost; but more people will see your advertisement. |
| or that you just want to do. This way, you can have | | | | Here are some things to remember when running ads: |
| the bid adjusted before you begin the process. If you | | | | • Don't be too wordy. Typically, you |
| wait, any increase in repair funds will have to come | | | | will pay for your ad by the word or by the line. You do |
| from your pocket, because they will not have been | | | | not need to write a novel to get your point across. |
| escrowed in the beginning. What Else Do I Need to | | | | Write succinctly and you will spend less money and |
| Know? You really need to be involved in every aspect | | | | get a better response to your ads. • |
| of your transaction. Of course, some things will have | | | | Don't over-abbreviate. Some people try too hard to |
| greater bearing on your success than others. You | | | | abbreviate the words in their ad that the reader almost |
| definitely need to know how your up-front financing | | | | needs a translator to read them. You want people to |
| works. The vast majority of rehab real estate | | | | be able to read your ad quickly and understand what |
| investors use private funds or hard money to | | | | they have read. • Weekends give |
| purchase their property. But, depending on the lender, | | | | you the biggest bang for your buck. Most newspapers |
| the programs vary. Make sure that you know your | | | | offer advertising specials encompassing the |
| interest rate. What is the term of the loan? Are there | | | | weekends. And more people have weekend |
| any pre-payment penalties? Do you have to make | | | | subscriptions than daily subscriptions. 3. Website - Your |
| mortgage payments during the life of the loan? If so, | | | | website is an awesome tool that will create an air of |
| how much are they? These are questions that you | | | | legitimacy and credibility for you right off the bat. Of |
| need to know the answers to. A reputable lender will | | | | course, your website should look professional and |
| go over all of this information with you. However, it is | | | | well-maintained. Here are some things to remember |
| your responsibility to make sure that they do. You also | | | | when marketing your real estate investing business |
| need to make sure that you remember what you | | | | with a website: • You can use your |
| agreed to. You shouldn't allow yourself to be surprised | | | | website whether you are buying or selling. If you are |
| later by something that was explained to you at the | | | | doing both, I suggest having two separate websites. |
| outset. Something else that we recommend is that, if | | | | • Present information clearly. Your |
| you plan to refinance your property, that you get | | | | site should be easy to read and should not have too |
| qualified for your refinance at the same time that you | | | | much information on one page. This can get confusing. |
| get qualified for your purchase loan. Why? Because | | | | Remember with your website, less is more. |
| you want to make sure that you will be able to | | | | • If you are selling, put pictures of |
| refinance and get out of your loan. Remember, if your | | | | your houses. The more information that you provide |
| goal is to do a cash-out, you need to make sure you | | | | for people to look at independently, the more sales you |
| will be able to do so. You also need to make sure that | | | | will make. • Make it easy for your |
| you stay in touch with your mortgage broker | | | | prospects to contact you. If people are visiting your |
| throughout the process. This way, if anything changes, | | | | website, they are interested in the services you offer. |
| you will know about it right away. For example, you | | | | Because people tend to be impulsive, you want to |
| can make sure that you know what programs that | | | | make sure they have a way to contact you |
| your mortgage broker has, and what you qualify for. | | | | immediately. 4. E-mail Blasts -- This technique is |
| There may be a new program that comes out that is | | | | typically used when selling properties. It is very |
| more advantageous for you, or the program that you | | | | effective, whether you are selling to homeowners, |
| may have thought you were using may no longer be | | | | investors or people looking to rent. Simply put, you |
| available. Either way, you need to be informed of all of | | | | gather their e-mail addresses and whenever you have |
| your options. By the same token, if anything changes | | | | a new property available, you send an e-mail to your |
| about your financial or employment situation, you need | | | | list to let them know. Here are a few things to keep in |
| to let your mortgage broker know as soon as possible. | | | | minding when sending an e-mail blast: |
| The changes may not affect your ability to close on | | | | • Don't send unsolicited e-mails. If the |
| your refinance, but they may. You may have to | | | | person has not signed up for your e-mail list or asked |
| pursue a different strategy, and it is good to know this | | | | you to e-mail them, don't do it. This is called spamming |
| in advance, rather than at the last minute. This Actually | | | | and Internet service providers take it very seriously. |
| Makes Sense. Yes, it does make sense to be | | | | • When sending out a mass e-mail, |
| informed when you are purchasing an investment | | | | put all e-mail addresses in the BCC field. |
| property (or any major purchase). But remember, you | | | | • Before sending a lot of e-mails, |
| should be proactive, as well as informed. Legitimate | | | | look into an e-mailing program. I recommend one that |
| businesspeople will not have a problem with you asking | | | | allows you to send both text and HTML e-mails. There |
| questions or being involved. In fact, we welcome this. It | | | | are some now that also offer shopping carts and |
| shows that you are concerned, involved and take | | | | merchant accounts that will allow you to take deposits |
| responsibility. While everyone involved in the process | | | | and earnest money online. • It is |
| does what they can to ensure that everything runs | | | | important to include as much specific information about |
| smoothly, this is not guaranteed. But, if you remain | | | | the property in the e-mail as possible. In fact, try to |
| involved, there are few surprises and you are well | | | | include a picture. This will allow your potential clients to |
| equipped to handle anything that does come up. | | | | view the house before they speak with you. In fact, by |
| Because, at the end of the day, this is your property. | | | | the time you speak to them, they may be ready to |
| Overcoming F.E.A.R. Most of us have heard what this | | | | move forward. Of course, there are many more ways |
| acronym stands for: F - False E - Evidence A- | | | | to market your real estate business. But, I suggest you |
| Appearing R - Real A lot of us don't realize how this | | | | start with these four methods first. See what works |
| can truly impact our life. In real estate investing, as in | | | | for you. The more methods you implement, the more |
| any venture in your life, you will have to step out on | | | | successful you will be. Follow these high powered |
| faith. This simply means that you believe that | | | | marketing tips and you will create a six-figure income |
| something good will happen; that you will be able to | | | | real estate investing business in just six months. |