I plan on trying it again in the future.
The complete guide to investing in foreclosures
Some make very lucrative careers of this. Complete Guide to VA Loans. TSP Loans. There are several ways to save money, delay, or outright avoid paying taxes by using real estate. One of the best ways is for homeowners with primary residences. I wrote about exchanges.
Check it out. Before you make an offer on a property, you will need a team of people in place. I call this my dream team. Ideally these real estate agents understand real estate investing. If not, they need to be taught. There are a couple things I want to emphasize about this. First of all, are you going to bother using a real estate agent.
I always have. Some people will find ways to buy property without using a real estate agent. They are worth their commission for many reasons some of which are their contacts, experience, and ability to negotiate for concessions on your behalf.
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For me, I was often buying real estate from out of state or even out of country, so my real estate agent was also my eyes and ears on the ground. A real estate agent will make a commission from you. Make sure they earn it.
Most real estate agents just want that commission, and want it fast. There is a mismatch in incentives between a real estate investor and a real estate agent. Investors want to make multiple low offers on lots of properties hoping that eventually someone accepts their offer. You need to find the ones that are. My real estate agent in Montgomery made lots of comments like this when I first starting working with her.
Eventually, I starting buying properties and she slowly started getting commissions from me. She got to understand real estate investing and the unique needs I had as an investor.
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I ask the real estate agent to take additional pictures of the property on her phone and send them to me. Again, either a real estate agent is willing to do what you need them to do, and you keep them, or they are not, and you get rid of them. No middle ground. Their commission is high. But I have twenty now. In real estate investing, finding a great management company is one of the most important things in ensuring success.
I can tell you from experience, when you know how to find a good management company, they are worth their weight in gold. Many of you have had experiences with bad management companies or heard other talk about it. I have fired two management companies myself. The first thing I feel is important is looking at their fee structure. How will they charge you? Compare it to other management companies in the area.
One important factor to consider is how do they charge for putting a tenant into the property for you? Also, how do they charge for having a tenant renew a lease?
What is a foreclosure?
These fees are important to think about. Another important thing to consider is how does it work if you are unhappy with their service and want to stop using them? This even applied to being unhappy with their service. I took that part out of the contract. I later ended up firing them. At this point, I go to their webpage and Facebook page and look around. I see how easy it is to navigate. I see how good a job they do describing the properties and taking pictures of the houses. Also, how quickly they move from email to getting you on the phone and having you look at a property. How efficient are their systems?
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Then, I ask a bunch of questions about the property and see what questions they ask me about my income and situation. Next, I may be act difficult and see how they handle it. If I get voice mail, how quickly do they call me back? A big problem would be not getting answers by email and not getting through to a person by phone. Before I buy a property, I make sure my management company approves of it. There are two different considerations here. One is the house. Will tenants like this house?
Will they like the floor plan or the flow of this particular house? The management company knows this better than the real estate agent or my inspector.
How do I get a good deal on a foreclosed home?
They know because they show houses to tenants all the time. Next is the location. Even if I know this company manages properties in this general area, sometimes one particular street can be bad, and the next street over can be great. These are differences only a management company would be privy to. This is where a management company can really help with real estate investing.
I negotiated with my property management company for them to supervise large rehab projects for me. They arrange for and supervise all the work. This has been key to my success. The trickiest part of long distance real estate investing is arranging for and supervising rehab projects from long distance. This is what stops most people from investing long distance.
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