What is your attitude about becoming a real estate investor?
I hate to bust your bubble (actually, no I don’t), but it takes a LOT of hard work to become successful in this business.
Do you really want to put in the work? Are you willing to knock on doors, talk to neighbors in the street, and sit down at kitchen tables?
Most new investors today are lazy. They aren’t dedicated enough to put in the hours, blood, and sweat to make those goals a reality. They want their easy, comfortable lifestyles and aren’t willing to work outside of the usual 9-5.
Do you know when sellers are usually out of the house? 9 am to 5 pm. So why are you expecting to contact them when they’re out at work themselves?
You have to be willing to burn the midnight oil in order to succeed. When you make that change, you’ll have a market all to yourself.
For all your real estate investing education needs, visit LarryHarbolt.com
Good Luck and Happy Investing!
Today want to emphasize just how important it really is to take a step back and think your entire deal through. When you look at a house, what exactly do you see?
Do you just see bricks or siding and a door?
Or are you seeing a cash-flowing asset that can supplement or replace your income?
Every property is a tool to build wealth and improve you and your family’s lifestyle. It’s important that you see MORE than just dollar signs with each opportunity you come across. You need to think about the exit strategy for each deal.
Remember: “Until you know where the back door is, you don’t go through the front door.”
For all your real estate education needs, visit LarryHarbolt.com.
Good Luck and Happy Investing!
I’m seeing too many people overpaying for properties today, well after the Recession hit the real estate market in 2008. Today’s market conditions are what we call a “seller’s market”; home prices are going up and keep rising. Most investors don’t qualify for conventional financing from banks, so they’re finding other sources of funding with higher interest rates. Another issue is that properties are only staying on the market for a short time. Before the downturn investors could put in a full-price offer, but were rejected because sellers knew that the next day they’d get an even higher offer.
Have you ever been to a real estate auction? Most investors there have no real limit or budget and constantly overpay. You MUST know your numbers! If you don’t know the numbers, don’t buy it. Without that information, done accurately, you will continue to lose money in this business.
Sometimes, when I’m bored, I’ll watch one of the popular flipping shows on HGTV. These so-called “experts” are just guessing at the numbers, without really understanding their own market or the neighborhood of the property they’re looking to buy. They’ll either offer full asking price or just under, and they ALWAYS end up paying beyond their rehab budget and go beyond their original timeline.
This is because they DID NOT KNOW THE NUMBERS. They just guessed and ran with it, throwing dollars at the deal and assuming they would make a huge return. That rarely happens, if ever.
STOP OVERPAYING FOR PROPERTIES!
Visit us at LarryHarbolt.com for all your real estate education needs.
Good Luck and Happy Investing!
Today I’m covering all the nuances and steps for the "wrap-around mortgage". A wrap-around mortgage is a loan arrangement in which an existing loan is retained, and an additional, larger loan is then created around it. The new lender agrees to make payments on the existing loan, which usually has a lower interest rate than the new loan being added. In the end, the rate on the new loan produces a higher yield than the old loan currently attached to the property.