Top Ten Real Estate Investor Steps
How Our Students Got It Right
I’m a real estate investor working my own business and a mentor for the Real Estate Profit Coach. I travel the country teaching at real estate educational seminars. I also work with our students on-site and assist them in building their real estate business.
I had the great pleasure recently to interview during a teleconference two of my successful students, George and Judy Staples. They moved to the Waco, Texas area last year from New York. Their plans were to retire and create enough income through real estate to give them freedom in retirement. They call it the business that allows them to lock their door and go travel.
Their primary buying methods are the monthly foreclosure auctions, for sale by owners or driving for dollars, and they just added new construction. They successfully purchased and flipped 2 Waco area foreclosures for a profit of $50,000. They bought an out of state new construction townhome by offering a cash deal and quick close with a significant discount at month end, believing the builder would need the cashflow for the first of the month. And he did! Their son helped them put eyes on the out of state property.
They formed a relationship with a local bank and are able to refinance their deals quickly, pulling all their initial investment out of the property immediately. Fantastic!
They plan on adding tax liens to their buying portfolio. Terrific! They have set up Coverdale education savings account for their grandchildren, and plan on using the accounts in their new tax lien venture. Their grandchildren are fortunate indeed!
OK, let's get down to the good stuff:
The Top Ten Steps To Success According To George and Judy
- Buy low, sell low. Leave enough meat on the deal for the next guy to ensure a quick sale.
- Don't fall in love with the house. Numbers rule.
- Have an exit strategy in mind before you buy the house.
- Research everything. Property values, liens that will survive foreclosure, repairs needed.
- Use multiple approaches to find properties.
- Don't buy any property you haven't seen. Or had someone you trust put eyes on it.
- Spend quality time every day on some aspect of your life.
- Build your team. You are not in this business alone.
- Get involved with your local real estate investment clubs. This is a key part to building your team and networking.
- If you are having trouble getting started, get a coach. I totally agree, not just because I am a coach, because I use them in my life to move me forward. Think about it in terms of how much NOT having this help would cost you.
I am so proud and happy for George and Judy. They are living the life they want to live!