Author Archive
How to Get a “Yes” to Your Offer
Posted on September 10, 2012 by“An agreement cannot be the result of an imposition” ~ Nestor Kirchner
Imagine. You have a hot lead in your hands that could make you thousands in the next 30 days. Tens of thousands. Appears to be a decent house. Needs a little updating. Good neighborhood. Great schools.
But the owner tells you he’s talked to other investors. He tells you, “Don’t bother to come if all you’re going to do is make a low offer.”
So…do you go? Even if you’re going to make a low offer.
The answer is yes. Always yes.
You’ll go because you’ll get a ‘yes’ to your offer. You’ll be prepared. You’ll do your due diligence and analyze the numbers. And unlike the other investors, you’ll have a tool that will explain the numbers, explain why your offer is reasonable. Your tool will negotiate for you. In fact, you will become the seller’s advocate. You’ll try to make the numbers work, for both of you.
Even if your offer is tens of thousands less than the seller wants out of his house, you will get them to say ‘Yes.’ Read More→
Want an Estimate on that House? It’s a Snap!
Posted on August 6, 2012 by“Knowledge is of two kinds. We know a subject ourselves, or we know where we can find information upon it.” Samuel Johnson
This looks like a great place to invest. There are decent cars in the driveways. Lawns are mowed. Flowerbeds are neat. I feel safe. Houses don’t look too expensive and would probably cash flow. I wonder what that great little Cape Cod with the white picket fence is going for?”
Well, now there’s an iPhone app that can tell you that, and more.
Homesnap is a free app that you can use on your iPhone and iPad. Just snap a picture of the house and it’ll give you an estimate of the house’s sales price, tell you how many bedrooms and baths it has, its square footage and even what schools are associated with the house. And if you know me, you know that I really care what school district a house is in – because my tenants and buyers really care about schools, too. Read More→
This App Will Save You Money on Your Next Rehab
Posted on July 3, 2012 by“We should not only use the brains we have, but all that we can borrow.”
Thomas Woodrow Wilson
One of the scariest things for new – and even experienced – investors is estimating the cost of repairs on a prospective investment property. If you’re off by even a little, it can cost you thousands in profits. If you’re off by a LOT, well, instead of walking away from the closing with a check for thousands, you might be bringing money to the table.
Finding a reliable contractor is a good first step. (Hint: go to your REIA meetings and network. Ask for recommendations. Interview several.) But the best way to know that you’ve got a good estimate is to become familiar with determining what repairs are needed and how much they cost.
So where do you start? One of the best apps I’ve seen to guide you through this process is the Home Builder Pro Calcs app. (At press time, this app costs $4.99 on the App Store and can be used on the iPhone and iPad.) Read More→
