Archive for May, 2011

Assembling the Right Team

Wednesday, May 11th, 2011

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Real estate investing is attractive to those with the means and time – especially right now, since it’s a buyer’s market. There are key things, however, that one must understand about real estate investing to ensure that the venture is profitable. Buying properties that will provide you with adequate profit margins is important, but once you buy the right property, you need to build the right team.

It goes beyond having a reliable handyman to help fix a leaky sink or replace a window. Identifying professional and skilled contractors such as electricians and plumbers who will get the job done right – and timely – is critical. You will meet plenty of contractors who offer impressive bids, but once awarded the project, they simply disappear. This can wreak havoc on your budget if your objective is to quickly fix up and sell the property. HomeVestors® independently owned and operated franchisees may be able to offer recommendations of reliable contractors in your area.

Understanding the tax implications of your decisions is something you need to understand about real estate investing. Hiring a tax accountant that has experience in working with real estate investors will save you money well beyond their fees. Not only are they aware of the federal tax laws, but states and sometimes cities have certain taxes and fees that if improperly managed, can take a considerable bite out of your bottom line. A seasoned tax professional can keep you informed of critical changes. If you do not know a tax professional, ask your local HomeVestors® franchisee for possible recommendations.

You should also find a good bookkeeper who can help with payroll, billing and keeping your financial records in order before you turn them in to the tax preparer each quarter – or annually.

Finally, it is important to develop a relationship with a lender who understands the business of real estate investing. Investing in real estate requires quick access to funding when you locate the right property for purchase.  HomeVestors® franchisees are generally familiar with local banks or other funding sources that specialize in working with real estate investors.

One of the top things you need to understand in real estate investing is that no man is an isle unto themselves – they need a solid support team of professionals who can help you keep your business venture on the right course.  Having HomeVestors® on the team will help provide you with the right foundation

You have attended a real estate seminar, now what?

Tuesday, May 10th, 2011

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Real estate seminars can be a great way to determine if you have what it takes to succeed as a real estate investor.  They are also a great way to learn more about the pros and cons of real estate investing. With advances in technology, a variety of different types of seminars are now available. Training includes face-to-face meetings, online materials, CDs and books, in addition to teleconferences, self-pace online tutorials and webinars. These programs may last only a few hours or several weeks.

The key question is what steps do you take once you finish with the seminar?  Becoming a real estate investor is more than just a simple tutorial or training – it takes experience. As such, it’s important to understand what you are going to do once you get in the “field.” While it sounds overwhelming, in reality, it is not.

There are several decisions you must make as a real estate investor, which include:

  • Determining the type of property you want to invest in;
  • Deciding whether you’re going to hold it for yourself, sell or rent the property; and
  • Identifying the best strategies for your real estate investing goals.

Thankfully, the experienced Development Agents at HomeVestors® can help you to make these critical decisions.  Seminars are reportedly created to prepare you for almost everything; however no training can predict specific market conditions or the type of people you will meet. In the real world day-to-day business of real estate investing, you will encounter situations not covered in your training. HomeVestors® Development Agents can help you navigate these choppy waters with advice regarding local market issues, funding options and tips to sell your property.

Both experienced real estate professionals and beginners in this business will always have one thing in common – they should never stop learning. Real estate investing is a risky venture and success depends on many factors. Neglecting just a small detail can lead to headaches. Therefore, it is recommended that every inexperienced real estate investor start slowly. Working with a local HomeVestors® Development Agent to mentor you will go a long way toward building both your confidence and practical knowledge.

Remember that information is the greatest treasure and if you have it, it will help you chart your path to success.

The importance of Real Estate Investor Training

Monday, May 9th, 2011

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Who needs real estate investor training? After all, you have seen all the infomercials and read a book or two by the latest real estate guru.  You are ready, right?  Maybe.  But chances are, probably not.  Real estate investing is complex and not for the inexperienced or faint of heart.  HomeVestors® of America can help you put your real estate investor training or self-study into full fledged action, helping you in your quest to achieve your financial goals.

Any type of investment can result in costly mistakes when you lack real world experience. This is especially true if you do not know all the important facts and cannot identify the right opportunities. Everything might appear to be simple, but many times, things aren’t as they seem.  In reality, it requires more than just picking the cheapest real estate property to make a “good” investment.  Good training should consist of step-by-step facts, not just empty stories, false promises and pure theory that you can read in any book, which is why real estate investor training through mentoring offered by seasoned HomeVestors® Development Agents is a great way to enter this business the right way.

HomeVestors® mentoring offers an opportunity for a new franchisee to meet other more experienced HomeVestors® franchisees, and learn how to make money with a smart investment strategy. HomeVestors® independently owned and operated franchisees share information about how to recognize what property is worth the money and how to be a good landlord if you decide to build a portfolio of rental properties.  HomeVestors® primarily handles single family homes, but occasionally will get involved with apartments, townhomes and condos.

It’s challenging when you have to transition what you learn in your real estate investor training, into action. It helps when you have the mentoring of an experienced HomeVestors® Development Agent who is willing to share their knowledge with you since despite your real estate investor training, you may face many disappointments and setbacks. A good coach can help teach you how to avoid the most dangerous mistakes in this business.

Give your local HomeVestors® office a call and learn more at 1-800-704-6992.

 

Top 20 Franchises in Buy Closings

Friday, May 6th, 2011

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Please join us in congratulating our Top 20 Franchises in Buy Closings by Volume from October 1, 2010 to March 31, 2011.

Corporate Properties, Inc. Denver William & Michael Hoff
Hi-Land Properties, LLC West Palm Beach Donald Cameron
C&C Residential Properties, Inc. Dallas Chas Carrier
WFI Properties , Inc. Houston Rickey Williams & Rickey Williams, Jr
Wiley Properties, LLC Newark Jim & Jeanne Wiley, Bill & Robin McKenna
SNL Realty, LLC Chicago Scott & Lauren Gottlieb
WinWin Properties, LLC Boston Aaron Katz & Jeremy Gavin
WERREG , LLC Richmond Scott & Lauren Gottlieb
Advantage House Buyers, Inc. Houston Eddie & Debbie Gant
Gallop Solutions, Inc. Minneapolis Tom & Rebecca Bolin
K2NC , LLC Washington , DC Eric & Sheila Konecke
Alliance Realty Services, LLC St. Louis Keith Immken & John Nixon
Evolution Properties, Inc. Dallas Mike & Lindsay Hambright
King and King Properties Tulsa Bucky King
Riverhouse Investments , LLC Milwaukee Mark Fitzgerald & Robert Sturrock
JIG Holdings, LLC Norfolk Scott Jelinek
Herman Capital Corporation Minneapolis Ross Herman
Mull Properties Oklahoma City Michael, Richard, Scott, & RT McLain
Kepalt Investments , Inc. St. Louis Steve Tlapek
PTR Investments, Inc. Norfolk Troy & Patti Robertson

 

Congratulations on your hard work and dedication!

 

It’s NOT the House; It’s the Seller!

Tuesday, May 3rd, 2011

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How many times have you been out driving and found the ugliest house on the street and thought to yourself, “I’ve got to have that house!”? As real estate investors, we spend a great deal of time talking about the perfect investment property. Where is it located, how many bedrooms does it have, when was it built, how big is the lot? And when we find it, we scrutinize its condition to determine the needed repairs. But aren’t we forgetting something? What about the seller?

I’ve got news for you. You can spend every waking moment looking at a house that you want to buy, but you never will if you do not have a relationship with the seller. Behind that structure of sticks and bricks is a human being that does not care what you think about the roof or the heating system. They have a problem and, at least for the moment, you are the only person they are looking to for a solution.

The amount of time you spend listening to a seller and their situation is a critical step and can influence whether or not they will accept your offer. Most sellers that sell to real estate investors have a reason they called the real estate investor instead of a real estate agent. They have a problem to solve and most of the time they want a real estate investor who is compassionate and concerned about helping them solve their problem. So the next time you arrive on your appointment to look at a house, sit down first with the seller and just listen before you do any looking. You be will surprised at the results!
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Rob Caldwell is a Development Agent with HomeVestors® of America and is based in Lake Lure, North Carolina. Rob’s role is to recruit, train and support HomeVestors franchise offices in North and South Carolina. Since 2004 Rob has bought more than 100 houses through the “We Buy Ugly Houses®” franchise system. If you are interested in a HomeVestors franchise in the Carolinas, contact Rob today! Rob.Caldwell@homevestors.com or 828-625-5836.