Live & Flip

Property Manager part 1 “Finding New Property Managers”

Many of us have chosen to utilize property managers for our rentals. Its a pretty big industry that has a surprisingly low barrier to entry. This means that just about anyone can be a property manager. So how do you find them and pick the best one. Here is a small list my agent and I came up with. Its certainly not exhaustive. Finding a new Property Manager There are two main and very obvious ways. Google and word of mouth. Google can be very useful when finding information on pro...

Silly Bank Profits are for Investors

I just sent an offer out for a property in my target area. $550 above listing. So why bash the banks as wasteful? This is the same property I bid on almost exactly 1 month ago. It was in short sale back then. The bank refused to go below their asking price. Now it is bank owned and listed for 5k below my original offer. Since there is one other bid out there, I am bidding just a hair above. Still its 4.5k below my original offer. I'm sure they have a valid reason (okay maybe not), but I...

Good Networking

I finished my refi on Friday. Took about an hour. I had to sign three sets of loan documents. You can guess what my signature looked like at the end. I brought in bagels for the loan office and you would have thought I brought in lost puppies. They were a huge hit. Doesn't anyone do those type of things anymore? Over my Asiago Cheese bagel my broker and I had a great chat. We discussed purchasing properties like my first two rentals. Only this time, I'm in control of the transaction. ...

Talk to Strangers

I was riding the bus to the airport the other day and started a conversation with the lady across from me. Its nothing new, I love to chat with folks and hear their stories. I'll be the first to admit, this is very easy for me, but I know other folks have problems talking to buyers, sellers, strangers. As with anything in life, it gets easier with repetition. So here is a way to get better at your nemesis. Start talking to random folks you run into during the day. Here's how you open. Fi...

Little Yellow Notebook

Do you have a little yellow notebook? I'm talking about that little book that you carry around with you everywhere you go. Its always within grasp and its a great companion towards success. I know most of you have heard about it. Want to utilize it to the best of its abilities and yours? Here's what you do. Take that notebook everywhere you go (make sure you have someway to write). For you tech savvy type, use your blackberry, droid or Iphone. Anytime and every time you have a flee...

Calibrate you life, Now!

I read posts and I listen to folks who talk about the future in such odd ways. If I just made an extra $500 dollars a month I could put that into savings. If I just had 2 more hours in the day, I could accomplish my goals. When I'm successful, my money issues will be solved. I just need to get that promotion, sell that widget, finish this big project. I have a newsflash for you, your absolutely wrong. How in the hell can you be expected to handle more money, and time when you can't handle it ...

House Repipe

Apparently repipe is not a word according to Microsoft word, but that’s essentially what just happened at my house yesterday.  I mentioned previously that much of the 55 year old piping had corroded to the point it could not be removed or added to very easily.  I decided to do a complete house repipe.  I talked the contractor down to a very good price of $1800.  While that may seem ridiculously low, I should explain a few things. First he used a new pipe http://www.pexinfo.com/.  Its been around...

Mastermind

On Tuesday night I had another great mastermind meeting.  What is mastermind?  A mastermind group is a gathering of like minded folks looking to better themselves. Not to impressive looking in, but its an amazingly powerful tool if used right.  Here's how it works. On a regularly scheduled interval.  Say once a week, you meet up either in person or via phone conference like we do.  The group then goes into a brainstorming, motivational, goal setting, problem solving, life enriching session.  ...

Networking

As I continue to learn the game of Real Estate,one item keeps cropping up over and over again.  Networking.  I am beginning to believe that is the single most important aspect to do well in this field. Networking is how you find the folks to get started, how you find the members of your team, how you find deals and sell deals. Let me give you a scenario that just happened to me about 30 minutes ago.   I get home and notice that the abandoned property to the north of me has a truck parked o...

Peace of Mind

I had my security system put in yesterday.  The main reason is simply peace of mind.  My neighbors all have security systems or at least signs for security systems.  Crooks generally take the path of least resistance, the house with no security system.  That left me more vulnerable then if none of my neighbors had one.  Since my neighborhood is still recovering from some of its dark days, it was really a no brainer.  It took the gentleman about 4 hours to install.  Fairly professional job.  Ever...