Having a spouse or a partner involved with you in your real estate business can be a real asset provided you follow some specific guidelines. Having the support of another person in your business is definitely going to be a big help whether or not they are directly involved in the business.
If you have a spouse or a partner who is interested in being involved in the business with you, there are some specific rules I would suggest you follow. The first of those is to formulate a plan as to who is going to do what. The best way to do this is to decide the strong points of each person and let them handle that part of the business. For example, in my personal business, my husband handles the tenants and the contractors since he is “tougher” than I am. I handle everything having to do with paperwork and finances because those are my strong points. Then leave the other person to do their jobs without interfering.
We also take time to have a “meeting of the minds” once a week.This gives us the opportunity to get caught up on what each of us is working on. That way both people know exactly what is going on with the business.
Working together can be a real opportunity for your business to grow. It takes team work and a sense of trust for two people to work together in a business. One person can’t do it all. Define what your jobs are going to be and let your spouse or partner be the best they can be at those jobs they choose.
Be willing to jump in and help when one or the other of you is feeling overwhelmed. But also make sure you leave time for yourselves that is not business related. You can get to a point where everything you do revolves around your business. Make sure you leave yourself time for other activities. This will allow both of you to be the best you can be for each other and for your business! For more information on working as team, visit us at Marketingmagiclady.com
When you are getting started in the real estate business, putting a marketing plan in place is going to be one of your first priorities. This will be the main thing that will separate you from your competition.
Don’t be afraid to do what those around you will not. Dare to be different and consistent in your marketing efforts and the results will be amazing. Niche your marketing and become an expert in your market place. Become educated within your market place so you know your property values and your target market.
Next, figure out what your marketing budget is and which marketing strategies will reach the highest number of sellers within your budget. For example, it may be signage, business cards, direct mail, flyers, ads, or a combination of these. You should always have between three and five marketing strategies in place at any given time so you are reaching the largest segment of your market in a variety of ways.
Be aware of the special problems of your market. Are there a lot of layoffs? Are there a lot of folks who are part time residents? Is yours a very high end market with a lot of luxury homes? Discover these special differences and market directly to them. Figure out what it is that everyone before you has done and do it differently. For example, in my market almost no one does direct mail on a consistent basis, so I have made this my personal niche. By doing this, there is virtually no competition for properties whatsoever.
Set specific goals for your business and strive to meet those goals each and every day. By doing this, you are planting seeds of success for today and for your future. For everything you need to know about locating motivated sellers, visit us at marketingmagiclady.com.
Developing your team to help you get your business off the ground is one of the most important things you can do for your business. Your dream team is going to consist of the people who can help you get your deals closed and sold quickly.
Your dream team needs to include first and foremost a title agent and/or a real estate attorney. This person is going to help to make sure your deals close quickly with a clear title. A real estate attorney can also help you to solve a lot of problems that can arise during a closing, such as a title gliche, a survey problem, or estate and probate problems, just to name a few.
Some of the other people you need to have on your team include a surveyor, a pest control company (for those states that have termite inspections) private or hard money lenders, and an insurance agent. These are all people you need to have in place to help you get your deals closed quickly.
Your ability to close a deal quickly may make or break a deal for you. There have been many times where I was able to work with a seller instead of another investor because I was able to close within days instead of weeks.
Another reason you want to have your dream team in place is because they will work together for you without you having to be involved in any of the headaches of a closing. It is rare that I am even involved in any of the details until the closing date.
You’ll also want to have your dream team in place to help you to sell quickly. The members of this part of your team may include a realtor, a sales person of your choosing, a mortgage broker to get people qualified for you, and a good rehab crew to get your properties ready for sale. Other members of your team may also include wholesale buyers who will purchase properties from you without you having to do any of the rehab. This is a good way to make money quickly in the real estate business.
Once you Have your dream team in place, you will be able to do more deals more quickly and easily than you ever imagined. For more information on building your dream team, visit us at marketingmagiclady.com.
There are several rather unusual ways that I like to use to locate motivated sellers. One of these is to contact auction houses and work with them on purchasing homes. Many times an auction house will be contacted by an heir to sell items remaining in a property to settle an estate or to simply get rid of things remaining in the property after they inherit it. The next item of business to get the property sold as well. You can make a deal with the auction house to contact you when these situations arise. If you offer a fair price and the auction house gets paid a commission, this is a good way to buy houses no one else knows about.
Another unique way to buy houses that no one thinks about is to contact local attorneys in your area who handle estate, probate, family, and business law. Quite often someone will come to them with a probate situation or a divorce situation or a bankruptcy situation that they need handled. Very often, these cases also include the need to sell a property quickly in order to liquidate assets. If you do what you say you are going to do and offer a fair price, these attorneys will continue to send you leads. This is one of the ways that I use in my business to bring in new leads.
Another way to find motivated sellers is to contact mortgage brokers who deal with private lenders. I have personally purchased several foreclosure properties this way. A private lender would just as soon sell a property they have had to foreclose on to you as they would rehab it themselves or sell it conventionally. This is an excellent way for you to get leads coming into your business, especially if you are just getting started. Very often the same private lender who had to foreclose will finance the same property for you if they see that you are going to get it sold and get them paid off.
As a real estate investor, you always want to be finding new ways to locate properties no one else knows about. For all you marketing solutions, visit us at marketingmagiclady.com.
Wholesaling properties is one of the best ways I know to make a fortune quickly and easily in the real estate business without using a single dollar of your own money. If you need to make money quickly to pay bills today or you are just getting started in the real estate business, then wholesaling is the quickest and safest way to do it.What we mean by wholesaling is putting a property under contract significantly under its’ value and then reselling the contract to someone else for a profit. They then close on the property instead of you. There are a lot of great reasons to wholesale a property and a lot of great reasons to buy a property from someone wholesaling it.
Generally speaking, when you wholesale a property, it usually needs a lot of work. If you still have a job or you don’t have contractors to do work for you, wholesaling a property is the ideal opportunity for you to still buy ugly properties and make money. If you wholesale a property to someone and you leave them enough room to make money, this is an ideal way for a rehabber to buy properties also. They don’t have to do any marketing to get them but they still get a great deal.
One of the ways for you to find lots of motivated sellers who have ugly properties to sell is to simply drive around and find vacant, ugly houses. I will tell you that the harder the seller is to find, the better deal you’re going to make. Generally speaking, there is no competition for these properties whatsoever. A lot of the time, these are properties that are part of an estate, or maybe a land lord who is tired of having his property trashed so he just gives up altogether. Another reason you’ll find vacant ugly properties is because they are in foreclosure or behind on taxes. These situations are all opportunities for you to buy properties way below their value.
One of the best ways I know to find buyers for these properties is to simply bring your deals to your local real estate club or you can run an ad in the newspaper that says
“Handy man special-CHEAP- Cash and your phone number.” Your phone will ring off the hook! The first couple of times I ran this ad I created a buyer’s list for future deals. Now I use the same people to wholesale properties to over and over. As you become good at finding these properties, this becomes a money making machine.
Another great way to find these properties is to use friends and family to help you find them. Tell them to be on the lookout for vacant properties any time they are out driving. Then offer to pay a fee when you close on one of their properties. Or you can pay them by the lead. Either way, this is a great way to find more properties than you’ll be able to handle.
Once you get your wholesaling machine in place, this is a great way to find motivated sellers and make a lot of money in real estate without using any of your own!!
For more information on finding motivated sellers, visit my website at marketingmagiclady.com.