We just got back from St. Thomas and had an amazing time. Nothing like a little 85 degree weather to get you completely rejuvenated. While we were gone we sold 2 of ours deals and have another investor interested in the other 2. It seems like when we go out of town, business explodes. Murphy's Law never seems to fail. The best part of the trip was that we thought we were going to have Internet and email, but when we arrived we had no Verizon signal. We checked our email twice while there (on the resorts dinosaur of a computer, I think it was actually dial-up) and had no phone service. We got back Thursday night, sorted through all the messages, wrote the contracts and now have decided to leave again.
I just booked 4 nights in Panama City Beach for Christmas weekend and then booked 3 nights in Myrtle Beach for New Year's weekend. I know we'll have phone and Internet in those places, I pray for the same results. It never seems to fail. We get so busy when we go away. I told Christa that we need to commit to going away on short trips more. So that's what we are doing.
With Real Estate investing, all you need are deals. Once you are in control of the deal, all you have to do is market it. You can market it from pretty much anywhere in the world. You can even sell it from anywhere in the world. The attorney closing these deals has my wire information and we can sign the docs via email and overnight them back. We don't even attend closings anymore. The 2 deals we made are closing on 12/30, we'll actually be in town on that day, but I still won't go to the closing. I'd rather print the docs and overnight them back, then check my bank account from the comfort of home.
Working smarter beats working harder any day! Christa and I both work very hard and are dedicated to doing the best we can, but there's no need to reinvent the wheel and make life any more difficult and stressful than it already is. For the rest of the day today, I'm looking at the kids 2010-11 school calendar and planning all the 3 and 4 day weekend trips I can. My goal next year is to travel every opportunity we have. There's something about being out of town that just feels good. When you're making money at the same time, it feels GREAT!
I hope everyone has a Merry Christmas and Happy New Year. My next post will probably be from Myrtle Beach in 2010!
Monday, December 21, 2009
Tuesday, December 8, 2009
I'm in Atlanta, but my mind is in St. Thomas!!
I just sat down trying to figure out what to blog about today, but can't seem to get my mind off the weather. Today is cold and rainy in Atlanta and I cannot wait to get on a plane on Sunday and fly to St. Thomas. There's nothing like the beach and I definitely need it. I'm recovering from Bronchitis which has since been diagnosed Pneumonia and need some sunny warm weather.
I really appreciate being able to take trips like this. Real Estate Investing has been a Blessing to my family. It's been rewarding financially and personally in that it allows me to travel freely without being tied down to a 9-5 job. My goal is to get out of town with the wife and kids every 5-6 weeks or so. It doesn't matter how long the trip is, it's always good to be able to just pick up and go. Last weekend we went to Pigeon Forge, TN to see the Christmas lights and shows at Dollywood. We ended up getting snowed into our cabin and just had an amazing time with the kids sledding and having snowball fights. Fortunately the cabin didn't lose power and we had heat, food, Internet, even a hot tub and a pool table. The cabin was amazing, I couldn't imagine being "stuck" any place better. We didn't make it to Dollywood, but it was a fantastic trip regardless. We're unpacking the cold weather gear and digging out the beach gear.
The best part of getting away is that we still were able to check messages and email and conduct our Real Estate business. It doesn't matter if we're home or in Orlando or in St. Thomas, we can work from anywhere. All I need is Internet access and I'm home free. There's not many resorts around that don't offer Internet access. Being in this business allows me the freedom to set my own schedule and earn the money my family deserves.
Even when I'm home I sometimes feel like I'm on vacation. Let's look at what I have done so far today. Today, I woke up, got the kids out the door for the bus at 7:35, had some quiet time reading Scripture with my coffee. I then checked email, posted some Tweets and was at the kids school by 11 to read to my son's first grade class. I had lunch with my second grade daughter then went to Chile's with my wife (I don't really eat lunch with my daughter, just sit and talk to her while she eats). I got back home around 2:30, checked the mail and am now writing this blog post. It's 3:37, the bus just pulled up so the kids are home. They'll sit down, do their homework and then I'll do something with each of them. I think Preston wants to put together another one of the Star Wars Lego's he got for his birthday, not sure what Peyton wants to do. After that, we're having my parents and Christa's grandparents over for dinner then the wife and I are going to see a movie (I think the new one with Sandra Bullock in it).
I used to get up at 4am to deliver potato chips. My life was scripted by my job. Not anymore! We make more money than we ever have (there are always Real Estate deals in EVERY market) and pretty much work less. I don't see why more people don't do what we do, it boggles my mind. There's nothing holding you back but yourself. Stop making excuses and take your life back.
Go to our website, www.richandchrista.com, check it out. There's a ton of free information there to sift through. Educate yourself and then make a deal. We don't sell anything except deals. Most of the Real Estate "Gurus" sell products, that's how they make their money. We make our money doing the deals they talk about. I'm not going to try and sell you something you do not need. I make money when you make money. The more deals we all do, the more money we all make.
As always, feel free to comment or shoot me an email. I look forward to helping you reach your goals.
I really appreciate being able to take trips like this. Real Estate Investing has been a Blessing to my family. It's been rewarding financially and personally in that it allows me to travel freely without being tied down to a 9-5 job. My goal is to get out of town with the wife and kids every 5-6 weeks or so. It doesn't matter how long the trip is, it's always good to be able to just pick up and go. Last weekend we went to Pigeon Forge, TN to see the Christmas lights and shows at Dollywood. We ended up getting snowed into our cabin and just had an amazing time with the kids sledding and having snowball fights. Fortunately the cabin didn't lose power and we had heat, food, Internet, even a hot tub and a pool table. The cabin was amazing, I couldn't imagine being "stuck" any place better. We didn't make it to Dollywood, but it was a fantastic trip regardless. We're unpacking the cold weather gear and digging out the beach gear.
The best part of getting away is that we still were able to check messages and email and conduct our Real Estate business. It doesn't matter if we're home or in Orlando or in St. Thomas, we can work from anywhere. All I need is Internet access and I'm home free. There's not many resorts around that don't offer Internet access. Being in this business allows me the freedom to set my own schedule and earn the money my family deserves.
Even when I'm home I sometimes feel like I'm on vacation. Let's look at what I have done so far today. Today, I woke up, got the kids out the door for the bus at 7:35, had some quiet time reading Scripture with my coffee. I then checked email, posted some Tweets and was at the kids school by 11 to read to my son's first grade class. I had lunch with my second grade daughter then went to Chile's with my wife (I don't really eat lunch with my daughter, just sit and talk to her while she eats). I got back home around 2:30, checked the mail and am now writing this blog post. It's 3:37, the bus just pulled up so the kids are home. They'll sit down, do their homework and then I'll do something with each of them. I think Preston wants to put together another one of the Star Wars Lego's he got for his birthday, not sure what Peyton wants to do. After that, we're having my parents and Christa's grandparents over for dinner then the wife and I are going to see a movie (I think the new one with Sandra Bullock in it).
I used to get up at 4am to deliver potato chips. My life was scripted by my job. Not anymore! We make more money than we ever have (there are always Real Estate deals in EVERY market) and pretty much work less. I don't see why more people don't do what we do, it boggles my mind. There's nothing holding you back but yourself. Stop making excuses and take your life back.
Go to our website, www.richandchrista.com, check it out. There's a ton of free information there to sift through. Educate yourself and then make a deal. We don't sell anything except deals. Most of the Real Estate "Gurus" sell products, that's how they make their money. We make our money doing the deals they talk about. I'm not going to try and sell you something you do not need. I make money when you make money. The more deals we all do, the more money we all make.
As always, feel free to comment or shoot me an email. I look forward to helping you reach your goals.
Monday, October 26, 2009
Positive Housing Numbers Don't Mean Recovery Anytime Soon!
I read article after article about how home prices and sale numbers are rising. These numbers are great and encouraging, but do not necessarily mean the Real Estate Market is on the path to recovery. I live in Georgia, and I see no residential construction happening. Companies that built 400-500 homes per year are out of business. Completely out of business. Everywhere I go I see vacant developed lots sitting. I could only guess as to how many there are, the number is staggering though. These lots that were selling for $35-60k are now available for $5-10k. The banks are practically giving them away. If there were ever a time to build it would be now. With lot prices so low and lumber companies begging for business, home builders should be able to build a very affordable product, right? So why aren't they?
Several reasons, first and foremost the banks won't lend the money for the construction loans. Regardless of what President Obama, Tim Geitner or Joe Biden are saying, there is practically no lending going on right now. Why won't they lend? Good question, that leads to reason number two. Banks won't lend because there is still way too much inventory on the market. Foreclosures and distressed properties (Short sales) account for around 30-35% of all current sales. In addition to that inventory, the banks know that they have over 500,ooo foreclosures that they have yet to put on the market. If there was a recovery in sight, the banks would be doing construction loans. When there is an opportunity to make money again, they will be the first to jump back in.
The final obvious reason is that first time homebuyers cashing in on the Homebuyer Tax Credit account for more than half of all sales. What will happen when the Tax Credit goes away? Everyone is sitting on the fence waiting to see what Uncla Sam does. That is the biggest problem when the government gets in the way, they do not realize that these programs do not sustain growth. Look at the Cash for Clunkers program. Auto sales were awesome in August during the program, what were they in September and October? These government programs artificially boost numbers. That's why you cannot let these numbers fool you. The Housing market is going to be in the dumps for several years. We have to clear all the distressed investory out before any consistant level of home appreciation will occur. We also have to start building homes again. That's not going to happen until banks start lending money again. Regardless, we have a long wait in front of us. Bad for the economy, good for Real Estate Investors. Real Estate Investors will continue to have unprecidented opportunity to cash in and get rich for awhile. That's why we are sticking to the Real Estate Investing business for now.
Several reasons, first and foremost the banks won't lend the money for the construction loans. Regardless of what President Obama, Tim Geitner or Joe Biden are saying, there is practically no lending going on right now. Why won't they lend? Good question, that leads to reason number two. Banks won't lend because there is still way too much inventory on the market. Foreclosures and distressed properties (Short sales) account for around 30-35% of all current sales. In addition to that inventory, the banks know that they have over 500,ooo foreclosures that they have yet to put on the market. If there was a recovery in sight, the banks would be doing construction loans. When there is an opportunity to make money again, they will be the first to jump back in.
The final obvious reason is that first time homebuyers cashing in on the Homebuyer Tax Credit account for more than half of all sales. What will happen when the Tax Credit goes away? Everyone is sitting on the fence waiting to see what Uncla Sam does. That is the biggest problem when the government gets in the way, they do not realize that these programs do not sustain growth. Look at the Cash for Clunkers program. Auto sales were awesome in August during the program, what were they in September and October? These government programs artificially boost numbers. That's why you cannot let these numbers fool you. The Housing market is going to be in the dumps for several years. We have to clear all the distressed investory out before any consistant level of home appreciation will occur. We also have to start building homes again. That's not going to happen until banks start lending money again. Regardless, we have a long wait in front of us. Bad for the economy, good for Real Estate Investors. Real Estate Investors will continue to have unprecidented opportunity to cash in and get rich for awhile. That's why we are sticking to the Real Estate Investing business for now.
Wednesday, September 30, 2009
Atlanta's Real Estate Market's on Fire!
I've heard so many agents and brokers complain that 2009 was a horrible year in Real Estate. 2009 has been an amazing year in the Atlanta market. If you are flexible, you can always make money in Real Estate. So many agents are too slow to react and too stubborn to change their business models. If you follow the market trends you will always make money. I told agents three years ago to begin developing relationships with banks and to start doing BPO's. The agents that listened are making record commissions this year. The money is in the foreclosures and will be for a couple more years. It's really not too late to start getting a piece of this business. Whether you work for the bank or for the investors, there's plenty of business to go around.
I choose to work with investors. The way I see it, I'm working with the party that is happy and making money, not the one giving their houses away. My investors are from all over. They come from California, New Mexico, Texas, New York, Florida and Georgia. They are successful because they have a couple things in common. The first thing they have in common is that they all pay cash. Cash is king when buying in this market. The banks know it and when you make a cash offer it gets priority over the others. Where they get the cash differs. Some get it from their Self-Directed IRA'S and 401k's. Some get it from Private sources, they borrow it from others in order to invest. Some just have it or get it from equity in other properties they own. The key is that they have it, and are getting amazing deals. They can afford to pay 8-10% to use someone else's money to make these deals.
Another thing they have in common is that they have an open exit strategy. Once they acquire a property, they give me time to do several things with it. We first try and wholesale it to another investor. That's how you can make the quickest money with the least amount invested. We just did this in July, August and even this month in September. We bought small brick ranches and immediately wholesaled them. They were all aquired for between $13,000-$14,300 and all sold for at least $23,000. One sold in 7 days, the longest took 15 days. The investor (actually two different investors) made a total gross profit on these four wholesale deals of $44,000. Not too bad, we turned $55,000 into $99,000 just like that.
Time to get the kids in for the night, I'll pick this up next time. There are several other things my investors have in common that I'll share. Every one of these traits make them successful. The key for you is to copy these traits or find clients that have these traits. There is a ton of money on the table right now, you need to reach out and grab your share.
In the meantime, you can go to www.richandchrista.com and find a plethora of free reports, lists and various other tidbits that will help grow your business.
Continued Success,
Rich Reynolds
Virtual Investor Agent
I choose to work with investors. The way I see it, I'm working with the party that is happy and making money, not the one giving their houses away. My investors are from all over. They come from California, New Mexico, Texas, New York, Florida and Georgia. They are successful because they have a couple things in common. The first thing they have in common is that they all pay cash. Cash is king when buying in this market. The banks know it and when you make a cash offer it gets priority over the others. Where they get the cash differs. Some get it from their Self-Directed IRA'S and 401k's. Some get it from Private sources, they borrow it from others in order to invest. Some just have it or get it from equity in other properties they own. The key is that they have it, and are getting amazing deals. They can afford to pay 8-10% to use someone else's money to make these deals.
Another thing they have in common is that they have an open exit strategy. Once they acquire a property, they give me time to do several things with it. We first try and wholesale it to another investor. That's how you can make the quickest money with the least amount invested. We just did this in July, August and even this month in September. We bought small brick ranches and immediately wholesaled them. They were all aquired for between $13,000-$14,300 and all sold for at least $23,000. One sold in 7 days, the longest took 15 days. The investor (actually two different investors) made a total gross profit on these four wholesale deals of $44,000. Not too bad, we turned $55,000 into $99,000 just like that.
Time to get the kids in for the night, I'll pick this up next time. There are several other things my investors have in common that I'll share. Every one of these traits make them successful. The key for you is to copy these traits or find clients that have these traits. There is a ton of money on the table right now, you need to reach out and grab your share.
In the meantime, you can go to www.richandchrista.com and find a plethora of free reports, lists and various other tidbits that will help grow your business.
Continued Success,
Rich Reynolds
Virtual Investor Agent
Thursday, September 17, 2009
$8000, Going Once, Going Twice, Sold!
I cannot stress enough how quickly 12/1/09 is approaching. It will be here before you know it and just like that, the $8000 Tax Credit will be gone. If you are looking to purchase a home and qualify for this money, act now. Today is 9/17/09. It takes longer than you think to buy a home, unless of course you are paying cash. There are many obstacles that go along with getting financing these days that can drag the whole process out. In my personal experience, the appraisal has been the biggest issue. I have found that once the lender receives the appraisal, they then order a desk review of it, then if any questions arise they require a second appraisal be done, then order a desk review on it. Appraisal issues have delayed closing for more than 30 days. It really is unbelievable.
There is less than 75 days before the program will expire. Interest rates are so low and there are so many amazing deals to choose from. This is the best buyers markets we have ever had, and getting the $8000 is icing on the cake. I would be doing everything in my power to buy a home before 12/1/09 if I qualified for the rebate. Do yourself a favor, contact a lender today and get qualified. Find out what you qualify for and how much your payment will be. Ask for a "Good Faith Estimate" so will will know how much to ask the seller to pay in closing costs. Once you know what you qualify for, find a Realtor and begin the search. There are so many good Realtors out there waiting to find you your dream home. It should take you 2 or 3 weeks to find the home of your dreams and then take 30 days to close. You still have time to get it done so don't delay. It would be horrible to find that dream home and then have something pop up to delay the closing and miss out on the $8000. There are no exceptions, you must own the home by 12/1/09 or you will not be eligible for the money.
Another thing I am doing to help people get the money is offering all my tenants the opportunity to buy the home they are renting. Thats right, if you like the home you are renting now, why don't you ask your landlord if you can buy it from them. We are offering owner financing to our tenants to make it as simple as possible for them to be a home owner and be able to take advantage of the $8000 Tax Credit. You might not even have to move to get the money! How good of a deal is that! You most likely will lower your monthly payment, not move, own a home and get paid $8000 by Uncle Sam. Sounds like a deal of a lifetime to me.
What are you waiitng for?
There is less than 75 days before the program will expire. Interest rates are so low and there are so many amazing deals to choose from. This is the best buyers markets we have ever had, and getting the $8000 is icing on the cake. I would be doing everything in my power to buy a home before 12/1/09 if I qualified for the rebate. Do yourself a favor, contact a lender today and get qualified. Find out what you qualify for and how much your payment will be. Ask for a "Good Faith Estimate" so will will know how much to ask the seller to pay in closing costs. Once you know what you qualify for, find a Realtor and begin the search. There are so many good Realtors out there waiting to find you your dream home. It should take you 2 or 3 weeks to find the home of your dreams and then take 30 days to close. You still have time to get it done so don't delay. It would be horrible to find that dream home and then have something pop up to delay the closing and miss out on the $8000. There are no exceptions, you must own the home by 12/1/09 or you will not be eligible for the money.
Another thing I am doing to help people get the money is offering all my tenants the opportunity to buy the home they are renting. Thats right, if you like the home you are renting now, why don't you ask your landlord if you can buy it from them. We are offering owner financing to our tenants to make it as simple as possible for them to be a home owner and be able to take advantage of the $8000 Tax Credit. You might not even have to move to get the money! How good of a deal is that! You most likely will lower your monthly payment, not move, own a home and get paid $8000 by Uncle Sam. Sounds like a deal of a lifetime to me.
What are you waiitng for?
Subscribe to:
Posts (Atom)
