In real estate, just as in any business venture, we have to know when to throw in the towel. Or, as Kenny Rogers so famously sang “you gotta know when to fold em, know when to walk away and know when to run!”   Some of you might be saying to yourself, “what the heck are you talking about Andy?” Ok, ok, fair enough. Stick with me for a minute and I will elaborate.   There will be many times in your real estate investing career when you buy a property, fix it up, do what seems like Read more…

A little over a week ago I shared with you my mid century remodel flip on 16th Ln. I showed you how we modernized the bathrooms so that we could get top dollar for the property. Today I am going to show you before and after pics of how we totally opened up the main living area of this house. Not only did we open up the main living area to give it that “open” feel that everyone is looking for, but we moved the kitchen as well. I will tell you why we did that in just a minute. Read more…

Today I wanted to write something a little bit different. I see my job as one of teacher and educator to my subscribers. I have to ask myself, if our roles were reversed, what information would I want to learn? I don’t know about you but I love seeing pictures…especially those that are before and after. Have you ever watched one of those shows like “Flip that House” or “Fixer Upper?” I love checking out these shows and getting ideas for my projects. Who doesn’t like seeing a HUGE transformation?? I think as a society we all love seeing this Read more…

When taking on a real estate deal that you are flipping, which is the best way to go…pay cash, get a partner, or use hard money? Let me discuss the pros and cons of each and let you decide.   Cash: For those that have cash this can be a great way to go. It obviously limits your risk substantially due to the lack of ongoing interest payments that eat away at your profit. It also gives you options if you are not able to sell it for the price that you want and in the time that you want. Read more…

You’ve snagged a great purchase price on a classic late-1960’s home being vacated by aging owners who have lived there for 30 or 40 years. Before purchasing the property as a real estate investment, you were pleased to find that the owners took care of it throughout the years. The roof was replaced a few years ago, the walls, ceilings and floors are in good shape, and you’ll update the carpets and wall color. Overall, a good buy! Except for one teeny, tiny little issue … the practical-minded 1960’s builder generously doled out from two to four outlets in each Read more…

If you are a flipper I have potentially GREAT news! You may be asking me, Why is it only “potentially” GREAT news Andy? Great question so give me a moment to explain… As of right now there is a 90 day flip policy with FHA. What this has meant as a flipper is that you had to wait 90 days from the time that you bought the property (and your deed was recorded) before a fully executed contract with FHA financing would go through without any hiccups. It was not impossible to sell your property inside that 90 day window, Read more…

Read my other posts about direct mail, one of the strongest real estate investment tools I use. 4 Critical Reasons To Use Direct Mail 4+ Tools for Direct Mail Efficiency Every neighborhood, no matter how upscale or low-income, has a homeowner(s) who is having financial troubles and is falling behind on their mortgage payments. Those are the people you want to reach, before they contact a realtor or are in foreclosure. Some neighborhoods have more homeowners with mortgage problems than others, so look at rates of foreclosures, trends in employment and so on. Watch for a future post on choosing Read more…

Many promising real estate investment opportunities aren’t listed or advertised for sale, anywhere. Somewhere a homeowner is missing or under-paying their mortgage payments and doesn’t know WHAT to do about the dunning letters the lender is sending as part of the pre-foreclosure process. As a real estate investor, you want to find this homeowner while she/he can still make their own decision to sell, avoiding a foreclosure, before the lender takes control of the property. Watch for a future post describing the step-by-step pre-foreclosure and foreclosure process. Why are many homeowners who are slipping into a growing hole of overdue Read more…

If you are observing an auctioneer pattering a foreclosure sale property to a group of poker-faced bidders, at some point you may realize that the auction has ended – but who bought the property? Everyone is expressionlessly ticking off a clipboard list, updating a tablet or laptop, or muttering into a mobile phone … even the auctioneer gives few clues as to what has become of this property. So who are the buyers of foreclosure auction properties? There is a very good chance that no one bought the property, even if there were bids. The foreclosing lender typically sets a Read more…

Are you new to real estate investing and don’t yet know where to find foreclosure auctions? I’ll focus on non-judicial Trustee Sales, which are held in most states. A few states do only judicial auctions of foreclosures – aka a “Sheriff’s Sale” – but we will put those aside for the time being. Foreclosure auctions, aka Trustee Sales, are arranged by the County Clerk’s office and held in the county where the property lies, at a specified date and time, usually at the courthouse or county administration building. Before a foreclosure property can be auctioned, the lender must follow a Read more…