Turn Up the Heat in Your Real Estate Investing Business!

Every day I have somebody ask me what I do. I say “I’m a real estate investor”, that’s when I start getting the eye rolls. Then the excuses start flying. Just the other day I had a guy say “I tried to rehab an investment property, but the market was just too bad, I couldn’t get the project completed, I ran out of funds and that is that”. When I hear words like this I just smile, because that guy is not a real investor. So that is why I’m writing this article. I want to give you 3 awesome tips so you are not the guy or gal who is sitting on the side lines while the rest of us are taking advantage of a great buyers market!!!Tip # 1 – Train Your MindHaving a strong mind is probably the best thing that you can do for yourself in any business. However, this is especially important in real estate investing. Most failures come when the mind tells you it is time to quit or maybe it tells you to never get started. The difference between the wildly successful investors and Mr. I do one deal a year is that the successful investors believe that they can do anything! They never say I am going to try and flip a house. The successful investors say “I am going to flip a house and I am going to make at least 20k doing it!” So, train your mind! Break through those barriers and do whatever it takes to get you into a state of mind that is tough as nails.Tip # 2 – Learn How to Evaluate a DealThis is a very important aspect of investing and one that you must make sure you do and do well. First off, get yourself a good book on how to estimate repairs and learn it inside and out. You don’t have to know everything to a “T” but you will need to know how to ballpark an estimate and quick. This is what is going to make sure you get the majority of the deals you come across. When you are negotiating with a seller you do not want to be the guy who says let me go crunch some numbers and I will get back to you. Those are the investors that end up calling the next day only to find out that somebody who knew what they were doing came along and put the property under contract. Once you figure out how to ballpark repairs then there is a simple formula that will give you the maximum price you should ever pay for a wholesale deal.ARV*** (After Repair Value) * 65-70% – cost of repairs
***after repair value is found by pulling comps and seeing what similar houses are selling for in the area within the last 90 DaysSo learn this formula and learn how to estimate repairs and this will give you the confidence you need to make offers.Tip # 3 – Take ActionThis is the most important step of all! Taking action is what is going to make you money in this business. I see this everyday especially in my market here in St. Louis. We often times run into investors looking at the same properties my partner and I are looking at. St. Louis is small enough that we often run into one another. Anyway, bottom line is there are several investors around here and other parts of the country that will go out and look at 100′s of house only to do nothing at all with them! Now, I can only speak for myself and my partner here, but if we are taking the time to go look at 100 houses I know based off of our ratios that we are going to take action and flip at least 30 of them. In fact, those were our ratios when we first got started, now we screen all the deals so well that if we are looking at 100 houses 80 of them better work out or we are doing something terribly wrong. Anyway, do yourself a favor and take action. Even if it is just reading a book about real estate investing, I guarantee that if you do something everyday that puts you a step closer to your ultimate goals of being a successful investor that in a years time you will have accomplished a lot!Go Out and Be Successful!!!!

Jamaica Real Estate – Buy a Home in Paradise

Most travelers are captivated with the tropical paradise of Jamaica and dream of purchasing a second home on this island. Regardless of whether this place would be an investment, vacation or main residence, any kind of Jamaica real estate acquisition would require serious consideration. The business of realty is somewhat different from overseas countries; therefore you need to understand the differences of purchasing a beachfront rental in Negril or perhaps a secluded villa in Port Antonio.If you are currently a home owner, then you must know by now that owning any kind of property is not only about a sense of security or pride, but also about the potential growth in the long term. It would not be a good decision to acquire a fixer upper property in Westgate Hills Montego Bay, spend a huge amount to get it to the stage that you desire and cannot realize a viable return on this investment.In addition, you will be required to understand the laws which govern real estate in Jamaica and how it relates to the different kinds of property ownerships. The first step to take would be to acquire the services of a real estate agent, who will be able to provide guidance, find suitable properties and refer you to a competent real estate attorney. If you do otherwise, you might end up spending significantly more money; lose your investments or even wait years to get the keys to the property.Another important factor to consider is the availability of mortgage for foreign investors and how to transfer necessary funds when the time comes. A real estate transaction in Jamaica can involved a substantial amount, especially if you acquiring high-end properties at Spring Farm in Montego, Jacks Hill in St Andrew or West End in Negril. These areas generally have the high-priced properties, so if you are looking in these directions, it would be best to be prepared. The good thing is that, you will not be required to move all the money at once, as you could make deposits which will be held in client account by the attorney.The attorney that you acquire to assist with this sale process should be able to properly advise in that regard and make the sale process flow smoothly. Although, it’s a dream to buy a home in paradise for most people, there can be some risk involved and therefore it is vital that the best approach is taken at all times.The following are useful tips that will assist you in making prudent decisions before you start the Jamaica real estate transactions. Most of the real estate companies in Jamaica provides website for prospective buyers to view advertised properties, so it is possible for you to research before contacting a realtor. Decide on several areas and find all the information that you can about them, for instance if you want a home in Ironshore Montego check for schools, shopping centers, health centers and other facilities that would be nearby.As soon as you are comfortable with your findings, contact a realtor and get more details regarding the specific property before scheduling a time for viewing. This means that you stand a better chance of getting what you really want and the sale process can start as soon as you finish viewing. Finally, ensure that you use a local attorney, as it would be easier for them to verify ownership, get the property surveyed by reputable Land Surveyor, transfer title and pay the required government taxes.