Hey folks I’m a new investor in So Cal. I have the guts but not the skills to talk to a financially troubled home owner. I have no problem talking to people. In any situation. But I would like to know what to say, if any body has any advice or knows of any books, where I can get the info, please let me know. This seems like a great site. hope to hear from someone soon.
Hi there Marxmill:
You are my neighbor. Here is the best advice I could give you. If you wanted to be a dentist, you would go to school wouldnt you? Well guess what, most of my real estate investor friends make more than my dentist does! You really need to educate yourself. John “Cash” Locke has a great program on this site that will put you on the ground floor for you real-estate investing adventures. Also, if you can get your hands on anything by Ron Legrand, that would help also.
I would recommend you come to this forum daily and read all you possibly can. My advice for you would be to start out as a “wholesaler” whereby you “flip” deals to other investors.
Thanks for the advice. Thats what I want to do is flip prop. Now I’m fairly new to this site too. Is there a certian time to find the fourm? Or were do I look. I’m also considering getting my Contractors license. Another question, are you incorp. I trying to find out which one I should get?
I would recommend getting your real-estate license in California. With the average price of homes in Anaheim $600k, which equates to a commission of
$18k for every sale. You would only need 4-5 to earn a decent living.
I would concentrate on being a listing agent and spend the rest of my time as an investor…
I buy and sell in an S-corp and hold title in a land trust. I own nothing, just work for the corporation and serve as a trustee on several properties.
I was told by someone else that I should go with a LLC. What do you think? Know you said start off as a wholesaler, how or where would i be to find the contacts? Also as far as talking to people who are in preforclosure how is it done is there a certain way to go about it with out trying to make a bad situation worse.
Dont worry about an LLC right now. Concentrate on doing your
first deal! I would concentrate on “absentee” owners. There is a fantastic program by www.emmatek.com that will give you a software program with a disk full of all the homeowners in your area. It even has all absentee owners. You could also get this information from a Title Company.
You need to start by sending letters at the rate of around 500 a week to these absentee owners.
You are right about talking to owners in preforeclosure. Most will not even admit they have a problem and tell you that they already too care of it. Most are mad and even hateful to you. You can not start off by saying I am Marx and I want to steal your house. This is what they are thinking. I had a lady call me once and asked me if I want to save the house and still live there. I told her that I do not live there and it is vacant. She just kept on reading her script like I said nothing about tenants. You do not want to do this thpe of a scrip either where you come off as a book salesman or even worse a stock broker making cold calls. I just try to get to be their friend over the phone. The cards are a good idea and even followed up by a call. Most are hard to find. I talked to 3 or 4 a few nights ago after trying to find a dozen. It just takes getting comfortable with it. The lady I was memtoring at the time had trouble even saying hello. You will be able to do a great job at it after a while. Just jump in with both feet and try to get to know them as people and try to find a way to truly help them and you will be successful.
I’m really glad that there’s people out there like you to help and mentor people like me. I’m also looking to join a investors club in my area. I f you know of any please let me know. As far as the people I’ve heard some people don’t even know that their getting forclosed on. I find that hard to believe.
Just in case you have not seen the links that Tim has worked hard to create. Int he Resources pull down menu at the top of the page are links to Cash Flow Clubs and REI clubs. There are quite a few. Hope there is one in your neck of the woods.
Do you use Fortune Maker with any lists other than those provided by Emmatek? Like, do you enter your own farming data or import lists provided by others?
I’m seriously considering purchasing FM, but would use it with other lists and data.
Was it relatively easy to set up? Did you get good service from Emmatek?
Thanks so much!
The Investors Workshop meets the last Wednseday of the month in Anaheim. Its a small meeting, about 50 and that makes it easy to network with the members. Heres their link.
i recomend forgoing the LLC and incorporate yourself…i have created several LLC when purchasing investments with a group (i have done several), but inc. really helps take advantage of tax situations, contact your CPA to discuss the benifits here, you may be suprised what you will pocket legally and not have to hash over to the Uncle :o