It’s late, I’m tired, you’re probably tired but I have to tell you something.

I’m in the middle of this crazy purchase and I’ll admit that if the negotiations were in the hands of someone else, this deal would have died weeks ago. It’s not that I’m some smooth talker, it’s that I’m not afraid to talk.

It seems everywhere I buy these days the other agent, appraiser and some lenders have had the fear of god placed upon them. They attempt to negotiate via the fax machine, facebook and in some cases Twitter. These people are afraid what they say may get them into trouble.  Real Estate is a people business

Things to work on today
1- always disclose, always     When in doubt disclose and if it’s agreed upon and legal your clear
2- be more bold, stand up for yourself and stop being a pussy
3- don’t meet in the middle, try and win one for your side.
4- write and offer - that’s right write and offer today

Just because the property is cheap doesn’t mean its a good deal.  If you’ve been to one of my seminars you’ll remember that I stole Dr. Covey’s words “Begin With The End In Mind.”  Know what your going to do with your investment first before you ever take possession.

If your going to be a landlord make sure the property is something people will want to live in.  Close to schools, shopping, transportation etc.  The country is lacking clean, decent, affordable housing.

If your going to rent, make sure it’s a place you “could live in.”

Below is a post from Gregg Swann it’s good advice and food for thought.

• Phoenix Real Estate | What matters most in rental home investing … - Phoenix real estate: Whether you’re buying, selling, moving to or investing in a home in Metropolitan Phoenix/Scottsdale, Bloodhound Realty is the fiercely loyal, web-savvy guide you’ve been looking for - and we’ve got the best MLS …

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I read an article yesterday and it reminded me of some the things you need to think about as your growing, building or starting your investing business.

• Forget about flipping and rent

Unless you’re buying real estate at basement prices or your selling on terms, you should plan on keeping it as a rental property.

• The purchase price is just the beginning

Don’t forget about the closing cost, fix up costs, holding cost, cost over runs etc.  If you don’t factor in all the other cost, your going to have issues

• You’d better have cash

One of the things I have been preaching is that fact that investment money is hard to get.  If you want to survive and thrive in this market, plan on being a master at creating your own loans.

• Know your market

Know the trends of your market and be careful of a Micro and Mini Market.  These are smaller markets inside a bigger market.  If you’ve seen houses on one block for 200K and then houses two blocks away at 60K, these are Micro and Mini Markets and they can burn you if your not aware of whats going on inside your market.

• Know your tenants

The current economy is producing tough economic situations.  Don’t think that you have to put the first Tom, Dick or Harry into your place, qualify them and make sure your happy with what you see.

• Investing brings responsibility as well as rewards

At the end of the day, real estate investing is a business.  If you’ll treat it like one and make sound business decisions in this market.  You will have a tremendous increase in personal wealth in the long run.

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It doesn’t matter what type of property your buying, Residential or Commercial.  If you holding them long term both require property management skills.

I learned how to manage my properties from a tenant who ran me ragged for almost a year.  They submitted an application and on paper they were pretty strong but 28 days later the wife called to tell me that her husband was injured at work and they were very sorry but they couldn’t make the Sept payment and asked if I could work with them.  “Sure”

One month of no rent turned into several.  Each month I got a new sad story and I fell for everyone. I thought I was being a decent person and in the end all i did was hurt them and myself.

Treat your investment property management like a business.  As hard as it may seem you need to remove the emotion and treat it like a business.  Rent is due on the first.  If not in my hot little hands by the third (check your local laws) then a three day to pay or get out is sent by certified mail.

I have learned that tenants will push you just like children, if you’ll draw a line in the sand early, it will make the management a whole lot easier.

By the way Kevin J was my tenant mentor.

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Getting investor money is not easy these days but if you’re creative and know how financing works you’ll have access to as much money as you need.

To find the ultimate investor loan look no farther than the property itself.  Today Seller Financing is the ultimate investor loan and here are some reasons why;

1. It’s easy to get
2. investors know that a fast sale will require some type of seller financing
3. doesn’t affect your credit report
4. do as many deals as you wish
5. sell all or part of the income stream for cash
6. create your own terms (interest rate, amortization rate, etc)
7. collateral based / not credit based
8. it can be traded / borrowed against

In my new video (Click Here) it talks about the need to focus on the paper in today’s market.  The sellers paper or seller financing will produce the ultimate investor loan.

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