In a column I wrote two weeks ago, I made the point that Options are the most powerful and underused documents in real estate.  After the column ran, I got a call from a long-time realtor.  He had some questions about Option Agreements and offered to buy me a cup of coffee.  I said yes because, as you may know, I love free coffee… and a doughnut!

The first question he asked was, “Are Options legal?”  I answered, “Yep, they’re very legal.  In fact, did you know that most Georgia Association of Realtors’ Purchase and Sale Agreements (aka The GAR forms) begin life as Option Agreements?” Read More→

In these tough economic times, we need to maximize our assets and minimize our losses. That is why great property management is essential. When we spend the time to screen a tenant properly on the phone, we are truly saving money. Our need to be more efficient and effective at answering the calls from potential tenants allows us to be able to spend time with our family. When you are already spread thin by work, and family your ability to create a system to screen, meet and decide if that applicant should move into your property is vital. When a bad tenant moves into your property the cost can be exorbitant. Read More→

Not since the Great Depression have banks been forced to foreclose on so many properties and dispose of them on the open market. To compound the problem, lending institutions have increased their lending requirements to a level that has slowed the real estate recovery, further lowering housing prices.

Opportunity abounds for investors as the need for residential rental property continue to increase as more home owners are displaced and others choose to rent rather than buy. Savvy Investors who choose to Buy and Hold can look forward to low purchase prices and strong rental incomes; however all can be lost through mismanagement due to inexperience or lack of knowledge of laws governing property management. Read More→

Not long ago, I got a call from a guy who regularly attends our real estate investing meetings.  He was on his way to meet the water guy to have the water turned on to a property he had bought two days before at the monthly foreclosure auction.  He was all excited and wanted to share his joy.

After learning what he was about to do, I asked, “How many folks do you have with you?”  “Just me,” he answered.  “Then you shouldn’t turn on the water TO the house until you’ve inspected the plumbing and have two or three people watching IN the house,” I advised.  “Why should I wait?” he asked.  “Because you may discover that you have an unexpected fountain or two in the property.  These unexpected fountains can cost you thousands of dollars and take weeks to repair!” Read More→

Most investors have heard the phrase Lease Option.  A few have even used a Lease Option when trying to rent a property to a tenant/buyer.  But practically no one understands what the Option part of a Lease Option is, or realizes that Options are the safest way to create HUGE bundles of real estate profits!

I learned about the power of Options from Jack Miller (God rest his wise soul!) starting back in 1999.  Jack was the King of Options.  His knowledge was nothing short of amazing!!!

For the first time, I’m going to share a few of the things I’ve learned from Jack over the years.  The Option techniques he taught were gamechangers for Kim and me and have allowed us to rake in solid real estate profits during this down market. Read More→

Today is my beautiful redhead’s birthday.  She just turned something-something.  And you know what?  I love her more today than I have loved her all the other days we’ve been married – combined! 

A few months back, I racked my brain trying to figure out what to get Kim for her birthday.  Then it hit me…I’d give her the BEST birthday present she’s EVER gotten.  Of course, real estate was the catalyst for making this birthday wish come true. Read More→

Most folks agree that the real estate bubble popped in June 2006.  Can you believe that was more than five years ago?  Sadly, property values are still falling.  Well, so much for all that “Hope and Change” and “Government is the Answer” nonsense. 

 The way real estate investors do business today looks N-O-T-H-I-N-G like it did back before the real estate market collapsed.  We’ve all learned a lot of life-changing lessons during this downturn.  It’s important that we recognize and remember these lessons. Read More→

The Standard & Poor’s/Case-Shiller home-price index shows prices increased in June from May in 19 of the 20 cities tracked. A separate figure shows prices rose 3.6% in the April-June quarter from the previous quarter. Those numbers are not adjusted for seasonal factors. Over the past 12 months, home prices have declined in all 20 cities after adjusting for seasonal factors. Chicago, Minneapolis Washington and Boston posted the biggest monthly increases. Metro areas hit hardest by the housing crisis, including Las Vegas and Phoenix, reported small seasonal increases.

Despite the uptick, the numbers contain “really no hope of any kind of surge,” David Blitzer, S&P Index Chairman David Blitzer said. “None of the fundamentals look that good,” he said.” People still have difficulty getting mortgage loans; they still have difficulty in refinancing. The banks got a lot tougher and haven’t gotten any easier no matter how you measure.” Blitzer said the housing market is taking on a regional perspective, with the Sun Belt continuing to languish and other areas of the country stabilizing. “You have to look much more into details,” he said. “You’ll some good times here and there but it’s a thin river of hope overall.” Read More→

Earlier this year, I wrote a column about a three-bedroom, two-bath investment home we bought for $101 (see “How to Buy a Home for $101 – REALLY!!!”).  Needless to say, that column generated a lot of comments like: Holy Cow!  Wow! Unbelievable! And, of course: You’re full of #*%@!

A few days ago, while speaking to a group of real estate investors in Gwinnett County, Georgia, I asked the question: Is a $100 investment home a good deal?  Most folks shouted, “Yes!”  A few shouted, “No!”  The smart ones said: “It depends.” Read More→