Archive for Articles

Right DirectionTo be or not to be – that is the question.  Are you a monomaniac on a mission, or are you a wandering generality?  It’s YOUR choice to make.

It pains me when someone answers, “I don’t know, I never really thought about it,” to the question, “What are your goals?” 

A person with written, clearly defined goals becomes something like a magnifying glass.  Goals allow one to take scattered energy – like the sun’s rays – and focus that energy into a single point of immense power.  On the other hand, a person without goals is like a wind-up toy that hits a wall, bounces off, heads in another direction, hits a wall, bounces off, heads in another direction, hits a wall…you get the idea – no focus and no direction. Read More→

Your Financial FutureOver the years, Kim and I have had the opportunity to work with a lot of folks who are interested in learning more about real estate investing.  Deep down they know their work-for-the-man-forty-hours-a-week jobs, going into debt to support their keeping-up-with-the-Jones’ lifestyles and not investing for retirement is nothing more than a recipe for financial disaster.

Jack Miller said it best: It’s inconvenient to be physically alive but financially dead. Read More→

It’s Wasted Energy Living in the Past

Posted on January 1, 2012 by

Living in the PastA few weeks ago, Kim and I left out of Tampa on a five-day cruise to Cozumel and Costa Maya.  Our goal was to inspect and photograph Jewel of the Seas – the cruise ship we’ll be on when we do our first annual Captains of the Deal Cruise in 2013 for real estate investors. (See CaptainsOfTheDeal.com)

When we were underway, Kim and I did what lots of folks do – we went to the bow (front) of the ship to see what we could see.  We met a young couple there.  The guy, of course, stood on the rail with his arms outstretched and screamed, “I’m king of the world!” Read More→

Landlord Need Good To-Do Lists

Posted on January 1, 2012 by

To Do ListWhen you are married and work together like Bill and I do, sometimes it’s easy to take one another for granted.

Several months ago, in an attempt to help Bill catch up on work, I took over the clean-out and marketing of one of our vacant homes. I don’t have the landlording experience that Bill has, so I assumed the task would be a breeze.

I took Bill’s 6-page To-Do List and went to work.  I cleaned the house from top to bottom, raked and bagged the leaves, and gave everything a good sprucing up.  Then I staged it with everything from tables and chairs to towels and toilet paper.  I made sure there were flyers in the box and applications in the house.  I updated the ads every few days and made sure the directional signs were pointing toward the house.  I kept referring back to Bill’s To-Do List to make sure I wasn’t forgetting anything.  Thank goodness for that list! Read More→

Do Open Houses Work?

Posted on December 6, 2011 by

Open House SignOne of the most effective marketing tools we use to quickly sell a property is an Open House.  Most realtors are quick to say that Open Houses are a BIG waste of time.  I disagree.  We’ve found Open Houses to be very effective and profitable!  After all, when you stop at a house that’s for sale, what are the first two questions you ask?  I bet they are: 1) How much is it? 2) What’s the inside look like?  

We normally hold our Open Houses on Saturdays and Sundays from 1 p.m. to 4 p.m.  To maximize attendance, here are a few of the things we do to prepare for, and then conduct, a successful Open House. Read More→

Is Fear of the Unknown Holding You Back?

Posted on November 27, 2011 by

Don't Fear the UnknownAre you working at a dead-end j-o-b? Have you given any thought to getting into real estate investing?  When you watch those TV infomercials, does it stir something deep in your soul?  Are you satisfied working 40 hours a week, or do you seek more…more independence, more financial freedom and more quality time spent with your family?

What prevents most people from becoming successful real estate investors?  It’s a simple, little, four-letter word: Fear.  Fear is the anchor that keeps too many folks stuck in the muck and mire of mediocrity!  The sad part is, we’re not talking about a real fear; rather, it’s a fear of the unknown. Read More→

Dollar or a QuarterWe bought a house at November’s foreclosure auction in Bartow County, Georgia.  It needed a shave and haircut – by this I mean it needed paint, carpet, landscaping and some minor repairs.

We partnered with a new investor on this deal.  We found the deal and put up the know-how.  The new investor put up the purchase money and agreed to oversee the rehab.  We placed the new investor in charge of the rehab so she could gain experience.

As the rehab began, the new investor found herself on the horns of a dilemma.  This is a dilemma most new investors experience.  Do you do the rehab yourself and save money, or do you hire a contractor to do the rehab and pay more?  Read More→

Can You Make Money Buying Foreclosures?

Posted on November 11, 2011 by

Making Money Buying Foreclosures at AuctionThis is a delicate topic to write about.  On one hand, as a real estate investor and teacher, I want folks interested in real estate investing to know what’s possible at foreclosure auctions.  On the other hand, I’m concerned about looking like a pudknocker who’s profiting from someone’s misfortune.  In the end, you get to decide whether I’m a teacher or a pudknocker.

Last week’s column was about how we prepare for a foreclosure auction.  This week, we’ll look at whether there’s money to be made at foreclosure auctions by reviewing our last three deals. Read More→

Preparing for a Foreclosure Auction

Posted on November 11, 2011 by

Georgia Foreclosure AuctionHave you ever wondered how the foreclosure process works in Georgia?  Kim and I started bidding at foreclosure auctions back in 1995.  From then to now, we’ve bought a lot of foreclosure properties.  More importantly, we’ve learned which properties NOT to buy!

In Georgia, the foreclosure auction is held on the first Tuesday of each month in front of each county’s courthouse.  Georgia Code says the auction is to be held “before the courthouse doors.”  Since there are usually steps leading up to the courthouse doors, we use the term “bidding on the steps.” Read More→

Hiring a Property ManagerA local real estate investor, who owns more than 20 single-family rental homes, came up to the ranch earlier today.  We sat by the fire and discussed whether he should hire a property management company or continue managing his rentals himself.

He loves his rental properties.  More precisely, he loves the mailbox money his rentals provide him and his family.  Problem is, he’s in his fifties and is tired of managing the properties himself.  He wants the freedom to come and go as he pleases.

For the record, this desire for freedom strikes many landlords as they enter their fifties and sixties.  It also strikes folks who own rental property and get transferred to another state.  What do they do – sell their rental, or keep it and let someone else manage it? Read More→

Basic Housing Economics

Posted on October 18, 2011 by

1.  The Basic Premise of Home Ownership – That Homes Increase in Value Over Time – Is Sound

Basic Housing EconomicsThe housing bubble was created by an irrational, widespread belief that home prices would continue to go up and up — an extreme corruption of a generally valid premise. “It’s a totally sound premise that houses will become worth more over time because the dollar is becoming worth less as the financial landscape worsens.” Read More→

Kim is Getting Her Investor Calluses Back

Posted on October 18, 2011 by

Short Sales & ForeclosuresFor the last four years, I have sat at my desk every day coordinating Short Sale transactions for realtors.  With no risk involved, Retail Short Sales have been great for the pocketbook, but terrible for the “investor” side of me.  It has caused me to lose my investor calluses and be fearful of the homeowner behind the door.

Bill said that it’s OK to be scared, but I should be more afraid of failure.  “If you want to be an investor, then you need to get your calluses back,” he advised.   Read More→