We get lots of calls from real estate investors who want to go with me to see what it’s really like to knock on sellers’ doors.  I got such a call a few weeks back.  The investor flew in and we went door knocking.

Need to back up a minute.  Tom (the investor) and I had a number of conversations before he flew in.  He was having trouble doing deals on a regular basis.  In addition, when he met with sellers, he didn’t feel he was creating any kind of lasting bond with them.

On the phone, Tom seemed like a really nice guy.  Our conversations never dragged.  When it came to real estate and creative deal structuring, he knew what he was talking about.  Also, he was out there beating the bushes and seeing plenty of sellers – but for some reason, they just weren’t responding to him.  I couldn’t understand the problem – that is, I couldn’t understand the problem UNTIL I met with Tom face-to-face. Read More→

Kim and I were at our horse ranch when the Adairsville tornado came spinning through last week.  When the rain began blowing sideways and we saw a couple of our trees crash to the ground, we beelined it for the hall closet.

Almost immediately, TV news began showing all the destruction the tornado had done to our wonderful little town – it was one video clip after another of total devastation!

We have a lot of friends and a number of investment properties in Adairsville and Calhoun.  We called to make sure folks were all right, but the phones were out.  We prayed – a lot!

Here’s the thing: we quickly realized that the tornado was not about the devastation and destruction: It was about all the wonderful people who came together to help make things better! Read More→

Last week’s column brought in lots of calls and emails asking for more information about how we buy mobile homes for cash and then sell them with terms.  The two most common questions we received were: 1) How do we determine our purchase price?  2) How do we determine our sale price?

Today, let’s answer these questions.  Oh, and if you think this is boring stuff, then you must think 70% yields on your investment dollars is boring stuff, too.   

Let’s look at how we determine our purchase and sale price.  For this example, let’s assume we’re thinking about buying a fifteen-year-old, two-bedroom, two-bath singlewide mobile home in a park.

First, we investigate to see how much other 2/2 properties are RENTING for in the area.  Let’s say, between apartments and single-family houses, the average rent in the immediate area is $700 per month. Read More→

Two weeks ago, our column was about a lady who, because of a divorce, was being forced to move back home to Mississippi.  Problem was, she owed a lot more on her house than it was worth.

In that column, I briefly described the seller’s situation and touched on the creative deal structure I used to construct my offer.  Since that column ran, I’ve gotten a bunch of phone calls and emails asking for more details about my offer and whether it was accepted by the seller.  

Today, let’s tie up these loose ends.

The creative deal structure I used is known as a Subject-to Deal.  This is where you buy the seller’s property, but instead of getting a new mortgage, the seller leaves her mortgage in place.  You agree to make the seller’s mortgage payments on the seller’s mortgage for the seller.  Think of it as a form of owner financing. Read More→

After last night’s real estate investors meeting, three new folks came up and asked me the best ways to learn about real estate investing.

The two short answers are: 1) Sit down with a seller and ask, “Why are you selling such a nice house like this?”  2) Meet regularly with other real estate investors and discuss landlording, along with creative deal structuring and financing techniques.

There’s nothing – nothing, nothing, nothing – that takes the place of simply meeting with a seller and finding out why they’re selling and what they need to get in order to sell.  How do you do this?  Try calling a seller whose home is advertised for sale in the newspaper, and then make an appointment to meet with her. 

The method that works best for me is to knock on the door of everyone in our area who has a For Sale sign stuck in their yard.  When the door opens, I say, “Hi, I’m Bill.  I see your house is for sale.  I’m looking for a home in this area.  Would you mind telling me about yours?”  After answering a couple of questions, eight out of ten homeowners invite me in.  It’s simple as that. Read More→

Folks, this week’s column is very different from my usual.  I’m afraid a lot of you will think it’s overly harsh and that I’m one big jerk.  Who knows – you may be right on both counts.  It’s just that I truly feel that success – financial freedom – is a choice.  Actually, it’s more like millions of little-bitty, every-day choices – maybe call them habits – that we make each day.  If you make more bad choices than good, you won’t be pleased with the results.  Make more good choices than bad, and you’ll end up on easy street.  Simple as that!

Yesterday, I met with a friend (we’ll call him Ben) who is going through some tough times.  This is the letter I wrote him this morning.

Ben, sorry for the troubles you’re going through.  The thing is, you are where you are because of the past choices you’ve made.  On the other hand, ten years from now, you’ll be where you’ll be because of all the little choices you make from this day to that.  It’s all up to you!     

Your window is closing fast.  You’re not 30 years old any more.  On your current path, you won’t like where you’ll end up at 65.  You must start RIGHT NOW cutting every expense you can in order to free up every penny you can to invest in appreciating capital assets.  Time is a luxury you no longer possess!   Read More→