Lange Estates » single family investing

Necessary Skills to Make It Big in Real Estate

Langee — Sun, 27 Jun 2010 06:10:23 +0000

A natural course of questioning when evaluating the merit of real estate investing is to wonder what skill sets are needed to succeed in the business. This is of course beyond wondering if you have the knowledge and the financial capacity to handle real estate purchases, but these are topics for other articles.

As far as actual skills go, I don’t think there are many that you actually need to have to get into the business of real estate. There are some that you may want to develop as you go, but there is little, from a background standpoint, that will really make you stand out from the crowd. This should be a voice of encouragement to all of you who feel that, based upon your lack of knowledge or experience in real estate, this somehow limits your ability to successfully invest.

Let’s discuss briefly how experience can actually work against you. I come from a background of being a landscaper and, to be honest, it wasn’t doing a whole lot for me when I discovered real estate as an alternative. I didn’t have a realtor’s license, nor was I a contractor with years of building experience. Did that stop me? Absolutely not and it shouldn’t stop you either if you don’t have such a background.

I’ve met many investors who did have professional backgrounds in areas related to real estate and what I’ve seen on many occasions is that this experience can actually prolong the learning process that is required to become a successful investor. In short, there is more to be “unlearned” with past experience than if you are starting from scratch.

With that said, here are a list of skills that I feel will greatly benefit you as you develop as a real estate investor:

Good attention to detail
Ability to look at a property with the utmost objectivity
Interest in researching the value of a property
Commitment to learning
Willingness to earn as you learn

Note that nowhere in the list above is anything that pertains to business savvy, excellent communications skills, or being a good salesperson. There is a reason for this. While these things may help, they are also things you will learn as you start working your business, rather than prerequisites. Commitment to education and following proven models for success are your best assets when you get started in real estate and I hope you see this for yourself as you begin your own journey towards a more successful tomorrow.

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www.localmentor.com Get more Flipping Houses training resources here for FREE. In this video I show you a house I just bought on Friday. Retail Value is $285000, Purchase Price was $206500. Repairs needed New mini-blinds, remove wallpaper, repaint interior, replace deck boards, repait exterior trim and deck, update some fixtures, replace the downstairs carpet – totalling around $7000. Very light rehab numbers. We’ll sell this for around $285k, less 5% commissions = 270750 – less 7000 rehab – less 206500 purchase price = $57250 Profit before taxes. Split 50/50 with my lender = 28625 profit before taxes. I goofed in the video and said 28k AFTER taxes – that is BEFORE Taxes.

Help answer the question about real estate homes

what is the website for Prudential Real Estate Rental homes?
Looking for a home to rent does prudential do rentals

How to create a profitable real estate syndicate

Langee — Sun, 13 Jun 2010 06:10:21 +0000

Real estate is all about profit and money and a real estate syndicate is always about creating value in terms of profits and minimizing tax liabilities (usually).

In the syndicate, the real estate asset is divided into two or more ‘investment units’ which are acquired by the individual investors. It is important to realize that the investment unit refers to the particular asset that is acquired by the investors, and not the underlying real property itself. The precise nature of the investment unit will depend on the form of the syndicate. In essence, investment units represent a fractionalized ownership of one or more interests in real property rather than direct ownership of an entire interest. While real estate syndicates are formed for a variety of reasons, the typical reason is to create a tax shelter. At the base of the syndicate is the relationship among investors. In all real estate syndicates there is some form of contract specifying the relationship between the individual investors and the underlying interest in real property.

As a real estate professional your ability to put together syndicates and front them should be a parallel, constant part of your real estate activities and it can provide a useful level of income for you at almost next to no risk for you and without putting up any money of your own.

In order to create a syndicate you need to find a group of people willing to put up some money. These can be friends, colleagues, family members or people you have met professionally. They can come from almost any walk of life and can be willing to put up any amount. The amount of money they put in will usually reflect their share (and they do not all need to be equal) and the amount of the profits they will each be entitled to at the end.

In creating a real estate syndicate you need to be able to drive a good deal that will minimize the costs and maximize the potential pay-off for everyone and you need to be able to control the terms and conditions so that everyone feels comfortable with the way the syndicate operates, the way profits are apportioned and the way decisions are taken.

As the leader and executive man of the syndicate it will be up to you to drive all the deals necessary to create the profits. Real Estate syndicates are not suitable for every deal but when the right deal comes along they allow you to operate in the best way possible doing what is arguably the best job in the world.

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The Greystone Subdivision Tour gives a tour of the Greystone Community in Hoover Alabama and spotlights the different areas, the homes in them, and the price range for those homes. (as of 3/08) For more information visit us at www.birminghamrealestatehomesandmortgages.com

Help answer the question about real estate homes

What does AMA mean in real estate? Many homes I am looking at on-line state AMA?
My husband and I are looking into relocating from AZ to NE and looking at homes on the NP Dodge Realtor's web-site, many homes state AMA? What is that?

Three basic principles of successful real estate investing

Langee — Wed, 10 Mar 2010 06:10:33 +0000

Those who, like myself, have been active in real estate investing for some time know that the formula for success relies on being able to work in the real estate field at more than one level.

The reason for this is that real estate, by nature, is very volatile. To rely on exactly one strategy or one area is akin to putting all our eggs in one basket and no real estate investor worth his salt wants to be caught out like that which is why if you are really serious about making money in real estate and leaving the nine-to-five routine behind you will want to work in at least three areas simultaneously.

First, naturally, you will work alone, closing deals on either single-family dwellings or multi-family dwellings depending on the real estate investment strategy you have decided to follow (and how to best choose and why is a subject complex enough to warrant an entire article on its own so I will not even touch upon it here).

At the same time you will want to have set up the way you work so that you can become aware of emergent, domestic, real estate markets at a stage that is early enough for you to take advantage of them, get in there, close the deals and get out as the market matures and profits begin to dwindle.

Then, as a final step, you will have to work with Syndicate real estate investments which will allow you to minimise the risks involved as far as your stake is concerned and still get the money you need to close deals and make money for yourself and those in the Syndicate you are fronting.

The reason you need to have all three strands in your bow is that, by working this way, you ensure that you are recession-proof and capable of making money irrespective of the state of the market.

Real Estate investing does not require a degree in astrophysics in order to succeed provided you are quick to diversify, are able to develop a networked way of working that alerts you to good deals, can apply common sense and a certain flare for creative thinking when it comes to closing deals that maximise the profit involved and are not afraid to work in a focused, controlled manner.

What you will end up with is probably the best job in the world where you choose how long and how hard you want to work, can take holidays whenever you want and end up doing a lot of good by helping the economy and creating wealth for all those concerned.

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Help answer the question about real estate homes

Do I need a real estate agent when buying new homes?
I was wondering if a real estate agent is really necessary when purchasing brand new homes, not resale homes. Is it better to deal with the new home builders directly and skip the middleman (real estate agent).

Multi-family dwellings are powerful real estate investments

Langee — Wed, 11 Nov 2009 06:10:31 +0000

As a real estate investor with a sterling reputation in the market, countless articles to my name, many workshop and seminar appearances each year and the person responsible for a number of very successful, national, home training courses I very rarely have the need to explain myself.

I take the view that since I have a million dollars at the bank, over 4,000 apartments in over eight states and the ability to choose my working hours, explaining the way I work is not strictly necessary.

The reason I am breaking my own rules here is because I get asked, way too often, in the lull following an after-dinner speech what is it exactly that makes me choose to focus on multi-family dwellings as opposed to single-family ones.

I know that the person who asks that question is usually a potential real estate investor themselves and I also know that at the forefront of their minds are all the big negatives associated with multi-family dwellings: costly maintenance, irate tenants, absconding rent payers and the usual nightmare associated with running a large property with many difficult issues.

The fact is that when you sit down and really analyse the scene you begin to realise that the trouble involved in closing a deal with a multi-family dwelling is not that much more than what you have to go through for a single-family one. In a single-family dwelling you may think you are in control more but that is an illusion. It takes just a month or two of the property being vacant and you having to run around to advertise it, screen the new tenant and get them in, to wipe out your profit for the year, or as good as.

In a multi-family dwelling the risk of that happening is spread amongst many tenants as opposed to one. An apartment can run up a large repair bill, or remain empty for four months and you can still show up a profit at the end of the year because you have spread the income stream you expect to several tenants rather than just one.

It was exactly this ability to spread risks and achieve greater savings through an economy of sale that led me to focus on multi-family dwellings as a powerful real estate investment tool. In addition the larger scale of owning more than just one apartment or housing block has allowed me to put in place a professional management company that deals with all tenants and manages the properties on my behalf.

This way I am free to focus on the important aspects of my career like my next real estate move and where I will go on holidays, which is what life in the real estate investment business should be all about in the first place.

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Help answer the question about real estate homes

How do part time real estate agent make money when their not selling homes?
I'm freshly into real estate. I'm curious as to how other people make a living when the market is down and you have no homes listed with you being sold. Even full time agents also. What type of ways do you find income rather than selling a home. I would like any EXPERIENCED real estate person to answer. I know everyone says don't get into real estate becuase its 100% commission, but I love it. But I need some good advice. Please help. Thank you.

Investing in Emerging Real Estate markets in the US

Langee — Thu, 05 Nov 2009 06:10:41 +0000

Most new investors, and plenty of more experienced ones too, like to stick to what – and where – they know when it comes to investing their hard-earned cash in equities. This is a natural enough reaction from people who are asked to take a risk with their investments on a daily, almost, basis.

Emerging markets are markets which are in the grip of a sudden growth spurt (like, for instance, Austin, Texas) or are in receipt of government incentives which help spur growth.

The savvy real estate investor is able to understand what makes an emerging market attractive by studying the signs right from the start. He then gets in early, identifies the opportunities in multi-family real estate properties he should be investing in and makes the maximum amount of money in the shortest time possible. It really is that simple.

Within this perceived simplicity lies a world of complexity in just how do you correctly identify an emerging market, how you go about finding the right real estate investment opportunities in it for you and how you then go about taking advantage of these while minimizing the risks, as much as possible, for yourself.

As a real estate investor who started out the hard way I know from experience that some of the barriers which keep you from being successful are perceived ones. I also know that once I show you what you should be doing you will be fully equipped to simply “get out there and make money”.

While there are many real estate investment courses which purport to show you how to invest in real estate few actually tackle emerging markets in our country precisely because there is a lot of skill required to correctly identify them and then take advantage of them.

The first thing to tackle of course is your own motivation. If you are not yet ready to leave the rat race behind and embrace a future where your hard work allows you to enjoy anything you really want then maybe you are not ready to take advantage of any kind of real estate investing, never mind investing in the tough environment of an emerging market.

But if you feel that the time has come and you are ready to put in all that hard work, energy and drive in a course of action that will free you from the daily wage-slavery you find yourself in then any of my courses on the subject will be suitable for you.

In order to be successful in any kind of real estate investment in an emerging market you need to do some careful analysis, you need a lot of drive and the vision to see what few others can see clearly at that stage.

If you think you’ve got all this and are prepared to learn, then reading this article should be the first step in a journey that will take you to the rest of your life.

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Help answer the question about real estate homes

I'd like to become a real estate investor (flipping homes or keeping some for rental). Should I incorporate?
I have an opportunity to get into purchasing foreclosure properties. I'd like to either flip the homes or keep some for rental income. I'm thinking of setting up LLC for this purpose, and was wondering if this is a wise move?

Recognise an emerging real estate market through a single stat

Langee — Sat, 31 Oct 2009 06:10:44 +0000

Emerging real estate markets are the real estate investor’s Holy Grail. Finding one, getting in there fast and coming out at the right time means that your bank balance will look incredibly healthy.

This is exactly why when it comes to spotting an emerging market the savvy real estate investor has to develop techniques which allow him to recognise it quickly, get in there and assess it and start working to make big money fast.

I know the obvious question here is how do you do that exactly and I will hasten to confirm that it is no secret. There are many factors which are a dead giveaway that an emerging real estate market is happening but the one clear indicator, and please note the word indicator I use here, is an influx in state subsidies and local government housing initiatives.

There are many reasons why this is the clearest indicator not least because local government and state initiatives always happen in tandem with private enterprise moves. So, for instance, a new corporation moving into the area, a new factory opening up or new business moving there, always happens after applying for and receiving state and local government approval and this then gives these organisations the advance warning they need to start planning for the development of the infrastructure and the incentives needed long before any one else.

Those who invest in real estate learn to be on the look out for such signs and subscribe, as a matter of routine, to many alerts in state areas where such investments may be happening.

The point here is that you should not jump at every such initiative as a matter of course but develop, instead, the ability to strategically assess each early warning you get in terms of what else is happening in order to identify that it is actually a true emerging market.

The moment you are fairly certain, and please note that 100% certainty on an emerging real estate market happens always after the market has matured and the opportunity has been missed, you can swing into action contacting those who are interested in getting into such markets so they can start putting the money together and you can start focussing on what real estate investors do best: identifying good deals and closing them fast.

Those who know me already are aware that I have often made a killing on emerging real estate markets because I was the first one to spot them, move in and then get out. None of this was luck. I worked at getting the information I needed early enough for me to make an accurate assessment and an appraisal of the risks involved and then I moved in.

The point is that if you are diligent in putting out feelers in the first place that alert you of the changes and opportunities as they emerge you are then in prime position to capitalise on this ahead of everyone else.

Watch the video related to real estate homes

Easy to figure this one out.

Help answer the question about real estate homes

FOUND Homes for sale on different real estate website but did not find it on my mrls?
Why did I FOUND Homes for sale on different real estate website but did not find it on my mrl. they have the same criterias

is the mrls missing properties ?

How to invest in real estate without risking a cent of your own money

Langee — Tue, 20 Oct 2009 06:10:28 +0000

Every time I run a seminar or a workshop with this title everyone suspects a scam or a get-rich-quick scheme and I am more than happy to disappoint them. The real estate market is an intricate, complex one which requires nothing less than total professionalism in order to succeed. This is why those who eventually succeed in it are those who are nothing less than professional in their approach in how they operate in the market.</p>

This professionalism represents a level of expertise and a way of conducting business which has a hard cash value and this is the principle behind the practise of Syndicate Real Estate investing. Essentially a Syndicate is a group of investors who want to get into real estate but lack the knowledge and expertise. They also want to limit their exposure to risk by either not putting in all the cash required or by spreading their money in maybe two or three syndicate deals.

You, as the real estate professional are the driving engine of the whole thing. You front the syndicate, you run the deal, you get to negotiate and close it and for that you get a percentage of the profits without having put any money in yourself.

If you think this sounds easy think again. Syndicate Real Estate investing is for true professionals who back their name in the market and reputation on each deal and, eventually, bank on it.

To succeed you have to get, usually, perfect strangers to trust you with their money and you have to be creative in the way you close deals and carry out negotiations in order to maximise the return for the syndicate members and yourself.

There are many advantages to investing in real estate in this way and one of them for the professional real estate investor is that you get to operate in the real estate market and make money without risking a single cent of your own money.

The trick lies in either being able to convince those who are looking to invest in the real estate market but have no expertise that you are the perfect choice for them to trust their money to. Once you have a name in the market you will find that people tend to approach you often enough for you to actually have syndicates on hold, waiting until the right property comes in the market but in the beginning you have to work hard and be creative in order to find the first syndicate to work with.

Once you have that first one under your belt, so to speak, you will find that things get easier, but it is always a gradual thing and you are only as good as your last deal.

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Help answer the question about real estate homes

Do you trust banks and real estate when it comes to homes?
Banks and Real Estate can not be trusted in my opinion when it comes to your home, they do illegal practices such as redlining( not giving money to minorities to move into white neighborhoods) and blockbusting (encouraging minorities to move into previously white neighborhoods that are all on the decline). What do you think?

How to make a million dollars investing in real estate

Langee — Fri, 12 Jun 2009 06:10:17 +0000

As a real estate investor with more than 4,000 properties to my name and a million dollars in the bank you could argue that I am a little more qualified than most to give advice on how to make it big in real estate.

When I was starting out in my career there were no courses, no help and no advice I could really tap into and, as a result, I ended up making almost every mistake in the book and learnt from each one and this is one of the reasons I decided to run courses and give workshops to real estate investors ready to take their career to a new level.

I know that in order to make a million dollars in real estate you have to be in for the long haul rather than a fast stake in and out kind of deal and this is exactly where the professionals from the amateurs really stand out.

In order to make that million dollars in real estate you need to get into it with a vision and a coherent strategy. I know that this is news to you because when I first got in I too was in there chasing almost every deal I could and the result was that I used to get fragmented ways of working and was finding it difficult to make much headway in anything.

I learned the hard way by falling down and picking myself up that you need to have that focussed strategy so that when an unexpected deal does come along you are very clear in your head why you are taking it and where it is going to get you.

Most of those who come to my real estate investment workshops know that I favour multi-family dwellings as a means of creating robust, parallel income streams, minimising risks and achieving economies of scale which then make it easier for me to automate some of the processes such as the day-to-day running of more than 4,000 apartments which would otherwise be crippling.

This does not mean I do not deal in single-family properties however. Quite the contrary, but I do deal with them in a way that fits within my real estate investment strategy, takes my plans further and helps me to further my goals of building a robust real estate portfolio and continuing to be financially independent.

Making it big in real estate is not easy but it is achievable, as my case proves, and the only way to achieve your dreams and become successful is to make sure that, just as in life, you have clearly stated goals, a philosophy you can stick to and a strategy that fits in with the way you work and allows you to make the right decisions.

Watch the video related to real estate homes

Veteran Realtors and Las Vegas top consumer advocates for Vegas home owners and home buyers, Kendall Trotter and Steve Hawks continue their discussion about new home builder fraud.The fraudulently inflated new homes caused values to rise beyond what they should have been in the free market with add ones like cars and cash back. This unknown cash back also caused the resale market to sky rocket beyond what it should have done since many of the resales pricing was attributed to the cost of a new home. It also caused the unsuspecting home buyer to over pay based on the fraudulent cash back prices of some new homes. It also has caused consumers to doubt what the real value is.This is not a problem for current buyers and sellers though. Kendall Trotter,Steve Hawks and The Las Vegas Real Estate Update will clear up all your doubts with the real facts and the real market value.

Help answer the question about real estate homes

As a real estate agent can you buy homes and sell them to make a 7% commsion on your sale?
As a real estate agent can you buy homes and sell them to make a 7% commsion on your sale?
This would mean you buy then home make the monthlys until sold then break even plus your 7% commission then repeat the process?

Lange Estates » single family investing

Necessary Skills to Make It Big in Real Estate

Watch the video related to real estate homes

Help answer the question about real estate homes

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How to create a profitable real estate syndicate

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Three basic principles of successful real estate investing

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Multi-family dwellings are powerful real estate investments

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Investing in Emerging Real Estate markets in the US

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Recognise an emerging real estate market through a single stat

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Help answer the question about real estate homes

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How to invest in real estate without risking a cent of your own money

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How to make a million dollars investing in real estate

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