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Market Shift for 2013-Separating the Hype from the Truth

When I first started investing in Real Estate in 2009, the word in Austin was there would be a housing shortage in 2013.  As unbelievable as it seemed at the time, it looks like that prediction came true.  Much like in California and other hot areas, Austin has a housing shortage.  Rents are rising as well as housing prices.  Multiple offers exist and there are no foreclosures.  Will that always be true?

This much is true:

1. Foreclosures are harder to find
2. Interest rates are lower then ever
3. Conventional Loans are still very difficult to get

For those that qualify, this is the best time to buy real estate, whether it be a rental investment or their first home.  For those of us that don't qualify, this is still the best time to buy real estate as a rental investment.  The challenge gets back to finding the funds.

Jean Norton's Blog 1st Place WINNER-Best Real Estate Investing Blog

 I am thrilled to announce this blog's top place position as "The Best Real Estate Investing Blog" by the REIClub.com.

A Big THANKS to those that have read and enjoy this blog as I share my real estate investing stories with you.  A super big thanks to those that have been reading my blog for all these years!  I know I invoke some emotions as I share my experiences, and yes, that's intentional.

What I share here about real estate investing is important for those getting started in real estate investing.  As I said to the REIClub, "Real Estate Investing is not as easy as the infomercials lead you to believe, which is why I dedicated the last 3 and ½ years sharing my experiences, the good and the bad. If my stories helps anyone in anyway, then all the time I put into it was worth it."

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Top 3 Lessons for the New Real Estate Investor

Sometimes I wonder what I would be doing right now if I hadn't responded to that direct mail piece that said I could be rich like Armando Montelongo (I received other invitations from Rich Dad, Trump Institute and the like, but didn't respond at those times) and was invited to a free training session to learn about real estate investing.  I didn't know who he was at that time, but my IRA's were drained to cover for paying for a master's degree, I had no retirement, and I was, at that time, recently laid off from my job as a Senior Product Manager for a software company, with little hope of getting a new job.  Still left with a $40,000 student loan debt, no job, no retirement, no potential career path, a free lesson in real estate investing sounded like a good idea.

Three and a half years later, supplemented with more training that included Cliff Gager, Phill Grove, religiously listening to podcasts from the likes of The Norris Group, The Real Estate Guys and countless free webinars that gave some strategic tips on how I should carve my path in real estate investing (and of course opportunity to spend thousands more on THEIR training), plus my own experiences, I can tell new investors, in a nutshell, what to avoid as you move forward in your career.

FACT NUMBER 1: New investors are vulnerable and trusting.

FACT NUMBER 2: Real Estate Success doesn't happen without a lot of work.

FACT NUMBER 3: New investors don't utilize their mentors often enough.

Are Teens Suited for Real Estate Investing?

Many a parent will say a loud "NO", as real estate investing has significant risks, where as getting a J.O.B. at Wal-Mart is less risky, yet still not what a parent wants for their child.

I held a Field Trip to Atlanta last week and 2 people brought their sons.  Both were concerned that college wasn't a strong path for these kids, and both were afraid their sons would be bored out of their mind.  I can tell you right now that both of these guys got totally into real estate investing and the many strategies that any can leverage for success.

You should have seen their eyes light up with I told them how they could be "bird-dogs" for wholesalers and rehabbers.  The thought of making $1000 by facilitating a real estate transaction totally got them excited.  I told them all they have to do is watch for properties that appear vacant, look on the county web site for the owner and pass it to a local wholesaler or rehabber - Oh, yes, and they have to start networking in real estate events.

But imagine seeing a kid at one of these events...would you ignore them?  Would you reach out to them?  Think about it...I see potential here.

Are the Asset Managers Out of their Minds?

Someone just posted in my Facebook Group that the banks are holding firm on their prices.  This may be true, especially some areas that are seeing significant price increases.  For example, one person I know did a rehab in Hayward, CA (near the Bay Area) and priced it at $260k.  Within days the settled on an offer of $340k. WOW.  That's some accelerated pricing, and a nice surprise for him. 

In addition, hedge funds are in every metropolitan area scooping up foreclosures at the courthouse steps and prices the locals would never touch.  What does that mean?  To me, that means we are in a position to see some significant appreciation for the next few years.

Historically the last quarter of the year is the time the asset managers want to get toxic assets off their books.  In fact, I've gotten some of my best deals this time of the year.  However, given these events I wonder if this is true.  Are we seeing the banks holding firm on their pricing?

Successful Real Estate Investors Learn MORE from Their Mistakes than Their Successes

I read an article the other day speaking about entrepreneurs (me, and you) and the question was "What does it take to make someone a great entrepreneur?"  That got me thinking ..."What does it take to make someone a Great Real Estate Investor?"

I know many try real estate investing because of a late night infomercial (Yes, I know, that guru still uses me on his infomercial).  In my history, I had great success on my first deal - a $30k profit...so yes, I could taste the sweet feeling of success.  However, that initial success was probably the worst thing that could have happened.  Why?

1. I got complacent.
2. I thought every deal would be this easy.
3. I was too trustworthy.
4. I expected people to do the work they said they would do.
5. And worse, I lost money on the next deal.

The answer to the question is really another question: "Have you learned from your mistakes?"

The answer to that can be painful.  It's easy to say, "someone screwed me",  or "they didn't tell me about the foundation problem", or "The contractor walked off the job" or "my investor backed out at the last minute"...

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How to Quickly find a Property with HUGE Profit Spreads

I have a couple of videos with tips and tricks on how to find sweet real estate deals but I realize that sometimes people just don't have time to sit and watch a video.

So here you go: A quick tutorial with pictures on finding a good deal and verify the comps.

In this example, I've picked a City outside of where I currently live (Tampa, FL), and within 5 minutes I've found a house with great profit spreads, solid comps and I'm ready to make my offer.

First, get an account at foreclosure.com (free 7 day trial) - search for foreclosures in your favorite city and you will see the listing price and how it compares to the Zillow Zestimate (I know, zestimates aren't very accurate - but if you see a BIG difference, then it's worthy of future investigation).  In this example, asking price is $59k and the zestimate is $109k.

Here is a 3/2 1500 square feet on Santa Monica Drive.  Go to Zillow.com and enter the address and be sure to filter for 3/2's with 1200-1800 square feet sold within the last 6 months.  Clearly there are similar houses that sold within, if not more than the the zestimate.  

BOOM!  I'm ready to make an offer on that house!  Get your free trial foreclosure.com account and find some real deals.