All Forum Posts by: Brad Mcleod

biggest new investor mistake

1. Renting to gypsies on my first rental property.

solution - screen the tenant, make them pay a security deposit in full before you give them a key, and have a good lease that they sign.

2. Getting burned by contractors.

solution - screen your contractor with other references and slowly ease into work with them. Dont give them too much responsibility or money too quick or you will pay the price.

3. Analysis by paralysis

solution - look at the numbers on the property, get a good inspection, get comparibles and if the info works - then do the deal. Dont wait for the next bigger and better deal to come along.

4. Get professional - dont do things half way

solution - get business cards printed, nice "for rent" signs, build a great website, blog, and market your business. It is a business - not a play toy.

These are a few things I have learned (and am continuing to learn) as I made the transition from falling off the turnip truck to buying 2 shorts sales in one week with $140k in equity.

Brad McLeod

We use both in our marketing efforts. I like letters as we have probably had more success, but am also a fan of a two sided color postcard.

You can write out an address real quick, put a stamp on it and fire it off in seconds.

Letters take a little more time.

We have had good results on both.

We like to keep an excel spreadsheet on all contacts with date of contact and results (talked to them, they called us, they want to sell, they dont want to sell, etc.).

we also like to drive by those properties that people are on the fence or saying maybe - and take a photo of the property and create a file of notes for when the owner finally calls and says yes.

i hope this helps - we have a few other marketing things we do but you just asked about postcards.

Brad McLeod

My goals in April are to:

1. Find a quad apartment short sale in the NE Atlanta area and close the deal.

2. Find additional investors to help with the downpayment for the deal.

3. Improve my blog with more info on investing in apartments.

4. Read one real estate book, learn something and apply it in my daily action items.

5. Rent all of 28 of our apartments (we are currently at 27).

Brad McLeod

I am currently in the Rich Dad Coaching program ($4,000) and have not been approached with an upsale.

I think that in general a course is really what you make it. I read all the books and had daily action items to perform. I learned a few things but in general the course (Rich Dad) made me more aware that I need to improve my financial IQ. That said, I listened to 4 hours of podcast today and have been working (and learning) on my blog tonite.

I bought (with a partner) 2 short sales in the past 3 months with $140k in equity. I think that part of that had to do with reading lots of books, applying action items to the real world and having a positive attitude towards learning and growing.

my goal is to learn a few things from Rich Dad and apply them and get out of the rat race by November 2008.

I have read a few of the Rich Dad books and am now in the Rich Dad Coaching program and am committed to life long learning.

I think that it is great to have a combination of books to read, CD's and podcast to listen to, a mentor to help you and a daily action plan with daily items to work on to move you towards investing success.

a few books I have read in the last 3 years that I thought were good. I try to learn 2 or 3 things from each book - and then implement those ideas in the real world.

10. Maverick Real Estate Investing: The Art of Buying and Selling Properties Like Trump, Zell, Simon, and the World's Greatest Land Owners by Steve Bergsman
9. Secrets of a Millionaire Landlord by Robert Shemin
8. How you can become financially independent investing in real estate - Albert J. Lowry
7. Emerging Real Estate Markets: How to Find and Profit from Up-and-Coming Areas by David Lindahl
6. Trump - The Art of the Deal - Donald Trump
5. Rich Dad, Poor Dad - Robert Kyosaki
4. Risk and Grow Rich - Kendra Todd
3. 2 Years to a Million in Real Estate - Matthew Martinez
2. Rich Dad's Real Estate Advantages: Tax and Legal Secrets of Successful Real Estate Investors by Sharon L. Lechter and Garrett Sutton
1. The ABC's of Real Estate Investing - Robert Kyosaki

i can expand on daily action items in another post.

best of luck investing.