All Forum Posts by: Ken Mitchell

From what i've seen in Charlotte, a number of homes were listed but didn't sale but not neccessarily because the market flattened out....

Many homeowners got it in their heads that their homes could sell for whatever they listed for or got into the mind set of "if I can sell it for what I'm listing it for, I'll move"....

In other words, homeowners tried to speculate on the market and listed their homes artificually high hoping to make a killing when they really had no intentions or need to move....

list of thing to do when evaluating the physical condition of a property and you have little to no rehab experience.....

call an inspector

1. How much money do you need to make? what are your financial responsibilities? Eventually, having some rehab skills would help your buying skills as being able to cpaitalize on a really good real eastate value also means being able to quantify rehab on a very timely basis....sometimes on the spot as many good deals are swarming with investors.

if you have sinifican finanacial respoinsibilites, the challenge....until you have a solid customer base (and even then for that matter) selling real estate, if you expect to make a half way decent wage...is a FULL time job and so is rehabbing for that matter. concentrate on one or the other and if your liucky, you'll make a decent leaving while starting out.

you might find it helpful to get a job with a home builder as a cleanup guy until you get your license. keep your eyes open, ask questions and you can learn...

2. having multiple websites for each one of your business strategies only make sense if you are the least bit computer saavy. domain names are cheap to keep and the basic sites themselves aren't so difficult to build with yahoo sitebulder and the like.

3. once you get a little experience, the right name will find it's way to you. this will, in part at least, be tied to what website domain names are available.....

1. How much money do you need to make? what are your financial respoinsibilities? Eventually, having som e rehab skills would help your buying skills as being able to cpaitalize on a really good real eastate value also means being able to quantify rehab on a very timely basis....sometimes on the spot as many good deals are swarming with investors.

the challenge here....until you have a solid customer base (and even then for that matter) selling real estate, if you expect to make a half way decent wage...is a FULL time job and so is rehabbing for that matter.

you might find it helpful to get a job with a home builder as a cleanup guy until you get your license.

2. having multiple websites for each one of your business strategies only make sense if you are the least bit computer saavy. domain names are cheap to keep and the basic sites themselves aren't so difficult to build with yahoo sitebulder and the like.

3. once you get a little experience, the right name will find it's way to you. this will, in part at least, be tied to waht kind of daomina names are available.....

it sounds like the property is already developed. are ALL the utilities in place and is the local planning commission happy with all thats been done there?

if so, the next step is to hire a local realtor that specializes in new home construction/lot sales and have them introduce you to a few local homebuilders to discuss a build-out plan.

i'll run tax record searches on rentals on the market. i can do this online by simply entering the rentals address. i'll usually generate more out-of-state leads than i can handle just doing this and it doesn't cost a dime. the house is already sitting empty in some cases, which can tend to motivate....

It's business, tell them the truth. By doing so, you may be validating the seriousness of their situation, which can be a good thing to those who don't like facing reality.

It's very difficult to make a property financed 100% LTV to cash flow as a rental...the market doesn't work that way in my experience. at that level of investment, your renters could buy cheaper than you could rent it to them after you factor in your profits and operating expenses....

the money you'll spend in management and transportation makes this a tough sell to me...

sounds like alot of sleepless nights....

it's the typical "make money in real estate" gig. it's strictly a numbers game and i would call it "analytical investing" - buy for x, invest y sell for z. nothing intuitive, revolutionary or creative. their model worked well when the market was moving quickly but who's didn't. their business model is geared for the rookie but the money you spend paying them combined with your inexperience can make profits slim in a tight market.

check out Investors Mortgage Lending, their sister company for some interesting hard money programs. Decent rates, flexible programs, hard money by the numbers...if it doesn't appraise or inspect well, they won't lend on it...

where are you and what do you want to know?