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FAR 214 Inexpensive Rental Houses

Expected Air Date: 12/10/18

Opening

In this business you make your plan, plan your work and then prepare yourself for curve balls. Real estate is by definition an inefficient investment vehicle and that is a good thing. It means opportunities are always springing up. It\\u2019s a challenging thing in that you can\\u2019t get locked in to forever implementing one trick, technique, or area. To be truly successful in this business you have to get to the point where you understand an opportunity when you see it, recognize wishful thinking when you hear it, and spot a scam a mile away. Once you can consistently do that, you can adapt your plan implementation to match the opportunities that life and the markets bring to you.

Today we are going to talk about one such occurrence. I recently met a gentleman named Eric who claimed that he could provide some information from the online auction houses that is not generally available to the public. That information is an informed opinion of the reserve price the lender is seeking on every property. Eric offered to provide lists to me, with his opinion of minimum price on each property and further offered to enter bids on my behalf. I had to jump through a few hoops for -- shall we say -- approval to be in this program, but I agreed to give this a look starting about 2 months ago.

Eric suggested we look at low priced houses in a number of states nationwide and focus on the real deals. We are talking about buying 2 and 3 bedroom single family homes for less than $10,000. Eric has sold 14,000 of these to his clients over the years and has owned 2000 of them himself. Following his advice and with the help of a partner I quickly bought our first two properties for a minimal amount. We are currently working this process.

I began to share the idea around with my contacts in Atlanta and there has proven to be tremendous interest -- so much so that our mentoring call last week was about this topic and Eric volunteered to be on the call. It was terrific - great information, and this is shaping up to be a fantastic opportunity. Dozens of people on our mailing list wrote in, regretting that due to scheduling they would not be able to be on the call but they were interested. So I recorded it. After thinking it over, we decided to play portions of this call for you on the show today. So coming up in just a couple of minutes you\\u2019re going to hear the actual call and learn how you can buy investment houses across America for around $10,000 - sometimes even less! You\\u2019ll hear what to do with them and how to manage a property hundreds of miles from you and you\\u2019re going to learn that you can buy and sell a property that you never one time visit or see. If you\\u2019re skeptical, so was I. Probably the first 30 minutes of my first conversation with Eric was spent addressing my doubts about whether what he was saying was true and whether he could deliver. I now know through first hand experience that he delivers on what he says, and he has bent over backwards to help guide us through the process. You\\u2019re going to like this topic and I know you are going to be intrigued. Stay with us.

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Announcements:

• Lunch with me every Wednesday.
• Flipping America App is in the app store. You can listen to the show, read the show notes, and the entire catalog of shows is now available to you. It\\u2019s a free download and there are no upsells or in-app purchases. Free to download, free to listen. Go ahead and give it a try and drop me a line and let me know what you think.
• Want a quick analytical tool to tell you how strong a potential fix and flip deal is? Download the Property Grade app. You answer 10 simple questions about the property and the app instantly tells you what you can expect to make, your return on investment, your return on cash, and then the program gives the project a letter grade using the proprietary Flipping America Investment Property Grade algorithm. \\xa0

Motivational Thoughts for the day

\\u201cLife is an ongoing story problem. Solve it.\\u201d