Sunstone
04-12-2002, 12:16 AM
Dear guys,
This is Robert Irwins "15 Golden Rules for Finding, Buying and Fixing Properties". (Reno Business Rules)
Cheers,
Sunstone.
15 Golden Reno Business Rules
1) Never Overpay.
Better to lose five "maybe" good deals, than to purchase one bad one.
2) Buy the highest value fixer you can find.
It won't cost much more to fix-up a high-end than a lower-priced house, but you’ll have a bigger budget to work with and more profit when you resell.
3) “Farm” nearby neighbourhoods.
Let owners of potential fixers know you’re looking. When they decide to sell, they’ll call you first to avoid paying agent commissions.
4) Mine broker listing for overlooked properties.
Look for houses that haven’t sold for a long time and that have poor “curb appeal,” those that most buyers shun.
5) Make offers to lenders. (Not as applicable in Aust)
Get them to sell you their REO’s –foreclosed properties that they want to get off their books.
6) Work the foreclosures
Get to homeowners before the lenders take over.
7) Avoid toxic properties
Beware of properties with serious lead, asbestos, or other environmental problems.
8) Put together a team of experts
Get electricians, plumbers, agents, loan brokers, and others working with you.
9) Make successful low-ball offers
Learn the techniques that will motivate sellers to see things realistically.
10) Get complete financing
Arrange for mortgages and short-term loans in advance of need.
11) Get sellers to finance your deal
You don’t need to put up your cash and the sellers keeps more money from the sale.
12) Put in your own seed money.
Never appear needy to anyone with whom you deal.
13) Learn to “guesstimate.”
Beat out your competition for the lowest-priced properties by being able to correctly estimate fix-up costs on the fly.
14) Know the difference between cosmetic and serious problems.
Never think a little paint and plaster will fix a broken foundation.
15) Move up to apartment and commercial buildings.
Learn to fix bigger projects for bigger profits.
This is Robert Irwins "15 Golden Rules for Finding, Buying and Fixing Properties". (Reno Business Rules)
Cheers,
Sunstone.
15 Golden Reno Business Rules
1) Never Overpay.
Better to lose five "maybe" good deals, than to purchase one bad one.
2) Buy the highest value fixer you can find.
It won't cost much more to fix-up a high-end than a lower-priced house, but you’ll have a bigger budget to work with and more profit when you resell.
3) “Farm” nearby neighbourhoods.
Let owners of potential fixers know you’re looking. When they decide to sell, they’ll call you first to avoid paying agent commissions.
4) Mine broker listing for overlooked properties.
Look for houses that haven’t sold for a long time and that have poor “curb appeal,” those that most buyers shun.
5) Make offers to lenders. (Not as applicable in Aust)
Get them to sell you their REO’s –foreclosed properties that they want to get off their books.
6) Work the foreclosures
Get to homeowners before the lenders take over.
7) Avoid toxic properties
Beware of properties with serious lead, asbestos, or other environmental problems.
8) Put together a team of experts
Get electricians, plumbers, agents, loan brokers, and others working with you.
9) Make successful low-ball offers
Learn the techniques that will motivate sellers to see things realistically.
10) Get complete financing
Arrange for mortgages and short-term loans in advance of need.
11) Get sellers to finance your deal
You don’t need to put up your cash and the sellers keeps more money from the sale.
12) Put in your own seed money.
Never appear needy to anyone with whom you deal.
13) Learn to “guesstimate.”
Beat out your competition for the lowest-priced properties by being able to correctly estimate fix-up costs on the fly.
14) Know the difference between cosmetic and serious problems.
Never think a little paint and plaster will fix a broken foundation.
15) Move up to apartment and commercial buildings.
Learn to fix bigger projects for bigger profits.