Saturday, January 10, 2009

Real Estate Course: Day Six of 30 Day Action Plan

Day Six
  1. Talk to one person every day about your private money program
  2. Prepare and study
  3. Comps – what are they – how do I find them
  4. Good Web sites for research

Day Six starts exactly like the day before talking to someone on your list of people about private money. In fact if you did not talk to someone yesterday you need to talk to two people today. This is absolutely critical to your success.

Study and get to know the process of buying property. Sure you may have purchased your own home once or twice but now you want to look at it from the business side. What are your responsibilities to the process, the seller, the private money lender and what is the timing you need to have everything in place? Talk to a Title Officer – better yet, take them to lunch and pick their brain on the entire process. Even if you think you know, it will give you an opportunity to talk to one person about private money.

Next go to the county records office and ask how deeds are recorded and what documents you need to buy or sell a property. They will help you at the recorder’s office. The more lost and confused you look the more help you will get so ham it up. The information can be invaluable when you need to record a document for a property.

Study and prepare – this is your business and you should know it backward and forward. You should be able to explain it to anyone who asks, and believe me, everyone will ask. They will want your opinion of the market, how to buy property, how to sell it, what is a fair price and what improvements they should make. It will happen, so be prepared. The more you know the more you will become the expert everyone will want to talk to. Give the information freely. Don’t hide or refuse to share it. Some day it will come back to you in another form when you help someone else out.

Know where to get comps (also know as comparable sales). This is also critical to your business. If you do not have reliable comps how can you tell you have a deal? You can find comps on the Internet. I would be careful about the source. Always check the source. (For a list of internet comp site email The very best place is the MLS, and for that you need a realtor for access. This is why we want to talk to Realtors. They have the information you need and want and you are buying property they can either sell to you or sell for you.


JJTDM said...

This action plan is wonderful. I am so excited to read more. Thank you for your advise and experience.

Mike from California said...

Thanks for your comments. We are really trying to relay our experience so others can learn from it.