You’ve Landed on the Most Informative Real Estate Investing Blog Given By One Person on the Web

 

You’ve Landed on the Most Informative Real Estate
Investing Blog Given By One Person on the Web…


That’s my goal for this blog. To give you the most information on real estate
investing… for FREE! I’ll give you quick tips and tricks to get
your real estate investing business off the ground or to the next
level (depending on where you are!). Even the wisest man is continually
learning… and so should you (I know I do). So I want to pass on
my years of experience if you are kind enough to listen! But please
do me a couple of big favors:
1. Still give me your email address and other info on the top right.
Why? Because there will be stuff I do NOT post on this blog or my
site (mostly do to time constraints) that will benefit you tremendously.
You can ask the other folks on my list, I don’t pound you with worthless
info and sales crap like other folks. I send stuff like, “Hey,
I just found this cool new way to market to sellers.” I’ll probably
email you so infrequently and the info will be so worthwhile, you’d
wish I’d email you more often!
2. Please share my blog with others you think might find it useful. This
might be others in the real estate industry, like investors, agents,
mortgage brokers. Or it could be cool people looking to make money
or know about real estate investing like you!
3. Comment on my blog about other topics you want me to talk about or
questions you want me to answer. Sometimes I take for granted what
I know and do when I’m buying, renovating, and reselling homes. It
becomes “second nature” to me, so I forget to post about
it. Your comments will help me get past that!
That about does it for the ground rules. I don’t know much about “blogging”,
so if you can help me make the format better, I could use all the help I can get!
Learn to Wholesale Real Estate
Greg Norman
Founder, RealityREI.com
Real Estate Investor

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Do This To Ensure Your Wires Go Through

If you are sending phone wires for big payments to contractor and for closings (which you should be doing to save time), make sure you are around the phone for the next hour or so after the wire. Occasionally they’ll call you back to confirm the wire. If you do not answer or confirm the wire, they will not release it, which could be a problem for you if people are expecting it.

Fun fact: This video was shot at Foster Botanical Garden in Honolulu, Hawaii. Home of the corpse plant, which has the largest bloom in the world!

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Trying to Push Home Value Higher and Worried About it Appraising? Do This…

If you are worried about the appraisal coming in low because of FHA guidelines or pushing higher end value, you can help your cause by leaving a list of all of the upgrades done to the home on the kitchen table after you have the home under contract. But do NOT put the cost of those upgrades. That way the appraiser will get it and may use it to justify your sales price. Note: This can NOT be done directly. You can not allowed to ‘influence’ the appraiser. But you CAN help them by telling them everything that is new in the house (that other homes that have sold may not have).

Fun fact: This video was shot on Aiea Loop Trail on Oahu, Hawaii, with great views of the mountains heading to the windward side of the island.

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Rehab Plans Under Review with Govt? Better Do This…

If your rehab plans are large enough where they need review by the government (DCRA in Washington DC), make sure to follow up with the government directly to see where it is in the process, especially if it is relatively late in the ‘comment’ or review process. Always ask how long it will take when items are in review and follow up the day after its past due to find out where it is. This may save you in additional delays if it got ‘stuck’ on someone’s desk. Also, don’t trust your general contractor or runner to do this as they will probably only look online for a status and not ‘press’ an individual at the government.

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Make Sure to Factor This Cost if You Have a Roof Leak

Replacing an old roof is one thing… replace a LEAKING roof is another thing. Factor in the price of replacing sheets of plywood under the shingles themselves (size and leak dependent… about $1500 average in DC area). A significant expense on top of the cost of the roof itself ($6-10K average in DC area). Make sure to remember that when you see a LEAKING roof.

Fun fact: This video was shot at ‘Secret Island Beach’ on Oahu, Hawaii. Check out the jump at this pretty, secluded beach.

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How to Get Your Emails Open AND Read

To get your emails read, they need to look as ‘personal’ as possible. So I recommend you do NOT send your emails in HTML format. Just use regular text format like one person would send to another. When HTML pops up on most folks email, they immediately delete it (like junk mail). Be personal and get read!

Fun fact: This video was shot at Nine Mile Lake in the Florida Everglades. Check it out!

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End of Year Tax Tip for Rehabbers

Rehabbers have lots of HUDs and expenses to handle tax time. Want to get it done with less stress on you and your accountant? Send your accountant everything IN NOV AND DEC, when they don’t have much work going on. Waiting until you have ALL of your information in Fed/Mar and then handling it to the accountant will mean you are handing it to your accountant when they are busy with every other person trying to get their taxes done by Apr 15. Allowing your accountant to get a jump on chunk of your return will make it easier on them when you hand them the rest when everyone else does.

BONUS TIP: ALWAYS file an extension and give it to your accountant just after Apr 15 (May 1ish), when they are less slammed. Just make sure to pay your estimated tax burden Apr 15th.

Fun fact: This video was shot on Kalaupapa on Molokai, Hawaii. Beautiful spot with 1800ft sea cliffs (some of the highest in the world).

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Make Sure to Check This if Owner is Behind on Payments

If an owner is behind on payments, they’ll typically tell you what they owe on it and what is needed to bring it current. But owners and investors often overlook condo or HOA dues that are typically also behind and need to be caught up and considered as well… especially if you are taking over payments and paying a seller a ‘net’ amount above what is owed.

Fun fact: This video was shot at the top of Chinaman’s Hat on Oahu, Hawaii. A short, steep (and sketchy) hike to the top of an often photographed spot on Oahu, Hawaii.

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What To Do If Your FHA End Buyer’s Financing is Falling Through

One way you can salvage some good out of a bad situation of your end FHA buyer not going to closing is to get the home inspection report from that buyer and advertising that you have a home inspection report available for all future prospective buyers. It becomes a win/win because it will save the new buyer $300-500 (depending on where you live) and it will save you from having to do potentially more repairs as every different home inspector finds a new list of things to do (mainly to justify the cost of using them).

Fun fact: This video was shot on the Ka-au Crater hike on Oahu, Hawaii. A challenging hike where you’ll see/climb 3 waterfalls, a crater rim, and see a spectacular view of two sides of the island. Check it out!

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When an Investor Should Price Drop Near the Holidays

When should you price drop? Ultimately, I think its best to do it ‘unemotionally’ every two weeks to the next ‘significant price point’ until it sells. The only time you would modify this is if you are approaching a slow period (i.e. Thanksgiving in the North East). You will want to more aggressively price drop prior to this slow period to ensure you are not holding it over the holidays, which could result in extra holding costs and the possibility of your home becoming a ‘stale listing’.

Fun fact: This video was shot at Keana Point in NW Oahu, Hawaii. Beautiful coastal hike w/ a mountain range in the background and even includes a blow hole.

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Setting Closing Date When Buying A Rental

When buying or wholesaling a rental that you want to purchase it ‘vacant’, make sure to put the closing date that gives you time to give the tenant 30 day notice… So the date needs to be about 35-55 days out (depending on contract and end of next month date). Watch the video for details.

Fun fact: This video was shot at Laie Point on Oahu. Check out the cliff jump!

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