You understand that the following information is educational in nature and is not intended to be legal, accounting, or tax advice. You are responsible for your own financial decisions and real estate investments and should consult your own legal, accounting, and tax advisors before making financial decisions.

Local Investor Finds Deals and Little Secrets After Enrolling In Mentoring Program!

I don't know where to begin.  It has taken me too long to send in a story about the success I am having.  I’m in the real estate game as it is, but my main goal in seeking out a mentoring program was to learn all the little things I didn't know.  My main focus as of late has been flipping properties.  My first property was purchased for $177,000.  We had to do traditional financing which took some time, but it all worked out well.  This first property is almost ready to be listed.  We have gutted the whole house and are just waiting for the new carpet to arrive.  The last step will be to have the landscapers give the exterior some much needed curb appeal.  I have been talking with realtors that know the area about what they think it will be worth when completed.  Their ideas are right in line with mine.  I am going to list it for $269,000.  I think we will be satisfied as long as we get $255,000.  The market is hot, and since we bought the property the value has gone up $20,000 from what we thought we could get originally.  So with all of the costs aside (fix ups, realtor fees, taxes, etc.) we look to take home at least $45,000 on this one!  Not bad for a first try.

We are closing on our second property tomorrow at 1 p.m. The purchase price is $240,000 and I have found a private money lender that will lend us the money for 4 points with no interest and no payments. This will be a few thousand more than going traditional, but it has allowed us to close quickly, and it won't be on our credit.  This house is in the middle of Holladay, and it is such a desirable area right now.  We plan to have this one done by the end of the year, and ready for sale by January.  This area is so hot, that offers continued to come in well after the contract had been accepted.  We have already had interested buyers trying to get our contact information form the seller's agent to find out when the property will be renovated and how much will it be.  That's always a good sign.  The thing I learned from this deal is to always be ready to write an offer.  You have to look for good deals everyday because they are all around you.  Anyway, this one looks to be another $40,000-50,000 deal when it's all said and done.  The goal is to just keep them coming.  We plan to do at least 6 of these throughout the next calendar year.  It is excited to see the progress that is being made.  I'll let you know what we end up getting form the sale of our first property.  Thanks for the help and instruction.

Sincerely,

- Andrew K.
South Jordan, UT

It's important to realize when working with real estate agents that you can rewrite any of the terms in the contracts they ask you to sign to retain their services. Often your agent will ask you to sign a contract that commits you to work exclusively with them for a specified period of time. Signing such an agreement can be dangerous because of the lost time we might suffer if the agent we contract with gets too busy or too lazy to give us the help and attention we need. Should that situation materialize, we would have to either be prepared to pay a second full commission (so we could hire and work with an additional agent) or simply wait out the contract so we can switch agents.

It's an easy matter to either refuse to sign such an agreement or to add some wording (with your attorney's help if needed) that limits the scope of your agreement so that you are able to work with other agents on other property if needed at any time. You can also change the terms of contracts you sign with agents to enlist their help in selling property for you. You can shorten the length of the contract, make it a non-exclusive right to sell, or adjust the compensation they are asking once the property sells. You often won't have to change much in the agreements that you sign, but knowing that the terms aren't set in stone can save you a lot of time, money, and frustration over the course of you investing career as you bend the agreements to better match your needs.

My Prospect Pro

Features:

• Motivated Sellers
• Bank owned properties
• Easily qualifies all prospects with little effort
• Property data research

My Prospect Pro is a property prospecting tool for real estate investors. It contains a database of leads throughout the United States, as well as several other tools for use with their investing. Leads in the database include FSBO properties as well as bank owned foreclosures properties. Once the student’s account is activated they will be able to specify up to 300 zip codes in whichever markets they prefer to invest. They can then search and call on as many leads as they like. The leads within the database are free to call on and available to everyone who has access. Premium Services The system also contains advanced features including the "On Demand Assistant" and "Property Profile" tools. These tools are features which will cost points for students to use. These tools will give the student the ability to further qualify the prospect with little effort on their part. They can have a personal real estate prospecting assistant that will work on their business when they can't.