Mon, February 01
by Natalie Pilkinton 02.01.10
in Articles and Rehab.
Communication is the key when working with any vendor, but is especially imperative with a contractor.
Investors are suspicious of contractors, worrying that they’re about to be taken advantage of. Contractors may have valid concerns about working with investors as well.
Everyone wins when you are both working on the same page.
Here are some tips for successfully working with contractors.
1. Know What You Want – Have a Documented Scope of Work
This is critical. Too many people sign up with a contractor to have a certain job done, and in the middle of the job they realize that they want something else. That’s a big deal, and can wreak chaos on a contractor’s plans, perhaps causing him to have to undo some of what he’s done or to spend more time than he’d budgeted on your home. Changing the scope of work can cost you a lot. Keep it simple. When rehabbing investment properties remember - clean and functional, you will not be living here.
Sun, January 17
by Brian Lee 01.17.10
in Articles and Investing Wisdom.
Is $200 a month a lot of money?
How you answer this question speaks to your level of financial sophistication.
How Far Would You Go for $200?
Most people would not go very far out of their way to make an extra $200 a month. When compared to a monthly salary of $3,000 or $4,000; $200 sounds pretty insignificant.
Mon, January 04
by Jeff Smith 01.04.10
in Articles and Management.
By Jeff Smith, Real Estate Investor and Lifestyles Houston Mentor
An Excerpt from the SF Real Estate Investor’s Policies and Procedures Manual
This article is not meant to just be a “How to …” guide on the way to lease a single family home.
Instead, what I wish to accomplish here is to make the point that your business is comprised of a series of processes and that by acting consistently over time you will achieve a predictable result.
Additionally I would like to illustrate by documenting your procedures you have a greater likelihood of following them with consistency so that you will get the outcome you desire, and that developing those procedures doesn’t have to be a painful or complicated event.
Mon, December 21
by Bernard Maldonado 12.21.09
in Articles and Investing Wisdom.
By Bernard Maldonado, Mentor in the Dallas/Ft. Worth Office
It’s almost the end of 2009, and the end of a decade! Many people make new year resolutions. Do you have a resolution in mind? Perhaps you want to start a new workout routine. Maybe you want to read more books. Do you think about making a finance-related New Years Resolution?
I challenge you to NOT WAIT until January 2, 2010 to think about what you are going to do. Take action NOW!
If you follow Lifestyles Unlimited articles, news, and radio shows, you may be someone who plans on making 2010 the year to start investing in real estate in order to generate passive income and increase your net worth. If this is your resolution, then I encourage you to keep reading this article.
I’d like to outline a simple plan to help you ensure that your resolution materializes into a reality! In this article, I’m going to outline six points for you to keep in mind when planning your real estate investments. The order of the points is important so that you don’t get frustrated and become tempted to give up. Furthermore, each point builds on the previous one.
Thu, December 03
by Lifestyles 12.03.09
in Articles and The Manual.
What would you do if a friend or family member asked you to cosign a loan?
Before you answer, make sure you understand what your obligations are.
When you agree to cosign for someone else’s debt, you are essentially guaranteeing payment if that person defaults.
You are being asked to take a risk that a professional lender will not take.
Think about it: the lender would not need a cosigner if the borrower were a good risk.
Cosigning Means You’re Financially Responsible - Consider the Risks
The obligations associated with cosigning a loan can be more than people expect. So before you put your autograph on the dotted line agreeing to cosign a loan, the Federal Trade Commission requires the creditor to give you information explaining your commitment.
Mon, November 09
by Stephen Davis 11.09.09
in Articles and Investing Wisdom.
By: Steve Davis, Vice President
From the “Richest Man in Babylon” by George Clason
When I first read this book I had my doubts as to whether strategies and tactics based on thousand year old principles would be relevant to me in the 1990’s.
Now, 20 plus years later, after having executed the laws and rules outlined in the book, I know it to be as true today as in the past.
Clason’s work is timeless because the needs of man and the laws of gold are timeless and never changing.
Human desire for peace, joy, love, wealth, health and happiness never change. How we each achieve that may be different but the goals remain unchanged.
The fact that money comes to us from one place, other people, also never changes. To make money you must help and serve other people in a way that deserves them giving you there money.
Let’s take a moment and review each of the Five Laws of Gold together.
Mon, November 02
by Alfonso Munoz 11.02.09
in Articles and Real Estate Market.
By Alfonso Munoz, Mentor in the Houston Office
There is a lot of talk still in the news today about the ailing housing market and the continuing rise of foreclosures both here in Texas and across the country.
Unemployment is up, the housing market is down, the future is uncertain, we’re mired in a global recession; the news continues to get worse.
So is this really a good time to invest in real estate? Or is it wise to sit on the sidelines and wait to see how things play out?
If you dig a little deeper than the national media stories, then you may find a slightly different story. It turns out that this is a great time to invest in real estate, and for those of us living in Texas, the circumstances are especially favorable. There are several reasons why this is true. So while all the sensationalistic news outlets continue to focus on the doom and gloom let’s take a look at the other side of the coin.
Why is this a good time to invest in real estate?
In short, because real estate is on sale.
Due to the large number of foreclosures all over the country, the real estate market is like a giant clearance sale. It’s like buying a sweater in May, or shorts in December.
Today you can buy a house cheaper than you could have bought just a year ago, and in many cases you can buy a house for less than the cost of building a new home.
Mon, October 26
by Lifestyles 10.26.09
in Articles and The Manual.
Leasing residential real estate is like any other business. There is a right way and a wrong way to do it.
If done correctly, it can be easy and profitable. If done incorrectly, it can be your worst nightmare. Listed below are the answers to some commonly asked questions when getting started in the leasing business- How do I pick good tenants? How and when should I rent my property? How do I know what rate to charge for rent?
How Do I Pick Good Rental Properties?
1. Always pick rental properties in the median price range.
2. Try to stay with 3-2-2 properties if possible.
3. Try to stay with single-family homes to start with.
4. Pick properties close to home to start with.
5. Always pick properties that have positive cash flow.
6. Pick properties that have some type of market advantage.
Mon, October 19
by Kevin Coyne 10.19.09
in Articles and Investing Wisdom.
By Kevin Coyne, Lifestyles Dallas-Ft. Worth Single-Family Mentor
…Let’s say your goal is to retire yourself in five years and earn $8,000 per month in passive income…
…Can you go from no passive income to $8,000/month overnight? Crazy, right? But do you believe you could generate $1,000 /month within one year? I believe you can and you should believe it as well…
The Difference
You have often heard how doing the little things makes a difference. They don’t make a difference. Little things actually mean everything!
Whether it is health, relationships, or wealth: can you really improve overnight?
Mon, October 12
by Lifestyles 10.12.09
in Articles and The Manual.
Even if you use your credit every day, you may have questions about the credit industry.
Credit is much more complicated than keeping a tally at the local grocery. As a credit-active consumer, you need to know how credit reporting works and what your credit report contains.
You are most likely already familiar with the concept of “credit,” the reputation for paying your bills on time that makes it possible for you to obtain money or goods with the understanding that you will pay for them later.
(continue reading…)
