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Lifestyles Unlimited is the premier education and mentoring group for real estate investing. Since 1990 we have been teaching our program to both the beginner and advanced investor.
We mentor on all forms of residential real estate from single-family homes to several hundred unit apartment complexes. Many of our members have never owned investment real estate before. We guide members step by step through property locating, evaluating, negotiating, financing, closing, rehabs, leasing and management.
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April 2009 PUBLICATION
By Judon Fambrough
Texas real estate practitioners frequently asks whether residential property may be sold legally “as is.” Knowing the correct answer helps brokers and sellers avoid legal woes. Both the Texas statutes and case law address the issue.
By Bill Edwards
The good news is that there is a simple and painless cure for firsehouseitis. It involves a paradigm shift. Once a property is identified which meets investment objectives, your immediate goal is not to buy that property; the first goal is to get an option period.
Lifestyles Realtors write contracts in such a way that you get a five-, seven-, or sometimes a ten-day period during which you conduct inspections and get repair bids from contractors and specialty service vendors. The amount of days depends on the seller and/or the negotiated number, and is usually free or at minimal cost on foreclosures.
JULY 2009 PUBLICATION
By Judon Fambrough
“When you get ready to sell, give me a call.” Ever heard that from a potential
buyer?
If the buyer is serious, he or she should be asking,
“Will you grant me a right of first refusal for this property?”
A right of first refusal (ROFR) is a written agreement between a person wishing to
purchase real property that is not currently for sale and the property owner who
currently is not ready to sell it. The owner grants the prospective buyer an option
to buy in the future after the owner-seller receives a bonafide (good faith) offer
from a third party.
There isn’t a quality business that is just about its product or service. It’s real value is how that product or service can improve upon the lives of the people who use it. But even a business with a product that can immensely enrich its customer’s lives cannot survive unless it communicates this fact with them first.
All honest business is about effectively helping people. It is the basis of a capitalist economy. Your real estate business MUST focus on this idea. Success or achievement therefore in real estate or anything else is the result of effectively dealing with people.
The concept was made clear to me as early the 11th grade where during an Occupational Orientation class Mr. C. E. Smith (no relation) taught that it is not the possession of technical skills that secures a job interview but their presentation in part in a resume and cover letter, it is salesmanship in the interview that is rewarded with an offer, social skills that maintain employment during and after any probation period, and conceptual skills and their communication that allow for advancement later on.
Making an offer when investing in single family real estate is a very simple process, but emotions, competition, and logic systems based on the wrong map make it complicated.
Del Walmsley once said, “real estate is easy, people are hard.”
He’s right. As mentors, we spend most of our time scraping away all the gunk that clogs up people’s minds. The gunk is from a lifetime of bad advice. After it starts to clear, we have to work on the emotions… then the fear.
It would be a whole lot easier to just say, “here’s the math problem, go get it!”
