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The Ultimate Real Estate Investing Blueprint: How to Quit Your Job in 19 Weeks or Less Kindle Edition
|Length: 107 pages||Word Wise: Enabled||Enhanced Typesetting: Enabled|
|Page Flip: Enabled|
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Most Helpful Customer Reviews on Amazon.com (beta)
Don't get me wrong what Sean Terry is talking about, profiting in real estate without cash, credit or a license, can be done. It certainly can. The problem is it's a LOT HARDER than what he's making it out to be. Lots of cities don't allow bandit signs so you have to find someone who can put them up on Friday night and take them down on Sunday. (How long do you think it takes to put out 300 signs? --hours) He mentioned internet marketing for your leads. Yes, it works, but he didn't mention that Google Adwords is expensive! Take a look at the PPC category when you're putting in some of those keywords. You're going to pay that up front. You'll get hundreds of leads, and MAYBE 1 is something you can work with. Oh, and by the way, you need to be certain that you have the seller sign all of your contracts BEFORE you talk to anyone else about the deal, or you're going to be in trouble with the state for 'dealing without a license'. Be prepared for a boatload of crack pots in the city to call about your sign too. I've seen more than my share of dumps in bad neighborhoods that the owner is absolutely sure is worth $350K. (Not even during the bubble honey!)
Most beginners end up with lots of contracts they can't assign. By the way, if you can't find a buyer -- guess who has to go back to the seller and tell them the deal is dead BEFORE the deadline in the contract. Beginners don't know the market well enough to be sure of what the ARV really is, and they know repair expenses even less. If you don't have those numbers solid, you're going to be in hot water. Worse, newbie expenses on lead generation is infinitely higher than their profit margins.
If you're going to go into real estate investing, do yourself a favor and join your local real estate investment club. Find someone in the club that's been doing it for quite a while and see if you can start working with them. There are always investors out there looking for 'bird dogs' and it will give you a feel for what the business is really like rather than the excitement someone else makes it out to be. If you don't have a local real estate investment club or can't find it, call your local HomeVestors franchise. These people are real estate investors with a real estate license, they're going to know where the local investors are and what clubs they belong to. Get with an experienced investor and learn in the field instead of from a book.
This book is only a blueprint towards the authors version of real estate success, and throughout the book you can be sure to be reminded that if this small book isn't enough for you to make some serious moves, you should really try some of the author's free or paid programs for further education. I felt like I was being sold something the whole time, with the author even using such lines as "call so and so, tell him I sent you, he'll take care of you." Much like a salesman.
This isn't real estate 101 either, you should at least be aware of some basic real estate terms to get a better understanding of the material. The title says it's about real estate investing while it's more about connecting buyers and sellers together and taking a cut from that transaction as a means of income.
While you certainly can't go wrong with a free e-book like this one, take note that this one book probably won't get you ready to quit your job in a few months so much as inform you of what can be done.
Other reasons this book is ridiculous:
1. There is no secret to getting a pre-foreclosure list. Just contact your title company and you can usually get a NOD list. Just keep in mind that each person on that pre-foreclosure list is getting a flood of phone calls and mail from other people hoping to make millions from reading this ridiculous book (and other books).
2. In many municipalities, you can't do door-to-door solicitations like he describes in the book. This leaves you with sending mail. FYI, most people in foreclosure aren't too eager to open their mail.
Perhaps these techniques worked about 20 years ago, but the book is a little sparse on reality to really make a livable wage.
In the real world people don't do the things in this book so they can be taken advantage of. Trying to take short cuts to big fast profits by getting people to agree to unusual things that hurt them financially can lead to trouble. I would talk to a real estate attorney for their opinion before doing anything suggested in this book. And hold off on quitting that job until you do.
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