Real Estate Wholesaling Made Simple

I have decided to take people piece by piece dollar for dollar what gos into flipping some of the latest properties that I am taking on. I just closed on this home yesterday. It was brought to me by another investor who already had to many properties he had spotted one of my signs available at www.TheForeclosureCollege.com (talk about a good return on investment) Its a 3 bed 1 bath home with a c-1 commercial building attached, the problem is that there is no parking except in the street.

I think I should be able to flip the home for about 65k I bought it for around $17,700 plus finders fee of $1000 so $18,700. The home should rent for $600-$650 when its done, I will post some pictures of what I am starting with, and I will continually post what I have spent and work that I have done.

I am hoping that this helps out some of the newer investors get an idea of prices and pains that go into rehabs.

This is the Commercial store front that they had turned into a efficiency, which lead to it getting condemned, not smart. I found a drawer full of 2000 depacote, which is like lithium, a drug for bipolars, so from this we know that someone is not on there meds.

This is a photo of the basement, can you say “small hording problem”

I love this sign if you cant read it, Next to the numerous wholes that people punched into the wall it says “Please, Keep House Clean! Thnx, The Maid-Bitch Ninja”

I find this very interesting because typical graffiti does not contain commas, yet the ninja decided to use one. plus keep the house clean seems a bit out of place.

I wish she would have said dont punch holes in the walls.

Anyway to get this whole house cleaned out inlcuding appliances, doors, carpets, and all belongings came to $350. I will keep you posted.

****Warning***** Never open a fridge that has not been opened for over 6 months, you will wish you were dead

To get involved in real estate using my proven system visit www.TheForeclosureCollege.com

I was just in anther real estate forum and someone asked the question what are the advantages to being a real estate investor, here is what I think.

1. You write your own paycheck-95% of people that I know have to work harder in order to make more money, I only need to work smarter. I know that alot of people like the satisfaction of knowing that if they work x amount of hours they will get Y amount of pay. I realize that many people would real estate investing stressful, I would find it far more stressful to be at a 9 to 5 knowing that in order to make more money I would have to work more hours.

For example, I just closed a home friday that I made a $17,000 net profit, That would be the equivalent to working a full year 2000 hours at $8.50 an hour, which alot of people do. I had about 10-15 hours into the deal. My guys had to work hard but I only had to write checks.

2. Knowing that if I fail its my own da*n fault– Many people might see this as the huge disadvantage of real estate, but I see it as one of the largest plusses. In the era of corportate downsizing, and very minimal job security, I cant think of a better boss in the whole world, than myself. 99% of all jobs are there to make someone else rich besides you. When you are real estate investor your only job is to make yourself rich.

I love knowing that if I do good, my paycheck will do good, If I do bad, then my paychecks are bad. Its not like most jobs where there seems to be a large filter between both ends. With real estate investing if I put good in, I get good out, with most jobs you can put good, or even great in, yet you are totally dependant on what the human filter between you and the end.Any hardworker who has been downsized will tell you that.

3. Freedom-Though real estate investing is not the big ball of freedom that many think it is. Many times you go from having one stupid boss to many stupid bosses. Essentially the housing inspectors, building inspectors, buyers, and sellers become your boss.

The real freedom to me is waking up at 8-9 sitting with my family till 11, then going and looking at a couple of houses, if they look good then I sell them, or buy them, then go home. In the summer I can drive my vette or harley to look at homes, then head home and sit with my family by the pool.

4. No salary cap or timed raises-I had a friend of mine the other week tell me that she just got a raise of a Nickel and hour. What the heck does that equate to. Yeah $2.00 a week. I have other friend who are engineers and they reach there potential at $75,000. Which isnt bad money but, who would ever want to reach there potential, the sky is the limit in real estate. There are far more real estate millionaires that started with nothing, than corporate millionaires that started with nothing.

I like that you dont need a college education, you dont need to have the highest GPA, you can make it in real estate if you were raised by wolves under the shed in the back yard. Real estate doesnt have a glass cieling, or some bullsh*t corportate ladder. It doesnt involve having to kiss the a*s of some dude who you loathe, in order to get a raise.

I could go on and on, but I think you get the picture, there is no better job in the world.

If you would like to get started as a real estate investor, don’t try to reinvent the wheel, I am giving away my system at www.TheForeclosureCollege.com

Eric Medemar

How do you make money with none?
How do you make money with no credit?

I talk to hundreds of investors every year who:

• Have been thinking about investing
• Have been reading about investing
• Have a friend who had done well investing (The elusive friend)
• Are saving for a down payment
• Waiting for rates to go down
• Waiting to finish their real estate course
• Waiting for their mentor to tell them to buy
• Waiting for summer (insert any season)
• Waiting for the market to straighten out
• Waiting till they can afford it
• Waiting till they get a promotion
• Waiting till their friend or relative can partner with them
• Trying to read just one more book
• Waiting till they buy their own house
• Waiting till they get a raise
• Waiting to graduate from college
• Waiting till their friend or family member becomes a realtor
• Waiting to be married
• Waiting till they contribute their maximum to a 401k
• Waiting till they get done working on their own home

Then after giving me their excuse for waiting they ask

• What happens if the toilet gets clogged?
• What happens if the furnace gos bad?
• What happens if tenant ruins the house?
• What happens if the roof leaks?
• What happens if the tenant doesnt pay?
• What happens if someone breaks a window?
• What happens if someone leaves a broken down car at the house?

If they dont have the question, they usually tell me about a friend or relative who had one of the above happen.

The questions that they SHOULD be asking but NEVER do

• What happens if I dont start investing now?
• How many homes do I need to buy in order to retire comfortably?
• If you could share with me your best idea, what would it be?
• What kind of money am I leaving on the table by not investing?
• How does the stock market compare to real estate? (that doesnt even deserve an answer)
• How can I use real estate to make my dreams come true?
• What would I do with an extra $500 or even $5,000 a month in cashflow?
• How will my family react when I retire 10-20 years earlier?
• What are my broke friends going to think when I show up in my Porsche?

99% of people share this problem: If a family member or friend needed $500, most people would need a ton of convincing to loan it to them, and if it wasnt repaid it would surely be a BIG problem, some people would even lose friend over such a small amount of money. But that same person could care less about the $500-$10,000 a month that they will lose each and every month for the rest of their life by not investing in real estate.

Why doesnt anybody pay attention to their oppurtunity cost.

I used to be a tight a##, then one day I got to thinking.

What if instead of worrying about ways to save money, I started just focusing on ways to make it?

That simple question changed my whole life.

If you would like to talk to me about investing, wholesaling or flipping properties visit www.TheForeclosureCollege.com

Eric Medemar
www.TheMillionairesBlog.com

Carnival of Real Estate Feb 26, 2007 Edition

I hope that I am doing this thing correctly I am a computer illiterate, anyway there were some great articles written, and some very insightful thoughts into real estate investing. If I had to pick a winner of this carnival it would be…………….drum roll please…………………………………….. Steve Burns presents Get Started Investing With A Rock Solid Plan posted at Cash Flow Treasures. His article offers great insight into real estate investing for both newbies and seasoned investors.

Flipping
mike simonsen presents Flipping homes in a down market posted at Altos Research Real Estate Insights, saying, “Looking at the Flip markets in Palo Alto and Morgan Hill CA”

Rehabbing

Nigel Swaby presents Real Estate Investing – Look Before You Leap posted at Salt Lake Real Estate Blog.

Real Estate tips and Insights

Will Chen presents Why not to use a buyer’s agent posted at Wisebread.

Wenchypoo presents Social Security Alternatives posted at Wisdom From Wenchypoo’s Mental Wastebasket, saying, “How to incorporate real estate into your retirement plans.”

Michael Cook presents Negotation 201: Dont Just Think about the Best Price posted at BloodhoundBlog, saying, “Have you ever negotiated your way out of a good business relationship? I certainly have and I have often regretted it. Novice investors typically fall into two camps: the pushover or the bulldog. While there are certainly times to be both, the context of the situation should remain paramount. Some times the biggest winner in a negotiation can really be the biggest loser in the long run because of relationships that get crushed over a few dollars.”

Rental Property

Matthew Paulson presents Roommates: Can’t Live With Out Them posted at Getting Green.

Joshua Dorkin presents Vacant Rental Property or Bad Tenants? posted at Real Estate Investing For Real.

Anesia Springborn presents Does the Headache Quotient Make Investing Worthwhile? posted at Anesia Springborn, saying, “Here’s a real life typical tenant headache with some thoughts on how to prevent it, solve it, and view it.”

Other Real estate articles

Spencer Hill presents Podcast: Dr. Glenn Mueller; Real Estate Investment Strategist posted at Hill’s Personal Finance.

Steve Burns presents Get Started Investing With A Rock Solid Plan posted at Cash Flow Treasures.

Ironman presents Political Calculations: Real Estate Investing: The Capitalization Rate posted at Political Calculations, saying, “Political Calculations has built a tool that will allow you to compare properties in which you might be investing based upon their value, instead of getting into the detials of how you’ll be structuring your financing.”

Nina Smith presents GayRealEstate.com – Part 1 posted at Queercents, saying, “GayRealEstate.com is the largest company in the nation representing the rights of queer home buyers and sellers. Queercents asked Jeff Hammerberg, the founder of GayRealEstate.com for a series of articles specific to the gay and lesbian community.”
Will Chen presents Why not to use a buyer’s agent posted at Wisebread.
Wenchypoo presents Social Security Alternatives posted at Wisdom From Wenchypoo’s Mental Wastebasket, saying, “How to incorporate real estate into your retirement plans.”

Michael Cook presents Negotation 201: Dont Just Think about the Best Price posted at BloodhoundBlog, saying, “Have you ever negotiated your way out of a good business relationship? I certainly have and I have often regretted it. Novice investors typically fall into two camps: the pushover or the bulldog. While there are certainly times to be both, the context of the situation should remain paramount. Some times the biggest winner in a negotiation can really be the biggest loser in the long run because of relationships that get crushed over a few dollars.”

Craig S. Higdon presents Effective Real Estate Strategies For Slow Markets posted at Investment Property Insider.

Other Non-Real Estate Related

Phil B. presents Rising Sea Levels « Phil for Humanity posted at Phil for Humanity, saying, “By the end of this century according to Time Magazine, sea levels could rise by more than 4 feet!”

Praveen presents Review of “The Rich Jerk” – Get It Free, Plus $1 posted at My Simple Trading System, saying, “Review of the Rich Jerk ebook, which has a section on wholesaling”

A Samuel presents Euro Disney and Pierre Vacances to build ecotourism vacation village posted at Nubricks.com.

That concludes this edition. Submit your blog article to the next edition of carnival of real estate investing using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

Technorati tags: carnival of real estate investing, blog carnival.

My posting has been rather limited lately as I have been unbelievably busy doing real estate though I wish I had more time to write about it. Let me tell you in 2007 we are blowing the doors off of the “Slow” Grand Rapids Real estate market. Here is a samplings of deals completed and done so far, I dont put numbers down to brag or toot my own horn (though I have grown to love that sound) but more to show what any idiot like me can do in real estate, in one of the worst real estate markets in the nation. I think Michgan is either #1 or #2 in the nation for people migrating elsewhere for work.

The other reason for my lack of writing is the Real Estate Business in a box that I have been putting together. I have essentially taken every element that has lead to my success, and made it available for others. The business in a box will include: well branded ugly house vanity number, website (the best I have seen), business cards, signs, guide to business, and weekly group coaching calls, member only forums with experts for each part (mortgage, realtor, inspectors, accountants, attorneys, etc. I put this kit together to help anyone from a newbie to a seasoned investor take the guess work out of all aspects of their real estate business. The amazing part is that the cost for the kit is actually far lower than trying to buy your own vanity number and website. Originally I had designed the Real Estate Business in a box for bird dogs, but after using the system myself, I realized even seasoned investors could add thousands to there bottom lines.

Real Estate Wholesalers ,Real Estate Birddogs and Real Estate Agents will benefit from the website, simply for the added percieved image value that the website provides. Along with a great website you will also have access to some fantastic domain names that have made me thousands. The ugly house vanity number can increase memory retention of your phone number 10 fold, which will skyrocket the revenue generated from each advertising dollar.

Anyway onto some deals:

About the author: Eric Medemar specializes in Grand Rapids Foreclosures, Grand Rapids Real Estate Investing and Grand Rapids HUD homes. Eric currently owns 32 properties, and has already surpassed the six figure mark wholesaling and flipping properties in 2007. Currently Eric is workign on the Best Real Estate Bird Dog program the world has ever seen Oh and one of Erics finer points is not english, punctuation, or grammar.

Ok so taking photos is not one of my finer points, I was holding up traffic and had to snap a quick photo for my insurance agent.

I first encountered this property 2 or 3 years ago when I was out showing homes to another Grand Rapids Investor. I think it was listed for around $85,000 at the time. My investor and I both agreed that the name of this home should be the drunk house. Not just because you would have to be drunk to buy it for $85k (it was worth maybe $80k) but more so because when you walked into one of the units everything was remarkebly crooked. It litterally felt like you were drunk and the big 3 unit was coming down around you. The Home is a 3 unit with 2 one bedroom units on the main level, and a large 2 bedroom upstairs.

Fast forward 2 or 3 years later and I get a call from the realtor telling me I should get an offer out on it. At the time I had 7 others that I was working on, so I wasnt in overly in a hurry to buy. The home had gone into forclosure for roughly $85k and at the time they were asking $49,000 (i think), anyway I sent a offer for $40,000 over and after a few days of not hearing anything I called the realtor. He informed me that an out of town buyer had purchased it sight unseen.

Checkout www.DiscussTheSecret.com

Now Im all for buying homes but you have to be somewhat careful especially with giant drunken 3 units. After about 2 months I get a call from the realtor the guy had lost financing and backed out. He wanted me to right another offer. He didnt share with me why the other guy backed out, so I figured I had better spend at least 10 minutes in this one before making another offer, to find out what I missed on my original 3-4 minute inspection.

www.TheForeclosureCollege.com Get started investing today.

As I walked down the steps I spotted the route of the problem………to be cont

www.BirdDogBiz.com

www.FreeHUDGuide.com

Every week I get emails from people wanting to know:

Where I find Foreclosures?

What work goes into Foreclosures?

How much you can make with a Foreclosure?

Is it possible to make money with foreclosures?

I decided I would start posting some of the homes that I am currently rehabbing to give people an idea of what goes into a rehab.

Feel Free to ask any questions that you might have about flipping houses, Bird Dogging real Estate, and Just about anything else Real estate.

This home here was a funny one, I wrote an offer on this one for $33,000 and ended up getting this Grand Rapids Foreclosure for $33,500 or so I thought.

side note : typically I never spend anymore than 5 minutes in anyhome that I buy, because I figure everything is bad, and I would just get depressed.

Anyway so I forgot my flashlight the day I wrote the offer, and I didnt even bother to look in the basement, which turned out to be a HUGE overlook on my part……..to be continued I guarantee you’ll get a kick out of this

About the Author:
Eric Medemar specializes in Grand Rapids Foreclosures, Grand Rapids HUD homes, and Grand rapids Rental Property. He owns 32 Grand Rapids Rentals, along with real estate investing (flipping homes, wholesaling real estate, and landlording) Eric is devoping the best Real Estate Bird Dog Program that anyone has laid eyes on.

If you ask many of the real estate agents out there, “Hows your market?”. They will always tell you exactly what the general market conditions are, “oh are markets slow right now”, “oh its getting a little better”, these are all answers that I have heard.

It is very important to keep in mind that an agent or investor does not have to be affected by his/her marketplace. I have had agents tell me the market is very slow meanwhile I am doing better than ever. Essentially “their” market is very slow. Yes, real estate trends do predict what the large population is doing in the realms of buying or selling. The agents themselves decide how “their” market is.

The real estate trends in my area are extremely grim. So instead of focussing on how hard it is to sell homes, I refocused my plan and became my own best buyer. I bought 3 from me last week alone, and bought 4 from me in the previous month. Most investors and agents are sitting on the sidelines trying to wait the market until the market is great again before they begin reinvesting in real estate.

Prices in general are dictated by supply and demand. When the markets great supply is low and demand is high. When the market is bad supply is high and demand is low. The problem that I see with trying to wait out the market is that when the market is good you can sell for higher, but you pay more because there is more demand. When the market is low, you pay far less and sell for far less. Many times the two can cancel eachother out. Best case scenario you buy when its low and sell when its high, and rent your places out in betweeen.

The lottery of life

What do you think your chances would be of making $20,000 if you read a good real estate book or took a great course and applied everything that you have read. What if you were really bad and could only muster a 33% chance of making the money? That is the weird thing most people would enter any $20,000 drawing if the tickets were only $100 and they had a 33% chance of winning. The funny part to me is that your odds of winning a drawing are based solely on chance, where as your odds of buying a ticket for yourself are based on your actions not just chance. Why not take a chance on yourself. Im sure that when you dig into your head for reasons NOT to invest in yourself you can come up with hundreds of examples where you have invested in yourself and failed. Your past does not equal your present.

I read somewhere to picture yourself in the middle of the ocean on a boat. If you look back all you will see is your wake, the wake always follows the boat. To someone who knows nothing about boats or water it may appear as if the wake pushes the boat forward; just as someone who doesn’t study themselves might think that their past equals their present. The present moment is like the engine to your boat, you can steer your boat anywhere you would like to go, the wake will always follow, but the wake will never power your boat.

Eric Medemar
www.TheMillionairesBlog.com
www.BirdDogBiz.com