recently saw an article Single family homes whether
"How to lose a million rentals or flips are just like
dollars in real estate" the houses most of us have lived
what a great title! Then I saw in all of our lives. Maintenance,
the author Verna Jones-Cox (real improvements and day to day
estate short sale expert) no upkeep are the same as you've
wonder it had a great title. I been doing ever since your mother
met Verna about two years ago and first noticed you were big enough
I would have expected no less. So to push a broom. Buying and
with my apologizes to Verna, your selling them is just like your
title was to eye catching not to own home.
play on.
New real estate investors have
My own book "One House At A Time enough to learn, single family
/ Finding And Buying Single rentals are simple to maintain
Family Rentals" is directed at (just like your home), but you
real estate beginners and burnt have to deal with tenants, rental
out students of TV real estate laws, and contracts. Flips
gurus, the very people that can't require different decisions
afford to lose money. These are retail or wholesale, paint or
also the very people that are paper, landscape or simply clean,
most likely to lose money, etc . . . Sticking to what you're
especially when miss lead as so familiar with will ease the
many are. learning curve and most new
investors will make money, if
"One House At A Time" is subtitle only because it hard to make a
"Finding And Buying Single Family big mistake!
Rentals" the key words are
"Single Family" most people Rule # 1. To make money expand
should stick to what they know! upon what you know!
Most of you reading this don't
On the other hand even if a yet have a million dollars! Your
person has lived in an apartment losses will accrue from inaction,
for 30 or 40 years, walked on delay, and procrastination. In
land, shopped in stores and today's real estate market most
worked in an office every day of of you will not lose a million
their life there is very little dollars. You will lose several
relevant experience to owning and million dollars!
managing them! I attended a
meeting of would-be real estate Rule # 3. Buy houses! Now!
investors, a group I knew well.
Their Guru (with little "NO!" That's the advice most
experience but more money that often given if you foolishly ask
his audience) spent more than two anyone if you should do anything.
hours urging the audience to There is never a risk telling you
liquidate their single family "NO." If you ask a friend should
homes to buy into commercial I and he says "yes" and you fail
projects! It wasn't until the he lost a friend! If a friend
very end that we learned he was says no and you succeeded anyway
pimping a $5,000.00 week end book "you got lucky" everyone wins. If
camp on commercial investing! you lose, there's great bounding
Most of these people had not yet in commiseration, and great
mastered single family rentals! satisfaction in "I told you so!"
Some didn't yet have a home of You'll get the same "NO!" from
their own. The only thing this your attorney or CPA, but they
program was offering was a chance will send you a bill for bad
to lose $5,000.00. advice. Strangers will say "NO!"
because they don't want you to
Rule # 2. Avoid pimps! succeed. Family will say "NO!"
because they don't want you to
get hurt. mortgage broker I get paid when
you "do it" just like your real
Rule # 4. Avoid third party estate agent. I'm also a Guru. Be
advice. careful, good advice is worth
paying for, but whores are
Some people will advise you to whores!
"do it." They're the ones who get
paid! We all know what you call Rule # 5. Avoid Whores!
someone who "does it" for money.
Getting paid is good, I'm a
About the Author:
William J Archambault Jr in lending and real estate since 1969. A mortgage broker in Las Vegas, NV. He writes about up to the minute investment real estate tempered with the wisdom of our grandfathers. He's the author of:"One House At A Time/Finding And Buying Single Family Rentals" avaiable at http://www.reii.org E-male author@reii.org
Source: www.isnare.com
