Boulder Real Estate Resources

With a lot of folks facing challenging local real estate markets there has been a lot of talk lately about wholesaling outside of your local market or virtual wholesaling.

Yes, wholesaling outside your local market can be done and a lot of the tools I teach can very easily be adapted to this type of investing, but I have one warning for you before you start and before I continue to share some information about it: if you are not willing to do the work that is required to build a buyers list, find deals and talk to buyers and sellers about properties in your local market, then doing it across the country still won't work for you.

With that being said... if you are willing to build a buyers list, talk to motivated sellers to find deals and put them under contract then talk to your buyers list as they inquire about the deal, then yes, this is a viable business model.

In fact, if you sort of cross your eyes funny, it is the exact business model I run here on these sites except I am doing it with a real estate license and skipping a few steps as I'll show you below.

For real estate investors that do not have a real estate license here is a basic overview of how the process works:

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I want to share with you some information about a property in Longmont located at 225 E 8th Ave Apt C10. This particular property is for sale and was submitted by one of our researchers, but I'll be using it as an example. If you want to run your own full investor analysis on this property, you can do that using our Offer Generator.

Since this 2 bedroom, 1.00 bathroom property has an asking price of $53,000, let's take a look at what various offers would mean in terms of price per bedroom. Then you can select the offer price you would like to run further analysis on using the Offer Generator.

As you can see from the table above, if you know that rents in Longmont can support a certain price per bedroom, you can use the information provided above as a starting point for making your offer. Click on the Price Paid above to start your own analysis on this property using our Offer Generator investing tool.

By the way, have you considered marketing to absentee owners who own property in Longmont but don't live in Longmont? This can be a great way to find good deals from motivated sellers. For some tips on how to get started, check out the Absentee Owner Postcards page on the Real Estate Investor Cookbook.

Until next time,

James

To start 2009 off right, this week we are giving away Secret No Money Down Tips and Tricks as the free download when you start and finish a game on the Learn To Be Rich™ game this week.

Just register, login, start a new player and play a complete game and at the final game summary page you will see a link to download the course.

Each week, we change the course that you can download for playing a new game and finishing it that week.

Have a great 2009 investing and playing the game.

Until my next post,

James

With one or two properties tracking insurance is pretty straight forward and easy to remember, but adding a few more investment properties and tracking insurance becomes a much more challenging issue. In my office, we use a Property Insurance Report to keep track of insurance on all our properties in a nice summarized page.

On our Property Insurance Report, we track several things. Beyond the basics like property address and the insurance company name, we also track

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A less thought of but very powerful advantage to buying houses "subject to" the existing financing is the ability to buy houses using your corporation or LLC.

Since you are not qualifying for a new loan your corporation or LLC can be the buyer on properties that you are purchasing "subject to" the existing financing.

If you are concerned about Asset Protection and/or privacy of ownership, using an entity can prove to be very helpful.

Often real estate investors will use a trust--in addition to their corporation or LLC--when buying a property "subject to" the existing financing. This is NOT because a trust will not trigger any due on sale clauses, but because it can add an additional layer of asset protection by keeping your name off public record.

See your attorney for more information about how to structure an asset protection plan for you unique situation.

Until my next post,

James

I want to share with you some information about a property in Firestone located at 8631 Frontier St. This particular property is for sale and was submitted by one of our researchers, but I'll be using it as an example. If you want to run your own full investor analysis on this property, you can do that using our Offer Generator.

This 3/2.00 2,100 square foot property has an asking price of $70,000, but let's take a moment to do some calculations to see what our actual cost per bedroom would be based on various offer prices (both above asking price and below asking price).

As you can see from the table above, if you know that rents in Firestone can support a certain price per bedroom, you can use the information provided above as a starting point for making your offer. Click on the Price Paid above to start your own analysis on this property using our Offer Generator investing tool.

Maybe you already have more motivated sellers calling you then you can make time for and more deals to manage than hours in the day...but, if you're like the rest of us, your marketing could probably use a little boost to keep your phone ringing consistently with motivated sellers. For a fresh look at a marketing strategy you may not have considered, check out the following audio CD: Buying Houses with Business Cards.

Until my next post,

James