Thursday, August 1, 2013

COMMON ELEMENTS in Real Estate Training

There is no silver bullet with real estate investing. You have to work hard and be organized. All the various real estate programs that  I have looked at have some common themes and procedures.

In less than 150 words I can summarize what all the programs have to say:
1)      To establish credibility, protect assets, and reduce taxes:
a.       Buy mentoring and proprietary software (their program)
b.      Buy business cards, get dedicated telephone number for business,
c.       Form business entity—LLC, S-LLC, or Corp.
d.      Get EIN from IRS, get business licenses from city and county
e.      Open business bank account
f.        Set up website(s)
2)      Build the business by delegating responsibility:
a.       Build team in each community where you want do business:
                                                               i.      Realtors
                                                             ii.      Building Contractors
                                                            iii.      Inspectors
                                                           iv.      CPA and bookkeeper
                                                             v.      Real Estate attorney
                                                           vi.      Insurance agent
                                                          vii.      Contract negotiator
                                                        viii.      Property managers
                                                           ix.      Handymen
b.      Establish lists, contact 10 people off each list daily:
                                                               i.      Motivated sellers!!!!
                                                             ii.      Buyers
                                                            iii.      Money investors for quick buy or flip
3)      Due diligence (get educated)
a.       Analyze the property
b.      Make offer
c.       Close deals
d.      Make money

That is basically it. If you follow these steps you will be successful, or at least that is what they tell you. Now each program has its own process for walking you through these steps. Some include expensive software, weekly coaching, online resources. Most have done away with mailing out books, dvds or cds. You usually have to view all the training online which makes it very inconvenient, but also reduces the costs or providing the system. It is easy to get the various programs confused because each has separate entities for different aspects of the program. You might have one branch of the company that provides the software, another provides the coaching, and another does the webinars. You down load a program from a company and then they rebroadcast the program under a different name and you end up buying the same program from several sources. This is both frustrating and expensive.
Well that is all for now. Please comment or write to me.

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