I’m probably a lot like you in that I try to keep up on the news that can affect us as real estate investors. A couple articles from last week were pretty good so I wanted to pass them along to you.
Here they are… let me know your thoughts in the comments area (don’t be shy… no more "lurkers"… just make a comment and say hi if nothing else!).
Real Estate Scams On The Rise Here…
So, do you think that real estate and mortgage fraud has gone down since the whole financial crisis and the vice grip tight lending requirements that have come about in the last year? Think again…
California, Maryland, Florida and a few other states have actually shown increases in mortgage fraud.
If you’re ever tempted to have to commit fraud on your mortgage application for an investment property you might want to reevaluate whether you should even be buying the property… or start to go out there and recruit private money lenders .
There are a bagillion real estate websites nowadays… some of them with some pretty cool features that can help investors, sellers, and home buyers make more well informed decisions in the buying and selling process.
Actually, I’m in the process of buying a new house right now (for my wife and I to live in) and did my fair share of my own research online.
Here are 5 pretty cool real estate sites… some you’ve heard of… some you haven’t.
9% of ALL Homeowners Are LATE On Their Mortgage Bill…
That number doesn’t seem all that crazy when you look at it by itself… but when you consider how many homeowners there are in the U.S…. that number is pretty damn staggering. About 6% are more than 30 days late.
This not only shows you how much of a widespread problem this is… but it shows you the opportunity that investors have out there to help these homeowners get out of their credit mess.
I really debated on whether to post this little "story" that Preston sent me… but the underlying story is SO important to your success, especially today… that I just HAD to get it out to ya. In Preston’s true style… learn about the tale of two flippers… (make sure to make it all the way… seriously).
———————–
- By Preston Ely - Real Estate Wholesaler
Once upon a time, there were two real estate wholesalers. Flip and Skip . They lived in a small town called Flipville… Flipville, USA.
Life was good in Flipville for little Flip and Skip. They were both really good at flipping houses . They would flip houses all day long. Then they would meet at a local bar, give each other a high five, and drink a beer.
Life was good
Then one day, Skip made what turned out to be a disastrous mistake.
Skip bought a t.v. and started watching CNN .
You see, unbeknownst to Flip and Skip, the country was in a recession . (sound familiar?)
But they didn’t know that. And like the complete idiots they were, they just kept right on doing business as usual, flipping houses every day and meeting at night for a high five and a beer!
But this was all about to change…
As fate would have it, Skip didn’t show up at the bar one night . Flip sat there by himself all night long. And it sucked because he had to just high five himself because the bartender was a jerk and wouldn’t play along.
Flip was temped to get upset about the whole thing , but he didn’t. He tried, but no matter how hard he tried it didn’t work cuz he was too happy about all the houses he flipped that day.
********************************************************************************************* Click Here to Flip Houses All Day In This Recession Like Flip . Yep, this link right here. .. <<—
*********************************************************************************************
"Oh well," thought little Flip as he walked home. "It’s Skip’s loss. We’ll just have to do TWO high fives tomorrow night." He laughed himself to sleep.
But tomorrow night came. And Skip was nowhere to be found.
And the next night came. No Skip .
This continued for two weeks…
"That’s it, I’m pissed," thought Flip. "I’ve high fived myself 14 nights in a row. This is getting ridiculous. I’m going over to Skip’s house to do my dang high five the right way."
Flip punched the bartender in the face for not ever high fiving him, then turned and stormed out of the bar. Flip was a nice guy, but sometimes even nice guys need to stand up to injustices.
The walk over to Skips definitely sucked bad. It was like 19 miles or so, and he started getting a cramp from whistling too much while he walked. He knew if he stopped whistling his cramp would probably go away, but he just couldn’t stop himself. He really loved whistling. (And in case you’re wondering, there are no such thing as cars in Flipville )
Eventually, Flip limped up to Skip’s driveway (which was weird because there’s no cars in Flipville).
"What the heck is Skip doing with a driveway? , " whistled Flip. "Oh well, who cares ," he thought as he crawled up towards the door in excruciating pain from his cramps. "I’m just happy to finally be here. Iwonder what Skip is doing. "
As Flip made his way to the door, his stomach sank as he caught the reflection of the most perverted thing you could ever imagine bouncing off the picture window…
Richard Quest reporting live on CNN!!!
"WHAT IN THE HECK IS GOING ON??? " yelled Flip as he barged through the door.
And there lye Skip on the Lazy Boy.
Unshaven (which was nothing new, but still..).
Drooling (definitely new).
Eyes glazed over … just staring at the screen like a zombie.
"Come on in, Flip, " Skip said lackadaisically. "Pull up a chair. You’re never gonna believe what’s going on with the economy. We’re in a recess. No one is making any money right now . It’s all over. We can’t flip houses anymore. No one will ever buy them ."
Flip couldn’t believe what he was hearing. I mean, he knew Skip wasn’t the brightest star in the sky, but this was just a whole new level of stupidity that he was surprised even existed in a living human.
"I flipped 19 houses today you freakin’ idiot! " yelled Flip as he smacked little Skip straight off the Lazy Boy. "And we’re not in a ‘recess’ either, jackass. I’m pretty sure that’s not even how you say it. "
Click Here to Discover The SECRET To Flipping 19 Houses TODAY (okay, maybe
not 19 houses in one day… but what would 19 houses in a year do for ya? Or, 19
in 3 months? Or a month? Add that up… The "secret" (really not a secret… just do what I do and you’re good to go). .. <<—
*********************************************************************************************
"Now, Skip, you’re not gonna like this very much probably, but it’s for your own good. You’ll thank me later maybe. "
At this, Skip watched with a look of horror in is eyes as Flip bounced off the couch, flew through the air like a Pokemon, and karate kicked the tv straight out the picture window and onto the driveway.
"Why do I have that driveway? " thought Skip.
Then Flip smacked Skip straight across the face. Again. Hard.
"Skip, you are getting stupider and stupider by the day. Why in the heck did you buy that dumb tv? Worse yet, what were you thinking watching the NEWS???? And on CNN of all stations!
Don’t you realize that your mind has no choice but to give you what you put IN it? If you start listening to a bunch of stuff about a recess (aka ‘recession’), you’re gonna become poor, just like you’re doing right now! "
"And if you put Richard Quest in your mind, you’re gonna turn into a crack head with a rope tied from your neck to your nut$ standing outside in Central Park with a butt crack drawn on your face with a Sharpee looking like a complete tool! Google it if you don’t believe me. Is that what you want??? " (Preston’s words… not mine
Skip thought about it…
He definitely did NOT want to tie anything around his testicles. And he was starting to get hungry. Ever since he started living in a "recess" he hadn’t had any desire to go out and flip houses so he was totally broke.
"Flip, you’re right. I’ve made a huge mistake watching the news about this "recess". The pretty people on the screen were just so convincing that I figured it MUST be true. I figured they must be smarter than me
since they’re the ones on tv. So I just started acting that way and it BECAME true for me ! What a moron I’ve been! Thank you for coming to rescue me! "
"You’re welcome, Skip. Now, take this house I bought today and go flip it to one of the OTHER people out there like us who don’t give a crap WHAT that stupid tv says and are just doing business as usual because
they’re not total puppet-robots of the media like you started to be for a second there. "
So Skip went out and flipped the house to one of the other non-suckers in less than 17 minutes. He felt better, but something was still missing.
"I know what it is ," thought Skip.
He grabbed Flip, ran down to the bar, did a high five and drank a beer. His sense of sanity was immediately restored. Then he beat the bartender up for being so mean to Flip while he was gone.
The End.
The Moral Of The Story…
97 out of 100 people get depressed after watching the news. 3 out of 100 people actually make anything out of their lives worth a crap.
You do the math.
********************************************************************************************* Click Here If You Solved That Math Problem. You Deserve Further Training. Yep, this link right here. .. <<—
*********************************************************************************************
But, when you look past the craziness that comes out of Preston’s mind (craziness can be genious or absurd… it’s all objective) in this article… there’s a lesson to be had… and a good one at that.
Ya, apparently we’re in a recession… that’s what they’re saying. But truthfully… I’m not feeling it… Preston’s not feeling it… others like us aren’t feeling it because we’ve decided that we’re not going to listen to the real "crazy’s" out there (the media)… we’re going to go out there and do our thing.
Think about it… people say that "no one’s making money… times are tough". Well… do you think the money is just going "poof"? Nope… the money’s still there… it’s just the people who choose to go get it that are GETTING IT… not those who keep focusing on this "recession".
So… that’s my little rant. Hope you got a bit of entertainment out of Preston’s little story… but most of all… I hope you’re taking it to heart for what it really means deep down.
People are making money. .. more than ever… don’t let the news tell you otherwise
90% of your success is mindset. .. choose to focus on the RIGHT things (positive things)… and choose to ignore the skepticism that is spewing out of the "unsuccessful people"
Real estate is rocking … there are buyers… even more sellers… and the savvy investors are making a ton of money. Period.
Preston is a bit crazy (in a good way)… but he knows his stuff when it comes to making money in real estate wholesaling. His "little" ebook is one of the best $50 you can spend to get going in wholesaling in my honest opinion… and his free newsletter is just as good.
Check it out … turn off the news (seriously, is there ever anything good on there??)… and get to action turning your life and financial well being around.
Are you one of the three? Or are you like the majority of people in the U.S …. in debt, unhappy, and nowhere near your lifes goals?
Cheers,
- Trevor
P.S. - I was debating on whether or not to post Preston’s little story he sent me… ya there was some crazy stuff in there and some humor (which I’m sure a few people don’t get)… but underlying story is important… and I thought you deserved hearing the real deal.
First off… I want to say congrats to my friends Katie and Kevin for having their first baby girl yesterday afternoon… the baby is happy, healthy, and you can’t ask for anything more.
We’re in another month. .. and there has been no shortage in real estate investing product launches the last few weeks… so I wanted to write a quick post going over some of the products and letting you know about them so you can tell what’s what in this barrage of product launches.
There are 3 that are happening right now (that I know of) and we’ll go over them below… all of them are waaayyy different from each other… and each has great free information and training.
Here we go…
Virtual REO Investing with Sam Bell and Mark Jackson
Okay, one of the bigger questions I get here at The REI Brain is "how do I find properties on the internet… and then sell them on the internet too? "
Truthfully, the internet is one of the better and quicker ways to find great properties… and to do research on those properties (I actually just got done doing full research on the net for a house my wife and I are going to buy… all without leaving my home… running comps and all).
Mr. "Web 2.0" Sam Bell (he knows a lot about web 2.0 and how to use it for real estate investing… more than me?… hmmm… maybe, maybe not… but he truly knows his stuff).
And Mark Jackson knows a bunch about REO investing and calculating accurate comps.
Anyhow, they launched a course today that helps investors like you use the internet to find discount REO’s, research the REO’s, make offers, and market those properties BETTER using the internet so you can cash in on your profits quicker.
Truthfully, I haven’t actually checked out this course … this month has been crazy with the new baby coming yesterday (not mine… my friends), my wife and I are moving to another city in a few weeks, my wife and I are heading to Victoria B.C. for a week long vacation… just not a lot of time.
What I do know is that Sam Bell is a great guy to learn from on how to use the internet to drive profits up for your real estate investing business (most of the techniques he teaches involve free or cheap online resources).
What I would suggest is that you head over and check out what they’re offering (a bit spendy in my honest opinion… but way more affordable with the $300 gas card they’re giving out to buyers who buy this week). So, check it out and see if it’s for you… let me know.
Robert Kiyosaki and Jim Canale: How To NOT Become A Victim Of The Financial Crisis
If you haven’t heard of Robert Kiyosaki … I’m not sure where you’ve been the last 5 years… whether you like him or not.
Robert Kiyosaki’s book that made him famous ( Rich Dad Poor Dad ) is a great book… check it out if you haven’t already.
Is Kiyosaki one of the top real estate guru’s out there? Well… depends on what you mean… if you mean is he one of the "guru’s" out there who reaches the most amount of people… then yes… he is a top real estate guru. However, if you look at the value of his products based on the price you pay and the personal attention from HIM … then he isn’t one of the top "value based" guru’s out there in my own opinion.
However, Robert knows his stuff when it comes to making money in ANY ECONOMY… including today’s. And, he knows how to teach it well to people like you and me… and make it stick… that’s what I love about Kiyosaki.
Anyhow, Robert Kiyosaki and cash flow expert Jim Canale are putting on an awesome teleseiminar TONIGHT that I’m going to be on myself. It’s free… but I think there will be some great actionable info on there.
I’ve actually been good friends with Brad Wozny since fall of last year. He’s a stand up guy and one of the only ones in real estate that has made it a point to actually teach investors how to set up, systematize, and run a real estate investing BUSINESS. He doesn’t hold back… and he’s my "go to" real estate "systems" guy.
Anyhow, Brad gave me a ring a few weeks back and let me know about a free real estate and life success training (worth $3k) that he’s putting on VERY SOON… with John Assaraf from the movie "The Secret ".
I’ve seen Brad grow his own real estate (and other businesses) over the past year and a half to crazy heights… heights that I’m aiming for right now. But, he’s done this because of his "business" based attitude toward real estate AND his success mindset based on the same stuff John teaches in The Secret.
Well… this is our chance to be in on a free training session w/ Brad and John Assaraf… I’ll be there for this one too… so join me.
Also… John isn’t a slouch in real estate either. .. over the past 20 years he’s built a real estate empire worth nearly a billion bucks (yep… a billion). While a billion is a huge number and you and me will likely never reach that big… imagine if you only hit 1% of that… think about that for a bit… then register for the training . John and Brad will teach us how to master our minds so we can propel in real estate… that’s the first step in real estate success (and I’ve been saying that for over a year now).
So, Here They Are Again
I really hate writing posts that are just about "getting" you to sign up for something… I hate it.
But, this week has been so crazy with little launches in the real estate investing market that I wanted to let you know about them so you can decide for yourself whether or not they’re worth your time to check out.
Personally, I’m most excited about the training with Brad Wozny and John Assaraf… and I’m also curious to see what Robert Kiyosaki has to say (I’m pretty sure I won’t buy what he may be selling though… just not my style).
So, here’s the links… check them out (at least Brad’s traning coming up):
Alright… enough already! The Irealtymanager.com online property management software review is here!
Since July we’ve been getting emails from readers asking us to review online (web) based property management software programs. I guess we overlooked them for a while because we didn’t realize how popular and how much demand there is for online based rental property software .
So, here is our first review in the series… and you won’t be disappointed.
Here’s the structure of the review:
Quick look at the software
Video review (with bonus forms package link)
The pros and cons of I Realty Manager ( iRealtyManager.com )
My overall impression of the software
My grade
Just really quick…
I’m probably a lot like you… before reviewing Irealtymanager ( I Realty Manager ) I’d never used a web based property management software. Downloading the software to my own computer was just more comforting for me… so I’ve gone that route.
However, after using Irealtymanager.com and a few other online based landlord software programs (those reviews will be coming in the coming weeks)… I’ve really opened up to the web based softwares and see huge advantages of using an online software rather than a downloadable software (and vice versa). So, check out my full review… watch the video… and check out the software if it’s right for you.
Irealtymanager.com starts at just $15 a month … so it’s affordable… check out the rest below.
Scroll down to get the link for the 15 Day Free Trial … and the Free property management forms package ($67 value) from The REI Brain.
"Cliff Notes" Version of my Review:
Here it is… Irealtymanager.com is the first web based property management software I’ve ever used or reviewed… so once I begin reviewing others I’ll have a good basis of comparison (actually, I’ve already gone through Buildium… so I will compare and contrast a bit here).
Overall, my impression of Irealtymanager is that it is a great software , run by a great company with a great history , and it is more geared toward the landlord who manages their own properties versus a mid to larger property management company. You can get into this software for just $15/month for up to 25 units … and just a bit more as you go up in the # of units.
So, if you own rental properties and have 100 units or fewer. .. this software is DEFINITELY woth trying out to see if it’s right for you. In all actuality, you can run as many units as you want on Irealtymanager… the owner of the company runs over 500 units on the software himself … so it’s capable of it no problem… I just feel it’s sweet spot is for below 100 units.
Easily add properties, units, owners , etc. This doesn’t differ from most other property management software… but it is a plus
Store virtually unlimited amounts of files ( pictures, documents, spreadsheets, etc.). And… they are all searchable by property, unit, owner, tenant, etc. Makes it way easy to find files in a few clicks.
A full maintenance area where you can schedule maintenance on your calender, set reminders, track maintenance progress, etc. This is clearly set up by someone who owns many properties… and is a hugely useful feature and will save you time and headache from tracking maintenance on a separate calendar.
Pretty darn in-depth lease and tenant record keeping . You can keep full terms of the lease like late fees, lease dates, deposits, etc. More detailed record keeping than Quicken Rental Manager or LandlordMax … and very comparable to Tenant File (those are offline softwares)
Track mortgages all in this software… this isn’t a necessary feature… but saves a ton of time for those people who will use it.
Great reporting with 13 essential reports property owners or managers need
Has a built in tenant screening service (extra fee… but very reasonable) that is just a couple clicks away… very good feature as well that you don’t find on most property management software
The software is online so there’s nothing to download or install … no updates… don’t have to pay for upgrades a couple times a year like other softwares… your information is backed up on THEIR safe servers so if your computer crashes your info is still safe, etc. If you have an internet connection you’re good to go.
Easy to navigate and find what you’re looking for (the buttons on the left side could be a bit bigger though… I found myself having to "re-hover" back over them to get to some of the 2nd tier links).
Can manage your prospects (rental prospects) on there… great when you’re accepting applications so you can track them and your leases all in one place.
But my favorite feature (that’s worth the monthly payment alone ) is the customizable notices and other forms you can print off right in the online software . Essentially, you can log in… pull up a late notice, lease, rental application, etc… the merge fields automatically insert the correct info… and you can print if off. HUGE TIME SAVER!! Seriously… this feature alone is worth checking out the 15 day free trial to see if it’s right for you. (see below for a screen shot of this feature )
The Con’s (what I think it lacks):
Doesn’t have hugely advanced reports that many people with a ton of units may need; however, the reports are more than enough for anyone managing under 100 units (as I mentioned, the owner of Irealtymanager.com owns over 500 units… and his company uses Irealtymanager.com everyday… works for them!)
As always… I’m pretty picky but this software doesn’t have a "home base" either that when you log in has a "quick snapshot" of what’s going on w/ the properties. I.E. I like to see my monthly cashflow, any late rent notices, tasks, etc. Again, I’ve only found one or two softwares that have this… so this is just me being PICKY .
Of course, it being web based can be a pro or a con … for some people it’s a con. You have to have internet access to get into your account… so if you’re on your laptop in an area that doesn’t have an internet connection… your out of luck until you get back to an internet connection. Of course, this con applies to all web based software. So, if this is no big deal… it’s not a problem at all for you!
Possibly a bit more expensive in the long run since it’s a monthly subscription (or you can pay annual and get a discount)… but possibly not. If you are one who upgrades their property management software every year to the newest version… Irealtymanager will likely be comparable in long-term price… maybe even more affordable. However, if you’re one who can hang on to an older version of a software for years before upgrading or updating… you might pay a bit more with an online based software. I guess you need to look at your long-term goals and how you use the software. Keep in mind. .. the monthly fee includes ALL of the upgrades to the software FOREVER and support… both of which can mean big bucks in savings to you.
My Overall Impression of Irealtymanager.com Online Property Management Software??
Okay, as I mentioned before… I have gone through Buildium already and will post that review soon… so I can do a bit of compare/contrast here.
All in all, I really love Irealtymanager.com and like the fact that the owner of the company owns several hundred rental units himself… and uses the software for his own business everyday… so it is constantly upgraded with new features that are useful for property owners and managers. That’s a huge benefit .
Like I said, this software has the ability to manage several hundred units … however, my feeling is that it’s "sweet spot" is for less than 100 units simply because of the price and feature combination.
Decide if you want to pay $250 (or more) upfront (for offline/downloadable software with similar features)… or if you’d rather pay small monthly payments each month ($15 is very affordable). There’s a lot to say about having a set monthly amount you can count on… rather than having to try to budget large sums ever year or 18 months for a "software upgrade" like many offline/downloadble property management programs do.
Irealtymanager.com has a built in word processor so you can print out customized forms right there in the software… for this feature in offline software (like Tenant File , Landlord Max , etc.) you’ll easily pay $120 or more just for this feature… this is included with Irealtymanager.com).
How Do I Grade It?? (out of 5)
Design: and 1/2
Affordability: and 1/2 (for property owners) Affordability : and 1/2 (for property managers) Features: Ease of Use : and 1/2 Overall (20 - 100 units): and 1/2 (4.25 / 5)
To Purchase IRealtyManager.com or Get The Free Trial
Well… this is my first web based property management software review… and my mind has really been changed on the whole concept. After reviewing Irealtymanager.com I truly would feel very comfortable with using a web based software… and would highly recommend anyone who is looking for an affordable, feature rich, and easy to use online property management software to at least check out the 15 Day Free Trial of Irealtymanager.com.
Head on over to Irealtymanager through the link below and check it out… if you sign up I’ll shoot you over a $67 package of property management forms (that I use in my own business) for FREE as my "bonus" to you! Sound good?
Here’s What To Do:
Go to Irealtymanager and sign up for a free 15 trial (no obligation at all… very easy)
Get that trial going and input at least a unit or two… some tenants… and play around with it for a day or two… that’ll give you a great idea whether you love the software or not.
Then… if you like it (I think you’ll enjoy it a lot) get your account going for just $15 a month… and shoot me your receipt … and I’ll send you your $67 property management forms package for free.
Every now and then I come across something really cool, informational, and from great people… that I just can’t NOT tell you about it.
This is one of those times.
Real Estate Investor Reality TV… Online…
You’ve heard of "Flip This House" and "Flip That House" on TV… well, the internet has a new show which I think will rock once they get rolling a bit more.
This show is from a couple real estate investors out of South Carolina who are young… and have been rocking in real estate full-time since 2001 (these guys are still under 30… they know their stuff).
Check out the short videos below and check out their blog. Patrick said they’ll be putting out a lot more of these on real deals their doing right now… I’m excited to see their next episodes.
Check em out and let me know what you think… is this something you want to see more of?
Episode #1: Kicking Off The Show…
Episode #2: Kicking Off The Renovation
Again, check out Patrick and Dusty’s blog… and let me know what kind of stuff you want Patrick and Dusty to show on their next episodes. I know Patrick personally… so I’ll pass on the suggestions.
Hey, we just posted a great short article that has at least 2 good tips that you can put to practice in your real estate investing business today.
The article shows how a new investor made a quick $15,000 real estate assignment fee by using a simple little "trick" on the top of his postcards… and also how he negotiated the seller down to below 50% of ARV.
Take a quick read of the article and leave a comment on your thoughts… and put these tips to use in your real estate biz today!
Readers like you send in dozens of emails a week to me asking specific questions to help them reach their real estate investing goals.
We get to them as soon as we can… and often post the questions and answers on the blog for others to learn from.
Anyhow, a reader named Brett emailed us a question about whether he should manage his own rental properties… or find a property manager to manage them for him . Either way is fine… you just need to make sure whatever you do you keep good tabs on the situation.
Here’s Bretts question and our answer is below. If you own rental properties or are looking at buying rental properties… take a quick read so you get an insight into a couple options you can choose from.
—————-
Brett’s Question:
"… Put the money into three residential rental properties. Decided to manage myself. Refurbed myself. Rented to the first sob story that came along. They destroyed the property. I nearly lost everything. That was ten years ago. Have kept an interest. J ust very gunshy. This brings me to my question: Am I better off using a management company or trying to overcome my management weaknesses?
Thanks!"
Our Answer:
"Thanks for the question… great question by the way.
Congrats on getting your first two deals out of the way… downhill after that.
Well… in my opinion it really depends on what your goals are… and whether you have room in the cash flow to pay a management company.
If you find a reputable property management company that you’ve thoroughly checked out, got references on, checked to see if they’re registered w/ your state, the BBB, etc… and you feel comfortable w/ them… that may solve your problem (if you can afford their fee).
But, remember… just because you’re hiring a management company doesn’t mean that your problems are solved. I’ve heard many stories from investors who were duped into working w/ terrible property management companies and ended off way worse than they would have been had they managed it themselves.
Just do your research on the property manager BEFORE you ever hire them to do ANYTHING.
For me, I actually manage my units myself… and I live out of town from almost all of them.
What I did was create a list of "outsourcers" that I can trust for each type of service needed.
For instance, I found a reputable:
plumber
handyman
carpet shampooer
house cleaner
lawn guy
heater/AC tech
etc. and I delegate all duties to them respectively
If you have built up a trust with a tenant that you know will be there for a while, chat with them to see if they could be the onsite "manager" in exchange for a slight rent rebate. Many tenants would be glad to do this… and that ensures that someone onsite has their eye on the property.
Personally, I collect the rent checks myself and shoot the reports to my accountant every month who keeps track of the finances on the properties.
Tenants call my "property" line w/ problems and leave a message… I follow up and send the right "outsourcer" to take care of the problem.
This works for me because I’ve done a good job at finding people I trust to take care of these tasks… the toughest person to find for me was the handyman … but if you look around enough… ask other property owners in the area who they use, etc… you’ll be on your way.
But, like I said… if you find a truly reputable property management company who is highly recommended by many investors… give them a try for a while… don’t sign a long contract… and keep close tabs on how they do over the next 6-12 months. Be sure to get updated pictures of the units every couple of months so you can see first hand what your units are looking like.
In summary, it’s up to you on whether you go with a property manager or manage them yourself. If you choose to manage them yourself, just think of every kind of possible "problem" you could have… and find reputable service providers in the city of the building to take care of that stuff… create a list w/ their contact info for quick reference.
If you go with a property manager… do your thorough due diligence on the company and make sure you talk with actual investors who have used them. A great way to get references is to connect with the local real estate investors association or "Rental Housing Association" and ask other investors who they would recommend.
I hope that helps! Let me know what you end up doing.
Cheers,
- Trevor
Have A Question?
Shoot in your real estate investing questions and we’ll answer them for ya!
For many real estate investors, the 1031 exchange is an important part of your overall investment strategy. What better way is there to defer capital gains tax and continually "trade up" to properties that better fit your investment strategy?
1031 exchange expertGrant Conness of www.1031alternatives.net is now our resident 1031 exchange expert here at The REI Brain… and Grant just posted a quick read for all of those who are considering a 1031 exchange anytime soon.
In the upcoming months Grant will provide more detailed and "meaty" articles to help investors navigate the 1031 exchange waters.
Okay… I had 7 readers email us over the weekend asking about Andy Proper’s Virtual Birddog Blueprint product he’s launching this Wednesday . To tell you the truth, I haven’t had time to do a full review on the bird dog blueprint… but since there’s interest from readers I felt obligated to get you the information so you can make a well informed decision as to whether this system is good for your real estate investing business.
After Preston Ely’s course launch in August I asked everyone on our email list if they wanted to keep hearing our take on products that come out so they can make a better buying decision. Anyhow, everyone that answered back said that they DID want to keep hearing our take on whether products are good or crappy… so we’ll keep on giving you what you want. In fact, for the "Short Sale Success Blueprint " launch a couple weeks back… we even gave all of our readers the link to Than Merrill’s affiliate link for the product because he offered the complete best bonus package I’ve seen for a product… and it was in YOUR best interest for me to give up any affiliate commissions we would have earned… and just tell you about Than’s link and bonuses (we lost several hundred dollars doing that… but hey, you got a better deal and more value in the end… and that’s what we’re all about).
If you’re reading this before Wednesday 9/10, the links take you to a page where you can opt in and get the first 2 chapters of the Virtual Birddog Blueprint manual … it’s worth it just to check it out so you can see the style of the course… and it has 3 or 4 nuggets you can take out and implement right way.
Anyhow, enough of my rambling. To the review of Andy Proper’s Virtual Bird Dog Blurprint .
Here’s The Real Deal… As Unbiased As Possible…
Again, several people emailed in with questions about Andy’s bird dog course that’s coming out. I’ll go through and try to answer the questions (since we’re considered "media", we got an advanced review copy a few weeks back and went through it over the weekend from start to finish). And as always (unlike MOST of the other guys), I’m fully disclosing that if you choose to buy the product through the links on our site we’ll get a little commission for the sale… about enough to pay for our expenses for this site for 1 week or so that come directly out of my pocket otherwise. So, if you like the review and feel it may be worth a try… it would be cool if you bought through the links on this site. Sound good?
Is It Really Worth It To Buy A Course On How To Get Bird Dogs?
Sandy R. From Austin Texas Asked:
"Hey Trevor, I haven’t seen you mention anything about a course coming out called Virtual Bird Dog Blueprint , I’ve heard about it through several "gurus" promoting the heck out of it. Is it really worth it to buy a course on getting birddogs? Is this Andy guy just ripping off investors trying to sell basic info we can get for free? It seems pretty straight forward and I wasn’t sure if you had a chance to review this yet. Thanks!"
Hey Sandy, thanks for the email… and I apologize about not getting the review out earlier (but better late then never huh?).
Here’s the deal. I went through the whole course (all of the audios, the work books, the manual, etc.) on Saturday and Sunday and wrote a ton of notes on this course (pros, cons, and other stuff).
Well… if a course came out that was just about how to get bird dogs, it probably wouldn’t be worth much more than $15 or $20 (in my opinion). However, I found that the Virtual Birddog Blueprint is quite a bit more than just how to get bird dogs and how to manage them.
Really, the Virtual Bird Dog Blueprint thingy from Andy Proper is all about how to really systematize the bird dog "getting" process… it’s not just about getting bird dogs. Andy started investing a few years ago and started using bird dogs to generate more leads and do more deals… then he found himself overwhelmed with the managing of bird dogs and almost gave up.
Anyhow, over a year or so Andy (who was a computer programmer before he started investing in real estate) created a piece of software that manages the bird dog s and automatically recruits more bird dogs … then he sat down and recorded tutorials and wrote a manual (with workbooks) on how he systematized the whole bird dog "getting" process and management process so he actually gets more leads with a whole lot less time.
So, to sum up my answer… NO , in my honest opinion I don’t think Andy is "ripping investors off", and YES , the Virtual Bird Dog Blueprint is more than just getting bird dogs… it’s really about the entire system you can cut and paste into your business to recruit bird dogs over the internet (pretty much free with little effort from you)… and how to go about managing dozens of bird dogs easily (I was kinda blown away when I saw how easy he made it to manage all of these bird dogs… I’m jealous I didn’t think of it first ;-). It’s pretty good stuff in my opinion.
If you’ve read Tim Ferriss’s "4 Hour Work Week" book that came out last year… this is a perfect example of how real estate investors can leverage technology and develop processes (which Andy gives to you) to spend less time working in your REI business. The price the course is (below $200 bucks with the special coupon code Andy gave me, here’s the code: TREVOR-50 )… it’s a bargain just for the process maps and templates.
Thanks again for the question!
- Trevor
What’s Really In the Virtual Bird Dog Blueprint Thing?
Rafael M. from San Diego California asked:
"I’ve got several emails about a course called the Virtual Birddog Blueprint from Andy Proper. Do you know what’s in the course? I haven’t seen anything that has said really what this is. Any help would be great. "
Hey Rafael, thanks for the great question (also, I apologize for not getting back w/ you earlier from your question you sent in a couple weeks back). I’ll break it down in simple bullet points what’s in the Virtual Bird Dog Blueprint . As I mentioned, we got a special "media" copy of the course last week and went through it for ya this weekend. "
150 Page Course Manual: The in-depth written portion of the course… walks you through the whole process of what "virtual investing" is, how to structure your bird dog program, how to recruit bird dogs easily (and automatically) through the internet and local advertising, how to structure deals with your bird dogs, how to manage your bird dogs, etc. This is the main part of the course (in conjunction w/ the audios) that really walk you through the entire process of how to automate your bird dog program so you generate more leads with less marketing expense and less time. If you run a bird dog program already or want an easy way to generate more leads with less expense… this is a great resource (actually the only one that I’ve seen on the specific topic of totally systematizing the bird dog process)
9 Audio Training Sessions (great stuff in here): The audios walk you through the entire process of setting up, structuring, managing, etc. the automatic "bird dog getting" process the way Andy has done it for a couple years.
Audio 1: Introduction (not a ton of meat here… just basic intro stuff)
Audio 2 : VI Revolution - Good audio on the "virtual investor" revolution (kinda hypey sounding) and why/how it’s easier to invest today because of the internet and outsouring. etc. Good stuff but not really the meat of why you get this course.
Audio 3 and 4:Why Virtual Bird Dogs? - Goes in-depth on why you should be using "virtual" bird dogs, the simple how, and a bit more great info.
Audio 5 and 6 : Structuring - This is where the real meat starts. Walks you through step by step how to structure the bird dog program, the marketing, the lead generation, etc. This here is great stuff and is as step by step as it gets… and will save you a bunch of time.
Audio 7:Recruiting - Another "meaty" CD. Walks you through how to go about automatically recruiting bird dogs using the internet, using your other bird dogs, and other simple marketing. Really, I was amazed at how easy it is to find a ton of bird dogs online using these methods… and the beauty is that the system this teaches you… manages them all for you so you don’t have to do the tedious work of doing it yourself.
Audio 8:Training Your Bird Dogs - This is probably one of the best parts (to me anyway) is how to go about training your bird dogs more efficiently and effectively. Most people train each bird dog one by one… or even create a quick training manual… but this section basically gives you what you need to train your bird dogs… and shows you how you can do it all online automatically so you never have to train a bird dog anymore… that’s pretty valuable to me.
Audio 9 : Managing Bird Dogs… and Your Next Steps - Again… really meaty on how to manage them using the "virtual investor" model… and Andy gives action steps on what to do next.
The "Virtual Bird Dog Training Guide ": This is basically the training guide that you’ll give to your new bird dogs (by email or through your automated website that Andy shows you how to set up) that shows them how they can market and find leads (that they bring to YOU), gives them marketing materials to use, etc. Basically, this is a customizeable training guide (about 15 pages long) that you can use to train your bird dogs more easily. Pretty cool to me… should save a lot of time… but could be a bit more robust.
Exact Legal Contracts And Documents Andy Uses : Very valuable here… Andy paid his own attorney to create these contracts that help him run his real estate investing business and between his bird dogs and him. Basically, some of the contracts line out the responsibilities and agreement between the investor (you) and the bird dog… this makes it so there’s no misunderstandings. Nothing hugely revolutionary here… but great to have and will save you money in attorneys fees if you choose to put this stuff to action.
Live Q&A Session Where You Can Get All Of Your Bird Dog Questions Answered… (this is hugely valuable)
Some Extra Discounts: Andy throws in some extra discounts to other products/services that he personally uses to better systematize the bird dog getting and management process (so you get more leads without more work)… this’ll save you some money… but it’s not a reason to invest in this course unless you were already going to use those services.
How Can Andy’s Virtual Birddog Blueprint Help You in REI?
Okay, all in all… the Virtual Bird Dog Blueprint is a step by step system that helps you generate more real estate deal leads by leveraging the time/resources of a bunch of other people. Rather than having 5, 10, or 15 bird dogs looking for deals for you… you can have 50-100 in each market looking for deals if you systematize it correctly so you’re not spending more time baby sitting these bird dogs and wasting time on crappy leads.
It’s all in the system… anytime you can systematize a process you should take that chance because it frees you up to do things that are more vital to your
- By Preston Ely - Real Estate Wholesaler
management software programs. I guess we overlooked them for a while because we didn’t realize how popular and how much demand there is for online based rental property software .
Hey, we just posted a great short article that has at least 2 good tips that you can put to practice in your real estate investing business today.
real estate investing goals.
For many real estate investors, the 1031 exchange is an important part of your overall investment strategy. What better way is there to defer capital gains tax and continually "trade up" to properties that better fit your investment strategy?
expert here at The REI Brain… and Grant just posted a quick read for all of those who are considering a 1031 exchange anytime soon.
Okay… I had 7 readers email us over the weekend asking about Andy Proper’s 