The Thrill of Victory and the Agony of Defeat!

A major portion of my prospecting campaign is centered around a mail out campaign. Recently I have been mailing out to Owners of Multi-family properties. The campaign has been going well.

Don ( I will call him Don ) responded to one of my letters via email. AFTER trading emails over the next two weeks I ascertained that Don owned a 9 unit apartment building built in the 70’s and that he wanted to sell as long as the offer was at least $700, 000. Don had also said that he had full authority to sell and we agreed upon a commission amount that he would pay and that he wanted to represent himself in the transaction.

Over the next 10 days I identified the right buyer and prepared an offer including lender letter of approval.

I called Don and set the appointment to meet him at his home at 10 am the next morning.

Presentation day and I am all set with extra copies of the offer and was greeted at the door by Don and ushered into the home and after a few formalities began the presentation. About half way through the presentation I noticed some movement just outside through the sliding glass doors in the back yard and flower garden. A lady appears and enters the home. The lady has a bewildered face on as Don introduces his wife to me. After a brief and cordial introduction and a very short disagreement which I did not quite understand (so many things between husband’s and wives are non-verbal) Dons wife retires to the family room.

The offer I have written is for $775, 000 a fair price for the property and well in excess of what Don had mentioned as his bottom line. Don thanked me for the fine offer and that he wanted to take some time to read through all of the fine print and that he would get back to me the next morning.

I thanked Don and his wife for their hospitality and said that I would await his call. ( The Thrill of Victory)

The next day in mid-morning Don calls. The call is short and to the point. Don thanks me for my fine offer but after speaking with his wife they have decided that they do not need to sell and instead have decided that they will keep the property. ( The Agony of Defeat )

Herb Hamilton is alicensed Real Estate Broker in Oregon with RE/MAX Preferred Inc. Realtors

Herb’s cell 503-515-8889

I made a Ton of Money Flipping House’s – Oh Yeah?

” Gold I tell you there’s Gold in them thar Hills!” Yes there is excitement in the air and much like the days of the Hollywood westerns a call to action. Gold? Well, maybe and maybe not. Certainly there is a profit to be made for the well prepared Real Estate Fixer Buyer. Is this You? Or will you just be one of the countless stories of failure.

Real estate investments in Fixer’s Flips and Rehabs be it Short Sales and or Foreclosures or in the Derelict/Abandoned homes  market can be very lucrative, If you know what you are doing.

It is that IF that separates the Men from the Boys so to speak. Even with the most experienced of us all there are mistakes made and money lost. But there are many things you can do to help eliminate those losses are at least lessen there effects on your bottom line.

Taking a seminar and listening to the rags to riches stories is one of the sure fire ways to quickly lose your shirt. They may be very motivating and fun to listen to but they are no recipe for success. While education is all good and well you can be over educated as well.

One simple plan that can set you on the right path is to look at investing in Real Estate as a Team Sport. Who would you pick to be on your team, assuming that you have done all of the preliminary work such as financing etc.

The Workers :

1. You ( will or can you do the work)
2. Contractor ( Save your self some headache early on a hire a Licensed Contractor for those jobs that you yourself are not capable of doing )
3. Special Contractors ( Roofer, Electrician, Plumber, HVAC, etc.) You do not have to have these people on the pay roll or at your beck and call but you should at least have done the leg work to check out the quality of work they can do and to compare their prices.
4. Real Estate Agent. ( Did you know that a good real estate agent can make you or break you in the Fixer and Flips market?)

Choosing the right Contractors and Real Estate Agent have many parallels. Your entire team should understand your goals. No member of the team including you should put their needs ahead of the others. A good team understands their place and the places of the other members.

So you have assembled your team and you’re ready to go! What then is a 365 Real Estate Investor? Given that there are only 365 days ( more or less ) in a year a budget needs to be set to meet your goals.

• How much money do you want to make per year after all expenses are paid?
• How much profit is there per project?
• How many projects will it take to reach my goal?

Experience is of course the best teacher. Start small and do not get carried away on that first project. Take on one that even if you fail will not take you down don’t let Greed get in front of the learning curve or your common sense. Build upon your successes for they are the foundation for a bright and profitable future in the world of Fixers and Flips.

Search  Portland Oregon Homes For Sale Right Here

Let Your Next Home find You !   Portland Oregon Info

” A Real Estate Transaction with Herb is one YOU will Profit from “

How Many Homes are Too Many to See

The old ways are not always the best ways. Years ago the prevailing wisdom was to not show more than 3 to 4 homes at a time without a significant break.

Technology though has aided Real Estate Agents and Buyer’s alike. More often than not a Buyer will already have made several decisions about homes they would like to see on their first outing.

What with time constraints being what they are in every ones busy lives today this really works well for what I call ” The Whirl Wind Tour ” .

During that first day of showing I will drive by and show as many properties as I can. Often times upwards of 20 or more. Of course these are homes that I have personally previewed at least from the outside before I take my clients on this Real Estate Adventure.

Subsequent showings on follow-up days I limit to 3 or 4 homes generally because I have paid attention and have been able to pinpoint my clients needs in a home.

Showing properties in this manner means that the total number of outings that will produce a home that you want to buy normally in less than 4.

Any time longer than that is really not necessary and generally means that either you do not know what you want or that you are a procrastinator with strong reservations about pulling the trigger.

The downside to most people who spend to much time looking for property is that most often they conclude that there are no houses for them and do not buy.

Let_Your_Next_Portland_Oregon_Home_find_YOU!