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Jackie states that she uses various strategies (tools) in her bag for RE investing.
We all understand that this is wise due to the fact that some things may not work for all people all the time. As some of you may know I am also a professional photographer and have many different cameras an lenses. There are however, one or two main cameras and lens that I use for most of my work. So in return, I wanted to know what are your most widely used “tools” when it comes to RE. Thanks for sharing.
The tools are used to achieve an objective — So a good question to ask would be what do you want to accomplish by using a specific tool. Then is the tool legal in the state where you live. If not, what is a good alternative.
My top 4 – in no particular order
wholesale deals (options) = fast cash
buying subject to that wraps underlying loan = acquire rentals for cash flow
buying with seller financing – acquire rentals for cash flow
highest bidder sales (options) – fast cash and cash flowThings I avoid totally
rehabs – too much work, too much risk, too much cash needed
buying at foreclosure auctions – too much competitionThings I would do it I were starting all over again – I’d never own the house, instead
master leases for cash flow & get an option when I could
wholesale deals – cash
highest bidder sales for cash and cash flowAfter being in this business for almost 20 years the one thing I realize most is that owning real estate is not necessary at all.
It’s much better to just control it with an option and a lease. You can build wealth with options just as easily as building wealth with ownership.You really need to learn everything you can about options!!!! It is the most powerful tool in your tool box.
Something I have been doing is driving the neighborhood. I write down the address and phone number of any FSBO and House for Rent, and the address of any vacant home. I call all FSBO’s. I use a little trick I learned from Jimmy Napier. If it is for sale I say “Some one told me you have a house for rent”. If for rent I say “Some one told me you have a house for sale”. I get the court house info were the tax bill is going and send them a letter. Been working well.
Don WedeGreat that you brought that up Don
I did that in Texas. My daughter drives older neighborhoods looking for run, down vacant houses, looks up the owners, then mails a letter or postcard. 90% of the time it’s a probate situation.
Driving for dollars and knocking on doors is the best STEALTH way to get deals ( no competition)
As you can see, you don’t need a lot of tools in your tool box but you do need to use them often or they get rusty
I’ve been testing something new that has been getting a 30% response rate for 2 months straight. I need to do more tweeking and testing then will have the details at the CashFlowDepot Convention in Panama in May ( more details about the convention soon)
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