Sometimes I get so involved in the details of my real estate investing I forget to share everything with you, and I apologize for that. I am still a student of real estate investing, and having been so for over 2 years, I’ve learned about the cyclical opportunities and getting good real estate deals.
Last year this time I started accumulating several properties after a full year of trying with no success. I didn’t really think much about it as a cyclical event at the time. I was just delighted to finally get some well priced deals. I also participated in the 2010 Armando Montelongo Bus Tour (and gave an unbiased report here). Delighted to be part of the event, I had no idea how effective it was to network with other investors and in fact, landed an all cash private investor for one of my deals I had just purchased for a song. We both enjoyed a nice little profit from that deal. They invested $66k and were returned $75k just a few months later. A 14% return on money for a few months is not too shabby for any investor. Bottom line, real estate rehabbing, when priced right and managed well is clearly more profitable than leaving money in the bank.
But my really big news is the buying opportunities that exist right now. Here I am now, with more well priced properties than I know what to do with. My big AHA-The end of the year is the best time to get the best deals on foreclosures.
If you’ve been trying to get a real estate deal unsuccessfully, then try again. Asset managers are more motivated to get toxic assets off their books RIGHT NOW. In fact, just like last year this time, here I am again with 6 properties, all cash offers, and scrambling to find all cash investors (or wholesale them to someone).
Lessons learned:
- Network in Real Estate Events whenever you can…you never know where you’ll meet your next cash investor.
- Make as many offers as you can right now! Don’t let discouragement from the previous year stop you. The deals are out there and the “low hanging fruit” has never been lower.
Tip: Look for the properties that have been on the market for more than 75 days.
Best of luck in your investing!
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