Student Weekly Wisdom #4 - 1% Rule with Andrea Weule

This week, Andrea talks about rental properties and how her and Chip are actively investing to build net-worth and secure their retirement funds... She also shares a great rule of thumb when investing in rental properties, the 1% rule. If you don't know what this, make sure to watch this short 5 minute clip and find out.

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How can I get started? Try a rocket ship...

DGFam - so often I get asked about how to get started. Frankly, it kind of mystifies me because everyone has access to 30 Days to Real Estate Cash - Dean's fabulous cookbook to getting your first deal done! He gives away tons of free copies all the time. So the actual instruction is out there. Therefor, I have to conclude, it's more a question of getting yourself in the right mindset to jump in. If you are totally satisfied with your life today and what you are able to contribute to those you love, then, well, you don't have to get going. But you wouldn't be reading this if that was the case. I honestly wish I could just push you all in the pool so to speak, and then you would have to find out you already know how to float and swim, or learn real quick to survive!

Great HUD House

On April 6th we closed on a great HUD house. It was listed for 125k I offered 82k. It is a 4 bedroom 2.5 bath home. In a B neighborhood. An associate of mine said what did you do that for that way too low!? Well because I can.
The bank received my offer and and asked for my highest and best. I told them that IS my highest and best. They next day I figured I didn't get it. But to my surprise I receive and email telling my offer was excepted !!! Woo Hoo!!

So we use private money, our first person couldn't do it but the second person said YES! So the deal with them is 10% for 2 years. 100% financing.

Deal #2 Lease Option!!! $5,150 upfront!!!

Hey DG family I wanted to share my 2nd deal I got done, it took a little longer than I expected but I didn't give up.

3 Deals this Week !

Deal #1 - Signed a contract to sell a 2 bed/2 bath/1 car(1525 sq. ft.) yesterday for 63K; Bought it for 52.5K & put in a dishwasher & had the tub re-glazed. It will close next Thurs.
Deal # 2 - Closed today on a 2 bed/ 2 bath/ 1 car
(1595 sq. ft.)Fannie Mae foreclosure, Bought it for 36,350; put in new kitchen, appliances, vanities, toilets, paint & carpet; Spent 8K on materials & it took us about 4 weeks to remodel; Sold it for $ 59,500.

Read the Fine Print

I always recommend you read the contracts you are signing, especially when the contracts are being supplied by someone else. If you are brand new to real estate, I recommend working with a real estate agent. They are training in the state approved contract and can walk you through that. If they do not know the answer to something, ask them to find out from their broker or someone on the realtor board. It is part of their job when they are representing you.

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