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Michigan Real Estate lawyer Article Summaries

10 “No Money Down” Ways to Buy Real Estate
By: Richard Massey
: Turn the Television on any Sunday morning and you’ll find yourself in the middle of a “how to buy real estate” infomer... you can buy a house without a down payment.1. First is to check out the many new zero down programs now available from ...

Real estate software for Palm PC
By: Oliver Webber
: How can Palm PC be useful for real estate professionals?A real estate professional may discuss business matters with a... replace desktop PC, but it may help greatly in real estate and other businesses. Go and get software here:http://www.pr...

How to Become A Rich Birddog in The Real Estate Business
By: Jimmy L. Hutchinson Jr.
: Remember the song “Who Let The Dogs Out”, the song didn't get any airtime on the radio until it was played at a few s... opportunities but a plan. If you don't have a plan you don't know where you're going. If you don't plan your life you w...

Investors - Look For The Real Estate Sweet Spots
By: Mark Walters
: A politician once proclaimed, "All politics is local!" The same is true for real estate. If you live in Southern Calif... homes. Right now they are in ten hot markets:FloridaTexasTennesseeMarylandPennsylvaniaArizonaVirginiaColoradoNevadaDela...

Understanding Real Estate Terminology
By: W. Troy Swezey
: Purchasing a home can be a complicated and confusing process, especially for first-time buyers. Throughout the proces... in addition to a stated interest rate over a specified period of time. A mortgage lender places a lien on the property...


Featured Article

How to Build a Real Estate Investing Power Team

Adem Hamidovic



As you continue to read about real estate investing, you will no doubt come across the term 'power team'. What is this 'power team'? A power team is a group of people without whom successful real estate investing becomes very difficult, if not impossible. Included in a power team are at least one real estate agent, a mortgage broker, and a real estate lawyer, all of whom will have experience in creative real estate investing.

So, how do you go about building this team? Well, you could just get a copy of the Yellow Pages and start calling, but that will most likely take a very long time, time that could be better spent working on real estate deals! Wouldn't it be better to have these people call you? I thought so, so here's what I did. Keep in mind that this technique not only netted me a power team, but also a list of potential partners/buyers for future deals.

The local paper offers a deal on weekend real estate listings, so I placed an advertisement in the paper that read:

"Fixer-upper for sale. Cheap. Need cash and quick closing. 555-5555"

What sort of people would respond to an ad like this? Some will be tire-kickers and the curious, but a good number of callers will be investors and real estate agents. I had the number in the paper forwarded to a voicemail service, and it's a good thing I did as there were a lot of calls! I find that those who are just curious about the ad tend to hang up without leaving a message, so that takes care of those that aren't serious.

After listening to the messages I found that there were two real estate agents that had answered. I called the first one, George, and told him that the home had sold, but would he be interested in working with fixer-uppers in the future? He replied that he would, but didn't seem interested in discussing it much further. Now, I should mention here that I never actually had a home to sell - what I posted is called a 'ghost ad', used to guage interest in something. You may not feel entirely comfortable with this, and that's fine. Simply post a different ad that gets the same sort of message across.

The next agent, Elizabeth, was much more receptive. We spoke for well over an hour about her experiences in real estate - it turns out that she actively invests in real estate herself. She would be more than happy to search the mls on my behalf, as well as submit as many offers as I would send her way. Perfect!

And here's the best part: since I had found a real estate agent who also invests, I was also able to use the resources that she uses in her deals. So I now had access to a great real estate lawyer as well as a mortgage broker, along with a recommended property inspector. That saved me loads of work and time. My power team was now complete!

I've since become good friends with Elizabeth, and she regularly sends me listings that haven't made it to the mls yet. This gives me a huge advantage in pursuing deals as only a relatively small number of people are aware of the sale. I picked up my latest rental property this way - the property was going to be listed on the mls in two days time, but since Elizabeth let me in on the deal early I was able to close before the general public became aware.

A good power team is crucial to your success as a real estate investor, and oftentimes finding one member of the team can lead you to the others. Happy Investing!







Adem Hamidovic is a part-time real estate investor and operator of www.ProfitPiggy.com, a website devoted to new and experienced real estate investors alike.


admin@profitpiggy.com




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