Circle of Winners

As investors after the thrill of seeing a property and you have come back down to earth then it is time to kick the tires. Many an inexperience investor has had buyer’s remorse and wish they had done their due diligence (due diligence another post) before purchasing a property.

We don’t have the space or time to go into prequalifying an income producing property properly here but I will try to give you an overview of the process.

First as always before you start looking for a property you must have a plan which sets limits as to:

·         What you are willing to invest in (Type of Property)?

·         How much you are willing to invest (Cash Available)?

·         How long you plan to keep the property (Time Horizon)?

·         Can you finance it or get it finance?

·         Who will finance it? (Bank or Hard Money)

·         What are the numbers that will fit my objectives (What’s my expected return on my investment)?

·         Are you willing to improve a property and if so what is my investment limit?

Once you have answered these questions then stick to them.

Since your plan is to purchase an income producing property then it is important to get actual numbers the same as if you were going to finance the property. Why do I say this? Because the lender is going to want to see actual numbers that can be verified by records that the sellers has.

If the seller can’t produce the needed documents then I have always found it is better to walk away with my wallet intact than be sorry with buyer’s remorse.

In later post I will go through the number process of prequalifying a income producing property since each type of property is qualified differently.

Remember! Success is achieved by those try and keep trying and where there is nothing to lose by trying by all means keep trying.

Curtis William Lee, Sr.
Mentor
Circle of Winners Master Mind Group

For more information go to www.cwlsr.com 

Or email me at cwlsr@cwlsr@cwlsr.com

<font class="Apple-style-span" face="'times new roman', times">Last week I discussed the differences between the Guru, Coach 
and Mentor. We saw that the Guru and the Coach are money driven 
by the sale of their products while the Mentor is driven by your 
success.

For the next several weeks I will be addressing the important aspects 
of a good Mentor and what knowledge they should they be able to 
share when mentoring.

Here are a few of the topics that a good Mentor should be able to 
guide you through:

·         How to build a working business plan

·         What type of accounting and database management system you 
           should use.

·         Marketing for the purchase or sale of properties (Marketing plans, 
          Strategies & Implementation).

·         Prequalifying  income producing properties (It is more than 
          NOI &DSCR)

·         Contracts and Agreements

·         Negotiating Contracts

·         Listing your property

·         Appraisals and Valuations

·         Real Estate Financing

·         Environmental – Phases I, II, and III

·         Due Diligence

·         Risk Management

·         Insurance – Type of coverage need for your business and 
          properties

·         Real Estate Title and the Closing Process

 

Generally when you purchase training programs there is little or no 
interaction between seller and student. The cost is usually expensive 
and after a short time the student starts to lose interest in the program 
they have purchased.

 

It is different with the Mentor in that there is constant contact and an 
ongoing dialogue between the Mentor and student.

 

If you have an interest in being mentored at a low monthly cost of 
$38 per month ($456 annually) go to The Circle of Winners Master 
Mind Group. www.cwlsr.com

 

Look tomorrow for “How to build a working business plan:

 

Curtis William Lee, Sr.

cwlsr@cwlsr.com

 

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