All Forum Posts by: Bob Couture

AWESOME Question!!! I personally look in a lot of different areas to keep up my endurance. BP podcasts/forums; RealDealz Podcast; a mentor; my business partner; my wife/kids; and continuously educating myself with books. Nutrition and fitness also have played a role. Lastly I try to stay with positive people and places. I have cut out the news and most TV. Something I am listening to right now that is pretty great is Zig Ziglar's Secret of Closing the Sale audiobook. It is so much more than just a sales book. It is a life book.

Leona, go to the top in "Resources" tab and then "FilePlace". Alternatively you can ask a Texas realtor for the standard state purchase form. Hope that helps. If not, email me and I give send you a copy of what I use.

Jeremy, I think you need both. The big picture about your market and types of properties you are going after and then get down to a specific example property. J Scott has a good business plan you can model from from his site at 123flip.com.

Overall though I wouldn't kill yourself over the business plan. I would spend more time finding the deal. As they say - if you have a deal the money will come. Having a short business plan available will show professionalism and that you put some thought into your business, but most investors care to see the numbers. ARV, Rehab Costs, Terms of loan, and profit.

Steven, expired listings is a good one, but like you I have not had much luck. A couple of sources to try...

- Craigslist ads (hit up landlords trying to rent or FSBO)

- FSBO sites

- Zillow (rentals and FSBO)

- Local rehabbers that may be having trouble selling. 

- Network with real estate agents that may have a listing that is about to expire. Better to offer their client a lease option with you and defer their commission than lose it all together.

- Post your own adds on Craigslist

When it comes to lease options I really like @ClaudeDiamond and his programs. Good luck!!

Todd,

Talk to a local portfolio lender. Try both the residential and commercial loan officers of the bank. If you own your current rental free and clear you should be able to use that as collateral and pull money out to invest in other properties.

Great question!! Started way to late at the age of 41. Hats off to the folks that are getting started in their twenties. I wish I did!

Private Lender opportunity for Western Massachusetts...

Property is 3/2/1,224 sqft in West Springfield, MA 01089

ARV: $200k

Purchase: $105k

Rehab: $40k

Seeking private lender for $120k secured by first position mortgage, deed of trust, additionally insured and conducted through a real estate transaction attorney. 

Justin,

Whatever excuse you allow to enter your life will. Everything is a mindset issue. If you get tired by noon then schedule the most important work between those hours and prioritize heavily. I had EPV too and remarkably when I started changing my thinking from what I couldn't do to how I could do things my life and health got better and better. I was in the Army and I had a Battalion Commander that told his staff, "Don't tell what I can't do, tell me how I can do it." That shift in thinking and attitude changed my world. I bet you dollars to donuts it will change yours. My M.A.P. to success is:

M - Mindset: be positive and stay clear of negative people/influences

A - Abundance: help others and that will come back to you

P - Persistence: will things to happen and never give up

Now go out there and create your own success!! 

-Bob

Brian, this may be very different in Texas, but in MA pursuing foreclosures just had me spinning my wheels. There are very specific guidelines that the banks must follow in terms of foreclosing (auction property, listing it, etc). On top of that you also have the hedge funds that will buy these up in bulk from the big banks. Try and network with the collection managers/foreclosure managers at small local banks to see if you can get in between the auction and listing. On the wholesaling side I would say that foreclosures are a dead end. On the flipping side these can be great properties to acquire by networking with REO agents and getting early notice. Pre-foreclosures is the nut you want to crack before it gets too late and lost in the bank bureaucracy. There are foreclosure lists and sites that you can subscribe to, but I personally did not find them fruitful. Good luck!!

@Brandon Turner wrote a book on your exact issue. The title is to long to write, but you'll hear him mention it every podcast.