All Forum Posts by: Jason Hanson

You are going to have to drive where the lower prices and bread and butter houses are. For me this means driving about 60 miles from my house.

When you can make thousands of dollars off each property, it is certainly worth it for a 60 mile drive.

I use bandit signs and direct mail. If you consistently put out the signs and consistently mail out letters, you will get plenty of deals.

It all depends on how agressive you are and how much action you take. Also in addition to buying and holding, many investors generate income wholesaling and selling some properties on a lease option.

There are three ways I like to make money in this business.

1. Wholesaling-make about 5-10k per property assigning it to someone else
2. Selling properties on a lease option and make 50k on the backend.
3. Buying and holding forever, and of course living off of the cash flow

If you do all three of these then you will be in a much better position.

I would buy new properties, but would not sell the ones you have. Like a lot of people I have lost a lot of equity in this market. However, it is truly only gone if I tried to sell right now, which is why I am holding onto all of my properties until the market picks up-which it always will.

You don't need credit to do this business. We are entrepreneurs and buy houses creatively.

Learn how to do subject-to and lease options when buying rental properties. Also, look for properties where you can get owner financing.

I would not invest out of state. I would try and have all of your properties within a 60 mile radius of your house. No one will take as good of care of your properties as you will.

I prefer to do subject-to transactions because I own the house and get all of the tax benefits, etc.

However, if I come across an owner who will not give me the deed, and it is a great deal, then I do a lease option.

If you have a buyer who is ready to bring 10k to the table and all of the other numbers work, then it appears you are in a good position.

Real estate is a numbers game, so if you can buy a property low enough, and it cash flows then do it.

Also, make sure and stick to 3 bedroom, 2 bathroom cookie cutter houses. I would avoid any type of condo.

Congratulations for starting so young. You need to decide if you are going to be a Realtor or an investor.

Do you want to show houses and help others buy and sell, or are you going to be an investor?

As you learn more and more about real estate, I am sure you will find your niche in this fun and exciting business.

When looking for a mentor:

-make sure they are still active in today's market
-ask them for the addresses of a couple of their properties
-make sure you feel comfortable with them
-if you split deals, etc. make sure everything is in writing

Getting a mentor is how most of us learn the business, however there are a lot of dishonest folks out there and many of us were ripped off in the beginning before we found a quality person to teach us this business.

So do your due diligence with anyone you plan on working with.