How to Convert a Homeowner into a Real Estate Investor

If you’re a real estate agent with a phone and good real
estate investment software then you already have enough
tools to convert a property owner into a rental property
owner. It requires an amount of determination and true
grit, naturally, but it is possible. You can glean real
estate investors from any list of homeowners at your
disposal if you want to bad enough.

Here’s how you do it.

1. Research the money market – Call several lenders or
mortgage brokers in your area and ask them what rates
they’re offering to refinance a home along with rates to
purchase income property. You will probably discover that
rates are extremely favorable. Be sure you ask about the
lender’s terms such as required down payment and loan
points.

2. Research the income property market – Make note of all
the rental properties currently for sale. With your real
estate investment software, prepare cash flow analysis
presentations on each property using the mortgage rates and
terms you discovered. Highlight those properties of
particular interest.

3. Call your homeowner customers one-by-one – Let them know
what you’ve uncovered and suggest that they consider
pulling some money out of their home to make an investment
in rental income property. Back off if the customer is not
interested, but at the same time be prepared to seize the
opportunity to make your presentation when the customer is
interested. Offer to send them an APOD and Proforma you
created on the income properties currently for sale.

Sound overly simplistic, well, it shouldn’t. Remember what
your broker taught you about cold calling—that it
normally requires you to make multiple calls in order to
close one transaction. Well, in this case, being able to
close that one income property transaction can result in a
hefty commission, so don’t get discouraged and keep your
eye on the prize. At the end of the day you’ll be glad you
did.

Who knows, you might even be surprised to receive a great
opportunity as the result of making a simple phone call.

A colleague of mine, for example, ended up listing several
apartment complexes as the result of a cold call to a FSBO
concerning a small plot of vacant land. What she hoped for
was a $50,000 listing; what she achieved was about three
million dollars in listings. I have had similar
experiences. You never know what the needs of a person are,
or how rich the opportunity, until you open up a
discussion. Bear in mind, real estate is called a contact
sport for good reason.

4. Follow up – be sure not to drop the ball; whether by
phone or email, unless you were given an adamant no
response, always follow up your previous discussion. Each
time that you subsequently follow-up with the contact you
narrow the playing field and dramatically increase your
chances to create a rental property transaction.

Okay, here’s one final, important point.

Of course, your success depends on timing, your individual
people skills, and determination. But I would be remiss to
gloss over the importance of presenting clear and concise
income property data to those you contact. Bear in mind
that customers are more likely to respond favorably to
knowledgeable information, than not.

It may sound like a shameless plug for my real estate
investment software, but if you currently don’t own real
estate analysis software, or otherwise have the means to
create cash flow and rates of return presentations, think
seriously about making the investment. It is the surest way
to grab and retain an interested customer’s attention, and
by far, the most beneficial way for you to gain
investor-customers and as a result create the rental
property transactions you desire. I attest to it.

Here’s to your success.

About the Author:

James Kobzeff is the developer of the ProAPOD Real Estate
Investment Software. Create cash flow, rates of return, and
other real estate investing analysis and marketing
presentations in minutes! Learn more at =>
http://www.proapod.com

 

Real Estate Magazines: What to Keep on Your Coffee Table

Every real estate investor should stay up-to-date on the current trends in the market with real estate magazines and other materials.  If you are looking for the most current knowledge on the real estate market so you can stay competitive and in top form try subscribing to some real estate magazines.

 

Real estate magazines come out every month, by monthly or quarterly and always contain real estate magazine articles on the most recent developments in the market.  They are excellent sources of information for your business.  Plus, it never hurts to have a real estate magazine or two sitting on your coffee table or the side tables in your office for clients to read.  These magazines are easy ways to educate yourself on the most current trends in the market with real estate magazine articles and columns that you can get into and out of as time permits.  Below are a few magazines that are worth their weight in gold:

 

Invest Magazine: this is a monthly publication that provides information on the changing investment environment not just real estate.  If you’re interested in diversifying, for some good reading try checking out this magazine.

 

National Real Estate Investor: a monthly magazine specifically focused on real estate investing this publication contains feature articles, interviews, profiles, reviews, financial news legislation and more for professionals in commercial and industrial real estate investing.

 

Real Estate Taxation: a real estate magazine with plenty of up to date information on legal developments in real estate taxation.  This magazine features real estate magazine articles on topics such as exchanges, partnerships, asset protection and even tax free real estate transactions.

 

Real Estate Valuation Magazine: this publication features plenty of real estate magazine articles and information on the current market that is pertinent to appraisers and inspectors in all kinds of real estate.  This is an excellent resource for the invest or working to appraise their own properties for short sale packages and other property deals.

 

Western Real Estate Business: this magazine features plenty of real estate magazine articles on developments and trends in the market of the western states.  If you are an investor in this area of the country you want to keep this magazine on your coffee table so you can dip into it anytime you need a refresher on the current trends.  Western real estate business features information concerning projects and redevelopments in the states, acquisitions and dispositions, financing and corporate real estate news.

 

Midwest Real Estate News: this magazine like Western Real Estate Business covers the current real estate news of a specific area in this case, the Midwest. Midwest real estate news provides real estate magazine articles on commercial and industrial activity in ten of the Midwestern states, Illinois’, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, Ohio, and Wisconsin.  If you are a real estate investor in one of these ten states you’ll have to get this magazine for your business.

 

As you can see there are numerous real estate magazines you can subscribe to in order to stay current on events and trends in the market. It never hurts to have a subscription or two of coming to your mailbox these days. After all, as a real estate invest or you’ll need to keep learning about the market in order to stay competitive.

 

Call to Action: You can find plenty of real estate magazines to subscribe to where you can also sign up for free lifetime membership to Real Estate Investor.com. This membership includes your own profile page, free blogging, and a chance to network with other like minded investors.

In real estate investment it’s important to stay educated and current on the latest strategies for making profits in the business. One of the easiest ways to stay up-to-date on a low budget is through reading real estate books. There are lots of high quality books that can provide you with the information you need to invest in real estate, protect your finances, plan for the future, stay legal in real estate investment, and so much more. To start off I recommend everybody in read Rich Dad, Poor Dad by Robert T. Kiyosaki.  This is a great book that gives six guidelines to making your money work for you proper way.

 

Besides this book there are a wide range of other real estate books that can help with your quest to profits in real estate investment. It does take more than lessons in real estate alone to keep your profits, so be sure to check out the other related books included in this list.

 

Real Estate Books for Real Estate Investment:

 

40 Days To Success In Real Estate Investing

By Robert Shemin

 

This handy book is provides a day-by-day plan covering the basics of getting started in real estate investment. If you just want a plan that will get you started from the beginning to developing a successful business pick up this book and learn how to set your real estate goals and what actions you should take each day to reach those goals.

 

Real Estate Loop-Holes

By Diane Kennedy and Robert T. Kiyosaki

 

You should definitely keep this book on real estate investment loopholes in your bookshelf. Learn about the three crucial keys of real estate investment; selection, taxation, and protection and how each contributes to a profit making investment.

 

Selling Real Estate Without Paying Taxes

By Richard T. Williamson

 

Sure, you may already be making a profit in real estate investment but you are probably also paying lots of taxes on your income. This real estate book will help you preserve your income against federal income taxes and self-employment taxes through a variety of means such as; charitable remainder trusts, philanthropic foundations, self directed IRAs and more. This is the book to help you prepare for the future.

 

Complete Guide to Real Estate Tax Liens and Foreclosure Deeds

By Don Sausa

 

If you’re looking for a specific niche market to invest in try investing in tax liens and foreclosure deeds. Every day and month the tax liens and deeds to properties are sold at auction by local governments. Check out this book are for an explanation of the process, bidding on properties, investment plans, and strategies you can use to find the best deals for your money.

 

Property Management for Dummies

By Robert S. Griswold

 

They make Dummies books for just about everything these days, and you can bet there is a ‘For Dummies’ book on property management. This book will help you understand the process of finding tenants for your properties, showing your property, keeping your property well-maintained, keeping books and accounting records for the property and even dealing with tenant problems. If you’re looking for a real estate book with a little sense of humor about real estate investment this for dummies guide is for you.

 

Multiple Streams of Income

By Robert G. Allen

 

They say you should have multiple streams of income to make your biggest profits. It’s always good to have a little passive income bringing in some extra money while you work, whether it’s in real estate investment or another fulltime job. Try reading this book on developing ten surefire moneymaking streams of income in your life to increase profits through multiple streams of income.

 

The Richest Man in Babylon

By George S. Clason

 

This is an inspirational guide for any real estate investor to keep on hand. If you have difficulty keeping your finances straight try reading this book that presents 11 Babylonian tales and fables dealing with financial success and moneymaking lessons. This is not your typical real estate book, but it will be an entertaining view on traditional money problems for the investor and the average person.

 

Not every book essential to the real estate investment library has to deal with the topic of real estate. As you can see a real estate investor can also benefit from books on preserving their income, handling their finances and keeping up-to-date with the law. There are also a variety of real estate books dealing with specific real estate niches group to help investors develop their investing strategies.

 

Call to action:  Coline Egbert is CEO of a website and company dedicated to helping real estate investors educate themselves through real estate books and other helpful content. Head straight to Real Estate Investor for a free lifetime membership to their website including; bonuses such as a personal profile site of your very own where you can advertise yourself and your real estate business.