Friday, October 29, 2004

Why Doesn't Everyone Do It Then?

Sitting around the lunch table yesterday with about 10 co-workers, we got on a discussion with one of the guys who recently invested in an apartment building with his brother-in-law. This building was in Florida and he closed just before the first of the hurricanes hit. Well...the first one took the roof off. He was discussing his recontruction woes and eventually all of the other guys at the table (who are not investors) agreed that purchasing an investment property is still a good idea. In fact, one of them said "Everyone I know who has money, got it from investing in Real Estate."

So I asked him if he had any property (No), and if everyone he realizes it is such a good idea then why not (it's risky; cost money). Yet he had a good sum of dough in the stock market. I think that's more risky in mot cases.

It's intereting how as we go through life we learn certain "truths" or ideas, yet fail to act on them due to one or more reasons (laziness, lack of initiative, security and comfort, etc.) Another favorite saying of mine is: 'You keep on getting what you've benn getting, as long as you keep on doing what you've been doing.'

So here is a new saying, by me:
"If you already believe it - Then you should be doing it!"

Myth: You must have money to make money

Inspiration from Ron LeGrand's Newsletter--

That's the biggest lie since 'the IRS is here to help.'
People who think this way will die broke.

The truth is . . .
If You Can't Make Money Without Money, You Can't Make Money With Money

Friday, October 22, 2004

Realtor Contract

Well - I signed a rental agreement with a realtor (the same one I bought the townhouse from)...She placed it in the MLS and did a check of my place...everything seems in order (rent price looks competitive).

There are very few rentals listed anywhere so she is unsure why my place did not rent as well. She hopes to have some propsects by the weekend. She is doing all of the credit checking and showing of the place - I will do the due diligence after that.

I will owe 1-month's rent as commission. This is not so bad if she can get a committment from someone by the end of the month since I would have to have paid advertising and mortgage then anyway - which would be almost as much money.

Tuesday, October 19, 2004

No Tenants


After $400 in newspaper ads and about a dozen people walking through and not returning an application, I have resorted to using a Realtor (expensive)! The folks at the investment club and the Realtor both agree that 7 weeks is a long time for this place to be empty considering the (supposedly) strong rental market for Townhouses near the shore.

Hopefully, I will have a lot more luck with this and have someone in there by the end of the month.

(fingers crossed)

Wednesday, October 13, 2004

Internet Ad Resources

I am still waiting for a renter! Getting nervous!

Here are 2 good URLs to list your FOR RENT Ad online for FREE:
and the great CraigsList

Monday, October 04, 2004

App and Run

I got a few folks who came to look at the place this weekend. They took applications and have not returned or called back. Others called interested but never showed or followed-up. What should I make of the application and run folks? Is my application too big (4 pages) and a turn-off? I really need all the info though. Are they just being picky?

One thing I learned is to get everyone's contact numbers right away!