Wednesday, June 23, 2010

How To Farm For Michigan Foreclosures


How To Find the Diamonds In The Rough

As I sit and compose my thoughts for a mastermind meeting with my Champions Club members something hit me; why is the percentage of people who take action so low? This month at our mastermind meeting the topic is farming. No, not John Deere but your real estate target are that you look for deals in. This s a prefect example of LTMA, Less-Talk-More-Action. It's one of the least expensive activities that you can do to help you make huge profits in foreclosure investing.

Here's how a typical farming session goes;
1. Pick the area
2. Find out what recent sale prices are
3. Get a list of properties that are listed
4. Drive by them and the surrounding are and ask yourself if it's a place where people want to live
5. Have your exit strategy lined up i.e. rehab and flip, wholesale, or hold

After you finish with your dozen or so drive-bys, grab the notes you took and sit down and figure out if the area works for your exit strategy and at what price you need to get the property to make a nice profit. Then call your agent or the listing agents and start making offers, it's that simple L-T-M-A.

I know, I know "gas costs a lot of money". So don't go out for lunch that day and pack a sandwich. Maybe you think that driving around is boring, pop in a good real estate investing education CD and learn while you roll. If you have kids, throw them in their car seats and make an adventure out of it. Most of the property that you're looking at are vacant foreclosures so you can get out and walk around them and do some exploring. Whatever you do don't just sit around hoping a deal;'s going to fall in your lap, because it's not.

Maybe you need someone to hold you accountable, that's a big part of what Champions Club is all about. It takes a willingness to learn, grow, and give back. In the upcoming month's I'll be accepting a few action oriented individuals who want to move forward int their real estate investing business in the group. You can get on the waiting list and have an application sent to you by going to www.ReiaChampions.com

Remember, it's not for everyone, so if you're still thinking about maybe trying to do some deals don't apply. If you're dead set on making real money in the foreclosure real estate BOOM, or you wan to double or triple what you've made in the least year investing you may be a good fit for the group.

Whichever category you fall into, live your life with passion and don't wait for things to happen, Make Them Happen.

Dylan Tanaka
Founder
REIA of Macomb