Should’ve Been Listening Part II
By Tracy Caywood | July 17, 2008
Someone sent this poem to me today and it fit RIGHT IN with the last post I made, so I just had to share:
THE LITTLE BLACK HEN
Author: Anonymous
Said the little red rooster, “Gosh, all hemlock, things are tough!
Seems that worms are getting scarcer and I cannot find enough.
What’s become of all those fat ones is a mystery to me.
There were thousands through that rainy spell, but now where can they be?”
The old black hen heard him, didn’t grumble or complain.
She had gone through lots of dry spells; she had lived through flood and rain.
So she flew up on the grindstone, and she gave her claws a whet,
As she said, “I’ve never seen the time when there were no worms to get.”
She picked a new and undug spot; the earth was hard and firm.
The little rooster jeered, “New ground. That’s no place for a worm!”
The old black hen just spread her feet; she dug both fast and free.
“I must go to the worms,” she said, “the worms won’t come to me.”
The rooster wanly spent his day, through habit, by the ways
Where fat worms had passed in squads, back in the rainy days.
When nightfall found him supperless, he growled in accents rough,
“I’m hungry as a fowl can be — conditions sure are tough.”
He turned then to the old black hen and said, “It’s worse with you,
For you’re not only hungry, but you must be tired, too.
I rested while I watched for worms so I feel fairly perk,
But how are you? Without worms, too? And after all that work!”
The old black hen hopped to her perch and drooped her eyes to sleep
And murmured, in a drowsy tone, “Young man, hear me and weep.
I’m full of worms and happy, for I’ve dined both long and well
The worms are there, as always, but I had to dig like hell.”
Topics: Random Thoughts | No Comments »
You Should’ve Been Listening in Creative Real Estate Class
By Tracy Caywood | July 17, 2008
I truly love to hear from our fans and followers, not only from the Rollin’ Real Estate Tour, but customers of mine from Yellow Letters Complete and Real Life Wholesaling. There are always a few out of the pack that just don’t get it. They feel compelled to send me emails and tell me how ridiculous we are and how dried up the market is. So for those of you who are mad because you had to quit real estate and get a job (and you know who you are) this message is especially for YOU!!
I don’t watch much TV, but I do know that the real estate market is in a slump, there is no denying that. But that doesn’t mean that real estate is non-existent. No matter what state the economy is in, people still need somewhere to live and the dream of homeownership never dies. our society will continue to have more children, retire, downsize, need a bigger house, relocate, and simply need a place to live. And there is only one solution to any of these situations: HOUSING.
As a creative real estate investor (a.k.a. Transaction Engineer) you have to make adjustments in your business to survive. The days of rehabbing houses and flipping them for a quick profit is a thing of the past. It just don’t work like that any more. That was when the market was “hot” and every swinging John was rushing off to a REIA meeting to learn how to “flip that house”. These days, you have to use your head more, structuring deals that require little to no bank financing. I’m not talking about new techniques. I’m talking about methods that have been around for hundreds of years - Owner Financing, Lease Options, Land Contracts, Installment Agreements, and Wrap Around Mortgages. These are and always have been some of favorite techniques for buying houses (which I teach some of them in my “Real Life” Wholesaling Training Program. They allow all parties involved to get what they want, without ever having to go to the bank to borrow money. That is a total sin in my book (borrowing money from a bank).
Even as a wholesaler, I can structure deals with the sellers, allowing for creative terms and flexibility, and then sell my contract off to another investor for a quick profit. Being able to offer investors terms like the ones we create is something that hardly anyone can offer. Too many “Creative” real estate investors in this business just don’t know how to be creative, and that’s just sad. There is more to this business than paying cash or borrowing money from lenders to buy houses.
Yes, we do still structure all cash transactions with sellers since that is sometimes the only solution. But when we do, we buy them so ridiculously cheap, that it doesn’t much matter. The deal is smoking lava hot and any savvy investor will jump on the opportunity of a 20% CAP RATE! I just spoke with a guy last night in Columbus OH (what a coincidence) that is building a portfolio of 100 rental properties right now and paying cash for every one of them. He owns 60 right now and has 40 more to go . So don’t tell me that there isn’t money to be made in the real estate business.
There is one thing that if you don’t know about me, you’ll learn right now. I’m determined to reach my goals and overcome any obstacles that get in my way, no matter what the outside world is telling me. Society does not play a factor in my success, only I do. I do not tolerate negativity from others, and I will quickly smash you out of my life if you try to rain on my parade. We’re not on this mission for anyone other than ourselves, and if you choose to follow us on our journey, then we welcome you! But please, if you have negative comments or are sitting behind a desk mad at us because we might make $3k on a deal, then type something different into your browser.
Some people love my attitude, others hate it. I’m not changing it for either one.
REAL ESTATE IS NOT DEAD
Topics: Random Thoughts | 1 Comment »
1934 S. Ninth St Interior Photos
By Tracy Caywood | July 11, 2008
We stopped in yesterday at 1934 to take some photos of the house. Here is what we got:
WATCH VIDEO TOUR BELOW
Topics: 910 S. Champion Av | No Comments »
What? A Seller Upset? Nooooo….
By Tracy Caywood | July 10, 2008
This is one of my personal NON-Favorite events of wholesaling houses, and I am definitely going to add it the “Real Life” Wholesaling lessons!! It’s when a seller has selective memory. I always make it perfectly clear that I am going to assign my contract (that’s not how I explain it to the seller), but nevertheless……they know up front that I will not be the end buyer that comes to the closing table. And they’re always like “okay, that’s cool”.
I don’t necessaarily go over my marketing plan with them in detail, but I do let them know that i have buyers and that I WILL be selling their house to someone prior to closing. Well in this instance, on our new contract on Champion Avenue, the seller discovered that her property was being advertised online through our various marketing methods. Evidently, someone spray painted some graffiti on the front of the house in the last few days, and she found it a coincidence that it happened since I had just gotten the contract and started “pimping it out” on the internet.
I thought, from the seller’s message, that I had lost the deal. But then I took a deep breath and called her on the phone to clarify, once again, how I handled my business. She calmed down a bit and we ended up renegotiating the terms of our contract to an even LOWER sales price once she understood what my intention was. So, all in all, it didn’t turn out oo bad.
Out of the three properties that we have under contract in Columbus, THIS ONE, is by far my LEAST favorite - LOCATION AND CONDITION are not playing in its favor. So we’ll see………..
Topics: 910 S. Champion Av | No Comments »
910 S. Champion Av - FOR SALE
By Tracy Caywood | July 10, 2008
Location: Columbus, OH
NO BANKS NEEDED ON THIS ONE
910 S. Champion Ave
Columbus, Ohio
3 BEDROOM
1 BATHROOM
Soild Brick House
Recently voted one of the top place to live in the U.S. by money magazine, Columbus has been flying under the reader as a hot spot for real estate investors. I personal know of 3 investors here in Columbus that are making boat loads of money in this market.
The best way to buy real estate right now is to take over property “subject to”. which is how this property is being offered.
The break down on the numbers are like this.
Purchase Price = $29,900.00
Loan Subject to + $27,900.00
Payment + $293.87 PITI
Down Payment + $2,000
Rental Cap Rate = 16.9% (now that’s a good deal my friend)
To view all the details on this house and take a video tour visit our website at
http://columbusrealestate.wordpress.com/2008/07/08/columbus-real-estate-910-schampion-ave/
The after repaired value of the house is $57,000 to 63,000. That gives you (on the low side) $27,100 in equity the day you take over the payments.
Call for access. As always …you can’t buy in slow motion…call me before it’s gone.
904.525.5249
Topics: 910 S. Champion Av, Columbus Ohio, Real Estate Deals | No Comments »
1934 South Ninth St - FOR SALE
By Tracy Caywood | July 10, 2008
Location: Columbus, OH
This property is currently rented for $400 a month. The tenants love the house and would like to stay and pay the new owner. They are on a month to month lease and if you would like to move them out, you can do this as well. We’re offering great seller financing terms, payments will be $166.54 a month!! You can’t get that payment from any bank right now.
NO BANKS ARE NEEDED. You can buy this investment property with positive cash flow without being haggled by banks or appraisers. Call me and lock this one up before it’s gone. You can’t buy in slow motion…call today. 904-525-5249. You can also email me and probably get in contact with me quicker by using email.
Topics: 1934 South Ninth St, Columbus Ohio, Real Estate Deals | No Comments »
703 Wager St - FOR SALE
By Tracy Caywood | July 10, 2008
Location: Columbus , OH
Topics: 703 Wager St, Columbus Ohio, Real Estate Deals | No Comments »
Our First Three Deals Landed in Columbus Ohio
By Tracy Caywood | July 6, 2008
Only three days into the Tour, we have three properties under locked down and under contract in Columbus Ohio. We’ve got some pretty favorable Owner Financing terms worked out with the seller on two of the properties. This happened pretty dern quick, considering we were only here for a half day on the first. I guess our “Real Life” Wholesaling techniques are going to work everywhere!
Now we have to get busy and SELL these properties. And only 25 days left to do it. I know I can.I know I can….
Here’s the details on the houses that we have under contract and FOR SALE in Columbus.
By the way, we just mailed out more marketing, so there may be even more deals to come!
Details on Columbus Ohio Real Estate Deals
Topics: Columbus Ohio, Real Estate Deals | 1 Comment »
Quick Clip of our Trip to Columbus
By Tracy Caywood | July 4, 2008
It took us a total of 17 hours to get to Columbus Ohio, and extra 3 hours than what our GPS said it would take. The extra time came from the truck trying to make it up the West Virginia Mountains towing 13,000 pounds behind it. The thing would only go 39 miles an hour instead of the 60 mph speed limit. Take a look at a quick video of our trip to Columbus Oh.
Topics: Columbus Ohio | 1 Comment »
Jack’s First 16 Hour Ride in the Truck
By Tracy Caywood | July 4, 2008
He didn’t do too bad. He did get a bout of anxiety and pooped in the truck. Other than that, not too bad from the 10 year old feline. He’s feeling like himself again and he can chill out for another 26 days. (Say Yay, Jack).
Topics: Jack the cat | No Comments »