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Event ID: 253073   Event Status:  On Schedule
Main Monthly Meeting- Larry Goins Presents "Filthy Riches!"

Former Metrolina REIA President and Full-Time SC Investor Larry Goins Presents: "Filthy Riches"

Everybody has driven by a house that has been on the market for what may seem like years. You know the house: there might be a broken window here or there, the grass hasn’t seen a lawnmower for the last few summers, and the property overall has the look of negligence.

It might seem ironic, but this is the dog with fleas property that Filthy Riches has based its success upon. We all know in today’s market, these unwanted houses are practically a dime a dozen. These properties are everywhere. They are located in nearly every state and likely even within easy driving distance for you. This is the type property that everyone else avoids – including real estate agents, if they can help it. 

This is where the emerging real estate investor (you) comes in.

Once you’ve found the area you want to focus on, start looking for houses $25,000 or less. From here, it’s time to utilize the following formula: offer 18-22% of the asking price in cash. There may be times when you have to use a higher percentage or can get away with a lower one, but 18-22% is a good starting place. 

When you get to the point that you’re ready to buy, don’t get hung up thinking that going to get laughed at when you make an offer at 18-22% of the asking price. Agents need to move these dog with fleas properties because it just looks bad having them on the books. Of course, there will be some realtors that tell you that your offer is ridiculous. But the more you hone your negotiation skills and practice this formula, the more realtors will be willing to listen to what you have to say.

If you are able to purchase a property within the ideal guidelines outlined above and using the 18-22% budget, you can expect to invest around $5,000. Again, this isn’t a concrete number, but it’s a good rule of thumb as you’re considering your purchasing options.

So, the sale goes through. Now what? Now it’s time to turn the property around and resell it. When you sell your property, you will sell it with a low down payment and finance the balance. So, if you buy the property for $5,000 and sell it for $30,000, you can ask for a $1,000 down payment and finance the remaining $29,000. If you finance that amount for ten years, at 11% interest, the payment will be $399.48 per month. Most people will be able to afford a $400 mortgage and they should be able to find a $1,000 down payment as well.

You always have the option to change the terms. For example, if a buyer can only afford a $500 down payment, you can finance the remainder for seven years with a higher percentage. Other times, you may be able to get a higher down payment. For example, properties that you can sell on eBay can benefit from a bidding war where the down payment may be raised to $2,000, $3,000 or even more. If you can get a down payment of $5,000, you will immediately recoup the $5,000 investment you initially made on the property.

If you’re serious about becoming a real estate investor, you can see how easy it is to find those often overlooked, dog with fleas properties that realtors and banks want to unload. When you find a handful of potential properties, it’s a simple numbers game to make your low investment work to your favor.

This is one of the many tips and ideas you can find in Larry Goins’ Filthy Riches program. For more information, do not miss Larry at our Main Monthly Meeting, Thursday, November 15th

This Event is FREE for Members and $15 for Non-Members.

 

 
 
Date and Time
Start Date: 11/15/2018 Start Time: 6:00 PM
End Date: 11/15/2018 Approx. End Time: 9:00 PM
Registration Deadline: 11/15/2018 Meet Time: 6:00 PM
Event Leader
Susan Jensen
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Event Cost
This event requires payment at the event.
Pricing Option Name Price Deadline
Non-Member $15.00 11/15/2018
Member Free 11/15/2018
 
Location (More Detail)
Event Location: Crowne Plaza Charlotte Executive Park
Address: 5700 Westpark Drive , Charlotte , NC   28217
Directions: I77 exit 5, Tyvola Rd.
 
 
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