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What Is A Real Estate Virtual Assistant And How Can They Help My Business? Part 1

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What Is A Real Estate Virtual Assistant And How Can They Help My Business?  Part 1

A real estate virtual assistant (REVA)provides assistance in administrative tasks such as paperwork, online marketing, data entry, phone calls, market research, pulling comps, website maintenance and management, etc., specifically trained for real estate professionals.

Real Estate Virtual Assistants work remotely from the comfort of their home or their own office space, working on task you assign to them.

There’s a lot of ads for virtual assistant services online these days, but it is best to remember that they come with many different skill sets and levels, but most of them will have no specific training to support real estate investors.

How Real Estate Virtual Assistants Can Help You?

The short answer is… almost anything that can be done online or with a phone, your REVA can help you with.

While it is true that the role of virtual assistants has grown from secretarial and general administrative services, there are now literally dozens of specializations VA’s advertise service for, market research, scheduling, logistics, legal research, data entry, bookkeeping, social media, internet marketing, web development and programming, web SEO, and much more. Read More...


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8 Ways to Tighten Up Your Rehab Process

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8 Ways to Tighten Up Your Rehab Process

June 6, 2016

Like any successful endeavor, when you’re ready to rehab a property, you need a plan. A surefire way to waste valuable time and money is to go into a project helter-skelter—everything needs to be done according to a plan and in the right order. Here are some tips that can help you on your next property renovation.

DUE YOUR DILIGENCE

First things first—walk the property inside and out. Make thorough notes about repairs and upgrades you want to make based on your exit strategy.  Assess the neighborhood where the house is located and choose improvements suited for the area or renter. Over- or under-improving a house can make it harder to find a buyer or tenant. These things should also be part of your budgeting process:

  • Anticipate problems and plan contingencies. All budgets need a plan B.
  • Factor in holding costs, sales commissions, and other expenses that can eat into profitability.
  • Make sure that your after repair value (ARV) or rental rates are properly analyzed.  Local realtors are a resource to assist with ARV estimates and rental comparables.
  • Ask other investors for contractor referrals.  Make appointments with them before closing on the property—remember that good contractors are booked in advance.  Have a detailed plan of your project ready to share to ensure all contractors are on the same page when it comes to deadlines.  Request examples of their work currently in progress.

UNDERSTAND AND WEIGH YOUR CAPITAL OPTIONS Read More...


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Common Mistakes Investors Should Avoid

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No two real estate investors are the same.  You may have similar styles & tastes but there is always something about you and your business that makes you start at the same point but where we go from there is completely up to us.

There is no sugarcoating the fact that investing can be difficult at times.  Without the right mindset you can easily get frustrated and swallowed up by the business.  There are several common business traps and pitfalls you need to avoid.  Falling for even one of them can cause your business to get off track, making it difficult to get back on track.  Here are five common investor traps/mistakes you need to be on the lookout for.

  • Short Sided Thinking: Regardless if you invest on a part-time or full-time basis, you can’t expect immediate results.  Entering the world of real estate investing is much like entering any other business.  There will be a period of adjustment and a learning curve you need to deal with.  It is extremely rare to generate revenue in your first 90 days without a little bit of luck involved.  Too many investors expect leads to fall in their laps, and when they don’t they get frustrated with the business and many quite without giving it time.  The reality is that it takes some investors months before they close their first deal.  Even if you enter the business with established contacts, it could be rough going until you get the feel of things.  Simply browsing the MLS or looking at real estate websites doesn’t mean you are committed to the business.  Doing this for 90 days and seeing what happens is not a recipe for success.  You need to commit for six to twelve months of working hard and grinding regardless of the results.  If you can’t commit to that your business will be in trouble.
  • Slow To React:  Investing in real estate happens in real time. In most cases, those investors who react the fastest get a leg up on their competition.  Sellers are not going to wait for you to run your numbers and present an offer.  You must be able to make quick, decisive decisions in short time.  Investors who get into trouble are often slow to change. Real estate markets are constantly fluid.  Something that worked for you even just six months ago may not apply today. If you are relying on outdated and inaccurate trends and data, you will find yourself in trouble.  On the flip side, if you are one step ahead you will get the best price on deals and be able to generate the best leads.  You need to be able to process data as it comes in and know how to decipher it.  If you are slow to react your competition will soar right past you.  You’ve heard the old saying “you can’t steel in slow motion”.  You’re not necessarily stealing but you do have to move quickly or someone else will beat you to the door.
  • Expectations – Realistic or Unrealistic:  There is more real estate investing shows today than ever before. There is a good chance you can find a show for your niche any day of the week, on multiple channels.  While these shows do a great job at providing some of the pitfalls investors face daily, they are often unrealistic with the numbers, both in the repair costs and the profits.  Most new investors don’t have the ability to pay for a $400,000 property with cash.  They don’t have residual capital to cover up the mistakes that can help them generate a higher profit.  The returns you see on TV can happen, but usually with an established investor in the right market.  Don’t think that every deal you are part of will turn into a home run.  These deals are the exception and not the norm.  Trust me on this.
  • Little or No Business Planning: Real estate is one of the few careers where you don’t need a degree or license to enter and be successful.  Literally, anyone can make an offer on a property and own real estate.  However, the best investors are those who map out a plan before they start.  This doesn’t mean you need to write out every move you plan to make for the next twelve months.  It means that you should have an idea of where, when and how you are going to invest.  Even answering the most basic questions will help guide you and streamline the process.  You won’t jump at every new property that becomes available that doesn’t fit you’re your criteria.  This will help not only save time but increase the likelihood that you will get deals you actually want.  Many new investors forget that the goal of real estate is to generate a profit and not simply get an offer accepted.  The more you know about your business and where you want it to go the more successful you will be.
  • No Networking/ Contacts:  Every good business relies on contacts. This is magnified in the world of real estate investing.  Even if you haven’t closed a deal you need to get out there and meet people to start building your power-team and buyers list.  Go to real estate investment club meetings and networking events.  Don’t be intimidated by the fact that you don’t know as much as others in the room.  Everyone started in the same position you are in now at some point.  Stick your hand out, introduce yourself, explain what you do and you're your looking for, and what you have to offer.  Even if you only make one connection in a meeting it is well worth it.  Every meeting you can add someone else to your network and before long you will have a solid list of people you can turn to for help, deal generation or team building.  Without making an effort to network your business won’t be nearly as strong as you need it to be.  Take plenty of business cards and hand them out to everyone you meet and watch your list grow.

There is a fine line between success and disappointment in any business.  As you are just starting out in real estate, beware of these Common Mistakes Investors Should Avoid and increase your chances of success. Read More...


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Tasks To Outsource to Virtual Assistant

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  • Tasks Wholesalers Can Outsource to Virtual Assistants

For many new investors, wholesaling real estate is often the first step for a new real estate investor to learn the trade and make some money.  When executed correctly as the middleman, wholesalers can make some quick cash without credit or personal financial risk.

That being said, as market presence builds and more deals sit on the table, some tasks that consume a lot of time pile up.  Outsource these tasks to best manage your time and return on investment.

Tasks To Outsource to Virtual Assistant

1. COMPS/Market Analysis

COMPS or commonly called comparable market analysis (CMA) is a critical piece of a wholesalers job/responsibility that has to be accomplished on every deal you are considering making an offer on.  When done correctly, pulling comps can take a fair amount of time to ensure your SOLD properties are a fair comparison to the home you are evaluating.  With ample training, this is a task that can be delegated to your Virtual Assistant (VA) and can free up your time to do other critical tasks in your business. Read More...


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Evaluating A Real Estate Investment Deal

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We talk with lots of people looking to buy real estateinvestment properties in Dallas Fort Worthand the surrounding areas.  Some of them know what they’re doing when it comes to evaluating a real estate investment deal… and some of them are still in the learning process.

But, since our entire business is finding great deals at deep discounts… and often passing those deals onto real estate investors like you… I thought it would be a great idea to share with you some resources to use for evaluating a real estate investment deal.  This works in any market… Dallas Fort Worth, surrounding areas, TX, any other states across the country.

When you really boil it down… evaluating a real estate deal is a pretty simple process.  If you’re looking to buy real estate as an investment, wholesale properties, hold them for rent… whatever, one of the most important parts is “buying it right”(i.e. – not overpaying).

So let's dive in.

What Goes Into Evaluating A Real Estate Deal – (for single family houses)

There are just a few main elements when you’re evaluating a deal.

  • Cost of repairs needed to get it back up to good condition
  • The after repair value (ARV) of the property (what it’s worth and can sell for today once it’s fixed up)
  • If you’re going to buy and hold for a rental… you need to know what you can rent it out for and what your “debt service” (mortgage payment) will be.  Knowing this makes sure you’re buying so the property cash-flows each month

There are other things you can (and should) look at too… but those 3 are the main important things to look at first. Read More...


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Making Children Less Costly (Through Smart Tax Savings)

Utah Real Estate Investors Association

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"Having a child is like getting a tattoo ... on your face. You better be committed." -Elizabeth Gilbert

Because raising children truly does "take a village", know that I'd love to help walk you through some of these steps in greater detail. Everybody's childcare costs look different, and together we can plan for child-based tax breaks. Don't hesitate to give me a call today. (801) 278-2700

Child Tax Credit (CTC)

Over the last few months, we've spent some time discussing the Tax Cuts and Jobs Act (TCJA), and although some of its outcomes have altered taxpayers' refunds in a negative way, there are indeed some perks. In this case, the signed law meant a CTC increase from $1,000 to $2,000. Read More...


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Real Estate Investing and Brain Surgery

Madison Real Estate Investors Association

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I hate flying.  Not only do my arms get tired, the whole process has become encumbered with ridiculous charges and even more ridiculous assertions – like the fact that 3.5 ounces of shampoo has the potential to bring a Boeing 777-300ER widebody out of the sky and smash 396 passengers into the dirt.  Really.

Sorry for that “arms tired” pun – too much CaddyShack, I guess.  I used to fly so much that I had one of those super frequent flyer special god-like cards that often whisked me into first class.  Trust me, it’s not all that glamorous, flying is just annoying and stressful; even more so now.

So, we drove to North Dakota last week, and the nice thing about a couple of real estate investors driving in the car is that we will often detour through interesting neighborhoods – because we CAN – with a fair amount of ooo’ing and ahhh’ing and the frequent exclamation of “send ‘em a letter”.

It made me think – how much different is real estate investing in Bemidji, Minnesota than in Madison, Wisconsin?  Well not much, but the devil’s in the details.  True, there are distressed properties and, more importantly, distressed owners, and the real estate law is similar, so what’s different?

For one, real estate investing is a contact sport, and what you need to play are lotsa contacts.  From contractors to REALTORs to title company to attorneys to suppliers – all relationships that need to be built and nurtured.  You can come into an area and start from scratch, but it takes time. Read More...


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