Getting Started in Real Estate Day Trading : Proven Techniques for Buying and Selling Houses the Same Day Using the Internet!

by Larry Goins

• ISBN13: 9780470454961
• ISBN10: 0470454962
• Format: eBook
• Copyright: 2009-03-01
• Publisher: Wiley

Summary

Real estate day trading is using the Internet to buy and sell houses without leaving home. In many cases, the investor closes on a house and resells it the same day. Readers will learn the author's system for how to buy and sell 5-10 houses a month in today's market, using the Internet, phone, fax, and email to analyze, research, and find the properties, buyers, and others needed for the transaction. Author Larry Goins has personally done deals in nine different states and has students in the US, Canada, Australia, New Zealand, Japan, China, Israel, the Philippines, and Denmark. Day trading can be used for wholesaling properties to other investors, retailing, lease options, short sales, foreclosure investing, etc. The basic steps are: Search online for potential properties to make offers on, using specific techniques for finding the right ones. Once an offer is accepted, usually within 1-2 weeks, put it on paper using clauses included in the book, and get the property inspected by a rehab contractor to get a free estimate of how much the repairs will cost. This is done by finding reputable contractors online and through referrals from realtors and through autoresponders. Order an appraisal. Sell it fast! Using the buyers list you have built on the internet through email marketing groups, social networking sites, blogs, free classified sites, bank-owned property sites, and more, send an email with the details of the property and instructions on how they can get the property under contract. Usually within two hours several potential buyers will reply. Set up a closing to buy it and to sell it on the same day; closings are about 30 minutes apart. By it at 10:00 and sell it at 10:30, for example. There are many ways to fund and close on the property. The book will contain step-by-step, easy processes for assignments, options, flex options, simultaneous closings, using hard money, private money, cash partners, and credit partners, none of which will require an investor's own cash or credit.Larry Goins (Lake Wylie, SC; www.larrygoins.com ) is one of the real estate industry's most popular speakers. He buys and sells 5-15 houses a month all over the US, in today's difficult market, from the comfort of his office. Larry speaks live an average of twice a week and holds two to three teleconferences a week. He is licensed as a mortgage lender, mortgage broker, real estate broker, and general contractor in North and South Carolina. Larry served as President (2003 & 2004) of the Metrolina Real Estate Investors Association in Charlotte, NC, a not-for-profit organization that has over 350 members (it is also the local chapter of the National Real Estate Investors Association). He has been investing in real estate for over 20 years.

Table of Contents

Downloadable Forms

Foreword

Acknowledgments

Introduction

Real Estate Day Trading: A New Way to Make Big Money Buying and Selling Houses the Same Day

Click a Mouse, Sell a House: Real Estate Day Trading Is the Easiest and Fastest Way to Make $90,000 a Year (or More) while Keeping Your Job . . . If You Want To

Real Estate Day Trading Makes Failure a Thing of the Past

Small Problems Appear Large through Novice Eyes

Real Estate Day Trading Is a Confidence Builder

Make $90,000 a Year (or More) while Keeping Your Present Job

Real Estate Day Trading: A Business Done Entirely by Phone, Fax, E-Mail, and Internet

Time Line for a Typical Deal

The 10-Step Day Trading Process

Define Your Target Properties

Separate Good Deals from Bad Deals

Build a Database of Motivated Buyers

Create an Influx of Motivated Sellers

Put a Reliable Source of Funding in Place

Build Your Dream Team of Trained Professionals

Prepare Your Buying and Selling Contracts

Start Day Trading

Use Advanced Techniques to Create a Buying Frenzy

Take Yourself Out of the Loop

What You Need to Get Started

Set Up Your Own Day Trading Money System and Start Making $5,000 to $10,000 Cash Paydays in 30 Days

It's Easier to Find a House for a Buyer than a Buyer for a House: Get Investors Lined Up to Buy (Wholesale) from You

It's All about Finding Houses for Buyers

Real Estate Day Trading versus Real Estate Investment

Think Like a Supplier

What Kinds of Houses Do They Buy

Low Income Doesn't Mean No Income

Most Houses Are Not for You

Goldilocks Houses-Not Too Big, Not Too Small, Just Right

Avoid Townhouses and Condos, Multifamily Houses, and VA/FHA-Owned Houses

Instant Property Analysis to Identify Profitable Deals

More Offers Mean More Money

Two Simple Questions

What Will It Sell for after It's Repaired?

How Much Will It Cost to Repair?

A Third Question You Need to Ask

Short Selling Is Not the Best Way to Day Trade Houses

Run the Numbers

Do an Instant Property Analysis

Buy Houses Sight Unseen

An Exception to Fixer-Upper Properties-Instant Landlord Properties

Day Trading Luxury Homes

Three Types of Deals

Day Trading Not Investing

Make Your Deals Irresistible to Buyers

Use the Internet and Web 2.0 to Build a Database of Motivated Buyers

Why You Need a Database of Buyers before You Ever Talk to Sellers or Realtors

What Is a Database?

Types of Database Software You Can Use

Automate or Die

Use Autoresponders to Stay in Constant Contact

The Fortune Is in the Follow-Up

Branding with Name, Logo, and Business Cards

Ways to Build Your Buyers Database

Marketing

Networking

Prospecting

Tabbed Browsing to Speed Up Your Searching

Answering Services and Call Capture Services to Handle Your Incoming Phone Calls

Answering Service

Call Capture Service

Vanity Numbers

Find Motivated Sellers-Cherry-Pick the Hottest Bargains at below Wholesale Prices

Marketing

Co-Op Advertising

Bandit Signs

Business Cards

Flyers

Postcards

Classified Newspaper Ads and Free Online Classifieds

Vehicle Signs

Billboards

Take One Box

Door Hangers

Promotional Items

Ads on Buses and Bus Benches

Direct Mail

Google

Networking

Estate Investors Associations

Word-of-Mouth Advertising

Bird Dogs

Prospecting

Look for the Gap

Houses Already on the Market

Houses about to Hit the Market

Vacant Houses

Owners by Default

Defaults and Foreclosures

Tired Landlords

Damaged Houses

Farming a Market

Secrets of Day Funding: Get 24-Hour Fast Cash

Show Me the Money

Where You Don't Get the Money

Borrow on Your Credit Cards

Borrow on Your Life Insurance

Borrow on Your Home

Open Reserve Checking Accounts

Borrow from Your Self-Directed IRA

Sell Nonessential, Personal Possessions on eBay

Use Unsecured Peer-to-Peer Lending Sites

Get Small Business Loans Online

Try Short-Term Business Loans

Use Microlenders

Find Day Funders

Get the Names and Addresses of Angel Investors in Your Area

Consider Partners Carefully

Assemble Your Virtual Online Dream Team

With Real Estate Contractors, Professionalism Is Everything

Know What You Are Looking For

Find Good Rehab Contractors

Prescreen General Rehab Contractors

For Appraisers, Availability Is the Key

Find a Good Appraiser

Prescreen Appraisers

When Choosing a Title Company, Service Is King

Find Title Companies

Home Inspection Services

Find a Good Home Inspection Service

Prescreen Home Inspection Services

Real Estate Attorneys Protect Your Back

Find a Good Real Estate Attorney

Prescreen Real Estate Attorneys

Risk-Free, Win-Win, Simple Contracts: Structure Buying and Selling Contracts to Make Your Deals Risk Free

Contracts for Buying through Realtors

Contracts for Buying from Owners/Sellers

Clauses in Contracts to Buy Properties

Must-Have Clauses in Contracts with Sellers

One Clause That You Do Not Need

Contracts for Selling to Investors

Addendums to Contracts of Sale

Negotiation Scripts and Tips for Getting Your Deals Accepted

What to Say on Your First Phone Call to Owners/Sellers

What to Say on Your First Phone Call to Realty Listing Agents

Make Multiple Offers with One Deposit Check

Provide Proof of Funds

Negotiating One-Liners That Work Like a Charm

Secrets to Successful Negotiations

Adopt a Win-Win Attitude

Develop and Maintain Trust

Use Your Power of Leverage

Be Patient and Confident

Always Be Willing to Walk Away

Due Diligence: Separating Fact from Opinion-Verify Everything They Told You on the First Phone Call

Order the Title Search

Control Contractors to Get a Valid Repair Estimate

Treat Good Contractors Like Gold

Use Home Inspectors for Properties That Need a Lot of Work

Find Out the Real Deal on the Neighborhood

Cancel a Contract and/or Negotiate a Better Deal

Validate Appraisals to Find Out What the Property Is Really Worth

Read/Evaluate an Appraisal Report in Three Seconds Flat

Online Bidding Wars: Create an Insider List of Prequalified, Supermotivated Buyers Who Can and Will Buy Your Houses in Two Hours or Less

Turn Up the Heat and Create a Buying Frenzy

The Secret of the Whisper Campaign

Scarcity of Time

Scarcity of Access: Create a Two-Hour Head Start Short List

Make Sure They Are Qualified before You Click Send

Hard Money Lenders Prequalify Your Buyers for You

Secure Backup Contracts

Get Contract Extensions from Your Seller

Let's Get Paid: Bought at 10:00 am, Sold at 10:30 am

Creative Ways to Close Your Deals without Money

Assignment of Contract

Assignment of Beneficial Interest

Subject To

Options

Simultaneous Closing

Physical Closing

Duplicate and Delegate: Put 92 Percent of the Work on Autopilot and Streamline the Rest

Duplicate Yourself

Hire Virtual Assistants

Hire In-House Property Acquisition Managers

Property Acquisition Managers: Commission-Based Employees

Hiring Property Acquisition Managers

Managing Property Acquisition Managers

Quick Start Your $5,000 to $10,000 Day Trading Paydays

Now What Do You Do?

Four-Step Quick-Start Checklist

Advanced Day Trading Education-Yours Free

Index

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