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

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

by Larry Goins

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Product Details

ISBN-13: 9781118659793
Publisher: Wiley
Publication date: 01/20/2009
Pages: 240
Product dimensions: 6.00(w) x 8.90(h) x 0.70(d)

About the Author

Larry Goins is one of the real estate industry's most popular speakers. A licensed mortgage lender and real estate broker, he buys and sells between five and fifteen homes online each month with his team of real estate day traders.

Table of Contents

Downloadable Forms xvii

Foreword by Michael E. Gerber xix

Acknowledgments xxi

Introduction xxiii

Section I Real Estate Day Trading: A New Way to Make Big Money Buying and Selling Houses the Same Day 1

Chapter 1 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 3

Real Estate Day Trading Makes Failure a Thing of the Past 4

Small Problems Appear Large through Novice Eyes 5

Real Estate Day Trading Is a Confidence Builder 6

Make $90,000 a Year (or More) while Keeping Your Present Job 7

Chapter 2 Real Estate Day Trading: A Business Done Entirely by Phone, Fax, E-Mail, and Internet 9

Time Line for a Typical Deal 9

The 10-Step Day Trading Process 9

Step 1. Define Your Target Properties 10

Step 2. Separate Good Deals from Bad Deals 10

Step 3. Build a Database of Motivated Buyers 11

Step 4. Create an Influx of Motivated Sellers 11

Step 5. Put a Reliable Source of Funding in Place 11

Step 6. Build Your Dream Team of Trained Professionals 12

Step 7. Prepare Your Buying and Selling Contracts 12

Step 8. Start Day Trading 12

Step 9. Use Advanced Techniques to Create a Buying Frenzy 12

Step 10. Take Yourself Out of the Loop 13

What You Need to Get Started 13

Section II Set Up Your Own Day Trading Money System and Start Making $5,000 to $10,000 Cash Paydays in 30 Days 15

Chapter 3 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 17

It’s All about Finding Houses for Buyers 18

Real Estate Day Trading versus Real Estate Investment18

Think Like a Supplier 19

What Kinds of Houses Do They Buy? 19

Low Income Doesn’t Mean No Income 21

Most Houses Are Not for You 21

Goldilocks Houses—Not Too Big, Not Too Small, Just Right 21

Avoid Townhouses and Condos, Multifamily Houses, and VA/FHA-Owned Houses 22

Chapter 4 Instant Property Analysis to Identify Profitable Deals 25

More Offers Mean More Money 25

Two Simple Questions 27

What Will It Sell for after It’s Repaired? 28

How Much Will It Cost to Repair? 29

A Third Question You Need to Ask 32

Short Selling Is Not the Best Way to Day Trade Houses 32

Run the Numbers 36

Do an Instant Property Analysis 36

Buy Houses Sight Unseen 38

An Exception to Fixer-Upper Properties—Instant Landlord Properties 38

Day Trading Luxury Homes 39

Three Types of Deals 40

Day Trading Not Investing 41

Make Your Deals Irresistible to Buyers 41

Chapter 5 Use the Internet and Web 2.0 to Build a Database of Motivated Buyers 45

Why You Need a Database of Buyers before You Ever Talk to Sellers or Realtors 45

What Is a Database? 46

Types of Database Software You Can Use 47

Automate or Die 47

Use Autoresponders to Stay in Constant Contact 48

The Fortune Is in the Follow-Up 49

Branding with Name, Logo, and Business Cards 49

Ways to Build Your Buyers Database 51

Marketing 51

Networking 55

Prospecting 58

Tabbed Browsing to Speed Up Your Searching 60

Answering Services and Call Capture Services to Handle Your Incoming Phone Calls 61

Answering Service 63

Call Capture Service 64

Vanity Numbers 66

Chapter 6 Find Motivated Sellers—Cherry-Pick the Hottest Bargains at below Wholesale Prices 67

Marketing 69

Co-Op Advertising 69

Bandit Signs 70

Business Cards 72

Flyers 74

Postcards 74

Classified Newspaper Ads and Free Online Classifieds 76

Vehicle Signs 79

Billboards 79

Take One Box 79

Door Hangers 79

Promotional Items 80

Ads on Buses and Bus Benches 80

Direct Mail 80

Google 82

Networking 85

Estate Investors Associations 85

Word-of-Mouth Advertising 85

Bird Dogs 86

Prospecting 86

Look for the Gap 86

Houses Already on the Market 87

Houses about to Hit the Market 93

Vacant Houses 95

Owners by Default 99

Defaults and Foreclosures 100

Tired Landlords 101

Damaged Houses 102

Farming a Market 102

Chapter 7 Secrets of Day Funding: Get 24-Hour Fast Cash 103

Show Me the Money 104

Where You Don’t Get the Money 104

Borrow on Your Credit Cards 105

Borrow on Your Life Insurance 106

Borrow on Your Home 107

Open Reserve Checking Accounts 107

Borrow from Your Self-Directed IRA 107

Sell Nonessential, Personal Possessions on eBay 109

Use Unsecured Peer-to-Peer Lending Sites 109

Get Small Business Loans Online 110

Try Short-Term Business Loans 111

Use Microlenders 111

Find Day Funders 112

Get the Names and Addresses of Angel Investors in Your Area 115

Consider Partners Carefully 115

Chapter 8 Assemble Your Virtual Online Dream Team 117

With Real Estate Contractors, Professionalism Is Everything 117

Know What You Are Looking For 118

Find Good Rehab Contractors 119

Prescreen General Rehab Contractors 121

For Appraisers, Availability Is the Key 122

Find a Good Appraiser 123

Prescreen Appraisers 123

When Choosing a Title Company, Service Is King 124

Find Title Companies 125

Home Inspection Services 125

Find a Good Home Inspection Service 125

Prescreen Home Inspection Services 126

Real Estate Attorneys Protect Your Back 127

Find a Good Real Estate Attorney 127

Prescreen Real Estate Attorneys 128

Chapter 9 Risk-Free, Win-Win, Simple Contracts: Structure Buying and Selling Contracts to Make Your Deals Risk Free 131

Contracts for Buying through Realtors 131

Contracts for Buying from Owners/Sellers 132

Clauses in Contracts to Buy Properties 133

Must-Have Clauses in Contracts with Sellers 134

One Clause That You Do Not Need 134

Contracts for Selling to Investors 135

Addendums to Contracts of Sale 137

Chapter 10 Negotiation Scripts and Tips for Getting Your Deals Accepted 149

What to Say on Your First Phone Call to Owners/Sellers 150

What to Say on Your First Phone Call to Realty Listing Agents 152

Make Multiple Offers with One Deposit Check 155

Provide Proof of Funds 155

Negotiating One-Liners That Work Like a Charm 155

Secrets to Successful Negotiations 156

Adopt a Win-Win Attitude 156

Develop and Maintain Trust 157

Use Your Power of Leverage 157

Be Patient and Confident 157

Always Be Willing to Walk Away 158

Chapter 11 Due Diligence: Separating Fact from Opinion—Verify Everything They Told You on the First Phone Call 159

Order the Title Search 160

Control Contractors to Get a Valid Repair Estimate 161

Treat Good Contractors Like Gold 164

Use Home Inspectors for Properties That Need a Lot of Work 165

Find Out the Real Deal on the Neighborhood 165

Cancel a Contract and/or Negotiate a Better Deal 166

Validate Appraisals to Find Out What the Property Is Really Worth 168

Read/Evaluate an Appraisal Report in Three Seconds Flat 169

Chapter 12 Online Bidding Wars: Create an Insider List of Prequalified, Supermotivated Buyers Who Can and Will Buy Your Houses in Two Hours or Less 171

Turn Up the Heat and Create a Buying Frenzy 171

The Secret of the Whisper Campaign 172

Scarcity of Time 172

Scarcity of Access: Create a Two-Hour Head Start Short List 174

Make Sure They Are Qualified before You Click Send 174

Hard Money Lenders Prequalify Your Buyers for You 174

Secure Backup Contracts 175

Get Contract Extensions from Your Seller 177

Chapter 13 Let’s Get Paid: Bought at 10:00 AM, Sold at 10:30 Am 179M

Creative Ways to Close Your Deals without Money 180

Assignment of Contract 181

Assignment of Beneficial Interest 181

Subject To 183

Options 185

Simultaneous Closing 189

Physical Closing 190

Chapter 14 Duplicate and Delegate: Put 92 Percent of the Work on Autopilot and Streamline the Rest 191

Duplicate Yourself 192

Hire Virtual Assistants 192

Hire In-House Property Acquisition Managers 194

Property Acquisition Managers: Commission-Based Employees 195

Hiring Property Acquisition Managers 195

Managing Property Acquisition Managers 195

Chapter 15 Quick Start Your $5,000 to $10,000 Day Trading Paydays 197

Now What Do You Do? 197

Four-Step Quick-Start Checklist 198

Advanced Day Trading Education—Yours Free 198

Index199

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