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Saturday, June 27, 2009

An Educational Saturday

Nothing like spending a Saturday in a seminar learning real estate. Today was awesome! I attended the Title Research & Understanding the HUD-1 class taught be Shawn Watkins of Investors Workshops. There were close to 100 investors there and Shawn did an excellent job of explaining the material. It was a lot of work putting that together, but it is in the bag now and I think it was very successful. I really like the fact that many local club owners showed their support and helped us get the word out as well as showed up themselves. I think the information was very useful and it is not something that is presented anywhere else.

I learned a valuable piece of experience yesterday. If you are going to do a sandwhich lease, DO NOT bring your prospective tenants to the house while the owners are still there. I had a very nice family show up to see the house next door that I am sandwhich leasing. The owners are still moving out. I guess it was a little premature. The father was covered in tattoos, had a bandana around his head and a goatee that would make a billy goat envious. As soon as they left, the owners decided they in fact did NOT want to lease their house. I sat down with them and talked to them a while reassuring them that I was not going to rent to those people. I then told them not about the monthly cash flow they would be getting, but the yearly cash flow. $1,550 doesn't sound like much money, but $18,600 is quite a bit to pass up for anybody. They held a yard sale today so hopefully they will be out soon and I can get the place occupied and start collecting some nice rent.

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