I would like to bring to light of a company operating in the Pennsylvania and Ohio area under the name of "Real Estate Riches". Just recently, the company has changed its name to "Jim Toner's Wealth Builders". Jim Toner's program is a three day course on real estate investing. At a cost of $7,500, Jim Toner claims his course reveals the secrets "The Rich" use to amass their fortunes. Now, I don't know if you would call the following "secrets" maybe just common sense when investing in real estate.
1) Secure multiple lines of financial resources.
2) Prospect for under-valued properties.
A) Work with a real estate agent that understands what types of properties you are looking for. To help you determine under valued properties a good agent can furnish you with qualified market listing comps. The real estate agent should be willing to submit low bids on your behalf.
B) Calculate renovation costs with a 30 to 40 percent mark-up (due to cost over-runs). Keep in mind, the renovations must be in-line with the market value of the proposed property.
C) Determine if the property with renovations will attract buyers at your targeted selling price. This is a gray area (your profit) in the decision making process. You don't want to over price the property if the market area doesn't command it.
If your serious about real estate investing, you must be diligent. Real estate investing is in a constant flux with the shear dynamics between tighter lending practices and the volitility of market values. I strongly recommend networking with like minded "positive" people. And when I say networking, I don't mean people or companies charging for their advice. To the contrary, there are plenty of good people willing to share their expertise with you (ok, maybe buy them a lunch). With this said, a three day course doesn't make you a real estate investor.in the field of real estate even the pros are still learning everyday. Just like any endeavor in life there are highs and lows. Hopefully the highs will get you through the lows.
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