New York Real Estate Resources

First, I strongly advise you to use the How To Get The Paperwork For Your Deal to get the right paperwork for your real estate investing from someone who is both local and can advise you on how to use the paperwork correctly.

I am NOT an attorney. I am not qualified to teach you contract law. I am not qualified to teach you how to fill out a contract. With that being said, I get requests all the time from real estate investors who ask me for a real estate contract they can use to buy property.

I strongly advise you again to use How To Get The Paperwork For Your Deal, but if you want a basic real estate contract to take to your dream team to get changes made that are appropriate for what you are trying to do and for your local laws and market then you can start with this very, very basic real estate contract.

I cannot stress the important of my warnings above to you: you need to learn the proper way to fill out a contract from someone that is qualified to teach that. I am not qualified to do so. You should have all your contracts reviewed by an attorney on your dream team that is representing you and your specific interests.

There are lots of real estate courses that will give you a contract to use and do not educate you, or even more frightening is they try to educate you in a few pages, on how to fill out a contract. It raises the hair on the back of my neck; it is that scary. While 9 times out of 10 you may be fine filling out a generic contract--even filling it out wrong. You'll only know how valuable this is when you run into a problem with your transaction and that could wipe you out completely financially if you did not get advice up front.

Until my next post,

James

With a lot of folks facing challenging local real estate markets there has been a lot of talk lately about wholesaling outside of your local market or virtual wholesaling.

Yes, wholesaling outside your local market can be done and a lot of the tools I teach can very easily be adapted to this type of investing, but I have one warning for you before you start and before I continue to share some information about it: if you are not willing to do the work that is required to build a buyers list, find deals and talk to buyers and sellers about properties in your local market, then doing it across the country still won't work for you.

With that being said... if you are willing to build a buyers list, talk to motivated sellers to find deals and put them under contract then talk to your buyers list as they inquire about the deal, then yes, this is a viable business model.

In fact, if you sort of cross your eyes funny, it is the exact business model I run here on these sites except I am doing it with a real estate license and skipping a few steps as I'll show you below.

For real estate investors that do not have a real estate license here is a basic overview of how the process works:

Read more »

I want to share with you some information about a property in Staten Island located at 2701 Goethals Rd N Unit: 5F. This particular property is for sale and was submitted by one of our researchers, but I'll be using it as an example. If you want to run your own full investor analysis on this property, you can do that using our Offer Generator.

Let's take a closer look at some calculations for this 2 bedroom, 1.00 bathroom property located at 2701 Goethals Rd N Unit: 5F that has an asking price of $38,000.

As you can see from the table above, if you know what a typical Staten Island property sells for on a price per square foot basis, you can quickly use the information provided above as a starting point for making your offer. Click on the Price Paid above to start your own analysis on this property using our Offer Generator investing tool.

If you had the chance to get out some really great and effective marketing for FREE, wouldn't you do it? Find out one of the techniques we employ to use FREE MARKETING here: Buying Houses with Flyers. There are plenty of deals in the New York area, but, who's going to find them - you - or that other guy?

Until my next post,

James

To start 2009 off right, this week we are giving away Secret No Money Down Tips and Tricks as the free download when you start and finish a game on the Learn To Be Rich™ game this week.

Just register, login, start a new player and play a complete game and at the final game summary page you will see a link to download the course.

Each week, we change the course that you can download for playing a new game and finishing it that week.

Have a great 2009 investing and playing the game.

Until my next post,

James

Here's another Amsterdam property that was submitted by a user that we will use as a teaching tool for our New York Real Estate Resources real estate investors. The property address, in case you want to look into it in more detail is: 158 Guy Park Ave, Amsterdam, NY 12010.

Since this 3 bedroom, 1.00 bathroom property has an asking price of $16,200, let's take a look at what various offers would mean in terms of price per bedroom. Then you can select the offer price you would like to run further analysis on using the Offer Generator.

As you can see from the table above, if you know that rents in Amsterdam can support a certain price per bedroom, you can use the information provided above as a starting point for making your offer. Click on the Price Paid above to start your own analysis on this property using our Offer Generator investing tool.

Looking at different types of deals in Amsterdam to learn how to analyze them as an investment is important to your success. But there are many other aspects to consider when approaching your investing game plan. One very large initial step is learning how to talk to motivated sellers on the phone. To get a feel for what sort of things you really need to be asking and how best to conduct yourself, take a look at our script for talking to motivated sellers. It will help get you going on this crucial part of your investing business.

Until my next post,

James

With one or two properties tracking insurance is pretty straight forward and easy to remember, but adding a few more investment properties and tracking insurance becomes a much more challenging issue. In my office, we use a Property Insurance Report to keep track of insurance on all our properties in a nice summarized page.

On our Property Insurance Report, we track several things. Beyond the basics like property address and the insurance company name, we also track

Read more »

A less thought of but very powerful advantage to buying houses "subject to" the existing financing is the ability to buy houses using your corporation or LLC.

Since you are not qualifying for a new loan your corporation or LLC can be the buyer on properties that you are purchasing "subject to" the existing financing.

If you are concerned about Asset Protection and/or privacy of ownership, using an entity can prove to be very helpful.

Often real estate investors will use a trust--in addition to their corporation or LLC--when buying a property "subject to" the existing financing. This is NOT because a trust will not trigger any due on sale clauses, but because it can add an additional layer of asset protection by keeping your name off public record.

See your attorney for more information about how to structure an asset protection plan for you unique situation.

Until my next post,

James