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Well, I’m pleased to announce that my pile of crap Sony Vaio is back up and running (for the most part), so I thought I would put it to good use and whip up another Reader Mail video for you guys…
This week’s question came from Tiara Murray who posted the following on my Facebook wall:
Here’s your answer, Tiara…..
P.S.
Click here to come hang out with us on Facebook!
P.P.S.
I’m not sure if it’s just my computer or not, but the video quality looks really crappy to me. Sorry about that- not sure what the problem is.
P.P.P.S.
Have a great week! 
On March 29, 2010 at 4:56am, Craig Fuhr said...
Informative and entertaining as always Steph. Just as an aside, I’m writing to you from my iPod. My sweet MacBook Pro was pummeled and rendered useless by an angry baggage handler somewhere between Detroit and Baltimore. That $269 plane ride will now cost me $1200 to replace the busted LCD. Bastards.
So for anyone looking for updates to my blog, I’ll be back with a crap-pile of good stuff by Monday.
As for learning a new market – it takes one full month of 10-12 hour days. Ride the streets. Call every For Sale sign. Talk to every REO agent daily. Attend and more importantly, PARTICIPATE in the REIA’s. Gain access to the MLS and scour it day and night. Make offers on all the contracts that fall out of pending status.
Doing the above will make you more of an expert than the experts.
.-= Craig Fuhr´s last blog ..Video Tip: How to Have a Foreclosure Party! =-.
On March 29, 2010 at 5:02am, Stephani said...
Dude, that totally sucks about your computer, Craig- sorry to hear that! I’m always afraid to check mine, although last time I traveled, I left mine sitting on a bench right past the security checkpoint, and wandered off to get coffee. I didn’t even realize it was gone until about a half hour later. Luckily the security guys picked it up and had it for me.
Thanks for the input on learning a new market- I know you’ve actually done it yourself, so hopefully everyone reading this is taking notes!
Hope to see you at the retreat next month.
On March 29, 2010 at 6:51am, Tiara said...
Thanks for answering my question Step! Great advice. I am currently writing a 2 year exit plan for my move from Detroit to Los Angeles. I am going into SUPER Investor mode and stack up as much money as I can within the next two years so that I have a cushion when I move. Sorry to hear about your MacBook Craig. Do you invest here in Detroit as well?
On March 29, 2010 at 8:45am, Stephani said...
You go girl! Sounds like you’ve got a solid plan in place, now you just have to execute. I’m guessing there are enough REOs and short sales in the Detroit market to keep you busy…
On March 29, 2010 at 7:14am, James Blakeley said...
Sorry to hear about your computer troubles. Buy in lots, same brand and configurations, and have all the software configured exactly alike. You can have a tech create one unit of the same model, and duplicate it to the others. Use external drive to backup and sync. Moving most of my business online using databases and Zoho. When researching new markets, Use multiple RE Agents, one for each target specific area. Sign buyer agreements, or offer payment using promissary note on any purchase, due at or reasonably after closing. Well worth the commission paid if they worked for my benefit. They are already learning the market if they don’t already know it. Train the agents, and they benefit from the work as just as much. Blessings.
On March 29, 2010 at 9:09am, Stephani said...
Hey James,
Thanks for the input. Great idea about putting agents to work for you- might as well leverage someone’s else’s knowledge if possible and create a win-win situation for both you and them..
On March 29, 2010 at 8:49am, Anna71 said...
Thanks, Steph. This is very helpful. I just moved to New Jersey and started learning the ropes of Real Estate Investing. Learning about a new place and a new business at the same time has been a thrilling challenge. I try not to be overwhelmed. Your info was what exactly I needed to know about. God bless you!
On March 31, 2010 at 5:28am, Stephani said...
Glad to hear it, Anna!
Good luck in your new market- just keep taking little baby steps forward every day and you will do just fine.
On March 29, 2010 at 9:00am, Tiara said...
A year and a half after our market tanked, there are still more than enough REOs here to keep me busy lol. Oh and P.S Steph, don’t worry about mispronouncing my name, I answer to both : )
Thanks James, I heard of Zoho.
On March 29, 2010 at 9:10am, Stephani said...
OK, cool- I figured if I pronounced it both ways I would at least be getting it correct 50% of the time.
On March 29, 2010 at 6:14pm, Bill Lassiter said...
Hey Buddy Steph!
Sorry to hear about your puter. Gotta love them right? On point and informative information as usual Steph. Tiara, outstanding goals and you sound like you’re prepared to implement and make it happen. Reach out to Jerry Norton there in Detroit at http://equityservicesllc.me.
Although I’ve never worked directly with him, I know of his reputation as an upstanding guy.
Best of luck to you!
.-= Bill Lassiter´s last blog ..Real Estate Investing 101: Beginning to Close =-.
On March 29, 2010 at 9:54pm, Tiara said...
Im familiar with Jerry, Bill. I’m looking to move my operations into his area soon. He is up there flipping like crazy, and I am very impressed given our crappy market.
On March 30, 2010 at 9:27am, mobilehomegurl said...
Nice video, Steph! I think we so see eye to eye on the importance of learning the market, you give some good advice about just knowing a particular area really well. It’s funny how the answer to some questions is just a matter of “just asking” – the solution is simple but can be overlooked at times. Great advice for people just starting out! p.s. Sorry to hear about your computer issues, I’m an apple gal myself!
On March 31, 2010 at 8:01am, Stephani said...
Yup- in my book, learning your market is the very most important thing to do. Takes time and it’s a huge pain in the ass, but it makes all the difference when you are out looking at deals and crunching numbers. Gotta know what a deal looks like or you’re screwed!
On March 30, 2010 at 12:58pm, Julie Broad said...
And yet another fantastic video!!
I always tell myself … who makes more money: the general practice dr. or surgeon that specializes only on one single area of the body?!! The specialist in almost every case I can think of makes more money … and probably lives a simpler life too!! So I try to stick to one strategy and one market area at a time … even when other strategies and other markets seem like they are better …
Not to say I don’t change … I do … but I’ve learned that focusing on a small area with one or two core strategies for a period of time is the best way to succeed.
You rock …
.-= Julie Broad´s last blog ..Passive Income for Life =-.
On March 31, 2010 at 8:03am, Stephani said...
I agree 100%, Julie.
People ask me all the time why I don’t start doing rehabs or short sales. I know there is a ton of money to be made using both strategies, but I’d rather just focus on one strategy (wholesaling), and be the very best that I can be at it.
P.S.
No- YOU rock!
On March 31, 2010 at 6:40am, Carey_PA said...
Yeah Steph the video seemed a lil fuzzy or something. Weird?
Good advice as usual. Btw, I’m making Brandon, Kathy’s 18 yr. old, read Flip This Reo. He told me he wants to learn how to do “that contract thing that I do.” lol So I gave him your ebook and said “read this.” And then I gave him a bunch of posts and articles to read too.
I’m going over a plan with him on Thursday. We’ll see how he does (I think he’s going to be disappointed as I think he thinks he’s gonna make a million bucks this month! lol)
.-= Carey_PA´s last blog ..Business Strategy Session =-.
On March 31, 2010 at 8:05am, Stephani said...
That’s awesome, Carey- getting him started early!
I know I wish I would have started learning about this stuff WAY earlier in my life instead of wasting my time slinging drinks behind a bar. Better late than never, though.
On March 31, 2010 at 8:27am, Luben said...
Hi Stephani,
I’m a cash investor interested in REO single family homes in Florida. Please feel free to email me if you have any listings. Thank you.
On March 31, 2010 at 8:46am, Stephani said...
Hi Luben,
Let me know what you are looking for (area, price range, etc) and I will let you know when I get something.
Thanks,
Steph
On April 02, 2010 at 11:24am, Lance said...
Hey Steph,
Great answer! I’m in the same situation as Tiara and It’s been overwhelming trying to figure out all the different markets. Focusing on 1 area is great advice to get started in a new market.
Thanks,
Lance
On April 04, 2010 at 1:29am, tony zamberlin said...
steph,
so you would focus on stuff 6 months dom and older and offer what u can afford to pay,(taking no consideration how far list price is from your price you can pay) and keep doing that to get deals?? thanks so much
On April 13, 2010 at 12:52am, Michael said...
How should I approach getting MLS access from a realtor when I do not have it myself.
What should I say to them and how should I present myself?
Thanks
Mike