Tex Norton

    Tex Norton's Articles

    • Seller Responded – Making Your First Offer Example P3

      Making your first offer can seem a little scary. But it is NOT. I’ve taken the time to break down the steps for you in Seller Responded – Making Your First Offer Example P1 & Seller Responded – Making Your First Offer Example P2 . Since we’re just getting started, perhaps you’re wondering how we can be so sure that we can find a buyer or tenant quickly enough to make all this work without our having to put-up any money.Making An Offer – Option #1In the first example, we’re planning to sell the property outright to a new buyer…

    • Seller Responded – Making Your First Offer Example – P2

      Let’s recap what we learned in Seller Responded – Making Your First Offer Example P1. A seller responded to my marketing letter which was sent in the mail based on an “educated hunch” that the property was distressed. After speaking with the elderly owner’s daughter for the first time I came to the following conclusions:I spotted a property that no one else even knows is for sale.I’ve determined that indeed, the property is for sale.We also note that the asking price of $80,000 is the retail price for that neighborhood.I decided now that it’s action time. Reviewing the numbers ,…

    • Seller Responded – Making Your First Offer Example P1

      So here is how my first encounter with a seller panned out. I explained how I found the property in Finding Your First Property. Lets start out with what happened after sending out a hand written real estate marketing letter to the owner of a potential investment property.Seller Response To My LetterTwo weeks later, I receive a phone call from Sally Dallas. Sally tells us she is the daughter of Ida Mae Fuller to whom we sent a letter regarding the sale of her home. Are we still interested? We tell her yes. Sally tells us that Ida Mae is age…

    • Finding Your First Property

      Let’s say you’ve decided to start with single-family homes rather than apartment buildings or commercial/industrial property. How do you find someone willing to work with you? Here is a list of possibilities:13 Ways To Find REI DealsClassified adsFlyersFSBO signs (For Sale By Owner)Driving through good areas finding run-down or vacant propertiesLooking for For-Sale signsWord of mouthAdvertise that you buy housesSigns announcing that you buy housesMagnetic signs on your car that indicate you buy housesBusiness cards stating you buy housesBillboards that you buy houses (recall the “We Buy Ugly Houses”?)Out-of-town owners of local propertiesSend postcards/letters to selected neighborhoods that you buy…

    • 42 Ways To Get Started In Real Estate Investing

      There are numerous ways of investing in real estate. Since you are just getting started, it’s important for you to know at least the names of some of the many ways to profit from real estate. For our initial introduction, I’m simply going to list the major areas of interest.At some point, I will show you how many of these techniques work in real situations. What will be most important for you now is to select the two or three areas of current interest and then focus on those areas; at least while you’re just getting started. The overall areas…

    • Pssst – Wanna Be A Real Estate Millionaire? Part 2

      Always keep in mind that you will be letting other people pay your bills. Always! When I started my real estate investing, I would never consider a property unless it showed a 10% triple-net return.That means that after paying all the fixed costs such as taxes, insurance, utilities, maintenance, management and a vacancy factor allowance, there was still a ten-percent positive net income cash flow.Cash Flow InvestingUsing an example, suppose an apartment building (could be any income type of property) has a scheduled gross income (SGI) of $15,000 per year. You arrive at this figure by adding up all the…

    • Pssst – Wanna Be a Real Estate Millionaire? Start Today!

      Getting Started In Real EstateThe road to wealth begins with the first step. Whether or not you have money now, start your real estate program as though you have none – or very little. A good admonition I learned from another investor is: don’t write big checks or make promises you can’t keep or assume existing bank loans.If it’s not your money and you didn’t promise a bank you’d be responsible for the loan, it’s pretty hard for you to lose money. You will make money helping other people solve their problems. In fact, you’re in the problem-solving business and…

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