Mitch Goldstein | Coach Mitch | June 2nd, 2007Coach Mitch’s REFLECTIONS
“All success is the result of thought. All thought is the result of need. You should need to succeed. Think about that.”
-Mitchell Goldstein, 6/2/07
I need to successfully purchase real estate. I had investigated all the residential real estate investing systems that I could find. Each system worked. Each system had wonderful parts to them. However, each system had major flaws, so I kept on searching.
Finally, I had seen enough and I put together my own 5 Step “Ridiculously Simple System…” It works! And this system works better than anything else that I have tried.
I list below the prime steps to locate at risk properties and the most motivated of all motivated sellers. What a potent combination!
The “Ridiculously Simple System…”
Step1 -Locate your prime geographic areas.
Step 2 – Get your databases of real estate at risk.
Step 3 – Select your list of motivated sellers.
Step 4 – Market to your list of motivated sellers.
Step 5 – Make your best deal / Close the transaction.
Bonus #1 -Reward yourself.
Bonus #2- Do it again.
Each of these steps have important components that allow them to work at peak performance. If you do not touch all the bases in some way, then you will have a much harder time to hit the proverbial real estate investing “home run.”
Additionally, unless you are proficient at each of the steps, then you are running the significant risk of not coming close to maximizing your potential investing situations.
I realize that you could say, “this formula could be good for any type of real estate investing technique.” You would be correct. But remember, I only deal with tax delinquent property.
I do not deal primarily with foreclosures, nor with bankrupts, nor with probate, nor with rehabs, nor with unhappy landlords or divorces, etc. While I do deal with all of these standard motivated seller situations secondarily, they are as a result of the property being tax delinquent AND also in probate OR needing a rehab, or both, etc. My primary interest is based upon the tax delinquency.
By the way, none of the above secondary situations is the main secondary situation that I seek. They are all too hard to deal with. I want easy and simple. My system finds the cherries, the golden nuggets.
I have only two ways to deal with a seller.
1 I purchase for a very low amount of cash. I have never paid more than 50% of the fair market value for real estate.
2 I Option the property for $1. This gives me total control of the property without the ownership responsibilities. I have never paid more than $1 for an Option.
I do not need any other methods of dealing with the sellers that I find because I only speak to a highly targeted audience – the most motivated of all sellers, the tax delinquent.
Why is this so? Here’s the BIG secret – about 40% of the tax delinquent properties are FREE and CLEAR!
The tax delinquents motivation is high because they stand to lose the entire value of the property, not just their closing costs, like in a typical mortgage foreclosure. How many of us can afford to lose $50,000? That is easily the value of a vacant lot in most of the country. Equate the $50,000 vacant lot to a a$50,000 loss in the value of a stock portfolio.
The stock portfolio has a chance of coming back. The vacant lot is lost forever if sold at a tax auction.
Imagine, about 40% of the tax delinquent properties are FREE and CLEAR! I’m just going to let that last golden nugget sink in. I am sure that you understand the significance of this specific information.
See Coach Mitch’s “Ridiculously Simple System…” for details.
Prudent investing,
Mitchell Goldstein – Coach Mitch
518439-611 until midnight EST
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