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How to Be a Real Estate Investor

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How to Be a Real Estate Investor How to be a Real Estate Investor Discover how you can make fast cash and build wealth investing in real estate By Phil Pustejovsky Copyright © MMXVI Phil Pustejovsky All rights reserved. Without limiting the rights under copy- right reserved above, no part of this publication may be re- produced, stored in or introduced into a retrieval system, or transmitted, in any form, or by any means (electronic, me- chanical, photocopying, recording, or otherwise), without the prior written permission of both the copyright owner and the publisher of this publication. Any unauthorized transfer of license, use, photocopying, or distribution of these materials to anyone else other than the licensed client/purchaser is prohibited and will be prosecuted to the full extent of the law. ISBN-13: 978-1475235210 ISBN-10: 1475235216 DISCLAIMER: This publication is for informational pur- poses only. Please consult qualified attorneys, accountants and other professionals regarding business and investment decisions. This book is dedicated to anyone who has ever dreamed big. You are capable of far more than you could ever imagine. Contents Introduction ........................................................................................ 7 Part 1: Why Be a Real Estate Investor? ............................................ 25 Part 2: How to Think Like an Investor ............................................. 35 Your Why ...................................................................................... 35 Pain and Pleasure ......................................................................... 38 Your Comfort Zone ....................................................................... 40 Attitude ......................................................................................... 42 Action Over Analysis .................................................................... 42 Commitment ................................................................................. 44 Possibility Thinking ...................................................................... 45 Repetition ..................................................................................... 46 Humility ........................................................................................ 46 Taking Advice ............................................................................... 47 Who is Your Mentor? .................................................................... 51 Partners ........................................................................................ 52 What’s Your Investor IQ? ............................................................. 53 The 7 Habits of Highly Successful Investors ............................... 53 Part 3: Real Estate Investing 101 ...................................................... 55 How to Make Fast Cash ................................................................ 58 Flipping / Wholesaling / Buying and Re-selling ..................... 58 Buying, Improving, Re-selling ................................................. 64 Commissions / Fees ................................................................. 69 How to Build Long Term Wealth ................................................. 72 Buy and Hold............................................................................ 72 Buy/Control and Rent to Own / Sell on Terms ....................... 81 Part 4: Advanced Investing Techniques ........................................... 85 Wholesaling .................................................................................. 85 Retail Wholesales ......................................................................... 90 Options ......................................................................................... 93 Pre Foreclosures ........................................................................... 94 Short Sales .................................................................................. 100 Foreclosures ............................................................................... 104 Foreclosure Auctions ............................................................. 104 Pre-List Foreclosures ............................................................. 108 Bank Owned REO Auctions .................................................... 113 Listed Foreclosures ................................................................. 114 HUD Foreclosures ................................................................... 116 VA Foreclosures ...................................................................... 119 Tax Lien Certificates & Deeds ..................................................... 121 Creative Financing ..................................................................... 126 Subject To ............................................................................... 126 Lease Purchase ....................................................................... 130 Owner Financing .................................................................... 133 Traditional Purchase .................................................................. 139 Notes ........................................................................................... 145 Part 5: Your Real Estate Future ...................................................... 147 Creating Your Plan ...................................................................... 149 Goals ........................................................................................ 151 What’s Your Perfect Day of Play? ........................................... 154 What’s Your Perfect Day of Work? ......................................... 155 Full Time or Part Time? ......................................................... 156 Small Fast Cash, Big Slow Money or Long Term Wealth? .... 156 Where? .................................................................................... 157 What Are Your Assets? ........................................................... 157 Personality Type ..................................................................... 159 Choosing Your Niche .................................................................. 159 Wholesales .............................................................................. 159 Commissions / Fees ............................................................... 160 Pre Foreclosures ..................................................................... 160 Short Sales .............................................................................. 161 Foreclosures ........................................................................... 162 Tax Deeds ............................................................................... 163 Rehabs .................................................................................... 163 Traditional Purchase .............................................................. 164 Buy and Hold .......................................................................... 165 Creative Finance - Lease Purchase, Subject To & Owner Financing ................................................................................ 165 Tax Lien Certificates ............................................................. 166 Notes ..................................................................................... 166 Now What? ................................................................................. 168 Appendix A - Building Your Team ................................................... 171 Closing Companies ................................................................. 173 Attorneys ................................................................................ 174 Real Estate Agents ................................................................... 177 Mortgage People ..................................................................... 181 Hard Money Lenders .............................................................. 184 General Contractors ............................................................... 186 Tax Advisors ........................................................................... 186 Appendix B - Recommended Reading ............................................ 189 About the Author ............................................................................. 193 Connect with Phil ................................................................... 193 Claim Your Free Bonuses ....................................................... 193 Introduction While bored out of my mind, sitting behind a desk one day, I considered how to be a real estate investor. I was fresh out of college with a degree in mechanical engineering from Vander- bilt University. Many well intentioned adults tried to convince me that the American dream was to get a 9 to 5 job with a For- tune 500 company. But, it sure didn’t feel that way once I got one! I was falling asleep at my desk and had no freedom. It quickly dawned on me that I didn’t want this for the rest of my working life. In fact, it was about that time that I heard some- one refer to the word “job” as an acronym standing for, “Just Over Broke.” I wanted the exact opposite. I wanted to be fi- nancially free. I began researching how to become financially free at the library and at book stores. Real estate investing surfaced as a common thread amongst many economically successful peo- ple that I studied. That’s when I began to consider how to be a real estate investor. What fascinated me about real estate was that there were techniques for
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