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Finding Apartment Buildings How To's Makin' Offers Multi-Units/Apartment Buildings Networking Passive Income Real Estate Investing

6 Steps To Flipping Apartment Buildings

6 Steps To Flipping Apartment Buildings

There’s a lot of talk about flipping single family houses, but what about flipping apartment buildings?

First things first….when it comes to flipping apartment buildings you have to realize that doing so is not a passive income stream. Because once you flip the apartment building you are done with it, it’s not going to bring you in any income….you’ll have to get more apartment buildings and flip them as well.

So, holding apartment buildings for rental income is passive income but flipping apartment buildings is not. Make sense?

Is flipping apartment buildings something that is possible, though? Of course it is.

And the process is the same as flipping single family properties.

1) Get together a list of investors that buy apartment buildings in the area where you will be flipping apartment buildings.

2) Reach out to them to find out what their criteria is for apartment buildings they are interested in owning.

3) Go out and find those types of apartment buildings.

4) Get them under contract for less money than the current value OR you can get them under contract for the value of the property as long as there are things that can be done to the property to increase it’s value (under market rents, deferred maintenance, etc.)

5) Reach out to your investors in step #1 when their criteria in step #2 meet what you have available with your apartment building under contract.

6) Now….flip your contract to this investor. By the way, when flipping apartment buildings you can do so with a contract or option.

And that’s the gist of flipping apartment buildings. Now, even though flipping apartment buildings isn’t passive income it can be an awesome way to build up cash so that you can then invest that cash into passive income streams like owning apartment buildings or owning ATMs, etc.

If you’d like to get more information on flipping apartment buildings there is a great training program out there from my friend Susan Lassiter-Lyons called Master Lease Options. It’s top notch material and you can use it to hold apartment buildings or to begin flipping apartment buildings. Check it out and let me know what you think about flipping apartment buildings or if you’ve ever actually flipped apartment buildings before.

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ATM Business Real Estate Investing

Ways you should NOT use social media in your real estate business

Welll, I’m finally rocking and rolling along here. Had some minor “issues” with a friendly little website hacker.

All of my sites are in the process of being moved to a new host. But anywho, I read this rather interesting
article on MSN the other day about social media and real estate.

Now, before you click on the link to read it, keep in mind that it’s talking about residential home buyers
and sellers. However, I totally think you can see where I’m going with this and how it can apply to a real estate investor’s
biz as well.

Here’s the link to the article: Ways you should NOT use social media in your real estate business

And now that you’re thinking about it…..this can apply to your ATM business as well. Talking about
hot locations where you have your ATMs? Talking about where you’re trying to place an ATM?

Definitely ways for folks to make you wish you hadn’t posted that info on Facebook or Twitter!

What did you think of the article? Agree? Disagree? Did social media ever bite you in the butt?

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ATM Business Contest Real Estate Investing

Are you up for a challenge?

Are you seriously up for a challenge? I am. And that’s why I’m making this post. Many of you know that I currently work a full-time job, along with running my ATM business and of course, I have my real estate business (which has been stagnant while I worked on my course for starting an ATM business.)

Anyway, I’m ready to quit my job! But of course, I have a significant other to worry about and a family, house, all of that good stuff. Mostly Kathy tho, my significant other/fiance’ (we’re getting hitched in September!)

So my challenge for myself and for you is to come up with ways to REPLACE your income from your job. Then make it happen for 2 to 3 consecutive months. The key here is CONSECUTIVE. You don’t want to do it after 1 month because it could be a fluke, right? Plus, the more months you go, the better it will be to let your significant other know that you’re bailing your J-O-B!

Now, my ATM business can replace my job salary now BUT I have a job for 1 reason and 1 reason only. To help get us out of debt that we have. If it wasn’t for debt, I wouldn’t have a job. So that’s why I still want to REPLACE my current income because I don’t want to take any money away from out debt (and I’m sure neither does Kathy.)

My method to get out of my job quickly will be real estate. And I’m going to use a method of real estate that I’ve never done before, so that’s why this will not only be a challenge for you should you choose to take on a new method, but it will still be a challenge for me.

Once I complete my challenge (and I will) I will share with you the method in real estate that I chose.

Oh and did I mention a prize? For anyone who posts below and tells me they are up for a challenge and let’s me know what method they will take to replace their current income from their job AND THEN, here’s the key…..and then prove that for 2 to 3 consecutive months you were successful at replacing your current income well you will win my course: ATM Business Blueprint.

This challenge is ONLY FOR PEOPLE WHO WANT TO FIRE THEIR BOSSES!!! If you have no desire to quit your job and start making money on your own, then please do not enter this contest.

That is my way of motivating you. Because you can then use my ATM course to catapult your passive income. Multiple streams of income baby, right? So with your new method of replacing your income and your soon to be new ATM business (because you won this challenge) you will always have multiple streams of income!

Soooo who is up for the challenge? Let me know below. The challenge starts TODAY!

Oh and a quick P.S. Thank you to Bill Walston from BillOnBusiness.net for this motivation that I needed 😉

P.S. If you want to see what your prize will be when you win this challenge….check it out here: ATM Business Blueprint.

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Debt Real Estate Investing Wholesaling

Debt- the good, the bad, the ugly.

I’m not a fan of debt. I know you’re probably thinking well who is Carey? The truth is most of the people in the U.S. are….if you want to get technical about it, right? I mean most of us (and them) are in debt, right? So they are fans of debt.

I am not a fan of debt even a lil bit but I’m seriously pissed off at myself BIG TIME and I’ll tell ya why. If you hit the rewind button on my life you can be taken back to a day when I had bad credit and a shitload of debt. Financially, let’s just say times were sucky and stressful. Ever been there? 😉 Now if you fast forward a lil bit passed this time frame I got my proverbial shit together and I was 100% debt-free (except for the mortgage on the house I lived in) and I had a 740 credit score. I was super proud of myself because I worked hard to get out of debt and to build my credit. Problem arose when I was an idiot about my money at the time…here I am, completely debt-free except for a $535 mo. mortgage payment and I was making at least $50k a year but ummmm I had nothing to show for that? Instead of being smart with the money I made I was an idiot and nowwww fast forward to my life now.

I met a wonderful, beautiful, smart woman in Kathy and after 2 yrs. of dating we decide to purchase a house together. It was a bank REO which needed a complete makeover and although we got into our $240k-$250k home with $0 money down well neither one of us had the money that was needed to fix up the entire house (plus moving costs, etc.) Sooooo here comes the friggin debt again for me because I was a dumbass with my money the entire time I was debt-free. Grrrrrr!

Nowwww…..wanna know how much debt I’m in? $34k!!!! Mhm…..yep….and I can’t even tell you want most of it is for, actually I can’t tell you what a lot of it is from but not all of it. I mean included in that $34k is a few atm’s and even tho I’m including them in the overall figure they are actually paying themselves off, if that makes any sense. $34k of fixing up a house, vet bills, trips, etc.

And ya wanna know something? I got no one to blame but MYSELF. Yep, I take full responsibility I was an idiot, I’ve been an idiot and I am still an idiot….but it’s time to put on my Smart Girl hat and quit with the idiot bullshit because I know better.

My goal is to get out of that debt by this time next year. So in order to do that I’m going to have to pay $947/mo on my credit card and then $1886/mo on 2 lines of credit (one business loc that still has real estate shit on it and one home loc that has the biggest chunk of the 34k on it.) I say $947/mo on my credit card because I just got a 0% balance transfer rate on a card until 4/2010. So I want to pay it off by then.

Once that comes then I can add that $947/mo credit card payment to the lines of credit payments. This seems like a daunting task on the surface but if you sit down and think about it logically well that’s just 1 wholesale deal a month!! Right? I just have to work my ass off to ensure that I get one deal a month. Btw, these numbers don’t include my normal living expenses in regards to my home, insurance, food, etc. That’s all extra!

I think I can do it…and I’m going to take action to ensure that I do it…and even if it takes me 1 1/2 yrs. instead of 1, I’ll still be tickled pink. DEBT is my driving motivation right now…..I want out.

Kathy doesn’t understand this burning desire of mine because she’s never been out of debt her entire adult life…..I told her that once she gets there, she’ll never want to go back. It’s a beautiful thing that I miss. Plus, I like to think that I’m a hell of a lot smarter and wiser now, so once I’m out of debt my money will definitely be used in ways that will ensure I don’t ever have to go back there.

I don’t know if you guys (and gals) ever read Secrets of the Millionaire Mind by T. Harv Eker but I do the jar system that he talks about (although I use different bank accounts instead of actual jars. We have actual jars tho for Kathy’s 9 yr. old son and 17 yr. old son tho.)

I’m feeling good about all of this and I wanted to share my story with everyone so you know that yeah, I’ve done deals and I’ve made money in the past in real estate and used the funds stupidly but now I’m going forward to use the funds for a real purpose now and that I am human and I do FUCK UP! (and it’s ok if you do too, just please, please make sure you learn from it.)

Oh and for the record the $34k figure does NOT include my personal residence mortgage or rental property mortgage. I’m not too worried about them at this time, just want to get rid of that big $34k figure and then I’ll tackle the home mortgage (the rental one I’ll let the tenant pay off for me.)

If you guys want to share your motivation for paying off debt or anything like that, please feel free to. I think it’s beneficial to write it down and especially to tell others about it, kinda makes ya more likely to hold yourself accountable, ya know?

Flippin’ Carey

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Categories
Finding cash buyers Finding REO Deals Real Estate Investing Wholesaling

Gonna go check out some houses today….

So I have a list of reo’s to check out today that I got off of the MLS….9 total. And then I have my list of properties that SOLD to cash buyers (ala Steph.) Seriously tho folks, if you’re interested in being a REO wholesaler you’ve got to check out Steph’s ebook Flip This REO. I’ve been investing for 10 years now and I still get some solid awesome ideas from Steph. Do yourself a favor and get the ebook…heck it’s on 47 bucks! Sure beats some crazy ass $900 course that is filled with fluff and b.s. You have my personal guarantee that any 1 of several tips you take from her ebook will save you or make you that $47 investment back PLUS some. I promise. Ok enough of that about Steph’s ebook…..

It’s really good to be back in the swing of real estate investing that’s for sure. I think it may Kathy taking some getting use to again tho. She wanted to play 500 rummy with me and I told her that I couldn’t cuz I was out to look at some houses.

Hopefully, by the time I get back I’ll have the signed agreement from the buyer for my listed short sale deal. They changed their minds back as long as the sellers would go with their ORIGINAL offer. And they did.

Okey dokey pokey….see ya soon.

Flippin’ Carey

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Real Estate Agents Real Estate Investing Short Sale Investing

Short sale going on…

Ok so when I was a lil slow on the trigger with getting deals because I didn’t want to disappoint anymore sellers I decided to go with the OPTION side of life. So what I did was I got this nice 4 bedroom, 2.5 bath newer home in Parkesburg, PA. tied up with an option contract. Wasn’t all too much wrong with it so I decided I’d try to flip my option to someone in 30 days and if I couldn’t do it than I was at least upfront and honest with the folks and I could always list it if they wanted me too (for those that are just learning about me now, I’m also a licensed Pennsylvania real estate agent.)

Well 30 days goes by and I couldn’t whoelsale it to an investor, which I knew I wasn’t going to anyway, this was totally an owner-occupant type deal. I also, unfortunately, couldn’t flip my option contact to an owner-occupant. So, I advised the sellers what was up and that I, personally, did not want their house and that I could list it if they’d like. They did.

The house as been on the market foreverrrrr but we finally got an offer yesterday on it. We’re countering, but regardless, it’ll be a short sale. I’m sure buyer and seller will agree on price and then we’ll have to go through the process to get the bank to agree to it 🙂 (Wanna learn how to do short sales? Check this out short sale course out!)

The first is with Wells Fargo and the 2nd is with Wells Fargo’s Home Equity division. So, I’m on my way to drop the agreement of sale off to the sellers so they can initial the changes they want to make and sign the contract. The reason these folks are actually going into foreclosure in the first place is because the wife was in a major car accident and is on permanent disability (with no benefits) and there ya have it. The husband called me today and said he’d have to pick up the contract and then get her to sign it later because he’s taking her to the emergency room for some problems she’s having (he took her late last nite as well.) This one was very emotional and is a TRUE hardship situation.

Oh and in the meantime, I get a call from a guy who saw that this house was for sale. We start chatting and it turns out that he’s an investor. We had a pretty decent conversation and I added him to my wholesalers list hehehe Funny how things happen, ain’t it? That Law of Attraction stuff really does work………..

Already, off to take care of this. Later I’ll post my new schedule and plan for coming up with deals. I already gave myself a 10/31/09 deadline for my first newly “not m.i.a. anymore” deal.

Flippin’ Carey

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Real Estate Investing

Hello Everyone!! Missed me? I’ve missed you!

Anyone who knows me or who has read my other blog before knows that I’ve been M.I.A. for some time now. I’ll get to why in a second but for now just know that I’m baaaaaaaaaaaaaaaaaack. 🙂

So I’ve been out of the real estate investing scene for a while…gosh it may have been a year?? Not too sure. Anyway, I’d like to share with you why and I hope that someone can take from it and learn from it and not let the same thing happen to them. For those that don’t know me, I’ve been investing in real estate since 1999. Not exactly a newbie, we’ll say.

I got all of my knowledge from forums like Creative Real Estate Online and Flipping Homes. I bought courses, spent time with folks in the biz (I spent a few days in Baltimore with Steve Cook back in the day…remember that Steve?) But the key finally with it all was that I TOOK action (eventually lol)

In 1999 I started investing in Mobile Homes via Lonnie Deals. In 2001 after an amazing talk from my step-father I started investing in single family homes. Then I think it was in 2007?? that I decided to do my first wholesale deal. Why it took me so long to do one is beyond me because it is by far the EASIEST way to make money in real estate, imho. (Plus, I had Steve Cook’s very first edition of his Wholesaling course foreverrrr and just never implemented it until 2007.)

Fast forward…..I was doing some wholesale deals here and there loving life and loving real estate then it happened. I got a house under contract that I couldn’t wholesale. I felt kinda obligated to help the sellers out of their bad situation because after all I told them I would help them, right? (And I think being a girl doesn’t help….we get more involved than we should at times.) Anyway, after talking to a few friends I finally REALLY looked at the numbers of the house and realized it wouldn’t make sense for even me to purchase it so I walked away from the house. After that I just spiraled downwards where real estate is concerned. I couldn’t deal with the failure of myself but more importantly of disappointing someone that I told I could help. I’m one of those people where I value my words and I mean what I say so to have it happen where I didn’t follow through on a promise really was a tough pill for me to swallow. I stopped the whole real estate thang completely (well I still had a rental tho) but as far as actively seeking out deals. I mean I’d talk to a seller here or there and look at the MLS every so often but I didn’t really ever commit to doing anything.

I talked to a few folks to try to get myself over this hump, if you will, and they all made sense. Thanks Steph and Sandy and we all knew the reason I stopped investing and we all knew that not being able to wholesale a deal has happened before to investors so it’s not that big of a deal but I just couldn’t get passed it. The mind is an amazingly powerful thing, ya know?

Now, I’m ready to rock and roll again. I’ve been involved in a lot lately, including some passive income streams, and I’ve has a lot of wonderful things happen over the past year but I miss real estate and I think I’ve got a handle on my mind. I think that’s enough for now, don’t you? You guys and gals know how I can ramble….I could go on for a million more words lol

Finally, I just wanted to welcome everyone back into my life….I’ve been keeping an eye on a couple of you throughout this whole time tho and I just want to give a HUGE shout out to Steph (TampaSteph) and tell her that I think she’s been doing a fantabulous job with her blog and I think it looks amazing. You go girl! Speaking of her….make sure you buy her ebook about flipping Reo’s…I’ve learned many a things from Steph and you’ll love the knowledge that she can share with you……check it out here:
flip this reo ebook

Talk to ya’s soon,

Flippin’ Carey

P.S. Bare with me while I get this lil blog here cleaned up a bit. 😉

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