5 Fast Tips | Finding Renovation Contractors

I wanted to write an article that would shed light on the renovation side of the business. Understanding the renovation process enables you to tap the full profit potential of this business.

The quicker you get up to speed on this process, the sooner you can make the lucrative
leap from the wholesale to retail side of real estate investing. You don’t have to know
how to swing a hammer but you do have to know where to find contractors, what types
of materials to use, and how to estimate costs.

FIVE FAST TIPS

Five Fast Tips are practical suggestions covering topics related to real estate investment. * If you have a topic you would like us to cover in the future, please let us know. *

Five Fast Tips: Finding Renovation Contractors

  • Real Estate Investors

Some of the most affordable and reliable contractors are referred to me by other real estate investors.  Often, we do not have enough work to keep all of them busy 40 hours a week.  Sharing contacts allows everyone to win.  The contractors keep busy and the investor has a reliable source of workers.

  • Investment Club Meetings

There are investment club meetings scheduled regularly around the Beltway.  Although the clubs are structured differently and have different agendas, they offer the opportunity to meet contractors.  Attend a meeting with the intent of meeting new contractors. Networking at club meetings can help you find a contractor or subcontractor to meet your particular project needs.

  • Supply Houses

Visit local electrical, plumbing and paint stores in the area. Ask the people behind the
counter which contractors they would recommend.  Explain the project and generally they will have a list of suitable tradesman to tackle your job.

  • Realtors

Every local real estate office maintains a list of contractors used for punch out, painting and other renovation projects. Network with realtors in your area and you soon will have a reliable list of contractors for all your projects.

  • Trade Shows

Attend trade shows in the area and begin to network with the vendors.  Ask for reliable contractors in your area. You can also network at local business meetings ( Chamber of Commerce) with the intent of meeting contractors.

If you are interested in digging a little deeper into the mind of a local General Contractor, or just want to learn more about the contracting business, join us on Feb. 18th at the next WREIA meeting.  You can find out more at http://wreia-feb2013-wreia.eventbrite.com

Let me know how I can help you,

John Peterson
301-881-5541
Washington REIA Network, President
Profitable Property, Founder

The Benefits of Getting a Realtor License – WREIA – 301-231-5438

Finding a great Real Estate Agent can pay huge dividends in 2013. And if you can’t find one, you might choose to become a Realtor yourself.

I started in this business nearly two decades ago. In some professions, I would be getting ready to “retire.” Recently, some of the guys I went to college with are starting to talk about retirement. When they start talking about what they are going to “do” once they retire – I kinda feel bad. You see, after two decades….

It feels like I am just getting started!
I’m just starting to get good at this – why do I want to retire?

Through the years, I went through various stages of learning and education, which was followed by an increase in business – and success. Maybe you shared this same experience?

The process went something like this:

  • You found a new strategy and were excited to get started. Maybe you even felt like you were learning some new secret. You are thinking to yourself – “This is great! How can everyone not be doing this?!!”
  • This was followed by a period of frustration because after you implemented this new strategy in your business nothing seemed to work – at first.
  • Then, you get excited again – because something “clicks.” You started having some success using your “new” strategy.

When I look back on my career I can see a few points where my income grew, not just a little, but exponentially.

One of those times was when I decided to become a licensed Real Estate Agent. At first I was excited, but then quickly became frustrated when I discovered some of the restrictions that came with my new license. It took me a few months before I learned how to use the new “power” I had just given my business. For me, getting my license was the right move, at the right time, and I have never looked back.

The second time my income took a big jump, was when I decided to work with, and partner on projects with other investors – and agents. I found that if I could find an agent who understood what I was doing, they could quickly become invaluable to my business.

Let me be clear here – When I got my license, I didn’t quit all my other activities that had helped build my business to that point. I simply added a license to my business. Looking back, getting my license magnified the effect of the work I was already doing.

I invite you to come join me and a hundred or so other investors and agents from around the DC area tomorrow night. Come meet some of our members who – years ago – wanted to make a change in their work, and in their life. They found our community of WREIA members, shared their goal of wanting to double their income – and then made it happen.

***
As we do every year,
we have January WREIA membership specials that we
only make available in January.

It’s not complicated – and unlike some groups you may have seen in the past,
next month will not bring a new special “one time only” membership deal.
At WREIA, you can get a discount in January – and that’s it.
(That “this month only” malarkey drives me crazy.)
***

Our goal at WREIA is to keep you updated on the most current trends that affect us nationally, regionally, and most important – locally. In 2013 we will continue down the path we started last year of introducing you to local professionals who are active in our local DC/Baltimore area markets.

Tomorrow we will kick off 2013 by introducing you to local investor/agents who are active and in some cases – knocking the ball out of the park – here in the DC area. You will also have an opportunity to ask them a few questions that pertains to your situation.

One thing makes our WREIA group great – and it starts with the leaders in our group. ALL of our most successful members want to help you succeed. They have realized that if you have success, they in turn will find success too. Let us help you set up your business for success in 2013.

Come join us tomorrow night. You will be glad you did.

John Peterson
301-881-5541
Washington REIA Network, President
Profitable Property, Founder

P.S. I am excited to see you tomorrow (Jan. 21st) as we kick off another year at Washington REIA Network. We are going to continue to introduce you to local professionals in our area – so you get a sense of how this business really operates. There is no better way to learn about this business, and stay on top of the current local trends than from the DC “insiders”.

P.S We are doing projects all over the Metro DC area! If you need an active finance partner in the Washington DC area, we have been expanding our capital base and now have all the funds you could ever need to help you with your deals. You can request a funding letter or share details on your property at http://dchardmoneylender.com/quick-property-submit/

My Real Estate Mentor’s Advice

“Ultimately – You are responsible.”

That’s what my mentor used to tell me.

This time of year, I am often reminded of my mentor, and how excited he would be as we all moved onto the new year.  His advice has propelled me forward in my career. He was also very down to earth, and would constantly remind me that the training and experience would never benefit me, unless I took responsibility for the results.

I share a little more of his beginning of the year advice in this video below:

I hope this month at Washington REIA Network you can come out and meet some of our members who are great and experienced people to know in this business. If you are involved in investing in real estate in the DC area – there is simply no better group of people to surround yourself.

Let me know if there is anything I can do to help you in your business here in the DC area.

John

Profitable Property
Rockville, MD
301-881-5541
ProfitableProperty@gmail.com

http://www.facebook.com/ProfitableProperty
http://www.youtube.com/profitableproperty

2013 Greater Washington Economic Conference Was Great!

Interesting Conference today!  The place was packed to hear guest speakers talk about the local economy and predictions for the housing market in the coming years.  The talks were focused on how the regional economy can change gears as the federal government begins to slow spending.

Some of my key take-a-ways:
  • Most agreed that the housing market is improving and should begin to normalize in the  coming years.
  • Demographics seem to favor smaller housing units close to jobs and transportation.
  • Builders are beginning to request more permits and ….

This all leads me to believe if you are wise in your investment choices you should be able to have  a very profitable business over the next few years.

If you want to view the slides from the presentation, you can find lots more at the George Mason web site at  http://cra.gmu.edu/data/ .

What A Difference A Year Makes – Article Links

Wow… What a difference just one year can make.

I thought I noticed fewer IPhones floating around…. but I had no idea.

Apple – the maker of the IPhone and other cool “I-gadgets” sold 24% of the smartphones worldwide in the 4th quarter of 2011.

Today – they control just over 14% of the market.  You can read the entire article in the Wall Street Journal today, or online at http://online.wsj.com/article/SB10001424127887324391104578230060513922882.html

One year – and Apple loses almost half of their worldwide market share.  That is a huge loss. So large in fact, that the company is finally considering a lower cost alternative to their $600 or more current model.

I am pretty careful where I spend money, and certainly subscribe to the “penny saved, penny earned” theory.  When I was shopping for a phone a few months ago, I chose an Android phone – because it was cheaper.  Most people that know me, know that I am not too technical – but – for me and my needs, (and contrary to the trendy kid at the Verizon store who tried desperately to sell the IPhone) my phone seems to do most of what the IPhone could do, and at a substantially discounted price.

Before you go taking my advice about phones  – please don’t.  I’m just telling you a story about what works for me, and apparently, quite a few other people around the world.  You do what works best for you.

Justin and I were in the office yesterday, and he reminded me of the article about Facebook suggesting their employees switch to Android based phones.   I think the whole smartphone market is pretty interesting and I continue to be amazed at what I can do with my phone. Even Facebook realized that markets change – and they want to their employes to stay within the herd to get the same experience that their users have when using mobile devises.  You can find that Facebook article at http://news.cnet.com/8301-1023_3-57553967-93/facebook-uses-posters-to-push-employees-to-switch-to-android/

Why is this interesting?  Because markets change.  People start to want different things.  If your business doesn’t change, you will lose market share – just like Apple.

In the 30’s and 40’s the family gathered around the radio.  By the time the 50’s and 60’s rolled around, the TV was a gathering point.  Today, everyone in my house has their own mobile wireless computer, (one of which is an IPad) and on many nights we may be all in the same room, but each person is “doing their own thing”.

Our business has changed slightly in the last 12 months – we are starting to focus on different markets than we did in 2010 and 2011.  Every month this year, we plan to keep you updated about what is going on in our world of real estate, and how the DC-Baltimore market (and it’s many sub-markets) is changing.

This story about Apple also reminded me about a property we are trying to sell right now – sometimes, it is about the price. Listen to the feedback you get from your customers.  Listen to your market.  Never be afraid to make changes quickly when you need to.

I am excited to see you in a couple weeks (Jan. 21st)  as we kick off another year at Washington REIA Network.  We are going to continue to introduce you to local professionals in our area – so you get a sense of how this business really operates.  There is no better way to learn about this business, and stay on top of the current local trends than from the DC “insiders”.

Let me know how I can help you,

John Peterson

301-881-5541
Washington REIA Network, President

Profitable Property, FounderP.S. The first Washington REIA Network meeting is on Jan. 21st.  Come join us!
P.S We are doing projects all over the Metro DC area!  If you need an active finance partner in the Washington DC area, we have been expanding our capital base and now have all the funds you could ever need to help you with your deals.   You can request a funding letter or share details on your property at http://dchardmoneylender.com/quick-property-submit/ 

Mortgage Forgiveness in 2013?

Talk about an exciting way to kick off the new year…..

We have had a few questions come into the office this morning, and my answer so far has been (in the words of Barry Manilow)

“Looks like we made it.”

Continued mortgage forgiveness did get tucked into the final version of the fiscal cliff deal.

This means that sellers who are still underwater on their mortgage, have received a one year reprieve when it comes to debt relief and mortgage forgiveness.

We also kept the mortgage deduction – but we never doubted that would disappear.

Why is mortgage forgiveness important?  Well, 13,000 loan modifications were done in November alone. But that pales in comparison with another 98,000 short sales which were finalized in the 3rd quarter.  Banks and homeowners seem to be agreeing to take the short sale route vs. the modification route as a way to move the potential foreclosure inventory.

What does this mean for you as an investor?  It means through 2013 we can educate homeowners and show them that the sale of their property still has a tax incentive to help them make a decision.  It helps the market keep moving – a good thing since we still have a massive supply of potential foreclosure property.

Plenty of people are still underwater and owe more than their home is worth.  Get out their and help them make a decision on what to do next.

Wondering where to go in your real estate investing career?

Come join us as we kick off the new year of

Washington REIA Network on Jan. 21st.