It’s a New Year. Anything is possible.
True! Is it not?
Who cares if 2006 worked out or not? It is done. There is a reason when we drive a car the front windshield is a whole lotta bigger than rear view mirror. 2007 is ahead and big. Lets do something.
Here are seven smart things to do to launch and grow your real estate investing business in Michigan in 2007:
1. Pick a target city in Michigan which the city in Michigan where you want to buy and sell houses. Preferably it is close to where you live or work so you don’t killed by driving back and forth to the foreclosure while it is being renovated. Also you want to do this somewhere you know a little about the city.
If you live in Macomb Township and your knowledge of city of Detroit is limited to going to Cobo once every year for the Auto Show then you should not buy foreclosures in Detroit unless you have a partner who as a genuine interest in helping you to pick the right deal. And no, real estate agents are not the one to ask if that REO is a good deal or not. They are not investors. They dont know what we need in a deal to make it work.
2. Make a list of contractors in your target city who are going to help you get the house fixed. Angie's List is a very good place to start. You can see what other Michigan residents had to say about these contractors. Also ask friends, co-workers if they have used anybody recently with whom they were happy.
3. Learn the business. Come and join me in Quick Start Bootcamp in Troy, Michigan on February 23,24,25. You want to know where to go and find foreclosures; how to pick good deals from average ones; where to go and get the money; how to ask and get big discounts from banks on REO’s and Short Sales and how to sell these houses once they are spiffy up; Details about the bootcamp here – Watch the videos of what my previous grads have said about the training. It is 100% Risk Free Enrollment plus some really cool new bonuses (DVDs and CD's) that you will get.
4. Incorporate your business. Any business done without this essential protection is just nuts. Real Estate Investing is no exception. If you are hands on type of a person and are not afraid of filling out legal forms then you can try your hands at State of Michigan website yourself. Or you can ask a CPA to it for you. Make sure that you don’t over pay - $300 is the going rate for which you should get Articles of Incorporation and an Employee Identification Number from them at minimum.
5. Throw out old ideas and notes that have been cluttering your home and your head for months. The same way you would give out old clothes and books.
6. Focus on One Thing. More on this one tomorrow.
7. Dan Kennedy, author and buisiness / marketing guru, has this great line which I think every person who wants to start a business or wants to grow their business in Michigan should memorize. It will make them lots of money, save them lots of greif. Dan says, that if you spend all your time trying to fix your weaknesses, at the end of your life all you are going to have is really strong weaknesses.
Figure out what your strengths are – outsource or hire or partner out everything else in your Michigan real estate investing business. Don’t have money to pay? Barter something else. I will write more on that particular strategy later this week.
Dont forget to check out the Quick Start Bootcamp happening on February 23,24,25 - I like to teach small groups - so everybody would have sufficient time to get all their questions answered. Everytime I do a seminar we are Sold Out! So dont wait and lose out on your seat.