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December 11, 2018

Seven Ideas For Real Estate Professionals In This Market

When I Started, I Knew That I Wanted To Sell Apartment Houses. How? By syndicating them and then property managing them during our ownership. To do this, I found that my best sources for leads were teaching at UCLA in their evening Real Estate classes, speaking at Apartment Association meetings, and regularly reconnecting with previous clients.

Some things that did not work for me were writing a weekly column in the LA Daily News, cold calling, and bulk mailing. Everyone is different, and it takes some time to know where to go and what to do and how to do it and when to do it, and why.  Well, we know that the key is to become more productive in less time with less stress and be sure to have the new idea in your area.

What areas have potential in this market? These are just some thoughts.
 

Hopefully, You Might Find One That Would Be Of Interest
 

  • Find homeowners who have rentals with some equity in them and having them 1031 exchange into two or more rentals — thus producing three transactions.

 

  • Learn about the Jobs Act Crowd Funding and discover how you can sell group investments to new categories of people

 

  • Seller-carryback financing: Some rental owners would have substantial capital gains if they sold their property. Convince them to carry back some of the financing to make the property available to more people and push those gains to a later period plus earn interest on the whole gain, not just the gain minus taxes

 

  • Equity Shares: This is a sale where the buyers are an investment buyer and an occupant buyer. The investment party brings money and his or her credit ratings while the occupant gets into a home and starts building equity while paying rent.

 

  • Buy a home with a Reverse Mortgage: You have a retiree who would like to move to a new home, but their current equity is not enough to buy with all cash, and they have no job so they cannot get a loan. I was involved in a case for two people in their 80’s who had $200,000. They were able to buy a $600,000 home with their down payment and have no mortgage payment in the new home.

 

  • Buy a rental property with an IRA: Yes, you can buy rentals with money in your IRA. An excellent place to go if you do not trust the Stock Market. After seeing the Big Short and the Money Monster, I realize that I trust the local real estate market more than Big Finance.

 

  • Lease with an Option: Kind of like a seller carryback. Your client with the hard-to-sell house can move. A new buyer comes in and leases the property with an option to buy in a few years. The renter must be checked out like a buyer and be able to show the potential to purchase in a few years. With legal advice, the agent writes the contract so if the renter exercises the option, the agent is the listing and the selling broker — kind of like an insurance agent’s residuals.


How Do You Learn More About These Ideas?

It is Google all the way. BTW, I learned about Lease/Option from sessions with Bob Bruss, Buying with an IRA from lectures by Kaaren Hall of Tustin, Reverse Mortgages by David Gomer of Calabasas, Equity Shares from books by Diana Bull of Santa Barbara, JOBS Act from Gene Trowbridge of Lake Forest, 1031 Exchanges from Earl Salter of Norwalk, and Seller Carryback from Duane Gomer of Coto de Caza.

Good luck and you be careful out there.


About Duane Gomer: Recognized as a leader in California Real Estate Continuing Education for Licenses Renewals and Notary Commissions. Provides courses for thousands of Californians to qualify for Sales & Broker Licenses with internet and Open-Book Testing. Furnishes outstanding preparation materials to allow students to pass the State exams on their first attempt. Duane Gomer Education has presented hundreds of LIVE NMLS Renewal Courses, the 20-Hour LIVE NMLS Pre-License Courses, and 8-Hour LIVE NMLS Federal Exam Prep Courses all over California.

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