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Direct Mail Tip, Address Service Requested

August 13th, 2008

Here is commonly overlooked direct mail tip.  In the area just below your return address, include the phrase "Address Service Requested" This tells the post office that you want the new address, if the mail piece if forwarded, you will get the new address, but you will have to pay a fee which i think is 64 cents.  But this will keep your mail list clean and you will be one step ahead of your competition.  Here is my video on the subject.

Bandit Sign Stakes on the Cheap

August 5th, 2008

 Here is a quick tip to save you money on corrugated sign stakes.  Go to your local hardware store and in the masonry section there is brick ladder.  It is used in foundations as rebar and can be bought for under $2.  Then go buy some bolt cutters for under $20 and you can cut the brick ladder into 4 sign stakes that usually will cost you $2 each.  I cut them in the parking lot so you don't have to worry about trying to haul them, especially if you don't have a truck.

Always Ask for Owner Financing

June 12th, 2008

I always ask for or suggest owner financing on every deal.  Most motivated sellers aren't interested in owner financing, but I use it as a way to show that I can pay their price if they can work with me on the terms, but if it is going to be a cash offer, then the offer has to be low.

55 Second Postcard

June 4th, 2008

 Here is a video on an easy way to make a unique and effective postcard.

This came to me when I was trying to get MS Word to make a postcard. 

Do it the old fashioned way and hand write it and then copy it. 

Your postcard will stand out and get read.

And you didn't have to fight the computer. 

Real Estate Investing Is NOT….

January 7th, 2008

Condo (or any real estate) contracts from the developer pre-construction

That's gambling and the house always wins.

Property Management 

Property Management is a low profit business that will take years off your life

Flipping Houses

Flipping houses is a business that generates and income, you stop flipping, and you stop earning

Wholesaling/Assigning Contracts/Flipping Contracts

See Flipping Houses 

Watch the video to get my full break down. 

Vacant Houses Make Me Money

December 28th, 2007

In my previous post I told you to "Make Your Money When You Buy"

The primary way to find "deals" is to buy houses that are not actively on the market.

And the best way to find houses that are not actively on the market and have a good chance of being for sale are vacant houses.

Here is a vacant house that I have been watching that was recently boarded up.

Vacant boarded houses make me money, but only if I work them.

The secret to vacant houses is simple, go one step further than your competition to find the owner.

Now here is a quick 1 minute video of a yummy vacant house.

Make Your Money When You Buy

December 27th, 2007

Here is a 2.5 minute video where I lay out the principle "Make Your Money When You Buy"

It is easy to find a house to fix.

But you are not looking for a house to fix.

You need to find a house that you can make a profit on.

Fixing the house only makes the profit larger and easier to obtain.

If you don't buy a house with equity from day one, your career will be short and charitable.

So "Make Your Money When You Buy"

Now watch the clip 

Laying the Foundation at an Ugly House on Everett Place

December 22nd, 2007

Here we are finishing up the foundation for the addition on the house on Everett. 

First you dig a hole to pour the concrete in, here in North Carolina for a one story we need to have at least 16" of concrete deep.  Every locality will be different and it will depend on your average soil conditions and frost line. 

The inspector must inspect the footing for the foundation to make sure the soil is stable enough, once that passes inspection we can pour the concrete and then lay the block to make the foundation.

But really all you need to concentrate on as the investor is hiring the right people to navigate the inspections and code requirements.

Do not pay until you have passed inspection!!  It may look done, but it's not done until the inspector says it's done.

8 Basic Steps to Flip a House

December 20th, 2007

Here is a clip from a seminar I did and I lay out the 8 basic steps to become a real estate investor that flips houses.  Here are the steps I lay out:

  1.  Study The Business
  2. Research Your Farm Area
  3. Find A Deal
  4. Close The Purchase
  5. Fix and Make House Market Ready
  6. Hold The House
  7. Sell The House
  8. Close The Transaction

Of course I forgot to mention to Rinse and Repeat, so I guess that now makes it the 9 steps


Welcome to My Blog on Flipping Houses

December 5th, 2007

My name is Scott Patterson and I am just starting my blog and getting all of the kinks worked out to make this a very educational, entertaining video blog on real estate investing.  I am going to make posts and videos of my experiences of real estate investing and flipping houses.  Please subscribe on the the right hand side to get my new posts as I make them and feel free to fill out the contact form to ask me a question and I will do my best to make a video response answer to your question.