Entering the World of Real Estate After Bankruptcy
If you've personally been touched by the pain and embarrassment of bankruptcy you may think that your life will never be the same again. You may also believe that real estate investing is a thing of the past because lenders will forever consider you to be damaged goods. Fortunately, life does go on and you will recover from this. However, it will take time before some lenders will consider lending you money for your real estate investing activities, although you do still have options. Here are some steps you can take today to begin the recovery process - while you invest.
Credit won't be as readily available to you, so the first order of business for you will be to try to quickly build some positive credit. There are several good ways of doing this. Here are just a few:
•· Secured Credit cards - After a bankruptcy your personal credit rating is in the tank. Most traditional credit card companies - even those that charge an annual fee, won't want to touch you right away. However, it won't take long for them to be willing to take a chance on you. You can grease the credit wheels by getting a secured credit card, which is simply a savings account with the issuing bank with a deposit equal to your credit line. By requiring this deposit, the issuing bank has some assurance that they'll receive the lion's share of their money in the event that you default. You'll want to utilize the card regularly and pay at least part of the balance off each month in order to generate positive credit report entries on a monthly basis.
•· Personal loans - By going to one of your local banks and explaining that you're trying to re-establish credit after a bankruptcy you should be able to convince your banker to lend you a small amount of money, say $1,000 or so, backed by a corresponding savings account or Certificate of Deposit (CD) account. You'll be paying a small amount of interest for the privilege, but the expense you'll incur will be well worth the points your credit score will gain.
•· Credit aging - Do you have a family member or a friend that would be willing to add you as an authorized user on their credit card account? They don't need to actually give you a card to use; the simple act of adding you as an authorized user will give you the benefit of "hitchhiking" off of their payment history.
While you're implementing some of these credit rebuilding strategies, you should also be actively investing in real estate. Traditional avenues of financing will be off-limits for awhile, but there will be numerous avenues you can utilize that will make real estate investing not just a possibility, but a certainty:
•· Bird Dogging - As a bird dog you work as a real estate scout, doing the leg work of locating available properties for investors who will actually close the deals. You won't be placing these properties under contract - your job simply involves sniffing these properties out and letting the investor know what you've located. When he or she closes the deal you'll receive a "finder's fee" for the project, which puts cash in your pocket and gives you practical, real-world real estate investing experience.
•· Wholesaling - This is a step up from bird dogging. You take the same steps of locating the available properties, but you also incur more risk by placing the property under contract and "selling" your contract to another investor for a profit. Depending upon how good you are at this, you can realize a substantial income by wholesaling.
•· Partners - Your credit may be badly bruised temporarily, but if you stay motivated you can find partners with cash to lend on a real estate transaction. You can utilize partners for their cash for a short term loan for buying distressed properties at rock-bottom prices, rehabbing them quickly, and re-selling them for below market prices for a quick profit - and a fast payback. There's also a possibility that you can find investors that are looking for an ownership stake and a portion of the cash flow generated by properties in which you invest. You can locate prospects among your family and friends, your local REIA meetings, or even by advertising on Craig's List.
•· Private Money lenders - You can also locate private individuals that have cash they would like to invest in real estate. If the deal is sweet enough, they'll lend you money for your real estate investing activities in exchange for an equity stake or a quick payback.
•· Hard Money Lenders - As your credit score increases you'll also be able to turn to hard money lenders for financing. The terms aren't very good, but if you've found a truly good deal on a property it won't matter. Plus, these loans will show up on your credit report which will allow you to qualify more quickly for institutional financing.
The steps you can take to rebuild your battered and bruised credit report after a personal bankruptcy are limited only by your imagination and your willingness to work hard in achieving your real estate investing dreams. So go ahead, get moving today and begin the process of rebuilding your credit score and building an investment portfolio. If you have limited real estate investing experience or you're not sure what other techniques you can utilize in coming back from financial disaster, consider finding a good real estate investing coach who can show you the ropes and teach you a multitude of techniques that can ramp up your career and have you on the right track in no time. Success is yours for the taking, but you need to get started to reap the rewards. Get started now!
Peter Vekselman has been successfully investing in real estate since 1996. He has completed over 1000 real estate deals, owned a construction company, been a private lender, and owned a property management company. Peter currently works with clients all over the US www.CoachingByPeter.com .
When is the Right Time to Hire a Real Estate Coach?
When should you hire a real estate coach? If you're committed to investing in real estate, there are a lot of reasons to hire a coach. The main reason is to produce better results in your real estate business and make more money than you currently are. You may feel that you should be operating your business entirely by yourself. After all, real estate naturally attracts the sort of people who like to work independently, and succeed based on their own mettle. Pride is fine, but you're in this to make money, aren't you? Wouldn't it make sense to set your pride aside and do whatever makes sense for your career?
No doubt, you are enthusiastic about real estate investing. If you're just starting out, though, you'll no doubt admit you've got a lot to learn. Wouldn't it make sense to find a mentor who knows the ropes, and can help you achieve greater success than you would on your own? If you've worked in the corporate world, you know how effective a good mentor can be in furthering your knowledge and improving your skill set. Coaching is different from teaching per se in that it is more focused on setting and pursuing goals. It's not that different from sports coaching, except that it is focused on real estate investment. Even if you are goal-oriented already, a real estate coach can help you set better, more realistic, more achievable goals without sacrificing ambition.
Even if you are already successful at buying and selling real estate, you might benefit from the services of a real estate coach. A real estate coach can focus your business and your goals, and give you an informed second opinion on your real estate practice. In fact, coaching is a better option for experienced real estate professional than for absolute beginners. Once you know the basics, you can hire a real estate coach to help you close the gap between where you are now and where you really want to be.
You are probably, at this point, wondering how real estate coaching proceeds. Real estate coaching usually moves forward through a series of structured conversations revolving around your approach to your real estate investment business. These conversations are designed to help you set and pursue clearer, more achievable goals, think more clearly about your business, and gain better perspective. Real estate coaching is designed to provide the tools to enhance the process of building a successful business, and helps you approach becoming more accountable to yourself for achieving your goals.
Real estate coaching is often done by telephone. It doesn't have to be; it can be done in person as well. A good real estate coach will tailor his or her approach to your needs. Before you hire a real estate coach, make they are able to adapt to your unique needs and your approach to the working relationship. If you choose the right real estate coach, you can expect them to give you objective feedback on your business and your approach to real estate investing, thus putting you in a better position to attain your real estate investment goals.
Peter Vekselman has been successfully investing in real estate since 1996. He has completed over 1000 real estate deals, owned a construction company, been a private lender, and owned a property management company. Peter currently works with clients all over the US www.CoachingByPeter.com .
Real Estate Consulting - Navigating Your Way To Success
Just as a captain of a ship needs its navigator, real estate investors need a real estate consultant. A consultant is someone who can fill in the gaps and concentrate on the details along the journey of your real estate investments. It is just as foolish to embark on a real estate investment venture without proper real estate consulting as it would be to try to cross the sea in a ship without a navigator.
In a world of housing turmoil, new opportunities are flows in the shadows of despair. But how do you know where to look for these opportunities? How do you protect yourself from the traps and scams. How do you read a market that has been turned upside down?
Metropolitans such as Atlanta, GA., where the housing market once boomed to extraordinary heights. However, after the housing bubble burst, foreclosures skyrocketed to the top of the charts. 40% of Atlanta foreclosures are of investments by novices who jump at the chance to profit on rising home values. Investors using consultants were greatly able to avoid the collapse of the industry and continue to find great profits in specified neighborhoods. Investors who did not use real estate consultants were tossed overboard into the storm. While some investors lost a great deal of money when the bubble did burst, others were fine because they had proper consultation that understood the real estate trends.
This is where a real estate consultant comes in to help shed light on a dark, but rich industry. You need A qualified consultant or consulting team can listen to where you want to find yourself and map out a plan to take you there. Someone who knows the advantages of REOs and can direct you to which doors to open. An experience consultant who knows the ins and outs of tax sales, asset protection, and can select the winners for you, also a team that research new ideas for you and assist in developing a disciplinary plan. A great part of the cost of home building is materials and you need to know the changes in the market.
Consultants can extend there services to you as property management, multi-housing construction, corporate strategy issues, and overseas development.
Take advantage of added experience, expertise, education, and evaluations. Consultants can open your horizons to expand your dreams. Take a partner who has the talents you might either be missing or do not have the time to pursue. Find a solid consultant who can act as an instrument in your ventures.
Peter Vekselman-Experienced Real Estate Investment Coach at Your Service
Learn About Real Estate Investing - Dispelling The Myths
Learning about Real Estate requires dispelling the many myths. When you train with a responsible and competent mentor or coach these myths and others will disappear. Here are a few common myths that will help you during your learning curve:
Real estate investing is for the wealthy
This is perhaps the biggest myth out there. There are a wide range of deals to negotiate, from $0 down to thousands of dollars down, which means there are deals all sizes available. What you need to do is research and plan carefully.
Understand that many deals are done by people who work 9-5 jobs everyday. They may not take as great of a risk as someone wealthy, but there are still enough deals to spread around. Success in real estate investing is in your due diligence.
You need experience
You may be envious of the people you see on those infomercials making a fortune in the real estate market, and you probably think it could never happen to you. They must have years of experience. But the truth is that while those people may have been lucky, odds are they're just savvy investors. If you learn as much as you can about investing in real estate and plan your next move carefully, you could easily join their ranks. Your mentor or coach will also help you with your comfort level on making your first steps.
You need good credit
Good credit helps, but you don't need it to make money in real estate. There are so many creative ways to invest in real estate without ever looking at your credit. Again, you must learn your options and do your research
One tip though, work on repairing your credit because it allows you even more options and more power when investing in real estate.
There is too much competition
There are more than enough deals to make everyone wealthy. At any given time there are hundreds of properties for sale in your market for each investor looking for them. Be aware, a majority of people who say they are investors are just sitting on the sidelines waiting for the right deal to fall in their lap. Real investors go out and make deals happen.
It will not work in your area
It works in EVERY area. True, it may work differently in some markets than in others, but there are investors making money in every city, every day of the week. You have to learn your market: the rents, the trends, the local customs, the bankers, the title companies, etc.
It is in your best interest to learn the techniques and adapt them for your market.
There are many myths that keep very capable people from venturing in the world of real estate investing. Myths can actually cost you thousands of dollars if you do not know the truth. Get help from an experienced mentor or coach and learn the real truth as you begin your journey to successful real estate investing.
Peter Vekselman-Your Real Estate Investment Coach
Invest in yourself first to assure success!
As you may have heard, the financial crisis is having negative affects on people's health. Many reasons are to blame. Fear, not having enough money to pay your bills, arguments at home about how to spend what money you do 
have left, keeping your home, you name it.
These concerns all raise blood pressure and stress levels...none of which are good for your health.
So it is time to first invest in yourself and your health-both physical and mental health. Take a deep breath and allow yourself some time away from everyone and everything, even if it is just a few minutes at your desk. You have heard of the desktop vacation right? You close your eyes take a few deep breaths, think of a place you would love to be and just GO there.
Relax enjoy the trip and then move on with your day. Do this about 3-4 times a day for just a few minutes and you will be amazed at how this reduces your blood pressure and makes you feel incredibly rested.
Now if you are fortunate and have some time and a little extra cash, then treat yourself to a vacation. You have worked hard for many years. Take advantage of the extra time you have now before the real estate boom returns....and it will!
Life is too short and anyone who has lost someone suddenly or to a long illness, which I am sure we all have, realizes that you need to take the time to enjoy life to the fullest. We only get one life, so make it something you can look back on and be happy about.
If you do not take care of yourself first, you cannot take care of anyone else in the way you want and if you get sick, you will lose valuable time which can never be recovered.
So invest in yourself ...you deserve it....and remember tomorrow is never guaranteed!
Peter
Peter Vekselman: Invest in yourself and work with the best...Coach Peter a National Real Estate Investment Coach and mentor. Start your successful real estate investment career today. www.coachingbypeter.com
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I am a private, National Real Estate Investment Coach, with over 12 years of Hands on Real Estate Investment Experience. I will personally walk you through each and every step to insure your success!
Real Estate Mentoring Tips by Peter-Podcast - Click here
Press Release on Peter Vekselman Training Program - Click here to read
Investing in real estate is a serious business. But don't let all the negative news turn you away from significant wealth that awaits you in this market. I will train you personally to be ready so that you do not lose out when the market starts its upward cycle and it will! Always has, always will.
Be 2 steps ahead of the other investors out there by investing in yourself first and get the real estate training and mentoring that you will need to succeed. Don't go it alone, especially now.
Give me a call and I will personally discuss a customized real estate investment training plan to fit YOUR needs.
See what people who know me have to say about my background and the way I do business:
Most of us are so afraid of venturing into uncharted territory that we never take a risk and as a result we fail to reap the financial rewards and personal satisfaction that comes from trying something new. However, for Peter Vekselman, going his own way and prudent risk-taking has been the secret to his success and has played an instrumental role in his development into a business leader.
Many people are misled by coaching programs full of promises only to find out they are delegated to junior assistant who is unable to teach you hands on profitable strategic aspects of Real Estate techniques. One of the hardest things about real estate is the implementation stage and It is then where costly mistakes occur.
There is money to be made in Real Estate. My experience and knowledge base will unlock YOUR SUCCESS.
For the first two months, Peter will coach you in person or by phone, teaching you the business his way-the way that works in any real estate market in any part of the country.
Be prepared to study hard, because you'll work your behind off!
From due diligence and market analysis, lead generation, advertising, using software and technology to estimating repair and rehab costs to cash flow analysis to business structure and making offers-Peter Vekselman will teach you his secrets. His secrets that have made him a millionaire!
Don't be misled by other coaching programs that promise you a "guru prince" and deliver you a junior assistant frog. Peter is going to teach you, personally.
For the following ten months - Peter will be at your side, either in person or by phone, when you go into the field to put into practice the techniques you've learned.
"One of the hardest things about real estate is the implementation stage. It's when you go out into the field that you make all the mistakes. I actually support my students while they are out in the field and thus prevent them from making those potentially terrible mistakes. My clients always have their answers just a phone call away."
Peter Vekselman
Peter Vekselman's Bio: Pioneer Real Estate Investor
After successful stints as an insurance agent, owning a vending machine distribution company, and even a mobile home dealership, Vekselman discovered that he had an interest in real estate. Deciding that his mobile home dealership was a natural first step into real estate, he attended a real estate investing seminar that provided the impetus for him to make the leap.
Unfortunately for Vekselman, while the seminar did a good job of selling him on the benefits of real estate, it failed to deliver on its promise of giving him the tools he needed to succeed. Determined to leave his mark on the real estate world, Peter Vekselman tried to hit the ground running -- and succeeded in running headlong into one of real estate's most enduring and closely held secrets: it's one thing to know something; it's another thing to do it.
During his first six months of active real estate investing, Vekselman made every mistake that an inexperienced investor to make, and in the process managed to lose more than $500,000. His lack of knowledge caused him to overlook the importance of understanding property values; consequently, he dramatically overpaid for property. In addition, he worked with realtor's that didn't truly understand his needs and he also made the mistake of working with contractors more skilled at separating him from his money than doing quality work.
Because of all the mistakes he made during that six-month period, he was able to obtain a doctorate level real estate investing education at lightning speed and was able to learn from his mistakes and turn his business around. Drawing on his business experience, and by making a series of shrewd real estate investments, Vekselman was able to develop one of the largest real estate investing companies in the southeastern United States.
While he worked hard, Peter Vekselman also believe in working smart. He only had a staff of three, but he was able to consistently close between 200 and 250 real estate deals every year. Purchasing property at a steep discount and immediately flipping it for a profit kept the company in cash, which allowed him the luxury of holding on to his other properties for long-term equity appreciation and monthly cash flow.
Because of his deepening passion for real estate, he found ways to close deals that other investors wouldn't touch. Primarily using institutional financing and cash, he invested in every conceivable form of real estate:
•· Houses
•· Apartments
•· Condo Conversions
•· Commercial Property
•· Land Deals
•· Small Developments
Because of his positioning in the marketplace, Vekselman was able to attract the very best deals. Furthermore, his keen understanding of current trends allowed him to quickly analyze and act upon new opportunities while others were still in analysis mode. He had one of the most profitable, self-sustaining real estate operations in the Southeast United States.
In order to keep growing, Vekselman did something that at the time is almost unheard of: he formed his own construction company in order to increase its profitability and get his properties rehabilitated and back on the market more quickly. Before long, the construction company expanded and began doing work for others.
Sensing a need in the marketplace, Peter Vekselman was able to raise about $9 million in private money and he began funding real estate loans for other investors. By giving his private investors a good return on their investments, he was able to further expand his real estate empire by lending money out and earning a good return on the spread.
Vekselman also saw opportunity in the Property Management niche. With his wealth of real estate experience he decided to parlay his knowledge of managing his own properties into opportunity by opening his doors and managing residential and commercial property for others.
Peter Vekselman's foresight in seizing opportunities as they came along allowed him to develop one of the first one stop shop real estate concepts in the U.S. What made this concept so unique was the fact that all of his real estate services were available under one roof. Instead of referring people to related businesses across town or even down the street, he was able to refer them down the hall.
After his impressive track record of consecutive business successes, Peter Vekselman made what seemed the most logical transition at the time: He decided to begin sharing his knowledge with students all over America, teaching others how to capitalize on their dreams of real estate investing riches.
Peter currently works with real estate investor clients all over the US www.CoachingByPeter.com .
Sometimes it's not what you know but who you know, Peter will share twelve years worth of business contacts with you. He'll introduce you to the movers & shakers, the top-flight contractors, leaders, realtors, brokers, appraisers, attorneys & investors.
Never again will you have to wonder where to turn--you'll know the best in the business. And they'll know you!
"After I was coached by Peter Vekselman, I made $450,000 on one deal"
Mickey Steward
"I have been working with Peter since September 2001 and have had nothing but success since that time. My income in investing started 2001 at 85k and went up to 150k the following and has not been lower than this amount since. My most successful year was in 2005 where I made 265k. Peter is an excellent mentor and coach to start your real estate investing career with."
Tim Mitchell
"Being taught by Peter Vekselman is awesome. On my third deal I made $2,000. And all I did was just find the deal. Thanks for everything!"
Abeeku Rebiero
"I made over $21,000 on a deal. Working with Peter is the way to go."
Derek Patterson
"Pete promised me ongoing support. He has delivered on that promise. Thank you for taking me by the hand and showing me the way."
David Kim
Hey Peter,
I used to see a DVD or attend a seminar and be chock full of good ideas, but having no clue on how to actually implement them. Now, I know how to make it work.
I do the market research, testing methods and-- more fundamentally--I get it. I know what real estate is really all about. Markets. How to identify them, understand them and reach them with the right message that attract both sellers and buyers.
I've just keep accelerating. I've had a few bumps and plenty of late nights putting it all together, but this has been one great ride so far and extremely rewarding to my bank account balance to boot!
Larry Johnson
Peter was a godsend to us. We've been looking for a real estate mentor to guide us in the real world. Peter is extremely knowledgeable in every aspect of real estate. He's legit and a solid mentor. Peter's insight goes way deeper than the stuff written in those real estate investing books. He's always only a phone call away when you need him. If you want to learn street moxy real estate, Peter is the man. We are very happy with our progress and with Peter's help we know we will succeed with his "no matter what" strategy.
Jesamine and Paul Montufars
YOU CAN MAKE MONEY OR EXCUSES, BUT YOU CAN'T MAKE BOTH!
"Peter, as a coach, takes the time to cultivate the relationship. Unlike numerous other Real Estate GURUs who make their money from seminars, manuals and CDs, he is out in the field making deals daily. He has discovered a system that works and that works consistently! If you really think about it, any real estate investment coach should focus on giving you repeatable results, not just something that may work for a few select people. There is no doubt, that the education and mentorship I'm receiving by working with Peter is exponentially more valuable than the payouts I'll receive from making a few deals. I am able to actually strive to learn and improve on an on-going basis over time. Failure is not an option!"
Marc Mitchell
We have been working together for about 3 months now and I have to say, I've learned more about Real Estate Investing in these last 3 months then I have in the last 3 years! If you are new to real investing, and you want to learn how to invest correctly, then look no further. I have been trying to do real estate investing for the last 3 years before I met Peter. I've bought so many books and CD's on the subject. I could never wrap my head around it complete. What really caught my attention were the words "fundamental of investing" I've been to seminars form California to Texas, and not one of these so call real estate investment seminars ever used the word fundamental. He has changed the way I look at real estate in a good way, they right way!
Kenny Malabag
Peter Vekselman has been an outstanding real estate coach and mentor/professional and knowledgeable about what he teaches and does. He's a man of honesty & integrity. We are truly excited to be working with Peter.
Jamal & Sara Joffrion
Your coaching program has helped me truly understand what it takes to succeed in real estate. Your one on one approach and keeping it real style is what I admire the most. Now that's something I truly appreciate. I look forward to continued success working with you.
Jomondre Frink
My goal working with Peter was not only to learn but to capitalize on the current market. 30 days into the process I have already bought two deals with tons of equity and great cash flow. Pete's techniques and strategies are second to none.
Ezhelan Ramarajan
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