Mike and Linda Hale

Mike and I recently joined Keller Williams Chervenic Realty in Fairlawn and just finished holding our first Millionaire Real Estate Investor's Workshop. The material is great for beginner investors and even experienced investors can get some good info from the book.

We kind of threw the presentation together at the last minute so it was nice that Keller Williams provides a strong PowerPoint presentation. The best selling book by Gary Keller is a great "take away" piece and the accompanying workbook makes a good place for the guests to jot down notes, contact info, etc.

We put a lot of our preparation off till the last minute, and then had a major snow storm last night, so we were scrambling to get organized. We couldn't find a screen for the PowerPoint and had to present on a small wall which was a bit unprofessional. We'll be sure to set that up the day before the next presentation.

I thought our first presentation was a little awkward, but I can tell that the concept will really take off. We had 13 people attend, including two of my friends (a loan officer and title company representative.) If anyone is considering holding these monthly workshops, I definitely recommend asking some professional friends to attend to answer questions about their field. We talked about lending and title as well as the Akron housing market. No matter what anyone says about the market, investors are buying properties. Nearly 300 single family homes closed in Akron in the last 6 months for under $30,000 and that's only through the MLS. I can only imagine that a lot more sold without the aid of a Realtor.

The overall consensus on the workshop was to run the PowerPoint presentation for the first ½ hour then form a sort of "book club" where regular attendees can discuss the book and talk about their progress or set backs. There were a couple of realtors in the group, one real estate student, a couple of experienced investors and a couple of new investors so it should make for interesting future meetings. We are planning future meetings for the 3^rd Tuesday of each month at our Keller Williams office in Fairlawn; presentation at 6:30 and book club from 7-8. We will also be holding this same workshop on Saturday morning at the Keller Williams office in Stow.

Want to Buy a Real Estate Short Sale?

When lenders agree to do a Short Sale in Real Estate, it means the lender is accepting less than the total amount due on a mortgage or note.

This can be great for a buyer looking for a deal but comes with its share of problems as well.

1. First of all, not all lenders agree to accept Short Sales and not all buyers will qualify. (Your pre-approval letter will go a long way here.)
2. Just because it's a short sale does not necessarily mean it's a good deal. You still have to do your "due diligence." Check comparable sales in your market. Don't' go by list prices. You need to see what similar homes have sold for in the neighborhood.
3. It is important in any real estate transaction to have proper representation. Remember, the listing agent represents the seller. Real estate commissions are generally paid by the seller so why not have a professional on your side - especially on a Short Sale.
4. Make sure you make your offer contingent on the Short Sale being approved by the lender within a reasonable time frame. --You don't want to wait around for weeks to find out that the lender won't approve your offer --but you don't want your offer to "die on the table" before the lender has had a chance to read it either.
5. There is a good chance there will be more than 1 offer presented to the lender so make sure you do your homework and send a qualified offer. Low ball offers may sound great, but a well thought out offer will have a better chance of being accepted.
6. ALWAYS perform a professional home inspection. Even though the Short Sale lender will probably require an "as is" sale - you still need to know what repairs will be required and how much more it will cost to maintain the home. It may save you $1000's in the long run.

Just a note: I am a REALTOR®, not an attorney, cpa or financial specialist. Writing or accepting an offer on a home is a potentially binding contract and buying a short sale takes extra care and diligence. When in doubt ALWAYS consult the appropriate professional.