There are things you can do at a networking session that simply can't be done on the MLS or in an open forum. Most of this I published 3 years ago:
Back in 1974 I went to my first meeting with Chapter Number One of the Farm and Land Institute a division of the NAR, now called the REALTORS® Land Institute. At that time they were the dominant commercial arm of the NAR, Unlike the better known and better educated CCIMs these were people, people. They taught me was you don't need to talk about the property, leave that to the CCIM's!
Yes, I did say that you don't need to talk about the property!
At FLI marketing sessions we rarely talked about the property we talked about solving the people problem! It's not that we don't need to know about the property we do, but facts are facts, put them in writing. Print a flyer, a hand out sheet, a copy of the MLS print out. Don't except us to take sufficient notes about the property to sell it to our investors when we get to a phone or back home!Here we are thirty-four years later and that's still great advice, but what does it have to do with networking?
Networking gives us access to people like those old FLI brokers who can help, people with hard earned experience, people that will with-in reason share freely. Give them the facts about the property in writing, so that they can have them in hand while discussing your problem. When talking we're going to look for solutions which more often than not have much more to do with the buyer and seller than the property.
If you're looking for help, be prepared to discuss both of your clients needs wants, desires, and assets, because that's where the solution lies.
One more thing remember that "within reason" there is a point after which we should be paid.
Often, problems really only needed an idea or a simple referral.
Networking allows you to solve the people problem!
Bill
William J Archambault Jr
The Real Estate Investment Institute
Yes, it' convenient that every one has determined that besides the evil bankers, it's the poor who are causing our current financial debacle!
The poor, poor, poor, poor! Where are these right wing talk show host living? I've seen a lot of foreclosures in the last few weeks in both Las Vegas and Houston South to what remains of Galveston. With a few notable exceptions these REO's were never owned by the poor! Working middle class yes, but not the poor.
But, I keep hearing these talking heads spouting about, lying poor buying houses they should never have been allowed in, except as domestics! I can understand the "left" they haven't told the truth since Roosevelt The Second. It's the "right" that concerns me, these fools must never have seen an REO! They must be wearing blinders!
Even using the infamous "Option Arm's" negative amortization these homes were never owned by the poor.
No one seems concerned about facts. No one questions the explanation "du jour!" There are problems with the CRA, Community Reinvestment Act, but it's not our current problem! Simply put the majority of foreclosures and the REO's are not in areas involved in the act.
Bill
William J Archambault Jr
The Real Estate Investment Institute
Some of you have ask about the Avatar that I've been using to promote the Upcoming Barcamp in Houston, October 22. I'm using an online subscription service called SitePal. You can find it at: https://vhost.oddcast.com/admin/index.php?q=login
I'm editing the sound through Audacity which is the free shareware program I use to repair my pod-cast at: http://www.realestatesage.info You can get Audacity at: http://audacity.sourceforge.net/download/
I've been trying to make my bloggs look more interesting and it was either a new photo of me or this talking caricature. I'm open to suggestions as long as they're anatomically possible.
Those of you without speakers or head-phones will never know what you're missing!
Have fun with the program!
Bill
William J Archambault Jr
The Real Estate Investment Institute
I first published this in 2005, despite everything it's very relevant today. Don't let the changing nature of the current market distract you,! Be careful of hucksters with new words IE: short sales, REO's and real estate auctions confuse you. The only things that have changed are the prices (there better), the opportunities (there is more opportunity today than there has been in our life time), the increasing masses of uninformed and deliberate misinformation. It's a buyer's market and a great time to buy! Seller's it's a great time to be a buyer, sorry.
How Not To Lose A Million Dollars In Real Estate
I saw an article "How to lose a million dollars in real estate" what a great title! Then I saw the author Verna Jones-Cox (real estate short sale expert) no wonder it had a great title. I met Verna about two years ago and I would have expected no less. So with my apologizes to Verna, your title was
to eye catching not to play on.
My first book "One House At A Time / Finding and Buying Single Family Rentals" is directed at real estate beginners and burnt out students of TV real estate gurus, the very people that can't afford to lose money. These are also the very people that are most likely to lose money, especially when miss lead as so many are.
"One House At A Time" is subtitle "Finding And Buying Single Family Rentals" the key words are "Single Family" most people should stick to what they know! Single family homes whether rentals or flips are just like the houses most of us have lived in all of our lives. Maintenance, improvements and day to day upkeep are the same as you've been doing ever since your mother first noticed you were big enough to push a broom. Buying and selling them is just like your own home.
New real estate investors have enough to learn, single family rentals are simple to maintain (just like your home), but you have to deal with tenants, rental laws, and contracts. Flips require different decisions retail or wholesale, paint or paper, landscape or simply clean, etc . . . Sticking to what you're familiar with will ease the learning curve and most new investors will make money, if only because it hard to make a big mistake!
Rule # 1. To make money expand upon what you know!
On the other hand even if a person has lived in an apartment for 30 or 40 years, walked on land, shopped in stores and worked in an office every day of their life there is very little relevant experience to owning and managing them! I attended a meeting of would-be real estate investors, a group I knew well. Their Guru (with little experience but more money that his audience) spent more than two hours urging the audience to liquidate their single family homes to buy into commercial projects! It wasn't until the very end that we learned he was pimping a $5,000.00 week end book camp on commercial investing! Most of these peoplehad not yet mastered single family rentals! Some didn't yet have a home of their own. The only thing this program was offering was a chance to lose $5,000.00.
Rule # 2. Avoid pimps!
Most of you reading this don't yet have a million dollars! Your losses will accrue from inaction, delay, and procrastination. In today's real estate market most of you will not lose a million dollars. You will lose several million dollars!
Rule # 3. Buy houses! Now!
"NO!" That's the advice most often given if you foolishly ask anyone if you should do anything. There is never a risk telling you "NO." If you ask a friend should I and he says "yes" and you fail he lost a friend! If a friend says no and you succeeded anyway "you got lucky" everyone wins. If you lose, there's great bounding in commiseration, and great satisfaction in "I told you so!" You'll get the same "NO!" from your attorney or CPA, but they will send you a bill for bad advice. Strangers will say "NO!" because they don't want you to succeed. Family will say "NO!" because they don't want you to get hurt.
Rule # 4. Avoid third party advice.
Some people will advise you to "do it." They're the ones who get paid! We all know what you call someone who "does it" for money.
Getting paid is good, I'm a mortgage broker I get paid when you "do it" just like your real estate agent. I'm also a Guru. Be careful, good advice is worth paying for, but whores are whores!
Rule # 5. Avoid Whores!
Bill
William J Archambault Jr
©WJA/REII 2005/2008
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E-Mail Me at wja@reii.org The Real Estate Investment Institute, publishers, speakers, teachers, hands on & long distance consulting. 39 years expe
I've been in lending and real estate going on 39 years. My fourth book, Get The Money / A Consumers Guide To A Successful Mortgage Application" is to share that experience with the consumer. By understanding the mortgage loan application, and process, hopefully they won't feel like an innocent prisoner standing before a Judge.
There are things in this text that you are not going to agree with! Things that you're going to shout: "That's not right!" "Not fair!" "That makes no sense!" If you're into social reform great, but this a book for people that want/need a mortgage! You can either be a social reformer or a home owner! Take your choice! In real estate and lending we have our own Golden Rule.
"He with the gold rules!" To Get The Money, give them what they ask for!
I've been in lending and real estate since 1969, but lately I mostly write and teach real estate investment..
Mortgage lending and borrowing, real estate, financing, sales, investing,, SFR, and Apartments.. "Get The Money / A Consumers Guide To a Successful Mortgage Application" is a guide for consumers helping take the mystery out of applying for a mortgage. "Get The Money / A Consumers Guide To a Successful Mortgage Application" dispels that feeling of standing in judgement. "Flipping For Fun and Profit" The art of buying low and selling hig quickly! "A Bakers Dozen / A Real Estate Anthology" I, III, II, IV. 
Do you have any good testimonials that clients have provided you in the past? Be sure to add them here.
Mortgage lending and borrowing, real estate, financing, sales, investing,, SFR, and Apartments..
I'm the author of "One House At A Time / Finding And Buying Single Family Rentals" a book for new real estate investors and burnt out victims of TV Real Estate Gurus. "One House At A Time / Finding And Buying Single Family Rentals" is also ideal for people who though they couldn't own their own home, everyone can own a home.
"Get The Money / A Consumers Guide To a Successful Mortgage Application" is a guide for consumers helping take the mystery out of applying for a mortgage. "Get The Money / A Consumers Guide To a Successful Mortgage Application" dispels that feeling of standing in judgement.
"Flipping For Fun and Profit" The art of buying low and selling hig quickly!
"A Bakers Dozen / A Real Estate Anthology" I, III, II, IV. I met Bill Archambault in 2002, which was three years too late (more on that later). I was just hired as Operations Manager at a new mortgage broker, called Custom Home Loans. I had no Mortgage Industry experience. My background included similar positions at start-ups and nearly start-ups in the Semiconductor Brokerage and Design Automation oftware Industries. Because I was so new to the Mortgage Industry, I read books and periodicals, but mostly I asked questions. One of my favorite sources of information was Bill Archambault (this book's author). I liked speaking with him because he had worked in this industry for decades and was still enthusiastic about it. He was excited to talk and I was happy to listen about HUD subsidized home developments he had built in the Midwest and about how we can help clients build wealth through Real Estate and so forth. His stories were
easier to understand than books with Nevada Revised Statutes, legal
definitions and case law. And it was even more interesting when
contrasting it with HUD periodicals and rulings.
I met Bill Archambault in 2002, which was three years late. On February 22, 1996, I met my wife, Ana Maria, while visiting Las Vegas. I instantly fell head over heals for her and dated her for a few months back and forth while I lived in Orange County, CA. In June, I moved to Las Vegas to be with her (everyone say, "ah"). We were married the following June and our son, Hunter, was born in February of 1999. We were living in a nice, but small home that my wife had purchased before
we were married. With my income added to the family budget, I felt we could afford and upgrade. I also wanted to have a house that I felt was "our" house, plus we wanted a house with a pool. So, we started looking for a new home. One night, my wife put our baby, Hunter, in the car to try to get him to sleep. When she was driving around, she saw a home with a "For Sale by Owner" sign in the yard. My wife knocked on
the door and the owners showed her the house. She instantly liked it and we made an offer for the home. Our existing home was listed with a Realtor and we asked a friend for a referral to a Loan Officer. Here is where our beautiful story turns into a financial nightmare.
It should be noted that in 1999 all I "knew" about the Mortgage Industry was that you put 20%, so you don't pay PMI and you do a 15 year fixed mortgage, if possible, so you can save on interest. The home we sold had a payment (including principal, interest, taxes and insurance or
PITI) of $888 fixed for 30 years as a primary residence loan at about 7% interest and she had lived in it for about 3 years. Rents for home like this were about $1,100 per month, so it would have been a great rental, but I thought we needed 20% down for the new home. Our Realtor didn't tell us, don't sell the home. That would have meant she would have missed out on $9,000 commission for selling it. Our Loan Officer didn't
advise us how we could finance the new home with zero down and still have an affordable payment. We asked for a 30 year fixed loan with 20% down and that's what he gave us. Looking back, we should still own that home. Had we kept it, we would now owe $100,000 on a home worth nearly $400,000. A $300,000 mistake that I could have avoided, had I met Bill
Archambault 3 years earlier. Timing is everything and knowledge is powerful, I am a living example.
Best regards,
Brent A. Wood
Chief Operating Officer
Custom Home Loans
"You are the Harvey Mackay of foreclosure real estate...now I fell....well...kind of...shark-proof " Brian Brady
Billl - awesome... That is one of the best blog posts that I have seen on the Rain - thanks!! there should be a Hall Of FAME board - that would be on it.
Kate Bourland 8-3-07
"Hello Jason, Bill Archambault here."
It may not seem like a big deal to you folks, but when I heard that, I cringed. You see, to me, that guy is to Mortgage Lending as Babe Ruth is to baseball.
by Jason Sardi on 08/07/2007
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