Criteria to select an area!

[larolargo]

What criteria do you guys use select an area to call FSBOs when quick turning?
Do you just pick a top 10 town?
All of my good leads are coming from Surrey and Maple ridge, but I was wondering If there is a more detailed way to pick the areas such as the "ACRE" system.
Thanks!

Mario

 

[Thomas Beyer]

here`s a few .. not necessarily "Top 10" but close to :

in-migration
job growth
diversity of industries
property taxes
transportation improvements
infrastructure investments
quality of life improving
income levels
income growth
affordability

 

[RussellWestcott]

Mario welcome to the family... it was great to meet you in Toronto last weekend... you definitely have what it takes from the standpoint of taking action >> congratulations

In your REIN™ welcome package, you received the ACRE™ homestudy program... study the section on the 12 economic fundamentals that drive real estate values up and down. In that section of the program you will find a top-notch system to analyze regions.

Make sure you use the Property Goldmine Scorecard, to help you with the process... many of the fundamentals Thomas mentioned above are on that checklist.

Finally you should have also received the BC top investment town report, this is a good research tool for you to use.

See you at the next meeting

 

[larolargo]

QUOTE (ThomasBeyer @ Nov 4 2010, 07:41 PM) here`s a few .. not necessarily "Top 10" but close to :

in-migration
job growth
diversity of industries
property taxes
transportation improvements
infrastructure investments
quality of life improving
income levels
income growth
affordability

So basically you use the same criteria as the ACRE system right? I was confused because in the ACRE system you target renters, not buyers so I guess
the same pre-requisits would apply.

Thanks again Thomas!

Mario

 

[larolargo]

QUOTE (RussellWestcott @ Nov 4 2010, 07:47 PM) Mario welcome to the family... it was great to meet you in Toronto last weekend... you definitely have what it takes from the standpoint of taking action >> congratulations

In your REIN™ welcome package, you received the ACRE™ homestudy program... study the section on the 12 economic fundamentals that drive real estate values up and down. In that section of the program you will find a top-notch system to analyze regions.

Make sure you use the Property Goldmine Scorecard, to help you with the process... many of the fundamentals Thomas mentioned above are on that checklist.

Finally you should have also received the BC top investment town report, this is a good research tool for you to use.

See you at the next meeting

Thanks Russell,
it was great to meeting you too!
The thing that I am still confused is if I use the ACRE steps for quick turn side of the business or they just apply for long term buy and hold.
Looking forward to my first REIN meeting!

Mario

 

[Thomas Beyer]

QUOTE (larolargo @ Nov 5 2010, 10:26 AM) ..The thing that I am still confused is if I use the ACRE steps for quick turn side of the business or they just apply for long term buy and hold.
The REIN system is built around buy and hold (5+ years with modest cash-flow) .. as quick turn works ONLY in selected circumstances . Quick turn works best on a spreadsheet, in midnight commercials and when presented by fast talking US based reps selling CDs/sales training .. or for the very few folks that indeed spend the necessary time to educate themselves on its principles [far fewer than buy and hold, btw !!] !

Buy and hold works in ANY region that grows .. better in regions that grow faster than average (i.e. Top 10 towns) .. but it requires an asset class that allows cash-flow with leverage of 70%+ .. i.e. smaller, older homes or multi-family. It usually does not work so well for newly built condos, big houses or large acreage type properties.

Related posts:

5 ways to make money http://myreinspace.com/public_forums/General_Discussion/61-3347-5_ways_to_make_money.html

Do what you love: http://myreinspace.com/public_forums/Real_Estate_Discussion/62-16722-Love_what_you_do_-_Do_what_you_love_.html

How to get started http://myreinspace.com/public_forums/General_Discussion/61-4391-How_to_get_started_.html

How did I get started: http://myreinspace.com/public_forums/Real_Estate_Discussion/62-15422-Is_my_goal_of_200K_annual_income_feasible.html

50/50 in a JV – is this fair ?
http://myreinspace.com/public_forums/Real_Estate_Discussion/62-2015-5050__is_this_fair_.html

 

[housingrental]

"as quick turn works ONLY in selected circumstances . Quick turn works best on a spreadsheet, in midnight commercials and when presented by fast talking US based reps selling CDs/sales training !"

This is very brutal Thomas

To be fair you could add: For a few well skilled REIN members who are willing to dedicate significant time and money to create a viable business out of it`s principles.

 

[JohnS]

QUOTE (housingrental @ Nov 5 2010, 02:50 PM) This is very brutal Thomas

To be fair you could add: For a few well skilled REIN members who are willing to dedicate significant time and money to create a viable business out of it`s principles.

Wow, there`s something you don`t see every day - someone getting the slapdown from Adam for being too harsh!


Have a good one, all!

JohnS

 

[lanedry77]

QUOTE (housingrental @ Nov 5 2010, 12:50 PM) To be fair you could add: For a few well skilled REIN members who are willing to dedicate significant time and money to create a viable business out of it`s principles.
I would completely agree with this.


Thanks,

David.

 

[Thomas Beyer]

QUOTE (housingrental @ Nov 5 2010, 11:50 AM) .. To be fair you could add: For a few well skilled REIN members who are willing to dedicate significant time and money to create a viable business out of it`s principles.
you are right .. so I added this:

or for the very few folks that indeed spend the necessary time to educate themselves on its principles [far fewer than buy and hold, btw !!]

 

[housingrental]

That`s a shame

I was hoping my post would be read for entertainment purposes only!

QUOTE (ThomasBeyer @ Nov 5 2010, 05:08 PM) you are right .. so I added this:

or for the very few folks that indeed spend the necessary time to educate themselves on its principles [far fewer than buy and hold, btw !!]

 

[BenSanderson]

Ron LeGrand will tell you that his Quick Turn methods will work anywhere there are people buying and selling houses.

However, once you understand that your exit strategy is just as (and perhaps more) important than your buying strategy, I think it would make sense to focus on areas that meet REIN`s economic fundamentals criteria. If you have stability, growth, and plenty of people looking for housing, it should be that much easier to find and then move your properties. The Quick Turn business, like many things, is a numbers game, so the more *qualified* people you cater to, the easier it will be to make a go of it.

 

[Thomas Beyer]

QUOTE (BenSanderson @ Nov 7 2010, 06:12 AM) ..The Quick Turn business, like many things, is a numbers game, ..
indeed .. AND needs experience and education to get good at it !!

 

[housingrental]

Ahh but how much experience and education to get good at it?
And what sort of pay is possible once so per hour and per dollar risked? And how common is the result?
And how costly is the experience and education?
And what are alternative uses of your time and money and how do they compare in terms of return?

There seems to be a lot of people who have spent a lot of money and time on this with only very few showing any meaningful results. The ones who have kept at it a long time seem to eventually quit or find selling education relating to it more profitable.

Perhaps investing in how to run a quick turn seminar business would be a more desirable path?

QUOTE (ThomasBeyer @ Nov 7 2010, 11:45 AM) indeed .. AND needs experience and education to get good at it !!

 

[Thomas Beyer]

QUOTE (housingrental @ Nov 7 2010, 10:11 AM) ..

Perhaps investing in how to run a quick turn seminar business would be a more desirable path?
Ron LG seems to have understood that over a decade ago ..

For every 10 or 20 attending seminars I`d guess that only 1 will do well .. and maybe another so so .. and 8-18 will try it and fail or try it once and not repeat it or not even try ..

RTO/LTO/Quickturn are skills (like flying an airplane or welding or playing the piano) that can be learned .. but it takes a while and much practice to get good at it ! It did take 2 years of piano lessons .. but found the endless, yet required, practicing tedious .. would love to play well .. but do not ..