10/28/08 A real life shoulda, woulda, Coulda story

Today I had a real life shoulda, woulda, coulda.

I showed up at a home yesterday to check out a 2000 plus square foot home that was selling for only $50,000 in a $130,000 plus neighborhood.

What was the catch? The home had tons of mold.

Another guy was there that thought he could rip out the sheet rock and redo the whole thing quickly.

His problem was he had no money. I also, am maxed out.

I knew the opportunity was now and I told him. You need to figure out how to buy this and we can tie this up today.

Today he calls wondering if he should make an offer. I told him that it was sold.

He could have bought this for $50000. Put $20,000 into it, and sold this for $130,000. Only $50,000 profit.

The lesson learned is: We will have tons of opportunities in this "crappy" economy. Get your money ready because deals like this will fall into your lap.

More people get rich during a recession than any other time.

Quit thinking how bad things are and go out there and make it happen.

I wish I would have bought this, but the truth is, my money is pretty much tied up for the moment. It really is true that you run out of money before you run out of deals.

Soon I will be ready for the next awesome deal that will fall into my lap and you can too.

Thanks Burke Bennett
208 589 5599
burkebennett@hotmail.com
http://www.seidahohomes.com/

Assisted Living Centers

I stumbled accross an assisted living center right here in Idaho Falls that has huge cash flow. It is about 30% plus cap rate which is unheard of.

The problem is I know for a fact I can get financing on the home itself. It is the business, that I am worried about getting financing on.

I made an offer to buy the home with 10% down. I also am trying to get the owner to carry the rest of the business amortized over 15 years with a balloon after 7 years.

If this goes through, this should be a great flowing investment.

Assisted living centers really do have even more potential as the baby boomers get older and will drive the need for these places upward.

I will let you know if this goes through.

Thanks Burke Bennett

http://www.seidahohomes.com/

208 589 5599

burkebennett@hotmail.com

Woulda Coulda Shoulda

Woulda, Coulda, Shoulda is a phrase I hear once in while in real estate.

Over the years, I have heard hundreds of stories about how someone shoulda bought this, or coulda done that, or woulda done this or whatever.

What am I getting at?

Everyone knows someone who is constantly living in the past, who had an opportunity to change their lives financially, or for the better, if they woulda bought that land for $500 an acre.

Or maybe it was that they had an opportunity to buy that investment, that has gone up 10 times in value.

It is kind of like Uncle Rico in Napoleon Dynamite, remembering how he could have helped win in championship football if they had they put him in the 4th quarter.

Do you know someone who just keeps bringing up those high school years?

I have always believed that you should get ready for the opportunity, and when it presents itself, you are ready for it.

I have heard people say there is no such thing as luck. They also say that you make your own luck.

My wife and I had been looking for a home. We found one on the market with everything that she wanted. Because we had been looking for so long, I hurried and made an offer because I knew it was a good deal.

I actually offered a little bit below list, because I was a "Realtor."

When we were looking at the home, we had to wait for a person to go through it, and there was a person after me waiting to see it. That "shoulda" been my first clue

To make a long story short, my small amount of greed, of trying to even get a better deal, caused us to lose the deal to someone prepared to offer more the first time.

We didn't even get a chance to counter.

The next home I came to, I knew I wanted it.

I offered full price and got it.

I told my wife that, I may have paid full price, but we got what we wanted.

Now I am not saying you have to offer full price on everything, but you need to ask yourself, "How bad do I want this?"

For me to live in the home of my dreams was worth offering full price.

If this were an investment, I might have dickered a little on the price, to get a better deal.

One thing for sure: every week I have practiced real estate, someone finally gets the nerve to do buy something, only to find out someone has beaten them to it.

So if you see an opportunity, jump on it. Know what you want, and then go after it.

I look forward to working with you. Let me know if you want to go look at homes, or if you stumble across the deal of a lifetime.

I can help you write it up. The paperwork only takes 20 minutes.

And one last thing, I have always said. "You can make more money doing 20 minutes of paperwork, than you can working a full time job."

That has really been true with the trailer park and rentals I have bought.

Success is a choice. Choose success!

Cheers,

Burke Bennett
http://www.seidahohomes.com/
burkebennett@hotmail.com
208 589 5599