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2017-06-07 Be Rich and Generous with Larry Goins | By: Fellow GDREIA Members

Be Rich and Generous
 By Larry D. Hudson
 
Nationally-known investor and coach Larry Goins paid a visit to Greater Dayton REIA’s First Wednesday meeting for June (6/7/17) with a message for experienced and newbie investors:
You can earn “Filthy Riches” by providing housing for an underserved segment of the residential real estate market.
 
Which segment of the market? Buyers of homes well under the median price of houses. Think homes selling for $30,000 to $50,000.
 
Goins said this strategy “is a great way for new investors to get going” and for experienced investors to revitalize their investment programs.
 
The strategy, Goins explained, is to become a “buy here, pay here” housing source. Find properties that fit the model through internet searches and through real estate agents, make low-ball cash offers that will allow the model to work, then offer the properties for sale with seller financing. Sell the resulting income stream to an investor for cash, and then repeat the entire process again.
 
That’s the short version. Goins went into detail about ways to use the internet to search for appropriate properties. He reviewed case studies of his own purchases and sales, which were often hundreds of miles from his home near Charlotte, NC.
 
Did he visit the distant properties before completing the deals? No. Instead, he hired a service to visit and photograph the properties so he could better make decisions. Nearly always, Goins said, “I purchase properties without leaving my office.”
 
There are some fine points along the way, of course. “You can’t just send low-ball offers to Realtors by email, because they’ll see the offers as spam,” Goins said. He said he developed a script that he uses to make telephone contact with agents prior to sending offers.
 
Cultivating real estate agents can pay off, he said -- “Imagine having an army of ‘bird-dogs’ working for you.”
 
In the end, Goins said, learning the system will pay off for investors and for homebuyers – who often cannot obtain bank financing for lower-priced homes. “Many lenders are not writing loans for less than $50,000,” Goins said, even though there are many buyers looking for homes in this price range.
 
“You’re providing a service for homebuyers,” Goins said, and earning generous profits in the process.
 
“Be Rich and Generous,” Goins told the investors at Greater Dayton REIA. “Use what you earn to help others.”

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