Meeting Notes -- 10/10/07

• Cashflow rich investors are preferred in deals more-so than equity rich deals.
• In residential real estate, there is much less of a margin of error than in commercial real estate.
• When starting out, become an expert in a specific market to learn how to spot deals.
• With this knowledge, make offers with purchase contracts (aka, contracts to buy).
• There are templates for these contracts, or you can benchmark pieces of other contracts.
• With a purchase contract, you can sell it to another investor or syndicate your offer by pooling capital from other investors.
• ***Has to be a desirable deal!!**
• Build valued relationships, even if there are only a few. Mentors are important in avoiding pitfalls that can cost you years.
• There are a million ways to reach a goal, and laying a step by step path is a waste of time.
• You can never predict the future, but always keep your eyes on your goals.
• Education is the MOST important part of your career. CONSTANTLY become more knowledgeable through reading book after book after book.
• Go to seminars, take classes.
• Take a 1031 Exchange course!
• Accountants are excellent sources for finding investors.
• If you are successful, investors will continue to come to you with their money.
• The three most important words in real estate are not location, location, location, but timing, timing, timing.
• If you get into real estate young, compound interest is on your side and you can invest in longer-term deals.
• When Virgil was young, he bought a piece of land for $35k and ended up exchanging it into his new home (tax free) for $900k years later.
• Take counseling courses to learn how to ask the right questions.