Weekly Mentoring Call

Last night on my weekly mentoring phone call, Diane and I looked at some more properties. I know that to be successful in real estate, you need to be able to unconsciously determine whether a property is a good deal or not by just looking at it. It should become second nature. This is why we focus so much at looking at as many properties as possible.

We looked at a bunch of properties in Florida and talked about how to set them up as vacation properties. Found a bunch on ziprealty.com. She also shared a new site with me which is dedicated to government auctions:

www.bidselect.com

Very good site with a lot of good deals. In the near future, on days where I don't have a lot to write about, I will take the time to give a good description of all the different sites I am using. For now, we will just stay with just the links. Have a look for yourself.

She also showed me how to recognize a booming local market or a correcting local market by researching DOM (Days on Market). Just by researching how many days properties spend on the market in an area, can help determine what a local market is doing.

60-90 Days on Market = hot market or boom market

12-24 months = correcting market

Typically, a boom market will last 3 to 5 years. Corrective or down markets last 2 years. Now she also mentioned circumstances now will take longer to correct but she believes the market will rebound in 4 to 5 years. So.... you know what that means?

Great deals for us for that whole time!

Think about it... When will you ever see these prices mixed with these interest rates? Maybe never again in our lifetime! So let's take advantage of it!

Outside of that... other things going on are:

Tuesday I have a phone call coming in at 11 am from CSS Nevada to set up my American corporation. This will be my American identity for investments in the states. This company keeps your identity in complete secrecy providing a great situation for those who want to limit liability.

SAIRE Inc will be alive and breathing in the near future as well. This will be the company I run all the real estate and other investing through.

Also, we are doing some pretty cool things and offering some interesting services which I will get more into here over the next day or two.