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Real Estate Investment

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Day 3: Be a scout--no cash or credit required

In effect, scouts do the dirty work for real estate investors, and investors are willing to pay them handsomely for doing it. Typically a scout will gather the following data on a potential deal:

* The owner's name and contact information

* The asking price

* Information about the mortgage and whether payments are current

* Outstanding liens on the property

* A photograph of the house

* Pertinent information about the owner's motivation to sell
(i.e. is he in the middle of a divorce, foreclosure, job transfer, etc.)

Investors typically pay scouts $500 or $1,000 for good information. But what happens if an investor doesn't pay? Simple. Don't take anymore deals to them. Successful investors realize the value of good information, and they are more than willing to pay for it.

Can't believe is that simple? Try it to know it better. Let's call it a day and see you tomorrow.