I spent a minute or two at Champions School of Real Estate a couple weeks ago, crashing favored teacher Kelly Logsdon Rush’s stuffed-to-the-gill Real Estate Investment class. Why? She had two fabulous guest speakers: Mark Bloom, owner of NetWorth Realty (what they call a wholesaler, he has offices in 19 cities) and Rob Barney, owner of DHLC Investments, who has loaned more than $130 million to investors. It’s what they call hard money lending, meant for a quick turnaround.
I picked up some tips for us on how to scout for value properties — go to the foreclosure sales, drive neighborhoods looking for dilapidated homes, check the city’s list of code violation citations. A few years ago I was interviewed by one of the local stations, and I said you can find homes sometimes by looking for the wheelchair ramps. Man, did I get flack for that (“insensitive!”) but man, was I right.
Kelly has been teaching this class at Champions for twelve years. She is also a seasoned, licensed agent with Ebby Halliday. And she really knows her stuff. 30 to 40 percent of her clients are investors, and the properties she is involved with market for less time, and fetch higher prices. She has been helping investors flip homes for more than 20 years, so you can see why she teaches it. A few years ago, I needed to get my condo leased lest I bleed reams of cash, and Kelly got it occupied in about two weeks, covering everything from the lease to the pretty towels she hung in the kitchen.
Kelly’s three basic principles of real estate investment are: (more…)