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• Can also rent your pool for scuba diving training lessons to organizations training individuals, police and fire departments, Coast Guard personnel, or other organizations.
How much can you earn from your swimming pool real estate? Much depends on where your pool is located, the population in the area, and whether you sublet your pool to an operator. Remember:
• In swimming pool real estate, your income comes from people who “rent” your water space for a few hours. You may, however, have organizations that rent for a month at a time to hold in-the-water scuba instruction, swimming lessons, competitive meets, Boy/Girl Scout contests, or other events.
• In swimming pool real estate, you also have the annual rise in value of your property. This will run between 3 percent and 5 percent per year for typical pools. Indoor pools tend to rise more in value annually because they are a year-round business, compared to outdoor pools that are seasonal.
• In swimming pool real estate, you can expect to earn from $50,000 to $75,000 per year, not counting the rise in value of your property. Yes, “liquid” real estate can give you both fun and a decent income!
To find a swimming pool that you can buy—because it’s best to start in this business with an existing pool—take these five steps:
1. Look in your local telephone Yellow Pages for a listing of swimming pools in your area and in surrounding cities and towns.
2. Call or write each pool; ask if the facility is for sale. Get full data on the asking price, down payment, income, and expenses.
3. Look in your Sunday newspaper under the heading “Miscellaneous Real Estate for Sale.” When you see a pool listed, contact the seller; ask for an Income and Expense statement, price, down payment, type of swimmers, and other details.
4. Figure if you can pay for your pool out of earnings and still show a Positive Cash Flow (PCF) each month. You MUST have a PCF before you buy any swimming pool!
5. Make an offer to buy the swimming pool if you can see you’ll have a PCF large enough every month to pay for the work you’ll do running the pool.
Estimated time for your project: Finding suitable pool for sale: 1
month to 6 months; Negotiate sale: 1 month; Closing: 1 day; Get
Save Time and Build Your Real Estate Fortune Faster
the pool organized the way you want it: 1 month; Finding team-
type clients, 6 months. Total estimated time: 1 year.
Be a Loan Correspondent for a Real Estate Lender
Earlier we saw how you could be a finder for people seeking real estate loans. As a loan finder:
• You work with many different lenders, none of whom you represent on an exclusive basis.
• You get your fee from the borrower, not from the lender.
• You may not—in general—have an ongoing relationship with specific lenders.
As a Loan Correspondent, you have a different set of working conditions, namely:
• You represent one lender—either local or national—and work exclusively with that lender.
• Your fee is paid to you by the lender—not the borrower.
• You are often provided leads by the lender, or you can generate them yourself.
• You are associated with a known-name lender and that lender’s good reputation is shared by you, to your benefit.
As a Loan Correspondent, the work you do is to:
• Find people seeking a mortgage loan for a home they’re buying, offering them an attractive interest rate.
• Find people who want to refinance their home at a lower interest rate than they’re currently paying.
• Find people seeking a home equity loan to take cash out of a house that’s nearly paid off, or has enough equity to provide a loan of $10,000 or more.
• Find people who want to get cash now for a mortgage they received when they sold a property a few years ago—called a mortgage cash-out.
As a Loan Correspondent, you’ll:
• Meet many people in your area who seek loans for real estate of several different types, both locally and nationally.
• Hear lots of actual real estate loan requests from people with details of how they were treated by various lenders.
• Learn why real estate loan applications were rejected and how. The reasons for rejection will be highly educational for you in your work of qualifying people for real estate loans.
“So how do I become a Loan Correspondent for real estate loans?” you ask. The answer is:
• Look in your local telephone book Yellow Pages under “Mortgages” and “Loans” and list all the banks and mortgage lenders advertising loans.
• See if any of the lenders have a line in their ad saying “Loan correspondents sought.” If so, contact that lender immediately.
• Call or write each lender, saying, “I’d like to become a Loan Correspondent for NAME OF LENDER on a commission basis. What must I do to get started?”
• Wait for an answer. You will get it in a few days if the lender is looking for Loan Correspondents.