In this Success Series interview, investor Jim Gage tells us about his introduction to real estate investing in the 1980s, his forays into being a landlord and what led to his decision to not be a landlord! The understanding that he didn't want to manage property led Jim into his true niche, lease options and short sales. In today's market, which has many investors uncertain, Jim is not only succeeding, but thriving. You're in luck however, as we were able to sit Jim down to uncover some of the secrets to his success!
One of the major factors behind his success is the realization that investing in real estate is different depending on where you are geographically as every state has its own laws and unique markets, and consequently, approaches and techniques need to be tailored to the market that investors are operating in.
Jim also discusses the recent changes in the law that have many investors concerned. With Attorney General's shaking things up with regard to foreclosures, many investors are worried that the changes will affect what they can do or say. During his interview, Jim addresses those fears and also discusses:
- Creative problem solving - how thinking outside the box can uncover deals where you might not see them
- Appraisals - the two different methods of appraisal, and why one method is more frequently used
- Disclosures - what elements your disclosures should contain, and why
With his interview, Jim also includes an article that he received from the Attorney Generals' office regarding some of the recent changes which you may find of interest if you're investing in foreclosures!
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