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Old 02-25-2006, 12:03 PM
elva
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Post Meet Shaun Stuart

How long have you been involved in real estate investing?

Since 2002.

What strategies do you use and why?

I generally buy single family houses in the preforeclosure stage. These are motivated sellers and they are usually agreeable to an all-cash deal.

What types of financing do you regularly utilize?

I have used hard money lenders in the past, but lately I have been doing all cash deals. I think this makes my offers more likely to be accepted, especially by those people who are about to be foreclosed on. It lets escrow move quickly and without doubts of it falling through for lack of funding. These factors greatly appeal to the motivated seller and make my lowball offers more attractive.

How did you go about finding properties?

I search the MLS daily for new properties. I also will scan the foreclosures filings on my countyís web site.

What is your average purchase price?

$140,000.

What is your average net profit per deal?

I shoot for about $20,000.

Describe your first deal and how much you made on it?

My first deal was a house I picked up as a preforeclosure. I used a hard money loan to buy it, then refinanced to a traditional mortgage and paid off the hard moey loan. I rented it out on a lease option for two years. At the end of the second year, the tenant opted to move out and not buy it. At the time, I had some debts I wanted to pay off, so I sold the place outright. In retrospect, I should have 1031 exchanged it into another property. Oh well. I think I ended up making around $27,000 from the sale of that one. That figure does not include the two years of cashflow from renting it. All together, the monthly cashflow and capital gains netted me a 2 year ROI of over 270%.

Describe your biggest deal (purchase price) and how much you made on it?
Iíve stayed in the lower-priced SFHs in my area, so the biggest purchase price isnít that much. I think itís right around $150,000. Itís actually a property Iím in the process of selling now, so I donít have final numbers yet. I should make about $28,000.

What was your worst deal and did you loose any money on it?

The worst deal was probably me selling my first property outright instead of exchanging it into another one. That cost me at least a couple thousand in taxes, not to mention lost appreciation. But as for actual properties I have bought, so far I havenít lost money on any of them. With the crazy appreciation in the Phoenix area these days, itís been hard to lose money on a deal. Now that things are slowing down, weíll see how I doÖ

Any favorite real estate web sites, books, software, mentors etc.?

I scan and occasionally post on the message boards at richdad.com (my handle there is ShaunStu). The Rich Dad series of books are good for motivation, but if you are looking for how-to manuals, they wonít help you. ďFlipping Properties: Generate Instant Cash Profits in Real EstateĒ by William Bronchick is a classic, as is ďThe Richest Man In BabylonĒ by George S. Clason. The other websites I read are blogs of other investors. A fantastic one is Building An Empire . Trisha has been buying properties left and right. Iím amazed at how much she has done in such a shot time. She puts me to shame!
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