Archives for October 2017

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Many investors ask,"Is there a special formula to succeed in real estate investing"? While there are formulas when it comes to maximum allowable offers, ARV's and such, there is NO one cookie cutter formula or one size fits all. Other investors ask, "Should I borrow money from the bank to start my investing"? If you go that route, you WILL be bound and restricted by a lot of rules and procedures which can reduce your resell ability and profitability. You can go the "creative" route. There your possibilities become unlimited. However, you may need some guidence.

At our Chattanooga REIA November Main Monthly Event, we have assembled a panel of experienced creative real estate experts that you may ask questions and get mind-opening insights into the world of real world real estate investing. You will not learn this from a book or study course. RSVP NOW on Facebook or Meetup.com and join us Thursday, November 2nd at 6:30PM.

An Introduction To Our Panel:

Joey English- Founder of Focus Solutions Properties LLC along with his wife Ashley, Joey has been investing in houses and mobile homes in Northwest Georgia since 2010 with great success. Joey has learned from some of the best in real estate investing, Pete Fortunato, David Tilney, and Bill Cook, just to name a few. Joey can create very interesting and creative deal structures and has employed them in his investing career.

Michael Hicks- Owner of M-TAC Properties and Mike Hicks Construction, Mike has been investing in houses since he was a teenager. He specializes in rehabs and renovations. He also heads up our Onsite Renovation Group with Chattanooga REIA. Mike, along with Joey and Kerry Milligan follow the same real estate mentors and teachers.Mike is also on City Council for Rossville, GA.

Jay Davis- Since acquiring his first income property in 1986, Jay has bought, sold and managed every type of real estate except hotels and shopping centers. Currently Jay's focus is helping investors build and improve portfolios, find tax efficient ways to acquire or dispose of properties and serve as an experienced "sounding board" for IRA investing. Jay enjoys serving as a resource to investors that want to discuss innovative ways to structure a sale or exchange.

Kerry Milligan- Home Buyer with Kelzie Properties LLC and Property Specialist with We Buy Houses West Georgia, Kerry started out as a Mortgage consultant who moved into real estate investing in 2011. Kerry has bought and sold numberous houses in the West Georgia area.

Conversations and Questions May Include

• Marketing Techniques
• Private Funding
• Special Deal Structures
• Creating Offers
• Examples of Recent Creative Structuring
• And Much Much More

Join us on Thursday, November 2nd to discover the golden nuggets and special "AHA!" moments that will certainly be uncovered. Please ASK questions!We will have networking, learning, Haves & Wants, and of course, A GREAT Time! RSVP NOW!!

PLEASE NOTE: Membership with Chattanooga REIA has changed. If you are a Gold or Silver (Affiliate) member, you may enter the event at No Charge. Basic Membership no longer exists, but you are still on Chattanooga REIA's email list. If you would like to become a Gold or Silver member, with all of it's benefits, Please go to http://chattanoogareia.com and save on event fees.

*Please Note: Main Meeting agenda is subject to change.

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No Charge to Attend for Members or Guests
Who Attend Online via GoToWebinar.com!

You may ask, "What is Virtual Wholesaling"? It is when you buy and sell properties at wholesale prices, often sight unseen, from long-distances using computers, tablets, smart phones, online references along with local help when you can get it. On Wednesday, October 25th at 7:00PM at the Beginning Investors Group Online, we will have as our special guest speaker, Jeffrey Richman, from Charlotte, North Carolina, who will show you the in's and out's of Virtual Wholesaling!

The big advantage of Virtual Wholesaling is that the investor can spread their efforts across multile markets, which can maximize their potential return on investment, especially if they are operating in a hot, crowded market area.

Jeffrey Will Show You:

• Why not to limit yourself to just your own local market
• The tools necessary for success
• How to utilize technology
• Answers to your questions and much more!

TO ATTEND ONLINE: 7:00PM Start Time. To attend the Beginning Investors Group Online via your PC, smart phone or tablet, Register Here for the Meeting on GoToWebinar.com and you will be emailed login instructions for the event.

Once you get your Webinar Confirmation Email, you can login on about 5-10 minutes prior to the 7PM start time to reserve a spot using your PC, Mac, Tablet or Smart Phone. You can download the GoToWebinar App here on iTunes App Store or the Google Play Store.

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One resource that new investors should always take advantage of, are the various events that their local REIA arranges.There is almost always a networking component worked into these events. Investors can pitch their deals, opportunities, and offer education as well. New investors may feel that they have nothing to offer since they are so new to the game. Nothing could be further than the truth!

This month, we have as our guest, Randy Shelley, Co-Director of Chattanooga REIA, coming to show you how networking with other investors can catapult you to great success. Randy's business has been built on networking and we would like him to share about his experiences and knowledge at the Beginning Investors Group on Wednesday, October 18th at 6PM at Wally's Restaurant located at 6521 Ringgold Rd in East Ridge, TN. Please RSVP and come join us!

Randy will show you:

• The Tools You Need To Network
• What To Talk About or What To Say
• Why Networking Is So Important
• Plus, More Great Information!

Chattanooga REIA Members & Guests, Please RSVP on Meetup.com

Have you been a “real estate investor” for several months or even years without doing your first deal? What is holding you back? Fear? Lack of money? Credit Problems? Lack of Focus? Are you afraid you will screw it all up?

Why make such a big deal about your first deal? Well, it’s the hardest deal you will do, but once you get through it, your belief in yourself and real estate investing will rise dramatically. You will be on your way to becoming a true real estate investor.

BIG will have experienced local and regional investors speaking and leading interactive exercises on relevant topics on a beginners level. We also have mentors attending that can take you by the hand and can walk you through that first deal. So please join us on the 3rd Wednesday of every month. Arrive around 5:30PM so you can get some delicious food at Wally's in East Ridge.

The Chattanooga REIA Beginning Investors Group (BIG) hosted by Alan McDonald, is an educational and networking special interest group for new investors who are just getting started in real estate investing as well as “new again” real estate investors who’ve taken a few years off and are looking to get back in the game. BIG is hosted by Alan McDonald, who will be bringing in local and regional real estate experts to teach new investors how to survive and thrive in our ever changing economy and real estate market. The entire purpose of this group is to help new investors get their first deal and help new again investors get their next deal!

The Beginning Investors Group meets on the 3rd Wednesdays of each month from 6:00 PM to 8:15 PM at Wally's Restaurant located at 6521 Ringgold Rd, East Ridge, TN just off of I-75 at Exit 1. BIG is FREE for Chattanooga REIA Members. Guests and Not-Yet-Members will eventually pay a fee, but for now, there is no charge for anyone that attends. This is a “dinner” group and we kindly request that you buy dinner and/or drinks since Wally's allows us to meet there. There will be lots of learning and lots of networking. Bring your deals and your haves, wants and needs to the meeting for discussion.

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Dorsie has been a full time real estate investor for the past 6 years. While focusing on building her real estate business and investment portfolio, Dorsie discovered that real estate investors have unique opportunities for retirement investing or cash generation on which we should be cashing in! One of these tools is Wrap Lending. Come hear Dorsie's strategy she uses to get phenomonal returns with a small starting sum. This will blow your mind!! You can also use wrap lending in conjunction with a Solo 401k to really SUPERCHARGE! your investing. Dorsie will also show us about the Solo 401K Plan. The Solo 401k has a lot of benefits that make it even more attractive than a self-directed IRA… AND you can even have a Solo 401k along with an IRA!

Here is some of what Dorsie will show you::

• What is a Wrap Mortgage?
• What kind of returns you can get from a Wrap Mortgage
• How you can qualify for a Solo 401k
• Setting up & using the Solo 401k
• Contribution Limits and how to maximize!
• Roth vs. Traditional Solo 401k accounts
• Planning for the future while saving on taxes now!
• And That's Not All...

If you want to learn even more about Wrap Lending, Dorsie has created a manual/workbook that will show you how you can use Wraps and Wrap Lending. She will be bringing a limited number of these manuals along with her Solo 401K book, that you may purchase at Thursday Night's event. There will be limited supplies, so be ready!

Join us on Thursday, October 5th to discover the golden nuggets and special "AHA!" moments that will certainly be uncovered. We will have networking, learning, Haves & Wants, and of course, A GREAT Time! RSVP NOW!!

PLEASE NOTE: Membership with Chattanooga REIA has changed. If you are a Gold or Silver (Affiliate) member, you may enter the event at No Charge. Basic Membership no longer exists, but you are still on Chattanooga REIA's email list. If you would like to become a Gold or Silver member, with all of it's benefits, Please go to http://chattanoogareia.com and save on event fees.

*Please Note: Main Meeting agenda is subject to change.

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Here are my seven strategies to help increase your return on investment on keeper properties by reducing vacancy.

1. Do Your Homework Before You Buy

   Location, Location, Location… Search out the areas that have low vacancy rates.  Talk to local realtors, property managers, and seasoned investors who have been renting units for over a decade before you take the plunge and buy a property.

   For example, I want to own property where supply of rental properties is low and the demand is high.  I own properties in a town where the schools are in the Top 50 Schools in America.  Demand for rental property is high and my average days on market to rent are usually less than 2 weeks.  Read More >>

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   Why Improve Your Raising Capital Presentation Skills?

   By Russ Hiner on October 1, 2017
   

   I believe we all need to improve our businesses. The only way to do this is intentional reflection and forensic analysis. We all can learn a better way to look at our business to stay on top of our game. The best example of this was back in 2000 when the market opened up and anyone who had credit could get into a house.  I was using an old business model to screen tenants and respond to inquiries about my properties. I had to make a change quickly because the vacancies lasted longer than needed. I learned the lesson to stay on top of the market. If you become complacent your business will drop off.

   In the last article, I wrote about sitting at the table with two sellers and working to get them to finance their house so I could renovate it. Then I would pay off the mortgage. It was a buy, fix, and sell. I will be using poetic license in referring to the “lender” as owner financing / private lending/ hard money.  Read More >>

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   Rehabbing Your Way To Millions

   By Kathy Kennebrook on October 1, 2017
   

   In just about any real estate market I believe that there are a lot of great ways to make a fortune in real estate and one of those ways is to rehab and sell properties quickly. This is a strategy I implement on a daily basis in my own Real Estate Investing business.

   There are some excellent resources for you to use to find vacant, ugly properties to rehab and sell in virtually any price range. One of those ways is to simply use targeted direct mail campaigns like I do to find motivated sellers of ugly vacant properties or estates.

   This is a great way to find highly motivated sellers who need to sell quickly and there are great deals to be made for pennies on the dollar. Remember, your profit is made when you buy a property.  Read More >>

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   Real Estate IRAs - Special Considerations for Vacant Properties

   By Jim Hitt on October 1, 2017
   

   We are seeing more interest among real estate IRA enthusiasts in purchasing distressed and vacant properties. Many times, the real estate IRA investor can purchase a promising vacant property at a substantial discount to its intrinsic value, which make these properties attractive value investments – especially for those real estate IRA investors who have the capital to upgrade these properties and make them once again attractive to tenants at a reasonable rent.

   But as long as a property is vacant, there are some special considerations that investors need to consider:  Read More >>

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   Why Can't You Get Sellers to Give You Seller Financing Terms? - Part 2

   By Larry Harbolt on October 1, 2017
   

   Last month I explained why sellers who live in the property they are selling usually do not have to pay high capital gain taxes. It is the exact opposite for property owners who do not live in the property they are selling. This is why I always prefer buying properties from sellers whose property is not their primary residence. These sellers will definitely have high capital gains taxes to pay if they get all cash when they sell.

   Paying high taxes can be a huge deterrent for many sellers once they understand how much they will be losing. On the other hand, if the sellers do not, or have not lived in the property as their primary residence and you can’t convince them that if they get all of their money from the sale of their property at closing they will have to pay high taxes in the year of the sale you need to explain to them...  Read More >>

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   Never Take Orders From Paint

   By Bill Cook on October 1, 2017
   

   The late Jack Miller was one of my primary real estate investing teachers.  He was a wonderful man and an incredible educator and mentor.  It’s hard to believe that he went to heaven almost six years ago…not a day goes by that he and I don’t have a conversation in my head. 

   Jack was the type of guy who very much marched to his own drum.  One of his best quotes was: Never take orders from paint.

   Let me explain: Have you ever turned onto a street, seen the One Way sign and realized that you were going the wrong way?  What did you do – an immediate U-turn, right?  That’s what most of us would do.  But not Jack!  Jack would keep going the way he was going and say, “Never take orders from paint!”  Read More >>

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   What Sales Orders Are and When to Use Them

   By Karen Bershad on October 1, 2017
   

   They’re not as commonly used as invoices. But if you need them, they’re there.

   When you want to document sales that you can’t (or won’t) fulfill immediately, but you plan to do so in the future, you can’t create an invoice just yet. This is where sales orders come in.

   You may never need to create a sales order for a customer. Perhaps you have a service-based business, or you never run out of inventory. Or you simply don’t enter an order unless you know you have the item(s) in stock.

   But if you plan to use sales orders, you must first make sure QuickBooks is set up to accommodate them. Open the Edit menu and select Preferences, then Sales & Customers. Click the Company Preferences tab to open that window.  Read More >>

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   Irmageddon

   By Jonathan Henrich on October 1, 2017
   

   I hope all of you and your families affected by Hurricane Irma are all safe with little to no damage, and if that’s not the case, my thoughts and prayers are with you and your family.   Irma taught me some valuable lessons. There are more than a few, but in this article I want to share with you 4 lessons that she taught me.

   1) Worry: I’m sure many of you spent much time worrying about your family and loved ones, your safety, your rental properties, and much more. Personally, I probably took 10 years off my life with the amount of worry I experienced.

   Shantideva, an 8th century monk said, “If a problem can be solved why worry, If a problem can’t be solved, then what use is it worrying?”

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   Can Playing "Monopoly" Help Your Real Estate Investing Business?

   By Don DeRosa on October 1, 2017
   

   "Negotiating is not something to be avoided or feared – it’s an everyday part of life." ~ Leigh Steinberg

   What does the term ‘negotiate’ conjure up in your mind?

   • A conflict where each side tries to ‘win’ by outsmarting the other?
   • A car salesman going to ”talk to his manager” about your offer, when you know he’s just going to get a cup of coffee and let you sit and stew?
   • A store clerk trying to convince you to buy something you don’t need, for more than you want to pay?

   Do you get sweaty palms and a dry throat just thinking about negotiating with a homeowner?

   I hope not! But if you do, rest easy, because it’s really not difficult, if you keep a few things in mind.  Read More >>

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   Wholesaling Land - A Profitable Game to Explore

   By Frank Iglesias on October 1, 2017
   

   Land is a beautiful thing, regarded by many as something of value in many places.  Similar to home ownership, land ownership is viewed oftentimes as a significant asset that increases in value over time, in particular in areas that are more developed or developing.

   It should come as no surprise then that wholesaling land can be just as effective as flipping a house.  But there is more to land than just dirt.  There are three primary categories to consider:

   1. Undeveloped raw land – these are lots with no utilities of any kind and has never been built on

   2. Developed land – these are lots with utilities in place, may or may not have ever been built on but has been recognized by the city as at least ‘somewhat ready to go’ for construction

   3. Teardowns – these are lots with a house on them that is no longer habitable or perhaps is habitable but due to property values, age of home or other variables is better suited for demolition and new construction Read More >>

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      Your Real Estate Foundation

      By Mark Jackson on October 1, 2017
      

      Real estate investing has always been one of the ways that the determined investor can excel to great heights regardless of one's educational, financial, or credit level.

      I like to say there’s always time to do it right the first time.  And in that spirit, I want to prevent you from making some of the same business mistakes I’ve made by sharing some foundational nuggets I’ve learned along the way. 

      The first and most paramount tool an investor can have is a solid real estate investing education.  I cannot stress this point enough.  Investing now is made up of so many different venues, options and techniques, you have to be prepared for any and every thing you may come across.  If you aren’t prepared, that could mean leaving money on the table.  I would challenge you to have at least a general idea of the different RE investing techniques.  REIAComps is an avenue to help you see which areas are most profitable.  This will assist you in deciding what area you enjoy and in which you work well.  Read More >>

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      The Devil's In the Details

      By Michael Vazquez on October 1, 2017
      

      Since being involved in investment real estate I have seen an unbelievable amount of disregard to details. At first I was surprised given that purchasing a house was such a large investment. These errors and/or lies range from rehab estimates to after repair values. Sometimes the information is an error like a typo or lack of knowledge. Other times it’s the seller, usually a wholesaler, attempting to hide the truth or sugar coat a bad situation. So like a carpenter, make sure you measure twice, sometimes three times, before you cut.

      A few days ago, I received an email from a wholesaler that usually mass emails marginal deals. This time the numbers were horrible. Here is an example of what the real estate numbers looked like:  Read More >>

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