581 Articles Found.
Now displaying 321 - 340.
“The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires.” ~ William Arthur Ward
It is best to teach by example. Now that everything is on a digital platform it can be difficult to find the right words to explain an action step-by-step to someone. Whether it is a menial task like sorting through spam email or getting a website listing to appear on a mobile platform, it is confusing to explain something in an email or text message. I find myself to be a visual learner and the best way to show me something is a short video tutorial.
Thank goodness for app developers: Pro Recorder (Free): Record Web Screen/Video - for Dropbox and Google Driver is By the company CONG DUC TRAN is the solution to my problem. As I often do, I was browsing the app store looking for something that could capture my screen actions in a video. I am familiar with other programs but they only cover my desktop or laptop, not my iPhone or iPad. Using this is a breeze, especially since you can easily save to a Dropbox or Google Drive account. It makes sharing the video easy and since it saves on a cloud storage platform no need to eat up all your memory. Read More >>
Through the 1990s and early 2000s millions upon millions of loans were created. This created some interesting issues for the banks. In some cases, they were looking for ways to cut down on the steps in the process in order to reduce the time it took to process a loan in order to keep up with the flood of business. In some other cases, they were looking for ways to take advantage of the system to bilk homeowners, their investors, and the government out of as much money possible. Unfortunately, the solutions the banks came up with for both of these issues resulted in a system of rampant mortgage fraud that the courts are only now finally catching onto. So how can you determine if your loan or the loan on a prospective deal is fraudulent?
In order to prove that they have the right to foreclose on a property, it is becoming standard for lenders to be required to produce the original note on the property. The note is required before a court will allow a lender to sell a property. It must show that the true lender is named with a recorded economic interest in the property. The note as submitted by the lender in a foreclosure hearing may clearly be fraudulent because it was notarized after the fact with a stamp that was not even valid at the time the mortgage was taken out. Read More >>
In the last two posts, we talked about building credibility with Buyers. We have covered four steps so far. Last month, we talked about the importance of having a real deal and doing your own due diligence as key points. This month, we will talk about how to continue creating credibility and maintaining it for the lifetime of a deal.
Step 5: Maintain Open Communication
In a world where social media dominates and text messaging is overused for serious matters in my opinion, almost if not every Buyer I have met over the years prefers phone communication or in person when it’s time for real things to happen.
For most deals, we are talking about tens if not hundreds of thousands of dollars. Millions for the even bigger players. It is quite reasonable to assume that at some point, people want to talk to another human when doing a deal together. This is step 1 of what I call ‘real communication’. Talking to a real person on the phone achieves magic that an email or text rarely can accomplish. Read More >>
You might have heard of a Real Estate IRA. You might have even looked into it as an option in the past as you considered the retirement options that make the most sense for you and your family. But if you’re not familiar with this kind of retirement account, you might be surprised at just what kinds of investment results you can have when using it properly.
Don’t believe us? Let’s take a closer look at the Self-Directed Real Estate IRA—and how it can uniquely benefit your retirement plans:
Benefit #1: Getting More Leverage with a Real Estate IRA
One of the most fascinating concepts in real estate investing is that of leverage. By using leverage, you can make purchases you otherwise wouldn’t be able to make with the cash in your bank account. In Real Estate IRAs, you’ll be expected to use non-recourse loans, but you’ll still be able to use this concept of leverage to your advantage. In other words, you can buy real estate that you otherwise would not be able to with plain, ordinary cash. Read More >>
The number one thing that makes an Investor successful is finding, buying and selling properties from a Motivated Seller. As I have stated in previous articles, the only thing that makes Investors money is a Motivated Seller. So … how do you find motivated Sellers when it’s a Seller’s market? There are several ways to become successful and as an Investor the key to your success is having a marketing machine running all the time. A Seller’s market means that when a property is listed on the Multiple Listing Service, the Sellers receive multiple offers from Investors, homeowners and landlords. Obviously a homeowner is willing to pay list price or more for the house since they are going to live in the property and there is a personal attachment. Landlords will pay up to 75% to 80% of the market value and Investors pay 60% to 65% of market value. Yes, the repairs come into consideration for the Landlord and the Investor, however, the homeowner is more accepting of repairs needed to the home, as they are planning on making changes anyway. Therefore, submitting offers on the Multiple Listing Service is very time consuming for an Investor and the rate of acceptance is much lower than for a homeowner. Read More >>
If you are going to meet a seller you will inevitably hear objections to the first price you offer. You can be as little as $1,000.00 off the seller’s asking price and the seller will still look to get you to the asking price. It is in our human nature to try to look out for our best interest so do not get upset. All you simply have to do is prepare for the most common objections and get the seller to agree with you.
Here are the objections I run into the most and how I have been able to successfully overcome them.
You’ll be visiting QuickBooks Online’s Settings screen regularly, so it’s good to know what’s there.
You can get into a rental car and just start driving to your destination. But you soon realize that you need to know where the temperature controls and the radio tuner are. If it starts raining, you must know where the wiper controls are. And when it gets dark, you’d better know how to turn on the headlights.
The same goes for QuickBooks Online. You can create bills and start paying them or begin to invoice customers or record expenses as soon as you set up an account (though you’ll be adding a lot of data on the fly). But you’ll soon discover that those tasks would be easier if you had established all of your Settings first.
If you have multiple employees using QuickBooks Online, for example, it has probably occurred to you that not everyone needs to have access to everything in your company file. You’ll want to connect the site to your financial accounts, build a budget, and specify payment terms and types. Read More >>
This article was not easy to write. In fact, it was one of the more challenging articles I’ve written in a while. Why? Because it deals with something that’s not easy for us to talk about: The reason why most people don’t take the action they know they should so that they can have the success they say they want to have.
The only place where success comes before work is in the dictionary. It’s an old-school, classic, tried-and-true principle: If you want to have success, you’ve got to work hard to make it happen. And hard work means taking action.
Why do you think most people don’t take the action that needs to be taken? I believe it comes down to two things: 1. Lack of Knowledge, or 2. Abundance of Fear. Read More >>
Did you ever wonder why some people are really wealthy and some people barely live paycheck to paycheck? Did you ever think “Why can’t I be wealthy like them?” What do the wealthy people know that I don’t? “How did they get rich? These are all valid questions, but I would say, the reason why you are or aren’t a wealthy person is entirely between your ears. So what exactly do I mean by that?
It’s simply this. Wealth is based on a state of mind, not on how much education you have, how many hours you work, or who you know. A wealthy mindset is created by believing in who you are, who you want to be and where you want to go. It is said that our thought processes control the person we are and the person we become, and this is so true. I know a lot of people, many of whom are real estate entrepreneurs, who have become extremely wealthy and yet came from backgrounds of poverty and little or no education. Read More >>
When we think of the Fourth of July we think about fireworks, grilling, and being with friends and family in celebration. I am a very big pyrotechnics fan, I always have a supply of fireworks for any occasion. If there is any excuse to launch a mortar or rockets, then I am very excited. Yes, I have gotten my share of injuries. I still have my eyes and fingers. The injuries healed. This is just like getting involved in real estate. You must know the risk and rewards when you buy and sell real property.
When I am picking out the right explosives to use in a celebration I have certain criteria. The mortars have to have color and reports. I also have rules in real estate. I have certain types of houses which I will buy and others I will pass on. I will pass on certain areas. I need to know what is the profit/reward ratio. The process I use has four simple rules. The first rule is to know what you are buying. Are you buying a house, commercial property, apartments, or storage units? How big? Get it inspected so you know what you are getting yourself into. Read More >>
After closing the doors of North Georgia REIA forever, we have been reminiscing about the best lessons we’ve shared with our group.
With this in mind, here’s some sage advice from an old investor.
How do I know whether a deal is good or not? How do I know what I’m looking at? And if I decide to take the deal down, how do I get it funded fast without going to a bank?
When Kim and I began our investing careers in 1995, we thought all houses were pretty much the same. But over time and with experience, we’ve learned what types of houses make the best investments. Read More >>
This is an article I wrote a few years ago. Again I am hearing the rumblings of some of my students who believe they can buy 100 houses or more every year and it scares me to death. I believe what this article says is so important for every investor to know. That is why I decided to have this article republished.
Recently I was talking to several of my students who each said they wanted to buy 100 houses this year. These students had listened to one of the guru’s who had bought and sold over one hundred houses in one year and are now teaching people how to duplicate what they had done. I listened closely to these bright eyed inexperienced students tell me they wanted to do the same as the guru and it frightened me to death. Later over dinner, I mentioned what I had just heard to my wife. She encouraged me to tell my tale of woe about the years of agony we experienced because I got too big for my britches and against my wife’s better judgment I had tried to do the same thing myself. Read More >>
Atlanta, Georgia is one of the strongest real estate markets in the US and has favored Sellers rather than Buyers since spring of 2013. According to Realtor.com, the median list price in Atlanta has gone from just over $200,000 in 2014 to over $300,000 in 2016 and is currently leveling off. A $100,000 median price gain in two years is nothing short of fantastic. See Figure 1.
For the purposes of this article, we are talking about single family detached in these areas. See Figure 2. Read More >>
Long ago, Kim and I learned that options are an incredibly powerful deal-structuring tool that allows you to control lots of real estate for little or no money…and with very little risk! And here’s the best part: Because so few know anything about options, you have almost no competition!
Simply put, if you are not using options as one of your primary real estate investing tools, then you’re leaving a lot of money and opportunity on the table.
When most folks hear the word “option,” they automatically think lease-options. While lease-options are fairly popular, they are just the tip of the option iceberg.
Options allow you to control a property without the risks associated with ownership. You can control one (or all) of the benefits that come with ownership: income, profit, amortization, growth, use, management and tax benefits.
One of the best things about options is that you can control hundreds of thousands of dollars worth of real estate for less than $100 – and control it for decades. No other document in real estate is this powerful! Read More >>
Are You Afraid To Buy A Property Because You Can’t Qualify For A Loan Or You Have Less Than Good Credit?
Today I had an interesting conversation with one of my Advanced Life-Line students who confessed that he continues to have great anxiety and fears making an offer to buy a property even if it would be a good deal for him. He always hesitates pulling the trigger and submitting his offers because of his fears. He is really missing out on creating an income stream he really needs as well as being able to create wealth over time.
Being a new Life-Line student he has fears of buying any property where he will have to get some type of financing to pay for the properties he is making offers on. After talking to him about doing the numbers before making an offer to buy any property he felt much better but he still had fears of having to deal with the responsibilities associated with ownership he had never had to deal with. Seeing I wasn’t getting very far explaining how to buy real estate with the least amount of risk I finally decided to talk to him about a powerful way to profit from real estate without having to deal with the responsibilities of ownership, that I still use today. Read More >>
Some people avoid investing in properties due to the amount of time and energy it takes. REIA comps is a great resource to assist you in researching and deciding on a property. After your purchase of a potential property you need to actively care for your investment either by becoming a landlord or managing the property. Real estate investment can be time consuming yet rewarding, and the question is asked, how many properties can one person manage at one time? This is why investors who are looking at diversifying with real estate participate in passive real estate investing.
Passive real estate investing removes headaches for those who don't want to deal with the day to day issues of property management. There are several different ways you can do this, each with their own set of pros and cons.
One could form a partnership, general or limited, and have the partner take the responsibility of managing the property(s) your partnership purchases. To move through the loophole of having financial backing, I suggest considering working with only one to two people you know and trust. Pooling resources in a partnership allows participants to purchase more expensive properties with less outside funding. However, as suggested you need to trust your partner to take care of the properties and your best interests, and if neither of you are experienced in real estate investing, working with the Support System via REIAComps provides the knowledge you need. Read More >>
Many Investors don’t think that they can short sale an FHA loan and still make a profit, due to the guideline that FHA accepts a minimum 88% of the appraised value. I am here to tell you about an FHA deal that will bring a Pretty Profit!! This house is a 3 Bed/1.5 Bath/1.5 car garage, approximately 1200 sq ft in Casselberry. From the beginning, it was challenging since we had non-paying tenants in the home that were not as cooperative as a Seller would be for access to the property. The best part of a typical short sale is that a lender will obtain a value that is good for 90 days and if you are in a Seller’s market, you end up with a higher profit, since the values are increasing based on the sales.
The Seller just wanted out of this house debt and didn’t know what to do with non-paying Tenants!! The lead came in from my office signage. The property was listed and an offer was submitted. It took the short sale lender about 90 days before they ordered the value on the property. We were very concerned about having access to the home when the appraiser came out from the short sale lender. On an FHA deal, the short sale lender requires an appraisal on the home which is good for 4 to 6 months, versus the standard 90 days for a BPO value. Read More >>
“I like to talk to people. I've got one assistant, one Blackberry. That's my overhead. I don't text that much or email. I like to sit down face-to-face and have a conversation with you. I'm old-fashioned.” ~ Mark Wahlberg
As the owner and operator of my own business, I’ve become very self-reliant. I know that if I don’t take care of important tasks myself I will stress over them. It is hard to delegate work to others that you haven’t really had the time or know how to run background checks on. Even when you have carefully planned projects, sometimes it is difficult to find people with the qualifications you would prefer.
For the past few years now I have been discovering amazing talent online. I know it seems like a big risk, putting jobs online and hoping someone responsible answers your ad. Avoid the anxiety over in person interviews and researching qualifications, it’s time-consuming and I would rather focus my efforts elsewhere. It doesn’t mean I take hiring practices lightly, but I know where my strengths are.
There are many online freelance worker/client websites, but none other than Upwork. Upwork.com has been a great tool for my growing business. As I said, for many years I’ve been a one-man show. We all need a little help from time to time, and Upwork makes it simple and stress-free. Whether you need someone short term or long term, if there are short tasks you need to get done that you have no time for or if you want to build a working relationship with an independent contractor for the long haul, Upwork has this covered. For at least five years, the website has had some changes. It was once called oDesk, but the changes have been great improvements. Things have been simplified and there are safeguards in place for both contractors and clients. Plus you don’t need to be a large company to use this service. Businesses like Unilever, Pinterest, and NBC are just a few that use Upwork for hiring out virtual assistance specialists. Read More >>
I have made a ton of mistakes over the last 10 years of doing master lease options (MLO) deals. Would you like to avoid those mistakes? Well then read on!
A MLO Deal Is Not About You- One of the first and biggest mistakes I have made using MLOs is to think about what I want and not to give enough consideration to what the seller wants and what the property needs. Your first step in making a MLO offer is to decide if it is a fit for the seller and property. You need to find out if the seller even knows what a master lease options is. If not then you will need to spend a little time explaining it and how it will solve their immediate problems. If your offer does not solve a problem for the seller then it is likely just an offer that solves your problems. This is not likely to get accepted. Can you fix up the property using a MLO? Sometimes the answer is NO. Decide on the condition and area before you make a MLO offer. Some areas and some repairs cannot be dealt with no matter what type of offer the seller is willing to accept. You want to get good deals and solve problems not inherit someone else’s headache that can’t be fixed. Here is an acronym I use to remind myself of this process- S.P.Y. This stands for Seller, Property, You. This is the order in which you need to solve problems. Most people start a MLO offer with the reverse idea (Y.P.S.) and this doesn’t typically work. Read More >>
There are several ways to use a Realtor to help you find good quality leads for your real estate investing business. If you have not already added a good Realtor or Realtors as a part of your real estate investing dream team, now would be a good time to do so. There are many types of leads your Realtor can generate for you so let’s discuss them one at a time.
The first service your Realtor should provide for you as a real estate investor is to e-mail you the expired listings on a regular basis. You will need to set up a way for your Realtor to be paid for providing these leads. One of the ways I provide payment to the Realtor I work with is to re-list some of these properties with the Realtor once I am ready to sell them. You see the Realtors I work with sees the “bigger picture” and you need to find someone willing to work with you on a long-term basis.
You need to take the time to find a Realtor who is very creative in the way they provide leads and sell properties for real estate investors, just as I have done in my own business. And you should be working with multiple Realtors in your business in order to find a variety of leads. Read More >>