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When I began my career as a real estate investor in 1985, I stumbled across a tremendous opportunity that most people still don’t know about to this day. Yet it has given my family and me a lifestyle we never dared dream we’d have.
I’m talking about investing in vacant, distressed, abandoned properties – a highly lucrative, yet little-known, segment of the market.
Vacant/Abandoned properties are just that – vacant. No one lives or works there anymore. Weeds may be collecting and taxes may be accruing, but in many cases the owner has already divorced himself emotionally from the property. And that means you could get an excellent under-market deal. Read More >>
So what other lists can we use to locate highly motivated sellers? One of my favorite lists is people who are behind on taxes. You can get this list by getting a list of tax certificates available for sale in your county. In most counties this list comes out right before the tax certificate sale takes place. You would then mail them a neutral type of letter saying you are interested in buying properties in their neighborhood or subdivision.
When mailing these letters initially, I suggest that you do not refer to the seller’s specific problem. All you will accomplish is to alienate them so that they will not want to work with you. I personally do a mailing every year to folks whose tax bills have not been paid and I have purchased many properties this way. A lot of these folks are people who have a problem they need to solve, they just don’t know how until they are contacted by you. A lot of these people have inherited properties they neither want nor need and appreciate your offer to purchase it, especially if they have just received another big tax bill to pay. This is an extremely good lead source for really great deals. Read More >>
Building wealth is a bit like dieting, in that everyone has different advice for you. “Cut up the credit cards,” personal finance gurus say, “and don’t buy that morning latte every morning.” Others say that stocks are the one true—and only—way to achieve prosperity. But is there any truth to these ideas, or is an option like a Real Estate IRA just as valid as any other path to wealth?
To figure it out, we’ll have to cut straight through the clutter. Let’s debunk three misconceptions about retirement investment in real estate right off the bat.
Misconception #1: The Real Estate IRA is Unpredictable
True: real estate is an investment that comes with risk. But if you know of any investments that don’t involve risk, please, tell the world—because we’d like to hear it. Read More >>
If you’ve been reading my articles then you know that I like to write about philosophy and self-help topics more than the topic of investing and there is a reason for this. Even though I love to talk deals, in my experience I have found no matter what you are investing in, the act of investing is just another piece of the puzzle in the grand scheme.
We spend our days investing in lots of things. Many times, we spend so much time focusing on what we should be doing, how we should be acting and who we should be associating with that we get wrapped up in almost a mindless pattern fixated on material acquisitions.
Again, I go back to the idea that there is no sanctuary that you will arrive at. You won’t wake up and just be a different person that has a bunch of money and lives all the desires that you want. Even if you became a millionaire overnight in stocks, you still had to work for that change. Read More >>
Make Sure You Always Keep ALL Avenues of Communications Open If You Want to Keep Your Name Good In the Real Estate Business.
What an interesting thing to say. Making sure you always stay in communication with everyone you have any type of financial obligations with. This is a subject that has caused much unneeded anxiety and stress that is totally not necessary if both people involved in every financial situation continually have open communications regardless of the status of the transaction they are involved in.
Over the years having been both a private Lender and a Landlord it has been my experience when life and unforeseen situations arise and the tenant or the borrower find themselves with a shortage of money to pay the obligations they originally agreed to pay, communications often stop. Somehow the tenant or borrower finds the money to pay for personal items such as their cell phone bill, their cable television bill, their car payment and eating out periodically or going out on the town. Read More >>
Mayor Kasim Reed is a short-sighted politician. Thank goodness for term limits.
Mayor Kasim Reed says he is concerned about affordable housing. In a recent AJC article, Mayor Reed used terms like “predatory purchasing”. I believe this slanderous name calling only causes separation and stirs up animosity between the sellers and investor buyers. I am upset about this article where Mayor Reed said that investors are using predatory purchases to acquire houses and force the property values to go up, so there is no longer affordable housing in Atlanta.
If the city of Atlanta is going to point fingers they need to look at the predatory purchase of the surrounding land, which now houses the Falcons Stadium. My understanding is the city of Atlanta did threaten eminent domain in order to get that stadium in place. I did like the powers to be forcing that move though. Even if it will displace 30 properties of affordable housing. I think the Atlanta Mayor must have been referring to the investors that buy single family houses as predatory purchasers, not the commercial buyers. But that is another article. Read More >>
You work hard to make sure your QuickBooks data is accurate. Make sure it’s safe, too.
Your QuickBooks company file contains some of the most sensitive information on your computer. You may have customers’ credit card numbers and employees’ Social Security numbers. An intruder who captured all that data could create tremendous problems for you and a lot of other people.
That’s probably the worst-case scenario. But other situations could also spell disaster for your business, which involve losing your company data through fraud, hacking, or simple technical failures.
We can’t overstate the vital importance of protecting your QuickBooks company file, especially your customer and payroll information. Whether someone steals it or it’s inaccessible for another reason, it’s gone. Keeping your business going after such a loss would be very difficult – maybe even impossible.
Here’s what we suggest to prevent that. Read More >>
How do seasoned real estate investors creatively fund their deals without going to a bank? To show you one way, let’s look at a deal that Kim and I recently got funded using a private-money lender.
This deal began when Kim and I were high bidders at the December 3, 2013 property tax auction in Cartersville, Georgia. We bought the tax deed on 50 Akin Drive for $2,800. The purchase money came from our checking account and was used to pay up the property’s back taxes for tax years 2010, 2011, 2012 and 2013. By the way, despite what the TV infomercial claims about buying tax deeds, as the high bidders, we only owned the tax deed, not the property!
Over the next twelve months, either the property owners (who had abandoned the property) or their mortgage company had the right to buy back the property’s tax deed for our $2,800 purchase price, plus pay us a fee of 20% interest. Read More >>
Land Trusts are one of the most confusing and often misunderstood aspects of real estate investing.
In this article, we’re going to discuss a few basic, essential things you should know about Land Trusts if you’re buying & selling houses, are concerned with privacy, and/or want to enhance your estate planning.
I'm often asked about these wonderful 'things' called Land Trusts, and the techniques & benefits that are associated with them. As a land trust expert, it's an AMAZING feeling to have the knowledge & confidence to be able to use them correctly. Would you like to have that awesome feeling? Great! Keep reading...
There are SO many benefits you get by taking title to property in a Land Trust. Let's look at a few of the benefits associated with these entities and WHY it's vitally important for you to be familiar with them, shall we?
Some Benefits of Owning Property in a Land Trust:
When To Use a Land Trust:
Whenever you buy a house - whether it's for an investment or to live in, you'll want to buy it in a LAND TRUST. Why? Because of all the benefits listed above (in addition to all the other benefits I don’t have room to list here)!
Honestly, there's not a single reason I can think of on why you wouldn't want to buy in a trust. Well, actually, there is - when you're getting an institutional loan (from a bank) to buy or refinance a property, they'll usually want you to close on it in your own name, because you have to personally sign for the note (that's one of the big ways the banks 'get' you).
But since you're not going to be going to the bank to get a loan, you don't have to worry about that, right?
The Main Entities You'll Need In Order To Form A Trust:
You'll also need to pick a NAME for your Trust. This could be anything you want it to be. One popular naming strategy is to name the trust after the address of the property, and that's fine. What you DON'T want to do is name it anything with your name in it, because one of your goals of owning a property in trust is anonymity!
The Trustee and the Beneficiary CANNOT be the same entity, or the trust is invalid.
In Order To Create a Trust, You'll Need:
Did You Know...?
Putting real estate into a trust converts it to Personal Property? Therefore, if you want to SELL (or Assign) your beneficial rights in a trust, you can do so without anyone in the outside world knowing about it?! All you'd need to do is create and execute a simple 'Assignment of Beneficial Interest' form and have it Notarized! Let that sink in.
Naturally, there's a bit more to it than that. And there's still a lot to learn about all the wonderful details of how to properly form and use a land trust in your real estate investing business.
We've only scratched the surface here, so I encourage you to continue learning all you can about Land Trusts and how to leverage them for your maximum benefit.
I hope you've found this report/article to be informative.
Thanks for reading!
Until Next Time,
Tony PearlRead More >>
You have seen the infomercial… it goes like this…
There are a few variations on this theme, so allow me to share a different spin that I and a few colleagues of mine have explored. It looks more like this…
So this is not exactly what we are doing since we are also doing new construction but remove the new builds from the equation and it is pretty close. So what’s the deal? Read More >>
Today after leaving a meeting I was approached by an investor that asked where I found my leads. I answered by giving him a few examples of where I received my most recent listings. By seeing the look on his face, I could tell that he didn't like my response. I think he believed I was holding out and not wanting to share or there was something special I was doing which was/is not the case.
Like this gentleman and probably like many of you, I once too believed there was a magic bullet/formula to successfully finding a lead in real estate or anything. After speaking with many "experts" I found out that there is no such thing as a magic bullet. In fact, the only thing that really separated a bad or good investor from a great one was/is consistency. The better question is, what should I do on a consistent basis to make me successful in real estate investing or anything else? Once you know what to do consistently, and you actually do it, you will be successful. Read More >>
Atlanta continues to be one of the hottest real estate markets to rebound since the recession continuing through First Quarter 2017. But, before we analyze the numbers, sellers must realize the following:
“Preconceived notions are the locks on the door to wisdom.” ~ Mary Browne
There is none other than August that are doing Bluetooth locks to the caliber of quality like we've never experienced before. August Lock System is something that is worth it. It works best with a Schlage deadbolt or other high-end deadbolt lock. It faces the interior door, so it doesn’t add a level of security that is significant. It is a convenience for the homeowner if perhaps they aren't home and someone needs to attend to plants and pets.
The startup takes two steps to connect to a smartphone with the app pre-installed. The app does require a phone number and email. The subscription based security monitoring is worth it since the free subscription for the app is only as good as the deadbolt it is on. Read More >>
When we are always confident that real estate comps are solid, we feel comfortable stepping out into any real estate deal. Using REIA Comps will give you a feeling of confidence and complete sense of control of the value for any deal you are doing. Because things can be so busy these days, it is important to take the steps to make money on any project you pursue. Learning to work with the highs and lows of any real estate market means longevity for you.
Most realtors do a good job but in a sellers’ market you can probably sell the property yourself. Remember, nothing beats a failure but a try. If it doesn't sell then you can always call the pros in later. The internet has been a blessing to the average person. There are multitudes of websites which could be used to market a property. Thousands of people visit those sites looking for a new home. Even inexpensive ads on the internet are beneficial when trying to get a property in the sold column. Read More >>
Did you know that there are $5,000 houses out there that you can literally sell for 3-6 times that amount? When we first heard how Larry Goins was buying dirt cheap houses that no one else wants for $5,000 or less and selling them for $30,000 without a buyers list, cash or credit, we just had to get him here to teach you how he does it. Join us on Thursday, August 3rd at 6:30PM at the Hilton Garden Inn located at 2343 Shallowford Village Drive, Chattanooga, TN. where Larry Goins is going to teach us a strategy to buy houses for $5,000 that nobody else wants and make more money from them than most investors make from a $100,000 properties. Members and guests can join us for dinner at the Garden Grill in hotel at 5:30 PM.
In fact, with his strategy, Larry has discovered that most properties in the $100k range will NEVER create the margin of profit like you can from a $5k house. And hey, can everyone afford a $5,000 house?
The great thing about Larry is he only focuses on tactics that require little cash or credit and that require no previous real estate experience. Not just that, but his strategy can be done completely from the comfort of your home office, aka "virtual investing".
He calls it his “Filthy Riches” strategy and at the meeting he will share how these types of deals work and how much you can really make. Everything will be revealed at our upcoming meeting, so members and guests, please RSVP NOW!
BTW, even if you do not have any $5,000 houses where you live, its ok, Larry will show you exactly how to take advantage of this limited opportunity no matter where you live! So RSVP Now and come find out how!
*Please Note: Main Meeting agenda is subject to change.Read More >>
Learning doesn't just happen in a classroom or from a book. Inject some real fun into learning about money and investing. You could learn to be wealthy and that would be life changing. You could also learn to be wealthy by playing a game and that would be amazing. But what if you could play that game locally? That would be mind-blowing! So what would it be like if you could learn to be wealthy by playing a game ... FOR FREE?
Your banker will NEVER ask you for your high school report card. Learn what’s really important in entrepreneurship and investing: Your Financial Statement. Build your assets and build your wealth. This is the game designed by Robert Kiyosaki. Meet and interact with players who have the same goals and aspirations as you do. Test your skills and strategy. We will have snacks and soft drinks. RSVP Today because there are only a few spaces left!Read More >>
Join Reggie Brooks on Saturday, August 12th from 9:00 AM to 5:00 PM (Registration starts at 8:30 AM) at the City Of Light located at 3125 Presidential Pkwy, Atlanta, GA where he will show you how you can make $30,000 cash in the next 60 days. While you’ve been keeping your nose to the grindstone, paying taxes and worrying about keeping up with inflation... silently all across America, shrewd real estate investors are cleaning up. But, right here and right now, things are going to change.
Here’s Some Of What You’ll Learn:
The truth is it’s very easy and simple to make millions... IF you just have and use the know-how. Right now, right here in your area, there are undervalued properties ready to be scooped up for pennies on the dollar. This is the time to buy these deeply discounted properties and make “a killing” down the road. The money is there for the taking.
“There Are Millions To Be Made In Real Estate – Right Now, In Today’s Changing Market”
“In Fact, If You Don’t Make $30,000 Or More In The Next 60 Days, You Didn’t Attend My Training!”
Mark you calendar right now for August 12th! Reggie’s going to teach you the steps he took to become a multi-millionaire. And he did it doing exactly what he will be teaching you!
Here’s More Of What You’ll Learn:
We are going to PROVE IT to you live at this full day Vacant/Abandoned Properties Workshop on Saturday, August 12th from 9AM to 5PM.
Register Now and join us to discover Reggie's secrets that he will be to sharing with you. These are the strategies that he has perfected throughout his own Real Estate Investing ventures and he will show you step-by-step how YOU can implement them into your business today. Register Now!
*PLEASE NOTE: The 2-for-1 Early Registration Special is only for Chattanooga REIA Members and is limited to spouses, adult children and corporate partners. Non-Members who join Chattanooga REIA between August 1st through August 10th, 2017 can attend the workshop for FREE as new members and can bring a qualified guest. Also, Chattanooga REIA Members who renew their membership for an additional year between August 1st through August 10th, 2017 can attend the workshop for FREE as well. When joining Chattanooga REIA or renewing your membership, please indicate that you want to attend the workshop at no charge.Read More >>
Smart home technology is not a passing trend. As we rely more on mobile devices, different industries are creating ways to communicate with them. Imagine a home experience where the only remote you need is your smart phone. Turn lights on and off, monitor home security cameras, close or open window shades, or know what’s in the fridge, all from your phone.
Logistically this next step makes sense. The homeowner is the user in this case, and the user experience should be seamless and easy to use. Integrating existing tech, smart home components give the user faster access. In some cases, smart home technology eliminates the anxiety around leaving for long periods of time. A property may be unoccupied, but it takes no time out of your own schedule to create the illusion of a presence at that location.
Come see Don on August 19th at 1960 Skylar Hill Dr Suite D, Buford, GA and Don will share with you these techniques and more! Few companies offer a complete smart home system. There has been more user familiarity around individual components like Alexa by Amazon and the Ring System for home security. Don will teach you what the pros and cons are and what the estimated cost of it all can be.
Come To This Workshop and You Will Learn:
Don will go through comprehensive reviews, examining the pros and cons, of the following Smart Home applications::
It’s the small things in an average day made easier. These minor changes can improve your chances of selling faster. The best part is that many of these smart home options don’t need to be hard wired.
Don will give you practical tips with real life examples. Prepare to be fascinated and blown away by what today’s technology offers, and what tomorrow can bring! REGISTER NOW!!
PLEASE NOTE: Location and schedule subject to change. Pricing is per person. No refunds 5 days prior to event. Register before early registration expires to save big time!Read More >>
Everybody has driven by a house that has been on the market for what may seem like years. You know the house: there might be a broken window here or there, the grass hasn’t seen a lawnmower for the last few summers, and the property overall has the look of negligence.
It might seem ironic, but this is the dog with fleas property that Filthy Riches has based its success upon. We all know in today’s market, these unwanted houses are practically a dime a dozen. These properties are everywhere. They are located in nearly every state and likely even within easy driving distance for you. This is the type property that everyone else avoids – including real estate agents, if they can help it.
After all, who wants to be saddled with an ugly, dilapidated structure like this? There is little to no chance to move it off the market. Or the selling price is so low, the realtor’s commission is practically nonexistent. What realtor wants to put the time and effort into the small commission from selling a $25,000 home when the same energy could be spent selling a home with a selling price six times higher? Read More >>
I am sure you've heard the phrase “fake it till you make it” but I have never believed in this. I have found more success in being the real you. Even if it means that you don't know what you're doing in something you're looking to pursue. This belief continues to work to this day. As I mentioned before, I am in the process of immersing myself in commercial real estate (CRE) as a broker and investor.
I spent many hours learning from Google, YouTube and a few podcasts. I invested the time in learning more to insure this was something I am interested in doing. Just because a person likes residential real estate does not mean they will like commercial and vis-versa. Once I was certain I wanted to do CRE I started to reach out to practitioners and investors. Obviously, I picked the brains of those in my immediate network during social gatherings but I did not have serious conversations with them until I was committed. I make it a point not to waste people's time or my own because I learned, a long time ago, that time is too valuable. Read More >>