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The Profit September 2016

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The Profit September 2016 Articles

Probate Real Estate, the Last Frontier
By Jim Banks
Jim BanksFor the real estate investor, knowing how to capitalize on what others commonly overlook can be the key to success. And to that end, probate real estate has become a profitable investing niche for many successful investors. Probate is the governing process for the distribution of a person's assets after they pass away. Many investors stay away from probates because of their lack of education. This breeds fear---a fear of the unknown. However, a fear of the unknown is the same as going into a dark house. If you turn the light on, the fear goes away. Years of television,... Read More >>


Subject-To Real Estate Contracts
By Don DeRosa
Don DeRosaExisting Loan Stays In Place – No Liability To You! “In order to carry a positive action we must develop here a positive vision.” ~ Dalai Lama A Subject-To deal simply means that you get the deed/title to a property and take control over the property. The existing loans stay in place in the original homeowner’s name, negating the liability to the purchaser. The mortgage is not being paid off through a Subject-To contract transaction, just taken over by the purchaser. As long as the purchaser of a Subject-To deal makes the mortgage payment to the existing mortgage lender, there... Read More >>


Do You Have a Burning Desire to Buy One Hundred Houses Per Year? - Part 2
By Larry Harbolt
Larry HarboltLast month I talked about how I created a near disaster for my family because I got too big for my britches and thought I could buy 100 houses in one year when I truly was not prepared to undertake a monumental task that large that has so many tentacles I had no idea I had to deal with. I now realize that every one of these people provide a service I desperately needed if I had any chance of buying anywhere near 100 houses in any year. Without the services of these people there would be no way I... Read More >>


You Can’t Buy & Flip Houses in Sloooow Motion
By Kimberlee Frank
Kimberlee FrankAs a Mentor, one of the biggest things I stress to my Students/Partners is that you can’t buy and flip houses in sloooow motion.  As soon as a Seller calls you, you should fill out a Seller Information Sheet and schedule for the following day (within 24 Hours) an appointment to see the house.  Most of the information that is needed on the Seller Information Sheet you can get directly from the Seller.  I have been asked “How long do you talk to a Seller about their home?”  Since this is your first communication with a Seller and you NEED... Read More >>


Has the Train of Wealth Pulled Out of the Station and You Are Left on the Platform with Fear?
By Russ Hiner
Russ HinerThere I was standing on the side lines in one of the hottest housing markets scratching my head as to whether I should buy and get in the game. I was new to the real estate game. I had been buying for a few years. I had limited access to money. The year was 1991. I was wondering what I should do to get more money (that still has not changed I need access to more cash).   I was wondering what I needed to do to get the great deals. I did not think about learning new tricks to buy... Read More >>


What Does Creative Deal Structuring Look Like?
By Bill Cook
Bill CookSince 1999, Kim and I have continually learned from Pete Fortunato how to creatively structure and fund our deals – without going to banks! The BEST real estate investing meeting we attend is the weekly Real Estate Exchangers meeting in St. Petersburg, Florida.  It's creative deal structuring and funding at its most pure. Here's an example of a deal that was put together at yesterday's meeting. Rich has a SUV that he’ll sell for $3,000 cash.  Pretty straight up deal, right?  Pete offers to trade his Nissan truck for Rich's SUV.  But Rich doesn't want a truck; he wants $3,000... Read More >>


Area Announcements Affect Real Estate Values in Metro Atlanta
By Deborah Harris
Deborah HarrisAs an agent for 35 years, I am that real estate agent that truly loves real estate.  Yes, at the gym, or riding in a car on vacation, or, sunning on the beach, you will find me reading the Atlanta Journal-Constitution, Atlanta Business Chronicle, Neighbor Newspapers, Realtor Magazine, and the list goes on and on.  I have this keen thirst for knowledge about what is happening and where and when in my home of over 50 years, Atlanta. Therefore, I decided local investors and rehabbers would really appreciate a synopsis of events affecting value in our city.   I am breaking... Read More >>


Best Home Improvements for Real Estate IRA Properties
By Jim Hitt
Jim HittIf you own rental property or investment property within a real estate IRA, it’s important to be careful with the money you spend making improvements. While many people make improvements and upgrades to their own homes to increase their enjoyment of their homes, not every home improvement immediately adds to the dollar value of a home, net of costs. But some do, depending on the property and the market. This is especially true if you are bringing a home up to the standard of the surrounding neighborhood. Except in special circumstances, or when transforming an unlivable home to a livable... Read More >>


Seven Touch-Ups to Help Sell Your House
By Mark Jackson
Mark JacksonIn the world of real estate investing, knowing the key elements to make your current or next deal ready to sell fast can add huge profits to your pocket. After all, time is money. I have to stress real estate investing using REIA comps to see all the transactions in your market area is key. Quickly looking up prior sales, reviewing the previous listing can give you keys to the types of finishing touches that are most desirable for your market area. Here are the Seven Touch Ups which produce fast sales.  Door Detail If you want buyers to come... Read More >>


So What Do I Do When the Seller Refuses To Close?
By Kathy Kennebrook
Kathy KennebrookSince this scenario has arisen for me in the past on a couple of really good deals with a lot of income potential, I thought I would take the time to explain to you how to deal with this kind of problem. Sometimes you will put a property under contract with a seller, get all the way through the closing process right up to the time of closing and for some reason the seller changes their mind and decides not to sell to you. While this is not a usual occurrence if you are following through correctly with your deals,... Read More >>


The Master Lease Option Series – Part 6: Managing for Cash Flow
By Bill Ham
Bill HamCash flow and equity are the two main reasons for doing a master lease option (MLO) deal. Both can be had using this creative technique to close real estate deals. Proper management will create both and make your next deal a cash cow! Business is not about making money, it’s about keeping it. It doesn’t matter how much money you bring into your business if you lose it all in the expenses of running that same business. When discussing real estate keep this simple formula in mind. Income – Expenses = Net Operating Income (NOI). NOI – Mortgage Payment =... Read More >>


Who Can Foreclose on Your Home?
By Bob Massey
Bob MasseyPicture this: a man purchases a house in 2007 with a loan from a major mortgage lender who then securitizes the loan.  After 9 years of making payments, the homeowner loses his job and defaults on the loan.  The lender sends a foreclosure notice to the homeowner, claiming the ability to foreclose on the loan.  But does the lender actually have the right to foreclose?  The answer is a bit complicated, and does not look good for the major banks.  To understand why, let’s take a closer look at exactly what the banks did and what it means for homeowners... Read More >>


Handling Fear When Talking to Motivated Sellers
By Frank Iglesias
Frank IglesiasFear… the word that has the ability to conjure up all sorts of emotions in a matter of milliseconds.  A natural emotion we all experience.  It is quite natural to assume you may have to deal with it when working with property.  After all, we are talking about assets that can have several zeroes on the end of their price tag.  Fear can be a healthy thing to keep us in check! Arguably though, the majority of us will do almost anything to avoid being in a fearful state.  Oh sure, some of us embrace it but usually it takes... Read More >>


Fall in Love with the Numbers
By Michael Vazquez
Michael VazquezI’ve partnered with many investors and the one thing that I continue to see over and over again is the fact that the investor falls in love with the house. What I mean by that is they become attached to the property itself instead of the financials, which is not the ideal situation. You've heard many people say in the past it's just business and that's exactly what it should be, just business. When you purchase a property to renovate and sell or rent, you should only be interested in the numbers and location. I hear many newbie investors and... Read More >>


Having a Hard Time Taking Action? Let’s Make it FUN Instead!
By Tony Pearl
Tony PearlEvery week, I have the pleasure of mentoring some wonderful people who are in the process of mastering the art of real estate investing. We work on the basics of marketing, making offers, talking to sellers & buyers, deal structuring, how to write up contracts, etc. Once the essential elements and techniques are understood, a game plan has been developed, and the student knows WHAT to do & HOW to do it, the only thing left to do at that point is to...TAKE ACTION! And this is often where the problems occur. Taking action. Why is that part so hard... Read More >>


Setting Up User Access in QuickBooks Desktop
By Karen Bershad
Karen BershadWill multiple employees be working with your QuickBooks company file? You’ll need to define their permission levels. If you ever did your bookkeeping manually, you probably didn’t allow every employee to see every sales form and account register and payroll stub. Most likely, you established a system that allowed staff to work only with information that related to their jobs. Even so, there may have been times when, for example, someone pulled the wrong file folder or was sent a report that he or she shouldn’t have seen. QuickBooks helps prevent this by setting virtual boundaries. You can specify which... Read More >>