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Tampa Florida Real Estate InvestorsTampa Real Estate Investors Alliance (Tampa REIA) is a Tampa Florida real estate investors association for real estate investors, real estate entrepreneurs and other real estate professionals who invest in Tampa real estate for fun and profit and are dedicated to the highest level of professionalism and integrity.

Tampa REIA’s mission is to help ensure our members’ real estate success by providing extremely affordable, high quality, relevant real estate investing information and education, as well as frequent, fun and rewarding real estate networking opportunities. Our goal is to be the premier educational and networking organization for real estate professionals in the Tampa Bay area.

The Profit July 2014 Edition

Posted on July 7, 2014 by
The Profit Newsletter for Tampa REIA July 2014
Download the July 2014 Edition of The Profit Newsletter Now!

The Profit - July 2014 - High Quality PDFThe July 2014 edition of The Profit Newsletter is now available for download just in time for our July 10th Meeting with Peter Fortunato, Wayne Arnold and Jonathan Henrich. You can download The Profit Newsletter as a High Quality PDF (Recommended) or Low Res PDF for slower devices. The Profit Newsletter is the official newsletter of the Tampa Real Estate Investors Alliance and is a digital, interactive newsletter for new and seasoned real estate investors delivered as an Adobe PDF file to read on your PC, Mac, Smart Phone, iPad or other mobile ready devices with a PDF reader. Many of the articles and ads in The Profit contain hyperlinks you can click or tap to visit websites, watch videos, listen to audios, download content, send emails, comment on articles, share socially and much more! The high res version of The Profit is “print ready” for those who want to print the newsletter on their home or business printer. Also, be sure to Subscribe to The Profit so you don’t miss a single monthly issue.

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This is my first time writing for Dustin’s newsletter, and I’m very excited to have the opportunity.

Wayne Arnold and Peter Fortunato started an exchange meeting in St. Petersburg, Florida, about fourteen years ago. I have had the honor of working closely with them both over the past 2 years and I am now attempting to get the concepts and ideas from this meeting out into more people’s hands, and I believe that the idea of exchanging is more vital at this moment in history than it has been before. It is a harsh business environment out there and as entrepreneurs we need to adapt, learn, and persevere using new ideas and tools to ensure our success.

From what I have heard, exchanging has been viewed as an advanced theory or for advanced investors only; yet being an uneducated blue-collar Joe from Philadelphia I somehow managed to make a few deals at our Thursday morning exchange meeting. I can tell you it’s advanced, but not insurmountable. Just as when we were kids driving seemed daunting and scary at first and we watched others in awe, you just have to learn the rules of the road. Driving is now second nature—you don’t even have to think anymore, you just drive. Many people come to our exchange meeting and leave confused. Believe me, I understand. I went to that meeting every week for a year straight until it finally dawned on me what was going on. The majority of that year was spent thinking and asking questions. Most of the time I was thinking that I had nothing to offer, and no one wanted anything that I had. I had no money or any skills…I felt kind of useless. It took going to all of Pete’s seminars and working with Wayne and studying under the legends and then applying the knowledge at the meeting. Read More→

Calling in the Home Pro

Posted on July 7, 2014 by

“There are no shortcuts to any place worth going.” ~ Beverly Sills

Poor Cousin Roy. He sure loves a bargain, and he couldn’t wait to show this one off to me. He just bought a property, he said, that would be perfect for a big family. It’s got a sparkling pool! A gourmet kitchen! Four huge bedrooms, and three updated bathrooms!

I was skeptical, because I’ve seen some of Roy’s “bargains” before. But, what the heck, I had some free time, so I was willing to take a look. Maybe I could be helpful.

Well, it turns out the pool wasn’t exactly sparkling, unless you count the sun’s reflection off the black, oily sludge at the bottom. And the bedrooms were huge only if you’re a gerbil. The kitchen had all the extras, all right: a battered old garbage disposal sitting on the floor, a vintage double oven in trendy harvest gold, and – well, who really needs a faucet, anyway? And let’s not talk about the bathrooms. Ever. To anyone.

Now, my readers already know that this is the kind of property I love, because I can make a ton of money on it. But it takes careful due diligence to make sure it’s going to be profitable, and I was pretty sure cousin Roy didn’t even know where to begin. Read More→

Jimmy Napier made the following quote and I truly believe these words are a key to create wealth in today’s real estate market.

Quote: “You Make The Majority of Your Money In Real Estate During Your Negotiations”.

Last month I made reference to what I believe will be the key to success for real estate investors in the event the economy tanks like the economist Harry S. Dent has recently predicted. As you may remember I talked about how every investor needs to learn how to talk to sellers face-to-face and negotiate profitable deals without thinking that all every seller wants is all CASH. Since then I have had much thought about things I have experienced through my career of over 35 years that were what I call “Deal Killers”.

If you want to be a successful real estate investor you need to not make the same mistakes I made when negotiating with sellers. For the first 20 years of my career I had no training of what to say and what not to say, I learned negotiating by just opening my mouth and saying what I thought every seller wanted to hear. I can’t tell you how many deals I screwed up just by saying the wrong things or by not asking the right questions. This article is about some of the things I have said and how those things were deal killers for me. Read More→

Selling Houses Fast

Posted on July 7, 2014 by

In our last several issues we covered the entire process of buying houses step-by-step. Going forward, we’re going to cover the process of selling houses, but they include the same five steps, which are:

  1. Locating Prospects
  2. Prescreening Prospects
  3. Constructing and Presenting Offers
  4. Follow Up
  5. Close Quickly

Fortunately today, locating prospects to buy houses from you is almost free, and, in fact, many of the things you do will be free. Here in Jacksonville, where we buy 6-12 houses per month and sell them, mostly to lease option tenant buyers, there’s only a couple of things we do. The main thing is running ads online to attract buyers to call us, and obviously there’s no cost to that. The only other thing we really do is put signs out in front of houses we have ready to sell and pointer signs in several places around the house to drive people to it. Read More→

As a Wholesaler and an Investor, my pet peeve and the pet peeve of almost all cash buyers I talk to is when they get a lead from a Wholesaler and the “repair estimations” are WAY off! You can probably relate. If you are doing this, you are killing your reputation as a legitimate Wholesaler. And your reputation is everything in this business.

This can also apply to when you are co-wholesaling or joint venturing on another Wholesaler’s deal as well. You don’t want to advertise or re-market a property when they are totally off on their repair estimate. Because then you get a bad name because you took their word for it. Time to get a bit more thorough and bit more professional guys (and gals).

An accurate repair estimate is critical in making decisions on real estate deals – especially Wholesale deals. Of course smart investors are going to do their own due diligence anyway, but you don’t want to waste people’s time by claiming a house only needs $5K in work, when it really needs $15K in work. It’s best to over-estimate repairs as opposed to under-estimating repairs when relaying that information to your buyers.

And YES – there are two types of repair estimates – the “Rent Ready” estimate – or the “Full Rehab to Retail Flip” estimate. Because we are either selling to Landlords – who may only need to get the place “Rent Ready”. Or we’re selling to Fix n Flippers – who need to get the place sparkling brand new so they can resell for top dollar. If you know the place is just going to be a rental (for me that’s $60K and under ARV) – then you can probably get away with just knowing the “Rent Ready” estimate. Read More→

One of the first things you will discover as a Real Estate Investor is that there are many motivated sellers out there just waiting to “give you” their property if you know how to find them. What I mean by this is that there are a lot of great deals to be had and big profits to be made if you are proficient at finding the truly motivated sellers. I have spent several years perfecting systems to locate all of the qualified motivated sellers I need regardless of what my real estate market is doing and regardless of what my competitors are doing.

For the many Real Estate Investors who have figured out the formula to getting the truly motivated sellers contacting them with potentially profitable deals, the problem then becomes the difficulties they encounter when trying to find enough motivated buyers for their real estate deals.

By implementing successful marketing systems Real Estate Investors are finding all the qualified motivated sellers they need, including sellers who will hold the mortgage for them or who will simply deed them the property subject to the existing mortgage, so these investors very quickly recognize that they need to acquire the resources and techniques to locate more motivated buyers for their Real Estate Investing business.

In order to become a successful Real Estate Investor you must reach the truly motivated sellers and then amass motivated buyers for your properties so you can turn your deals quickly for the big check. This creates for you, the investor, a true sense of confidence when you are actively pursuing deals. After all that’s why you became a Real Estate Investor, right? Read More→

Recently I got a short sale approved on a 4 bedroom, 1 bath for $43,800.00 and my partners and I were going to flip the property to another Investor. However, after reading the required verbiage that the loan servicer required to be written into the Deed, it made it impossible to sell the property on the same day that we purchased it. The servicer was Bank of America and the Seller was going through the HAFA program. Bank of America always places a 30 day hold on the property. In addition, item #8 on their Approval Letter states “Another buyer cannot be substituted without prior written approval of Bank of America. The buyer may not alter how he will take title. For example, a buyer may not enter into a contract to purchase a property and then amend the contract to purchase the property as Trustee for a trust or any other legal entity.” Based on that verbiage, you cannot close in the name on the approval letter and then immediately place it into a Land Trust, even though I hear people state that the Land Trust is for Asset Planning. I totally disagree with the fact that a Land Trust is used for Asset Planning, as it only covers who the beneficiaries are, and the Trustee is responsible for signing all the documents. In addition, this means you must not sell the property to anyone until 31 days have expired. There are ways around the 31 day hold; however, I only teach that Super Secret at my Foreclosures Gone Wild Boot Camp. Check my website for the next event.

On the HAFA Short Sale Affidavit, which all parties sign including the Realtor, it states “(b) There are no agreements, understandings, contractors or offers relating to the current sale or subsequent sale of the Property that have not been disclosed.” What this means is that you cannot have a signed contract with another Buyer to purchase the property from you until after the sale of the property. Read More→

Doing a Subject-to Deal?

Posted on July 7, 2014 by

In last month’s column, we outlined a Subject-to Deal. This month let’s look at this advanced deal-structuring technique in action. (NOTE: You can find last month’s column here on AtlantaREIA.com).

In mid-March, we got a call from an experienced investor. He owned several single-family rental homes. He had received a call from a motivated seller, who, because of a difficult family situation, wanted his house sold in less than a week.

For years, this investor had heard me talk about Subject-to Deals. He thought this technique would be the perfect solution for this seller’s problem, and called to see if I’d help him with the deal.

(Sidebar: A Subject-to Deal is when you buy someone’s property, but instead of paying off their mortgage at closing, the seller leaves his mortgage in place, and you agree to make the seller’s mortgage payments, on the seller’s mortgage, for the seller.)

The first thing we did was meet at the seller’s house to discuss the situation and to look at the property. Read More→

Practicing Mastery

Posted on July 7, 2014 by

Does this sound like you:

“I have spent thousands of dollars on education…I have spent time researching the properties…I have been in a coaching program…I have spent money on marketing…

So why is it I haven’t done a deal?”

I challenge you to consider this: Could it be fear of taking a risk that is holding you back?

When you make a change in your life to become successful, you take a risk.

You take a risk because things might not turn out the way you think they should. Instead, I choose to think that, yes, they may not turn out the way I imagined, but they might turn out even better.

When I want to make a change, I look forward to it. I do it with mastery: having small wins every day. The small wins give me confidence and a sense of moving forward. The small wins can be that I did three things from my to-do list. Maybe I posted one ad or I answered one phone call or I called a new seller. These small things are mastery: mastery over your time and yourself. Mastery and consistency allow you to win. Read More→

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