Archive for February, 2015

Thurs, Mar 12th at 6PM @ Doubletree Suites Tampa Bay
Tampa REIA – March 12th
at the Doubletree Suites Tampa Bay
Why Every Real Estate Investor Must Learn Notes
with Special Guest, Eddie Speed

Tampa REIA Members Can Attend at No Charge.
Guests Can RSVP Online Now for $15 or Pay $20 at the Door.

Eddie SpeedReal estate investors have made non-performing notes the hottest topic in real estate today because they realize that it gives them a way to buy deeply discounted real estate for quick cash or long term cash flow without the concerns of dwindling inventory or having to deal with tenants.

We are excited to announce that 30 year veteran note investor Eddie Speed will be our special guest at Tampa REIA on Thursday, March 12th where he will be teaching us why notes have become so hot and what every investor needs to know about buying and selling notes in today’s ever changing real estate and mortgage industry.

During his 90 minute presentation, Eddie will teach you…

  • Why the Note Business is the Hottest Topic in Real Estate Today and why the Government is pushing it!
  • How To Find Real Estate Bargains Via Notes
  • How To Find The “Hidden Inventory” of Real Estate That No One Else Knows
  • How To Buy Non-Performing Real Estate for Pennies on the Dollar
  • How to Turn $100 in Your Roth IRA into $100,000 or More and Retire Tax Free
  • How to earn velocity income without using any of your own money
  • Why Real Estate Agents, investors, builders, property buyers and sellers are creating a strong demand for these services and how you can cash in by becoming the “go to” person
  • Why flipping notes is easier and less time consuming than flipping properties
  • How to “paper out” of properties and triple your net income
  • How “anxious money” is changing the industry making your opportunities greater than ever before
  • How to become a Note Buyer with as little as $100 dollars
  • How to apply your current real estate knowledge and skills to make even greater profits with the note business

About Eddie Speed

Eddie has dedicated his professional life to the seller financing and non-performing note industry where he has been a leader and innovator in the Note Business for over 30 years. Over the years, he has introduced innovative ideas and strategies that have positively impacted the way the industry operates today. Eddie founded NoteSchool, which is a highly recognized training company, which specializes in teaching students how to buy both performing and nonperforming discounted notes and mortgages. He is the owner and president of Colonial Funding Group LLC, which acquires and brokers discounted real estate secured notes. Additionally, he is also a principal in a group of Private Equity funds that acquires bulk portfolios of notes. All his years of experience have prepared him for the incredible opportunities of the current real estate market and make him very qualified to teach you everything you need to know about the note business.

So come join your fellow investors as we connect and get the low down on buying and selling discounted notes and mortgages with Note Expert, Eddie Speed. All this is happening at the Tampa REIA on Thursday, March 12th at 6:00 PM at the Doubletree Suites Tampa Bay located at 3050 North Rocky Point Dr West in Tampa, FL.

As always, Tampa REIA Members can attend the event at no charge and Non-Members can Register Online for $15 or pay $20.00 at the door. Be sure to bring your business cards and flyers and join us for an evening of real estate deals, vendors, networking, education and fun! See you there!


*Meeting Agenda
6:00 pm: Tampa REIA Meeting in Tampa
6:15 pm: Announcements, Introductions, Haves & Wants
7:30 pm: Main Presentation with Eddie Speed
9:30 pm: Late Night Networking at Whiskey Joe’s Bar & Grill

*Please Note: Meeting agenda is subject to change.

5 Days & 4 Nights in CancunWIN A 4 NIGHT STAY IN CANCUN: All participants who attend the Tampa REIA Meeting will entered into a drawing for a chance to win a *Complimentary 5 Day, 4 Night Stay in Cancun! *You must be present at the meeting to win. Giveaway does not include dining, transportation, transfers, taxes, upgrades, etc.

Late Night Networking at Whiskey Joe’s Bar & Grill

Whiskey Joe's Bar & Grill Tampa FloridaAfter the conclusion of the Tampa REIA Main Meeting (around 9:30PM), we will be reconvening at Whiskey Joe’s Bar & Grill located at 7720 West Courtney Campbell Causeway in Tampa for the “Meeting after the Meeting”. Come eat, drink, network and have fun with us as hang out late into the night on Tampa Bay!

See Tampa REIA Events Calendar for More Events!
Sat, March 14th at 9AM @ Doubletree Suites Tampa Bay
Everything You Need to Know About the Note Business
Full Day NoteSchool Workshop with Eddie Speed
March 14th at the Doubletree Suites Tampa Bay

Eddie SpeedAt our March REIA Meeting, Eddie Speed teaches us why notes have become so hot and why every investor needs to know about buying and selling performing and non-performing discounted notes and mortgages in today’s ever changing real estate and mortgage industry.

At this Tampa REIA / Sarasota REIA NoteSchool Workshop on Saturday, March 14th from 9AM – 4PM, Eddie will pick up where he left off at the meeting and teach you everything you need to know about the Note Business. Eddie will teach you what all the Wall Street Insiders and Hedge Funds already know…

  • Understand why Non-Performing Notes are the New REO
  • Sell landlords loaded rentals using our innovative 50/50 model that will have you making lump sum cash now and long term monthly cash flow
  • That you can profit while significantly helping people suffering from the mortgage meltdown
  • Make cash flow like a landlord without the hassles of being a landlord
  • Use your IRA or 401k to make tax free, often double digit returns
  • Why note investors are making double digit returns on investments right now
  • How to purchase notes without using any of your own money
  • Pull back the curtain on the “Shadow Inventory” being held by banks, HUD, Fannie and Freddie and why the note business is the solution to the real estate crisis
  • How to Sell Your Properties Using Seller Financing
  • How to “Flip” Real Estate Notes Without Any of Your Own Money
  • How government mandates are driving the business!!
  • See case studies of real deals showing you how Eddie’s students are closing hundreds of deals!
  • All this and much, much more!
Register Now!
See Tampa REIA Events Calendar for More Events!

Eddie Speed

Posted on February 22, 2015 by

Eddie SpeedFor over 32 years, Eddie Speed has been an active investor, leader and innovator in both Seller Financing and Non-Performing Notes. A-list corporations, Hedge Funds and the industries top producers such as HomeVestors of America have sought his expertise for decades.

His daily hands-on participation has kept him at the cutting edge of the note business and his industry vision has positioned him to play a prominent role in the changing real estate and financing landscape.

He has used his experience from purchasing more than 30,000 notes and brokering more notes than anyone in the industry, to develop training programs. These programs, which include seminars, workshops, mentorships and computer-based curriculum, have created more successful brokers and investors than anyone in the industry. Read More→

The Profit February 2015 Edition

Posted on February 9, 2015 by
The Profit Newsletter for Tampa REIA Feb 2015
Download the February 2015 Edition of The Profit Newsletter Now!

The Profit - February 2015 - High Quality PDFThe February 2015 edition of The Profit Newsletter is now available for download as a High Quality PDF (print quality) or Low Res PDF for mobile devices. The Profit Newsletter is the official newsletter of the Tampa Real Estate Investors Alliance and is a digital, interactive newsletter for serious real estate investors delivered as an Adobe PDF file to read on your computer, tablet, or smart phone with a PDF reader. Many of the articles and ads in The Profit contain hyperlinks you can click to get more information online. The high res version of The Profit is “print ready”while the low res version may load faster on your mobile device. Also, be sure to Subscribe to The Profit so you don’t miss a single monthly issue.

Download Now!
High Quality PDF / Low Res PDF
See The Profit Archives for our past editions.

Read More→

Let me summarize with a question before I start writing…. How many hours in your current job or situation will it take for you to make $65,000? For most, this is more than an annual income, so I know your answer would be 2,000 hours or more. I didn’t count the hours on this deal, and we haven’t closed yet, but I know it will be double digit hours, not in the thousands. If someone has told you that short sales don’t work, they either didn’t have the right partner, weren’t properly trained/educated, or… they are lying to you because they want all of the short sales to themselves and don’t want you as competition.

My office exploded in December! I’m thinking “time off, relax, jingle bells” but I had a short sale deal that had other plans for me. I ended up at the City of Margate fighting two liens that were filed against my short sale deal, in addition to a $2,300+ water lien. Lien #1 was for a Dirty Pool and Lien #2 was because seller did “not” file a Vacant Home Affidavit, Lien #3 was the water. The total due, without the Water Lien, was over $40,000. The Lien notices were attached to the front door, which was covered like a jungle, on April 7, 2014. I represented the Seller as a Listing Agent and the Buyer as a Selling Agent. I got a Power of Attorney from the Seller so I could appear before the City of Margate and negotiate the liens. Whatever was agreed upon at that hearing would be set in stone and could not be re-negotiated. Before we could even get the City to stop assessing daily fees, the dirty pool had to be cleaned. We didn’t know there was a Water Lien of $2,300+, as the lien that was recorded was only for $500.00 but the City charges a maintenance and garbage fee monthly of $70.00 no matter if the water is on or off. Not Good! I needed water in order to drain the uncovered pool (no screen) and refill it. Read More→

Not If, But When?

Posted on February 9, 2015 by

“One of the most feared expressions in modern times is ‘The computer is down.'”~ Norman Ralph Augustine

One night I got a panicky call from my cousin Marv. He was about to put the last, finishing touches on a presentation he had been working on for weeks. He powered up the computer, waiting for the usual stuff to flash across the screen. Something flashed, all right: a big, blue, blank screen. Everything was just gone. Marv told me he didn’t think it could happen to him. “I mean, I’m careful! I don’t open links on suspicious emails, and I don’t click on ads unless I’m sure of the source.”

“Well, that’s good,” I told him. “Give me your boot disk and I’ll see what I can do.”

“What?” The look on Cousin Marv’s face was as blank as that awful blue screen.

“Okay, how about backups?” I asked. Maybe we could at least get his presentation back.

Marv smiled. “Oh, I’ve got that! I always keep a spare copy of important documents. On my computer.” His face fell. “Oh.”

For a minute there, I felt a little superior. Really, no backup? But then I had to remind myself that I’ve been sloppy about backups, too, from time to time. I’ve lost documents. I’ve seen the dreaded Blue Screen of Death. What an awful feeling! Read More→

Did you know that every month, within 5 miles of your home, there’s a $15,000 net-profit deal waiting to be had? The hard part is finding it, and then knowing how to creatively structure it into a big-profit deal. There won’t be a large sign in the yard that reads: Stop Here – $15,000 Deal Inside!

A common mistake made by many would-be real estate investors is to run a We Buy Houses ad, then sit back and wait for the phone to ring. A truth: The phone rarely rings! Because of this, most new investors go out of business long before they find their first deal!

To succeed at real estate investing, you must get face-to-face with sellers on a regular basis. The fastest, cheapest and most effective way to accomplish this all-important task is to simply knock on sellers’ doors and ask why they’re selling.

In addition to door-knocking, you must continually learn creative deal structuring techniques from experienced real estate investors. The best creative deal structurer I know is Pete Fortunato. With nearly 50 years of deal-making experience under his belt, he’s the master!

To show you how to make the impossible deals not only possible, but also very profitable, let’s look at one that Kim and I just completed. Read More→

Here we are already in the second month of what I believe is going to be a bumper year for real estate investors. For real estate investors who decide that they need to change the way they are trying to buy houses, many have little success without available affordable financing.

Did you see the movie Groundhog Day? In the movie events kept repeating themselves over and over. Today I am seeing this very same thing happening to real estate investors. Many investors today are still trying to do exactly what they did in the past and it still isn’t working for them. Most of these investors are getting what most of the other investors who lack the ability to borrow money are getting which isn’t very much. Many of these beginning investors are struggling to make little money, most are just going through the motions of what they were taught by some guru.

I just spent 5 days teaching with Robyn Thompson at her Junkers to Millions boot camp and I was amazed to hear her students who are totally unaware of any method of buying houses other than getting institutional financing to buy houses. I discussed this with most of her audience during my time at the boot camp and found that over 75% of those attending were unable to get any type of institutional financing for one reason or another. Does this sound familiar for you too? Read More→

The Fatal Flaw

Posted on February 9, 2015 by

After spending almost 30 years teaching good folks how to use real estate to take their life back, I’ve learned there’s a very short list of things that stop some from rapid growth. In fact, it even keeps some from developing a life-long career and separates them from financial freedom.

With today’s automation and systemization, there’s only a few things for the real estate business owner to do. Everything else should be done by someone or something else, thus freeing up your time to focus on the business—not be a slave to it.

However, if these few things aren’t set up and put on auto pilot, it’s the kiss of death, and many owners spend years doing stupid, nonproductive stuff or worse, quit and go chase another shiny object.

The ones who get it and actually do what they’re taught excel quickly and start making money without a major interruption to their current job or profession. All my seven figure annual earners clearly understand this basic principal and did what it took to get automated. Read More→

The Real Estate “Dance” – Part 2

Posted on February 9, 2015 by

Dancing… and Real Estate? What gives?

What? You still want to know what else dancing & real estate investing have in common?

Ok, lest ye forget what we had talked about in our last article, I’ll give you a quick reminder. After all, it’s been a month already, right? And let’s get all the new kids caught up to speed, too…

When I upgraded my profession from a Ballroom Dance Instructor to a Real Estate Investor many years ago, I noticed that these seemingly different businesses had some things in common, namely:

1. You have to LEAD;

2. You have to deal with OBSTACLES;

3. You’ve gotta have RHYTHM;

4. You need BALANCE; and…

5. You’ve gotta have the right PARTNER!

Remember all those? If not, just go get last month’s issue of this publication… it’s all there!

But guess what? We’re not done yet! Yes, just when you thought it was safe to get back on the dance floor, I have 5 more things to share with you. Ready? Read More→

One of the things that never ceases to amaze me in the real estate business is how many investors leave hundreds or thousands of dollars on the table at closing due to errors in the closing documents. This is an area where many investors need to be educated. Many times investors get excited about the bottom line and forget to check the figures on the documents.

It is a mistake to assume that the HUD or closing statement is correct or that the closing documents are correct. The person preparing the closing statement can make mistakes. In addition, the person preparing the closing statement and documents is using figures that they have acquired from other people who could also make mistakes, such as the insurance company, the Realtors, the lender, home inspection service, or the surveyor.

You need to take the time to read all the documents carefully before closing on any deal. I have personally seen errors on the HUD at almost every closing I have ever been part of. Many investors only look at the bottom line and think “yes that’s enough money” but they fail to look at the whole closing statement, and in doing so possibly leave thousands at the table. I just had a closing take place recently where there was a mistake of a thousand dollars on the HUD. They put one of the buyer’s expenses on my side of the closing statement. I don’t know about you, but I think a thousand dollars is a lot of money to leave behind when you are entitled to it. Read More→

In this business, in client meetings, telephone consultations and seminars, we find ourselves answering the same common questions about real estate IRAs over and over again. So we thought we’d compile them here, in one convenient list.

1. Is it legal to hold real estate in an IRA?

Absolutely. The U.S. tax code gives taxpayers broad latitude to hold just about anything they want within an IRA. The only restrictions as far as the types of allowable investments are as follows:

  • You can’t own life insurance in an IRA.
  • You can’t own gems or jewelry.
  • Any precious metals you own in an IRA have to meet certain standards for purity and consistency. See our exclusive Guide to Gold and Precious Metals IRAs for more information on this topic.
  • You cannot own alcoholic beverages within an IRA.

Read More→

Do YOU Have the Time?

Posted on February 9, 2015 by

We all have 24 hours in a day, right? No one has more or less. And some people are successful investors, right? Is that because they have more time than you do? Do they have 26 hours in a day?

This sounds silly, doesn’t it? Then why do so many people say that they just don’t have enough time to achieve success?

Are you one of these people? Do you say that you don’t have enough time?

Understand that time is a resource. Once it is gone, there is no getting it back. Time is not bigoted, racist, or only for the rich and beautiful. You can’t bank a few minutes. There is no going back. Everyone everywhere has the exact same amount and gets to spend it however they choose.

So how do you choose to spend your time? 8 hours sleeping… 3 hours eating…8 hours working…1 hour commuting. .. 1 hour with family… 1.5 hours getting ready to… that leaves just a short 1.5 hours to change your life. This must change if you are to succeed. Read More→

We Can Raise The Rents!

Posted on February 9, 2015 by

Rents are on the rise in most markets today. This is a great way to increase overall revenue and value of our deals. In this article I want to discuss the reality of raising rents and increasing values of our multifamily properties.

As I stated rents are naturally on the rise but raising rents is not always as easy as it may seem. “The rents are below market” seems to be the mantra of realtors today. I can’t remember the last time I looked at a property that the agent didn’t tell me that I could raise the rents and make a lot more cash flow. I agree in a lot of cases the rents could have been raised but rarely can it be done for free.

On average rents can be raised by 1-3% per year without any upgrades needing to be done. This is what we call the “annoyance raise”. When analyzing a deal and considering a rent raise as a “value add” component we need to look at several factors and ask one very important question, “why are the rents currently low?”. In most cases I don’t find that the current owner hates money and just won’t raise the rents because they just love the tenants so much. Your agent may want you to believe that something like this may be the case and you can just magically raise rents but it usually doesn’t work that way. Read More→

Almost every real estate investor who buys short sales or pre-foreclosures has heard this story a hundred times. A homeowner requests a loan modification from the bank, the bank grants a “temporary” modification, payments were made and accepted, then bank changes its mind and forecloses on the homeowner for not making the full, original mortgage payment. It has been happening every day since the economic crisis began, leading millions of homeowners into foreclosure. This was business as usual for years, until a recent appellate court ruling that modification offers are in fact enforceable contracts that must be honored by the banks.

In this case, Wells Fargo offered a temporary modification to a homeowner. The offer was accepted, and the trial payments were all made and accepted. Wells Fargo then disavowed the modification settlement under the claim that it lacked consideration. Wells Fargo then went ahead with the foreclosure. The trial court ruled that Wells Fargo was correct by saying that there was no consideration. The appellate court reversed that ruling, declaring that there was more than enough consideration. This ruling has led to hundreds of cases in which trial and appellate courts have enforced the modification agreements ignored by banks. Read More→

Ask any Realtor how he or she prices houses, and you will hear a version of the following statement: “Well, I look at the comparable sales and then I …”

The same answer would include potential buyers, lenders, brokers and even appraisers. The data within REIAComps has consistently shown investors how to determine both solid acquisition value and after repair value for residential real estate.

Now, in the defense of Realtors, using comparable sales (“comps”) to price listings is what they were taught. Find the (3)“closest”comparable sales, make some adjustments for the differing features and use this analysis to arrive at an asking price for the home.

Truly, Appraisers typically use the same technique, as do most county assessor offices. Free broker and agent lead generation web sites like Trulia and Zillow apply similar inputs to their valuation algorithms. The comparable sales method has been in use for the measure of my career, and I am approaching 20 years in the valuation business.

A comp flatly, is a closed sale sharing as much similarity as possible with the home being valued. A good comp will be a recent sale of a similar type of property from within (or nearby) the subject property’s neighborhood. In theory, the more similar the comparable sale, the more power it has. The base logic behind using comps to price goes something like this —if House A sold for $X, House B sold for $Y and House C sold for $Z, then your house should sell for some adjusted average of the three. The catch is, the comps used are the most appropriate ones available.

But, we have to ask, is this really accurate? Read More→

Thurs, Feb 12th at 6PM @ Doubletree Suites Tampa Bay
Tampa REIA – February 12th
at the Doubletree Suites Tampa Bay
Still Makin’ Money
With Short Sales!

with Special Guest, Kimberlee Frank

Tampa REIA Members Can Attend at No Charge.
Guests Can RSVP Online Now for $15 or Pay $20 at the Door.

Kimberlee FrankJoin us at Tampa REIA on Thursday, February 12th at 6:00 PM at the Doubletree Suites Tampa Bay located at 3050 North Rocky Point Dr West in Tampa, FL with our special guest, Kimberlee Frank, who is a Florida Real Estate Broker/Agent, active Real Estate Investor, Author, Trainer, Mentor; and Short Sale and Negotiating Expert.

Perhaps you’ve read Kimberlee’s column in The Profit Newsletter called “Foreclosures Gone Wild”. Perhaps you even considered pursuing short sales as one of your real estate investment strategies, but avoided doing them because “others” have told you what a pain they can be. Well, Kimberlee is Still Makin’ Money with Short Sales, so why can’t you? And she and her Student Partners have less competition, because Investors are listening to people, the wrong people, who say short sales are impossible. That’s a LIE! She’s working on a deal right now that she and her Student Partners short saled and now they are rehabbing it for a profit of $65,000. Does this interest you at all?? Please be sure to join Kimberlee at our next Tampa REIA meeting where she is going to set the record straight about short sales and how you can profit handsomely, when you know how to do them right.

Kimberlee is going to spend the evening updating us on the current state of the short sale industry, the pros and cons of doing short sales, and her tricks of what’s working now and what’s not. She is going to break down the whole short sale process step-by-step and tell you how you can make profits of $20,000 or more without spending nearly as much time doing the deal as you might think.

And for those who are really interested in pursuing the Big Income from short sales and pre-foreclosures as a serious life-changing strategy, Kimberlee will be back with us on Saturday, February 14th, for a full day workshop called “Foreclosures Gone Wild.” Attend both trainings and walk away with a new plan of attack for your 2015 income! We hope to see you at the meeting and the workshop!


*Meeting Agenda
6:00 pm: Tampa REIA Meeting in Tampa
6:15 pm: Announcements, Introductions, Haves & Wants
7:30 pm: Main Presentation with Kimberlee Frank
9:30 pm: Late Night Networking at Whiskey Joe’s Bar & Grill

*Please Note: Meeting agenda is subject to change.

5 Days & 4 Nights in CancunWIN A 4 NIGHT STAY IN CANCUN: All participants who attend the Tampa REIA Meeting will entered into a drawing for a chance to win a *Complimentary 5 Day, 4 Night Stay in Cancun! *You must be present at the meeting to win. Giveaway does not include dining, transportation, transfers, taxes, upgrades, etc.

Late Night Networking at Whiskey Joe’s Bar & Grill

Whiskey Joe's Bar & Grill Tampa FloridaAfter the conclusion of the Tampa REIA Main Meeting (around 9:30PM), we will be reconvening at Whiskey Joe’s Bar & Grill located at 7720 West Courtney Campbell Causeway in Tampa for the “Meeting after the Meeting”. Come eat, drink, network and have fun with us as hang out late into the night on Tampa Bay!

See Tampa REIA Events Calendar for More Events!
Sat, Feb 14th at 9AM @ Doubletree Suites Tampa Bay
Foreclosure Gone Wild!
Full Day Workshop with Kimberlee Frank
Feb 14th at the Doubletree Suites Tampa Bay

Kimberlee FrankReal Estate Investors & Realtors: Have you taken advantage of the fact that Foreclosures Have Gone Wild? If not, why… Fear? Lack of experience? Discouragement? No matter if you are a first time Investor, Realtor or a Seasoned Pro, Kimberlee Frank will show you all the secrets to get your short sales approved and closed! Yes, some people say “Are you Nuts to work Short Sales?!” Kimberlee says “You’re Nuts if You Aren’t!” Short Sales can be frustrating, if you don’t have a simple, easy step-by-step system that is current with the weekly changes in the industry. It doesn’t matter what level of experience or lack of experience you have… Kimberlee has got you covered. Learn from the best, partner with her and let her negotiate, fund and/or rehab the property and do a 50/50 profit split!

Attend and LEARN the Top 10 Steps to Successful Short Sales:

  1. Learn how to find the Right Team
  2. Understand structure of LLC, S or C-Corp
  3. Learn how to Control a Deal at No RISK and have Sellers eating out of your hand
  4. Understand the paperwork for today’s market
  5. Learn how to pre-screen your buyers
  6. Learn to sell your house fast in 7 days or less
  7. How to get Kimberlee to negotiate & fund your short sale
  8. Learn how to have your Buyer fund your deals
  9. Learn how to provide facts for the BPO Agent so that Bank’s value of the home allows you to get discounts and close quickly
  10. Learn how to close back to back
Register Now!

Kimberlee Frank is an Investor/Real Estate Broker knocking down deals right in your back yard. You will be trained by an Investor/Broker who is out in the field daily, just like you, closing deals! If you are counting on the past real estate trends and regulations to help you close deals today, then your business will fail! The short sale industry is changing and if you don’t change, you will have NO CLOSINGS = NO CA$H.

Read More→