Tampa Real Estate Investors Alliance Blog
What To Do When Sales Start To Slow
Posted on August 10, 2015 byAll good real estate investors know the valuation of their deals is key to insuring success and projected profits. Since late 2013 transactions in numerous market areas have seen strong sales activity. But what to do when transactions start to slow? All the market areas covered by REIComps, insure when sales changes happen you are not caught off guard.
Last week, we began seeing a number of Support Tickets asking the question, “My retail sale properties aren’t getting multiple offers any more. What am I doing wrong? Equally, we have seen tickets which ask, “Several of our current units for sale in the same area where they have sold in less than two weeks aren’t getting showings”.
Truly, essentially these are the same question, but we had to dig deeper from a valuation perspective. Remember, when we “buy right” typically we can drive the market selling slightly lower. Or in some cases due to sound acquisition, an investor is able to improve a dwelling insuring that buyers can’t wait to make an offer. Read More→
Three “Golden Rules” of the Real Estate IRA
Posted on August 10, 2015 byMany of us are aware of the potential for real estate to function within our portfolio. Not only do we believe in real estate as an investment, but we know that over time, it tends to go up in value – there is, after all, only so much land to go around! But what happens when you incorporate real estate into your retirement portfolio? Do the rules change when you’re running a Real Estate IRA?
Truthfully, many of the same principles of real estate hold true when you’re investing in real estate from within a Real Estate IRA. But that doesn’t mean there aren’t some other things to be aware of – this is, after all, a different type of investment account.
Even so, you’ll find that investing in real estate through a Real Estate IRA isn’t only intuitive, but can be just as intuitive as investing in real estate from a “general investment” perspective. We’ve put together three “Golden Rules” here to not only demonstrate some of the similarities but some of the differences in investing in real estate for short-term growth and investing in real estate for retirement: Read More→
Why Does Everyone Want to Become a Wholesaler? – Part Two
Posted on August 10, 2015 byThis month I believe what I will be sharing with you can be very important to you financially as well as to build your financial freedom faster and easier. Last month I questioned why all of the so-called Guru’s are pitching how everyone should be wholesaling properties to build wealth. From my own experience as I said last month, if all you do is wholesale deals you have a job. This month I want to explain what I have experienced over the years doing this type of deal and what I have learned that keeps my buyers clamoring for more deals on a continual basis. The reason I decided to write about this subject is because without the practical knowledge of how to structure your wholesale deals, it is going to be more difficult to pass those deals along to other investors. I hope this information will open your eyes to the real world and what it takes to be more profitable.
Last month I left off by saying, if you always pay too much for the properties you wholesale, the seasoned investors aren’t going to be interested in the properties you find and you will be forced to sell or assign the purchase agreement to other people who don’t know what they should pay. This is because those people don’t really understand how to figure the numbers and once they do figure out they paid too much, it only stands to reason that they won’t want to buy more properties from you. Once word gets out you are asking too much and it will be assumed you don’t know what you are doing and investors will avoid you like the plague. Everyone wants to make an adequate profit from every deal they do or they won’t do the deal. You must realize that there are other ways to profit from real estate other than being a wholesaler. Read More→
Four-Letter Words That Can Make You Rich!
Posted on August 10, 2015 byOk, I admit it. I use four-letter words. A lot. Some of these four-letter words are the kind you may not like to hear if you’re a fine, upstanding person of high moral fiber. Oh well.
The OTHER four-letter words I use are awesome, and if you know how to utilize them properly, they can make you super RICH! Best of all, you can say THESE four-letter words in ANY crowd, around anyone, without having to worry about getting slapped or getting the evil eye.
So, without any further delay, I’d like to share a short list of some of my favorite four-letter words that can make you rich & are safe to say around women, kids, and Baptists. ;)
I’ll also present these words in a way that mostly applies to real estate, but I promise you that what you’re about to learn here will apply to ALL areas of your life where you want to have success!
FAIR enough? (hey! That was a four-letter word already!) Here we go…
The first word on the list is an F-Word: FLIP. Read More→
No Seller Wants Cash – EVER!
Posted on August 10, 2015 byJust got a call from a realtor. She represents a homeowner who needs a quick sale. The realtor said, “Bill, my client will only consider an all-cash offer. We’re not interested in any of your creative razzle-dazzle deal structures, understand?”
Kim and I get a lot of calls like this. I’ve learned not to say, “No seller wants cash – EVER – ya dingbat!” Saying such would ruin the relationship and destroy the possibility of meeting face-to-face with the seller.
So what do you think? Do sellers really want cash or could I possibly be right?
In this situation, what if I immediately agreed to pay the seller’s $80,000 asking price – in cash? There’s only one condition: The seller must put the $80,000 on her kitchen table, cover it with plastic wrap, and agree that once a month the seller, realtor and I will get together and marvel at the big stack of money.
Sure, this is a silly stipulation that no seller would agree to. But why – since the seller is getting exactly what she wants – wouldn’t she agree to it? Think hard on this. It’s an important question to contemplate! Read More→
Rescission Has the Banks Running Scared!
Posted on August 10, 2015 byLast month I wrote about how you could use the right of rescission as a silver bullet to stop a foreclosure in its tracks. Once you drop a notice of rescission in the mail, your loan has been nullified as a matter of law and the bank must either comply with the rescission or prove within 20 days that they have the right to enforce the note. Well, over the last few weeks I have been seeing more and more from the banks that the right of rescission has them on their heels. The banks are sending their lawyers around their offices explaining exactly how rescission leaves them vulnerable.
The main point that the lawyers are making to the banks is that mailing in a notice of rescission is all it takes to cancel a borrower’s loan, note, and mortgage. The notice is effective from the moment it is dropped in the mail as an act of law. This was written specifically into the Truth in Lending Act (TILA) so that homeowners wouldn’t have to use an attorney to act on their behalf, thus restricting the remedies provided by TILA to borrowers who can afford an attorney. While the note is canceled immediately as soon as the notice is dropped in the mail, the bank has 20 days from the date of receipt to respond. This is a good reason to send the notice with return receipt requested. This provides you with proof of the exact date the notice of rescission was received. Read More→
How to Make Big Bucks Flipping Pre-Foreclosures with Shaun McCloskey
Posted on July 23, 2015 byat the Doubletree Suites Tampa Bay
With Special Guest, Shaun McCloskey
Tampa REIA Members Can Attend at No Charge.
Guests Can RSVP Online Now for $15 or Pay $20 at the Door.
Tampa REIA Members Please RSVP on Meetup.com
if you have a meetup account.
No doubt about it – foreclosure properties are the wave of the present – and the future. The truth is, they’re not going anywhere any time soon. There are endless desperate sellers right in your own back yard who would LOVE to have you fix their problem by negotiating a pennies-on-the-dollar payoff with their banks – and don’t care one bit that you’ll make tens of thousands of dollars in the process.
The problem is, most short sale education makes it sound like every deal you do will be quick, easy, painless, and successful – and according to Shaun McCloskey (and many other real life short sale investors we know), that’s just not the whole truth. Shaun is one of the few short sale/pre-foreclosure experts you’ll ever meet who’s honest about the pros and cons – and tells you how to meet the challenges of this strategy head-on. It’s Shaun’s first time at Tampa REIA and he’ll explain:
- Why some short sale deals are no-brainer money-makers and some are a complete waste of your time – and how to tell the difference BEFORE you spend a bunch of time “negotiating” deals that should be left for dead.
- Why good systems are key to working multiple short sales at once – and why working multiple deals at once is more profitable and easier than doing one at a time.
- How to identify the right sellers, properties, and lenders to work with, so you can make a 6-figure income negotiating short sales this year!
- And much, much more!
Shaun McCloskey is a full time real estate investor located in St. Louis, MO specializing in short sales and pre-foreclosure property acquisition. He has successfully bought and sold over 300 properties since 2003 and loves the every day thrills of the residential real estate business.
Come learn about making short sales smart and simple at the Tampa REIA Meeting on Thursday, August 13th at 6PM at the Doubletree Suites Tampa Bay located at 3050 North Rocky Point Dr West in Tampa, FL.
SPECIAL BONUS: Shaun also has a very special bonus for those who attend our meeting while supplies last. He will be giving away a copy of his Special Short Sale Wealth Report on “The TOP 9 Mistakes Investors Make Regarding Short Sales” so you can avoid making them or catching yourself when you do.
WIN 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.
Tampa REIA Members Please RSVP on Meetup.com
if you have a meetup account.
Want to learn even more about short sales and pre-foreclosures? Checkout Shaun’s Full Day Pre-Foreclosure & Lifeonaire Workshop on Saturday, August 15th where he’ll show you how to have a profitable short sale business and a real life!
With Tangie Cousins of Foreclosures Daily
Tangie Cousins, of Foreclosures Daily, will be discussing how to generate a list of pre-foreclosures and potential short sales and how to market to such a list. She will talk about how to get homeowners to open your mail, how to get the appointment when calling sellers, what to do while your at the property, how to get your phone to ring off the hook and more.
This topic will tie in nicely as Shaun talks about the types of profits that can be made from flipping short sales and pre-foreclosures later in the evening and at the Saturday Workshop.
*Please Note: Meeting agenda is subject to change.
After 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!
Shaun McCloskey
Posted on July 23, 2015 byShaun McCloskey is a seasoned real estate investor, author and coach based in St. Louis, MO. that has used real estate as an investment strategy and educational tool to change thousands of lives across the United States. He is the author of several real estate investing courses and is widely known for his expertise in the fields of pre-foreclosure and short sales.
Although by the world’s standards Shaun was considered to be a very successful entrepreneur, in 2007 he realized that he was working far too much and was consumed by his business. By implementing the LIFEonaire and debt free investing principles into his own life, this is now a thing of the past.
“Everyone says they want to be a millionaire, but what they really want is LIFE! The American Dream says that more money equates to a better life, however, I know a number of people that have made millions of dollars and are also miserable. I know because I was one of them. I want to show you how to have both money and LIFE.” Read More→
Pre-Foreclosure Wealth & Lifeonaire Workshop on August 15th, 2015
Posted on July 23, 2015 byHow to Design an Insanely Profitable Pre-Foreclosure Flipping Business & Have an Amazing Life in the Process
A Full Day Workshop with Shaun McCloskey
Sat, August 15th, 9AM-5PM
DoubleTree Suites Tampa Bay
3050 N Rocky Point Dr W, Tampa, FL
Early 2-for-1 Registration Special Ends
August 13th at Midnight!
Join us on Saturday, August 15th at 9AM at the DoubleTree Suites Tampa Bay at 3050 N Rocky Point Dr W in Tampa, FL to learn how to dominate your pre-foreclosure market from the master of pre-foreclosures, Shaun McCloskey!
Shaun is teaching students why this is THE YEAR for pre-foreclosure real estate investing. The market is hot, hot, hot! Banks have an overabundance of inventory and Shaun and his students are cashing in big time!
“In just the past two weeks alone, I’ve had two students call with record setting profits. At this workshop, I’ll show you the 7 steps to how Dave just cashed a $175,000 NET paycheck (that means after all expenses, this is how much he got to keep for himself!) I’ll also show you the exact steps that Dan used to close a deal that will earn him close to $300K in net profits in the next two weeks! All of what we’re sharing is what works TODAY!”
Here’s What You’ll Learn Saturday Morning at the Workshop!
- How to cash in on short sales without EVER having to negotiate! Heck, we’ll even show you how you’ll never need to even make one single phone call to a bank to negotiate huge discounts!
- Never Pay for Marketing Again: How to generate all the pre-foreclosure leads you’ll ever need -for the low, low cost of ZERO dollars!
- Pre-Foreclosure Deal Finding Strategies: Learn how to find and pursue ONLY the best of the best short sale leads in your area. Pursue the best, forget the rest.
- Unlimited FREE Leads; How to get more pre-foreclosure leads than you can handle, all begging you to take their house.
- Deal Evaluation Demystified: Learn the 6 strategies I use to quickly find (and pick) the lowest hanging fruit that equates to the biggest possible paychecks.
- APPROVED: Offer Structuring tactics designed to virtually guarantee the biggest discounts and most approved short sale offers. (I’m going to give you the exact criteria that banks use to determine whether or not they’ll approve your offer!)
- Affective Negotiation Tactics that Work: Learn specifically how to structure your negotiations so that the banks are begging you to rob them of thousands of dollars worth of equity.
- Bank Secrets Revealed: Discover the #1 secret to uncovering the lowest possible dollar amount that a lender will accept as a short sale payoff. (This one secret alone is worth hundreds of thousands of dollars in cash in your pocket!)
- Sell that House FAST!: Discover the brand new house selling strategy that virtually GUARANTEES you to sell any house in any market in 7 days or less!
- Business Management Mastery: How to set your real estate business so that it runs on AUTOPILOT, allowing you to put cash in your pocket without having to work 70 hours per week like most other real estate investors.
- Unlimited Deal Funding: How to access all the cash you’ll ever need to fund your real estate deals.
- And much more…
AND THAT’S ALL BEFORE LUNCH!!! There’s More!
By the way, all of what we’re sharing is what works TODAY! It’s not some fluff that was written by someone who’s never been in the business. This stuff works right now, right here in the Tampa Bay Area.
I’m also going to be sharing how my student Jason Roberts made $3.7 MILLION dollars in his short sale business his very first year in with his short sale business, doing EXACTLY WHAT I’LL BE TEACHING YOU AT THIS EVENT! I’ll show you his exact recipe of how he did it – his exact marketing plan to get people to hand him the keys to their house, and how you can too.
This Saturday workshop is designed to provide you with everything you need to get your short sale business up and running within 7 days, so come prepared to take lots of notes! Bring a sharpened pencil, and come prepared to get every question answered. Regardless of whatever you’ve heard about short sales in the past, we’re going to show you how to make this year the most profitable year of your entire life!
PLEASE NOTE: The 2 for 1 Early Registration Special is for Tampa REIA Members and is limited to spouses, adult children and corporate partners. Non-Members who join Tampa REIA between August 1st – August 13th, 2015 can attend the workshop for FREE. Also, Tampa REIA Members who renew their membership for an additional year between August 1st – August 13th, 2015 can attend the workshop for FREE as well. When joining Tampa REIA or renewing your membership, please indicate that you want to attend the workshop at no charge. You can join Tampa REIA at http://membership.tampareia.com.
BONUS SESSION! – Saturday Afternoon Session
On Saturday afternoon, we’re going to change gears a little bit. I’m going to show you some of the Lifeonaire strategies that have totally and completely changed my life forever!
I can literally run my business today in just 4 days per month. I’m going to show you exactly how I made this happen. (By the way, just a few years ago, I was working 70+ hours per week…)
On Saturday Afternoon, You’ll Learn:
- We’ll expand on the four distinct stages of financial prosperity and why 99.9% of investors are building their business in a way that guarantees failure
- How Shaun and his business partner totally eliminated a combined $5.5 million dollars worth of debt in just a few short years. (without filing bankruptcy – we actually paid it all off!!)
- How to set your real estate business up to where you absolutely cannot lose. (Set the game up to win!)
- How (and when) to leave your job feeling 100% secure in your decision, knowing you can not fail.
- How to build a 100% FREE AND CLEAR rental portfolio of 12-15 properties in less than one year! (NO ONE is teaching this right now – and we’ll spend a lot of time on this one!)
- How to run your entire real estate business without ever borrowing a single dollar again.
- How to get unlimited access to money for your real estate deals without ever having to qualify at a bank.
You do not want to miss this event! Be there!!!
Click here to register. THIS EVENT WILL SELL OUT due to limited seating so register right now!!!
PLEASE NOTE: The 2 for 1 Early Registration Special is for Tampa REIA Members and is limited to spouses, adult children and corporate partners. Non-Members who join Tampa REIA between August 1st – August 13th, 2015 can attend the workshop for FREE. Also, Tampa REIA Members who renew their membership for an additional year between August 1st – August 13th, 2015 can attend the workshop for FREE as well. When joining Tampa REIA or renewing your membership, please indicate that you want to attend the workshop at no charge. You can join Tampa REIA at http://membership.tampareia.com.
Making A Killing with Pretty Houses with Ron LeGrand on July 23, 2015
Posted on July 22, 2015 bywith Ron LeGrand on
Making A Killing
With Pretty Houses
at the Hilton Orlando/Altamonte Springs
Tampa REIA Members & Guests Can
Print a FREE Guest Pass to Attend GoREIA
Be Sure to Let Robyn Thompson know you are with Tampa REIA
Our good friend Robyn Thompson of the Greater Orlando Real Estate Investors Association (GoREIA) asked me to invite you to GoREIA on Thursday, July 23rd from 6:30 to 9:00 PM at the Hilton Orlando/Altamonte Springs for their meeting with Ron LeGrand on “How to Make a Killing with Pretty Houses”! It’s a rare opportunity to spend the evening with a real estate investing legend and millionaire maker and the guy who started it all for myself, Robyn and thousands of others across Florida and around the country.
Here’s a special message from Ron that Robyn wanted me to forward to you…
“Why is it some people come into real estate and do very well, some netting seven figures their first year, and others put in the time but don’t get good results?
Is it the area?
No! It’s the same in every city!
Is it the economy?
No! Been that way for my entire 33 years during the good economies and the bad!
Is it the availability of money and credit?
No! Those who make the most use neither!
Then is it the training?
Not really! The people who excel get the same training as those who don’t!
It’s none of these but I do know what it is and I’m making it the subject of our evening together and that conversation will continue through Saturday at my all day seminar.
This career killer is fixable but if it isn’t fixed you’ll never do better than making a living at real estate no matter how hard or long you work.
There are people in every real estate group, including yours, with long careers in the house business who haven’t fixed it but seem to be doing well.
They aren’t doing well!
They’re only making a living… and I know why! So will you, after Thursday night and it’s my objective to help you make more than a living.
Record your favorite TV Shows and come see PAPA at the only REIA meeting I’ve agreed to do this entire year.”
PLEASE NOTE: Tampa REIA Members and non-members who RSVP can attend the GoREIA meeting on July 23rd with Ron LeGrand for FREE. RSVP Now to Download your FREE Book & CD Now!
Learn the Pretty House Business with Ron LeGrand on Sat, July 25, 2015
Posted on July 22, 2015 bywith Ron LeGrand on
The Pretty House Business
with Ron LeGrand
On Saturday, July 25th from 9AM to 5PM
at the Hilton Orlando/Altamonte Springs
Perhaps you’re sick and tired of waiting for the real estate market to bounce back in the traditional sense, but we’ve got to tell you, you needn’t wait any longer. The TRUTH is, real estate investing is hot, hot, hot, right now! You’ve just got to change your “traditional” mindset a little.
That’s why you can’t afford to miss this one-day, all-day training event with Ron LeGrand on July 25th!
As the world’s leading authority on quick turning real estate, his methods are cutting edge, forward thinking and stunningly creative. His priority remains figuring out “how to” successfully structure investing deals in any economy and at any time. He’s done just that.
Once again, he’s taken an already proven technique and refined it so definitively, student partners recently closed two deals in two months netting them $250,000. Ron personally just closed a deal netting him a whopping $50,000 while never using one cent or his credit to do so.
Come learn how you can work less and focus on the most important things and quit working so hard on all the rest. You’ll learn by thinking “out of the box” and against conventional wisdom, so you too can surpass your current income.
You’ll also receive Ron’s book titled, “How to be a Quick Turn Real Estate Entrepreneur in Any Economy,” and he’ll autograph it for you at the event.
He’ll also be giving away $5,000 in cash and prizes.
It’ll be lots of fun too!
Beach REIA Meets on July 16, 2015
Posted on July 13, 2015 byLet’s Meetup at Gators Cafe & Saloon
12754 Kingfish Dr, Treasure Island, FL
Tampa REIA Members & Guests, Please RSVP on Meetup.com
if you have a meetup account. Non-Members can also attend at No Charge
Come join your fellow real estate investors in a fun networking atmosphere at the Beach REIA! We meet on the 3rd Thursday of each month at 6:30PM at Gators Cafe & Saloon located at 12754 Kingfish Dr, Treasure Island, FL Gators is an awesome waterfront restaurant right on John’s Pass and the beach, which makes for a great sunset backdrop during the meeting while networking and doing business!
Our goal is to get the Real Estate Investing community together in a fun setting where we can discuss opportunities, ideas, brainstorm, network, and figure out additional ways to help each other make more money investing in real estate. There is no fee to attend. Everyone is welcome!
So come on out and network with us and let’s have a good time and talk about deals! Bring your deals and business opportunities to discuss.
Tampa REIA Members & Guests, Please RSVP on Meetup.com
if you have a meetup account. Non-Members can also attend at No Charge
Learn How to Find ‘Em, Fix ‘Em, and Flip ‘Em with Don DeRosa at 2 Day Rehabbing Boot Camp
Posted on July 13, 2015 byHow to Create a $100,000 Business in 29 Days!
A 2 Day Boot Camp with Don DeRosa
Sat & Sun, July 25th & 26th, 9AM-6PM
Keller Williams Metro Atlanta
315 W. Ponce De Leon Ave, Ste 100, Decatur, GA
Tampa REIA Members are Invited to Attend
Are you ready to take advantage of the rising real estate market and get in on the red hot house flipping scene? Are you thinking about flipping but don’t know how? Does the idea of renovating properties scare you to death? Don’t know where to start? If the answer to any of these questions is yes then you absolutely need to attend Don’s new two day renovation event.
Come see Don on July 25th and 26th where he will spend two full days teaching you how easy it actually is to Find ‘Em, Fix ‘Em, and Flip ‘Em. You will spend two full days learning the art of flipping houses. Don will show you a Step-by-step process to evaluate, avoid rookie mistakes and build a highly profitable fix and flip business.
Day One:
- How to put together a solid flipping strategy
- The best methods for securing multiple types of funding
- How to evaluate properties, work with contractors and manage renovations
- How to Flip multiple houses at one time
- How to crunch numbers and evaluate high profit margins
- How to negotiate like a seasoned pro with Sellers, Lenders, Contractors and Buyers
- How to handle Legal and Tax Regulations
- How to choose the best marketing strategy that guarantees sales
- And much more…
Day Two (Bus Trip):
- Field trip to Home Depot
- How to automate your renovation business using SKU based model
- Compare prices and learn basic costs of materials that will be used in every job
- What are the low, middle and high end products to use depending on your level of renovation
- Visit 3-4 actual houses
- First hand experience looking at real houses, using real numbers, and making real offers
Don will give you practical tips with real life examples, easy to use systems and killer paperwork so you can tap into this exciting and potentially unlimited source of income and financial freedom.
PLEASE NOTE: Tampa REIA Members can attend at Atlanta REIA Member prices. Location and schedule subject to change. Pricing is per person. No refunds 5 days prior to event. Register now before early registration expires to save $100 off tuition. Class is limited to 45 people.
The Profit July 2015 Edition
Posted on July 6, 2015 by
The July 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 july load faster on your mobile device. Also, be sure to Subscribe to The Profit so you don’t miss a single monthly issue.
Free Money… No, Really! It’s True!
Posted on July 6, 2015 by
Our Government makes hundreds of different programs available to distribute billions of dollars to us in the form of grants, low interest loans, and subsidies. The money is then appropriated by politicians who are smart enough to know that the best way to keep their jobs is by funneling Government money into the communities they serve. That’s where we can step up and reclaim our money.
It’s Our Money Anyway
I say reclaim because it’s our money in the first place. The Government takes the money from us in the form of taxes, then gives it back to us in the form of grants, low interest loans, and subsidies. Here’s the kicker… The Government only gives the money back to the people who learn how to get it. You have to learn how to ask for it! If you can follow instructions on an application, the chances are pretty good that you can get a grant for something.
Free Money For Almost Anything
Do you have an idea for a business? Want to invent something? Need help with living expenses? Want to change your career? Want to buy or fix up real estate? There is Government, Corporate or Foundation money that can help. How about $30,000 to tag Grizzly Bears. Not that daring? How about $96,000 to study fish? Or $43,000 to become a French Chef? Or, over $148,000 to rehab an apartment building? Sound too good to be true? Well, it’s not. There are far greater stories. Read More→
Too Many Loyalty Cards?
Posted on July 6, 2015 by“I always say shopping is cheaper than a psychiatrist.” ~Tammy Faye Bakker
The other day I was in the grocery store picking up some milk. In the checkout line, the checker asked the guy ahead of me if he had one of those loyalty cards. Well, this guy took out a shoebox full of those cards – a shoebox! –and started searching through them. It took forever!
Okay, maybe I made that up. Actually, if anyone needs a shoebox for those cards, it’s probably me. And if I were to pull out that shoebox in the checkout line, I’ll bet no jury would convict the checkout lady if she shot me right then and there.
Now, just in case there’s anyone who still doesn’t know about loyalty cards, it’s time you did. They’re promotional wallet cards that big retailers and businesses give out, usually for free. When the checker scans the barcode on the back (or when you give the checker the phone number they have on file for you), you can get all kinds of deals that are only available for people who sign up. Read More→
Market is Hot? Don’t Let It Mess With Your Numbers.
Posted on July 6, 2015 byYou may have noticed that the Atlanta market in general is hot right now. Prices are going up. The newspaper is telling people values are going up. CNN, Fox and more are reporting more new developments every week it seems. If you are a homeowner, this is the news you have been wanting to hear. ‘Sellers’ market!’ is being proclaimed by agents in recent months and to a reasonable degree, that is the case.
So where does this leave you as a wholesaler? I would argue it leaves us in one of a few positions:
- Ride the wave and pay more for properties and hopefully wholesale for higher LTV’s
- Learn more about creative financing
- If you want to wholesale, stick to your formulas that you know work based on today’s values
Which is the right answer? As a wholesaler, clearly number 3 and to some degree number 2 if you want to branch out from just wholesaling. Yet answer number 1 is the answer that seems to be taken by the majority of wholesale deals that cross my desk. Read More→
Get More Private $$$
Posted on July 6, 2015 byUnless you are already rich and have all the cash you need to build your real estate empire, you will probably need to explore the world of private money. Private money can come in many different forms such as investor’s capital, private loans, and hard money loans. Most real estate entrepreneurs start with capital from friends and family. This may be the best place for you to start raising money for your deals. Depending on the relationships you have with your friends and family will determine if this a good place to start or not. They may be willing to join you in your deal or they may still see you as the person they remember growing up and not the new real estate mogul you are now. Regardless of their opinion the best way to start raising money from your immediate contacts is to focus heavily on your real estate education. Friends and family will know you are new to the business and may be hesitant to jump in. If they see the amount of education and work you are putting into your new business then that attitude may change.
When you are ready to start farming cash from new sources then you need to start by networking. Networking is one of the best business skills you can learn. In the beginning most people are nervous about networking. I have found that this is usually because the person is not comfortable enough discussing the subject of real estate. Again you need to be constantly working on your education. This will lead you to be able to network confidently, discuss and answer questions, and to start building trusting relationships with new investors. If you are not comfortable and confident in your ability to discuss real estate investing they will not likely be confident in you. Read More→
How To Use Signage to Locate Even More Deals
Posted on July 6, 2015 bySignage is an important tool for you to use in your real estate investing business. Using signage is another inexpensive way to draw motivated sellers and deals to you. Many real estate investors find that signage can produce more deals in a year than some of the other methods they use in their businesses. Once again, you need to test and track the results in your own business. There are several different types of signage you can use. Some are permanent, some are temporary. Some are very inexpensive and some will cost more. I will discuss several different types of signage I have used in my own business.
One type of signage you can use is magnetic signs or vinyl lettering that goes on your vehicle. You can also “wrap” a vehicle with signage. Wrapping a vehicle means signage all the way around it. There are sign companies who will design this type of signage for you. This is a little more expensive and a little more permanent; however, it can be easily removed should you decide to sell your vehicle. Magnetic signs work very well, especially if you only own one vehicle. Sometimes you will be working with a seller who doesn’t want their neighbors to know they are selling their house and you will need to remove your signage before going to see that seller. Make sure your message is short and to the point since other drivers have only seconds to see your message unless your vehicle is parked. Read More→
Are You Planning Poorly or Positively Profiting on Your Deals?
Posted on July 6, 2015 byCalculating costs to purchase, fix and resell a house has always been a downfall for many Investors. At a recent Real Estate Investor Meeting, I heard a great explanation of how people come up with their numbers. You all need to be sure you don’t fudge your numbers and fool yourself into thinking you are going to make a profit. This Article focuses on all the things you must consider when purchasing a property, such as holding costs, cost of the money, and closing costs that you will incur on properties.
When a student contacts me on a property and says “This is a great deal,” I always ask “Why do you think so?” Their response is “because.” Well….”because” is not a good enough answer. This is how I analyze a deal. First, I look for the Sold comps in the same subdivision that have sold in the past 90 days. I will then look at a total of 6 months in that subdivision. I look at square footage, garages, bedrooms, bathrooms and pools. I then look for the Active, Active with Contract and Pendings which all affect the value of my property. I budget accordingly as if I am going to hold it for at least 4 months, which is required in order to sell to a retail buyer with FHA funding. Depending on the price point, about 80% of our buyers have FHA funding. I look at the Active, Active with Contract and Pendings and note what ‘type’ of listing they are. If they are short sales, I really give weight on these sales because it’s very possible they would not be bank-approved and could sell lower or higher than list price. If they are Pending sale which is a straight sale, I can assume that they are close to list price; however, until they sell, I can’t be sure. I will then look on MLS or REIFAX and search a half mile radius to see what other comparables I can find. Based on all the comps and the repairs in which I plan on doing, I will determine if I believe the value of the home will be close to the middle value of the comparables or the high value of the comparables. Read More→
