Tampa Real Estate Investors Alliance Blog
Will The Persistence In Me, Please Stand Up!
Posted on November 3, 2012 by“The soul of a lazy man desires, and has nothing;
But the soul of the diligent shall be made rich.” (Pr 13:4)
Some think wealth accumulation is the result of a series of uncontrollable events called luck or chance. Others believe it is solely the result of a person’s deliberate, well thought out financial planning and activities performed during the course of their lives. Our look into the Wisdom of God reveals that, “diligence is at the source of wealth accumulation and laziness is the culprit behind poverty and despair”.
It takes more than just wants and desires to produce success and wealth. The difference between unproductive people and those that are highly successful is not in their possessions. It goes deeper than that. The difference between a person that refuses to work when given the opportunity and a person that works hard to obtain success is not in their actions. It goes deeper than that. The difference between these two, fundamentally different, groups of individuals goes deeper than their desires; their hopes; their aspirations; or even their dreams. Read More→
Bank Won’t Finance… Private Lending is An Option
Posted on November 3, 2012 byPrivate Lending Explained
If someone wants to just simply hold the paper secured by an asset, they’re actually going to be a private lender for that asset. That’s right…private lending simply means a private individual is loaning the money rather than a bank or lending institution.
Private Lending…The Numbers
In this example, Jack Brown has $100,000 in a Rollover IRA, which is just another way of saying Traditional IRA. He wants to loan it to an investor as a first mortgage on a property worth $135,000.
Private Lending…Determining the Value
Perhaps Jack’s realtor, an appraiser or some resource told him, or perhaps he’s sophisticated enough to look at the deal and say I’m comfortable that the deal is worth $135,000. We always suggest doing your ‘due diligence’ and using professionals to assess the value of an asset you are going to loan money on.
In this case, we’re looking at an LTV – Loan to Value – of 75%. Hold on a minute, isn’t 75% LTV a bad idea? Everyone has to determine their comfort level when loaning money. I personally do not lend on anything over 60% Loan to Value. Read More→
The Thinking Process’s of a Successful Investor and a Motivated Seller
Posted on November 3, 2012 byThinking Like A Successful Investor
An investor of real estate understands that general knowledge is not what it takes to create wealth. If general knowledge was what it took to create wealth, college professors would be the wealthiest people in this country and we all know that is not the case. Successful real estate investors know that it takes specific knowledge to create wealth. That is why real estate investors buy hard assets, (such as the seller’s house) at a price or with terms conducive to making a profit. If an investor can’t make a profit, they usually have no reason to buy a property unless they plan to live in the house. An investor who is a true capitalist knows they must always offer a seller something the seller likes and values more than what they are giving up or a deal will never happen.
Most sellers are looking for a large sum of cash, a monthly income stream, debt relief or any of a myriad of ways to receive that thing the seller likes more than what they are giving up.
Now that we have established this fact, as an investor it is your job to figure out what you can offer the seller that will be liked enough that the seller is willing to exchange their house for whatever you offered them. If both parties aren’t happy with the deal, it will never happen. Read More→
Real Estate + The Internet = The Perfect Marriage, Part 5 – Fast Traffic
Posted on November 3, 2012 byWelcome back! We’ve come a long way so far, and made a LOT of progress. But we’re not quite done yet, so listen up…
In our last article, you got a great introduction to Keyword Research, SEO (Search Engine Optimization)-both On-Page and Off-Page (remember?), and how to get started on getting a ton of FREE Traffic to your website.
Go back to last month’s issue for a refresher on that – it’s worth the read.
So now we come to the next part, and that is:
How to Get a Ton of Laser-Targeted Traffic to Your Site-FAST!
Before we embark on this particular adventure, I need to set the stage properly. It’s important that you have your On-Page SEO stuff taken care of first. Again, On-Page SEO is what you do ON your web page that makes it optimized for that particular keyword. This includes putting the keyword in the first and last sentence of that page, bolding it a time or two, italicizing it, underlining it, and all that other stuff we covered in the last article. Read More→
How To Locate or Create Effective Mailing Lists
Posted on November 3, 2012 byWhere can I find a good mailing list to find motivated sellers? How can I create my own list to find highly motivated sellers? These are the big questions that I get a lot from Real Estate Investors! The true secret to success for a Real Estate Investor is finding sellers who really need to sell. I use different direct mail campaigns to locate different types of motivated sellers: out of state owners, properties quit-claimed from one person to another, expired listings, burned out landlords, vacant properties, military transfers, and pre-foreclosures, just to name a few.
The best part is that you can customize your direct mail piece and your list to reach exactly the kinds of motivated sellers you want to deal with in order to create the kinds of deals you want for your real estate investing business. This is best done by locating mailing lists and refining them to meet your individual criteria, then mailing to these potential sellers again and again, thus creating a multitude of profitable deals.
Investors often neglect to market to sellers using direct mail because they think the list is too difficult to get, or they only send the mailings once and quit. They don’t take the time to create the machine that will bring them deal after deal. Read More→
Short Sale Liens Get Mean
Posted on November 3, 2012 byNow IS the perfect time to purchase and resell short sale properties. Why? Due to major mistakes by Lenders made at the time Homeowners obtained financing, our market is flooded with homes in which the Lenders are willing to accept short sales. Lenders such as Bank of America, Wells Fargo, GMAC, CitiMortgage and Chase from 2006 to 2008, have major mistakes in their paperwork. They are reaching out to Homeowners asking them to do a Short Sale or Deed-in-Lieu. However, many of the Homeowners aren’t aware of the fact that they can’t do a Deed-in-Lieu if they have a second lien. And, if they owe Homeowners Association dues, which are a personal debt against the Homeowner, they may still be liable for the difference.
Homeowners Association dues need to be satisfied in full so that if a house is deeded back to the Lender, the Homeowners are no longer responsible for any more dues. There is a statute which states that the Lender that forecloses on the property is responsible to pay only one year of Homeowners Association dues. When conducting a short sale, this statute has little or no meaning to the short sale Lenders, meaning they may not agree to even pay one full year. I have seen Homeowners deed their property back to the Lender only later to find out that they are still liable for the difference owed on the Homeowner Association dues. Brutal! Read More→
The Real Estate Game Changer Event in Atlanta, GA on Nov 16th – 18th, 2012
Posted on November 1, 2012 byThe Real Estate Game Changer Event
We would like to invite you to join us in Atlanta, Georgia in November to learn how you can take your real estate business to the next level and beyond. “The Real Estate Game Changer Event” will blow you away on how easy it is to make fast money and long-term financial security for you and your family.
You need to attend this powerful event in Atlanta on November 16th – 18th at the Crowne Plaza Ravinia Hotel located at 4355 Ashford Dunwoody Rd in Atlanta, GA. The tuition for this 3 day event is Only $29.95 for the first person and only $10 extra to add a spouse, significant other, parent or child. Registration starts at 8:00 AM on Friday, November 16th and the event begins at 8:30 AM.
The speakers and education presented at this event are top notch. We’ve invited several of the best and most successful trainers in their chosen fields to teach you how to put your real estate business on the fast track to financial freedom. The trainers include Robert Shemin, Dr. Albert Lowry, Chris Johnson, Andrew Cordle, Chris Bowser, Duncan Wierman and Dustin Griffin.
We’ll show you step-by-step how to make huge profits fast using the Internet as well as powerful new real estate investing techniques and strategies you’ve probably never heard of before. Just one strategy learned at this event could make you an extra $10,000 in the next 30 days!
Attending The Real Estate Game Changer Event is the best thing you can do for yourself! You are going to learn cutting-edge real estate investing and marketing techniques. The strategies you learn at this event will give you the tools you need to go out and make more money with far less effort!
Other investors are making a fortune using the powerful marketing and investing strategies and techniques that will be revealed at this event. This is your opportunity to do the same thing and dominate your market right in your very own backyard!
There are many ways to make money in real estate, and there will be something for everyone at the event, so REGISTER NOW for only $29.95 and come join us and many other like-minded real estate investors and entrepreneurs at this life changing event. Read More→
Tampa REIA Main Meeting on November 8th with Peter Fortunato on Creative Deal Structuring
Posted on October 24, 2012 by
We are very excited to announce that Peter Fortunato will be our main speaker for our Tampa REIA Meeting on Thursday, November 8th at 6:00 PM at the Doubletree Suites Tampa Bay located at 3050 North Rocky Point Dr West in Tampa, FL. Pete is, without a doubt, one of the best creative real estate investing teachers in the country and he is coming to share his insights with you.
What makes Pete so special? Pete has been building, structuring, manipulating, and managing real estate investment transactions and portfolios for more than 45 years and knows how to creatively structure deals in ways that make impossible deals possible.
Upon graduating from high school in 1965, Peter went right into the real estate business. He attended seminars and read at every opportunity. He sought out and learned from many mentors and benefited from the example and counsel of his father who encouraged him and supported him from the beginning.
He finished college with a clientele and an investment portfolio. By 1975 his investment income had eliminated his need for fees from clients to fund his lifestyle.
Today, Pete continues to teach and to attend real estate and investment seminars and meetings regularly. He is respected for his clear and patient explanations of investment concepts and transactions. He believes that transactions, which you can be proud of, result from carefully conceived goals and plans followed by purposeful actions and scrupulous documentation.
If you want to learn how to construct win-win real estate deals from one of the best minds in the business, come join us at Tampa REIA on Thursday, November 8th where Pete will be doing a presentation on creative deal structuring called “If You Can’t Do It One Way, You Can Do It Another”. You will be glad you did!
After the conclusion of the Tampa REIA Main Meeting (after 9PM), 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!
Peter Fortunato
Posted on October 24, 2012 byPeter Fortunato is from Boston and now lives in Tampa, Florida. He’s been investing in real estate since 1964 and is known for having one of the most creative deal structuring minds in the business. Peter, through his courses and advice, has helped thousands of investors reach their full investing potential.
Peter is a libertarian and a capitalist. He believes that transactions which you can be proud of result from carefully conceived goals and plans followed by purposeful actions and scrupulous documentation.
Upon graduating from high school in 1965, Peter went right into the real estate business. His motivation was his desire to be self-employed. Pete says “Everyone who knew me believed that I was unemployable. They were right. I still am!” Read More→
New Location for Larry Harbolt’s Weekly Real Estate Investing Meetup
Posted on October 24, 2012 by
Larry Harbolt’s Weekly Real Estate Investing Meetup has a new meeting location since the Piccadilly went out of business. The group now meets every Monday at 7PM at the Hibachi Buffet located at 7610 49th St N in Pinellas Park, FL. This is a very diverse group of people interested in discussing all aspects of Real Estate Investing. Whether you are just starting out or are very experienced in investing, this is the place to be on Monday evenings at 7PM. Come early to dine and network to support the Hibachi Buffet who allow us to use the room for free.
New Webcasts and Webcast Replays
Posted on October 23, 2012 byA Webinar with Mike Warren
On Tuesday, October 23rd at 7, 9 & 11 PM ET we are having a replay of our Evening with a Real Estate Expert with Mike Warren. Mike is a nationally known author, investor, and instructor specializing in investing in judgments and liens which are secured by real estate.
Mike started in the business of collecting judgments and liens many years ago when he was presented with the opportunity to buy a judgment attached to an investment property for $1,000 which quickly resulted in a $7500 profit without the assistance of an attorney! This simple investment opened the doors to a lifetime of wealth and opportunities.
On this webcast, Mike is going to talk about investing in liens and options, how it works, how much cash it requires, how to profit, the risks and rewards, how to do it from home online and much more! Register for the Webcast Now and don’t miss out on this fascinating topic that you don’t hear about very often.
A Business and Not a Hobby
A Webinar with Robyn Thompson
On Wednesday, October 24th at 7, 9 & 11 PM ET, we are doing another brand new Training Opportunity Webcast with the “Queen of Rehab” Robyn Thompson. Robyn is a big supporter of our REIA and our members, friends and followers. Recently she has taught us “Fixing and Flipping Properties” (Rehabbing) as well as “Wealth Building Plan for Real Estate Investors”. On this new webcast, Robyn is going to talk about how to run your real estate investing business like a finely tuned money making machine, and not just a part-time hobby. Register Now!!
A Webinar with Patrick James
Join us on Thursday, October 25th at 7, 9 & 11 PM ET for a special webinar replay on “99 ways to beat the IRS!” with Patrick James, the President and CEO of Tax Strategies and Solutions, Inc., who has dedicated his entire career to helping people and small businesses create and preserve wealth through knowledge. For over 10 years, Patrick has traveled the country teaching tens of thousands of people how the tax code really works and what they can do to minimize their tax burden by taking advantage of every possible tax deduction in order to minimize tax liabilities and maximize tax deductions.
So why not take advantage of these tax saving strategies, and make the tax code work for you instead of against you? If you would like to learn how to help your family and your small business by avoiding paying unnecessary taxes, this is definitely a webcast you don’t want to miss. Register Now!
Patrick James
Posted on October 15, 2012 byPatrick James is President and CEO of Tax Strategies and Solutions, Inc., and has dedicated his entire career to helping people create and preserve wealth through knowledge. His business expertise was instrumental in launching U.S.ITAP, a tax reduction program. For over 10 years, Patrick has traveled the country teaching tens of thousands of people how the tax code really works and what they can do to minimize their tax burden by taking advantage of every possible tax deduction in order to minimize tax liabilities and maximize tax deductions. Read More→
Mike Warren
Posted on October 15, 2012 byMike Warren is a nationally known author, investor, and instructor specializing in investing in judgments and liens which are secured by real estate. Mr. Warren holds a double MBA in real estate and finance and is CEO of a diversified investment and consulting firm.
Mr. Warren started in the business of collecting judgments and liens many years ago when he was presented with the opportunity to buy a judgment attached to an investment property for $1,000. What resulted would forever change his financial future. He very quickly was able to collect on the judgment making an astounding $7500 profit without the assistance of an attorney! This simple investment opened the doors to a wealth of opportunities.
Mike Warren is a real estate investor who is an expert in the field of judgments & paper investing. Mike is the founder of a website dedicated to teaching wealth principles one student at a time. Mr. Warren has authored several books and has appeared on radio and TV. He speaks to both small and large groups internationally and throughout the United States. Mr. Warren is also co-host of the popular radio show “Millionaire Smackdown”. Read More→
The Profit October 2012 Edition
Posted on October 3, 2012 by
The October 2012 edition of The Profit, the official newsletter of the Tampa Real Estate Investors Alliance (Tampa REIA), is now ready for download in high or low resolution format. Read and enjoy a variety of articles on real estate investing and more from Kathy Kennebrook, Robyn Thompson, Dustin Griffin, Larry Harbolt, Bob Massey, Erven Kimble, Don DeRosa, Jim Hitt, Mike Barnes, Tony Pearl and Russ Hiner. And don’t forget, Tampa REIA Business Members can advertise in The Profit at deeply discounted rates.
Uncovering the Secrets of Marketing To Motivated Sellers
Posted on October 3, 2012 bySeveral years ago, I attended my first real estate seminar and decided this was the business for me. I could do it in my own time and at my own pace and still make money. Considering I was still working a full time job at the time, this seemed to be just the scenario I was looking for. One of the things they taught us in those seminars was that finding truly motivated sellers was going to be the cornerstone to this business because without motivated sellers there simply are no deals to be made.
After spending a number of years in sales prior to becoming a real estate entrepreneur, I knew that when the prospect contacts you first, you have a much better chance of making a good deal. At the time I didn’t have a lot of money to work with and needed to make every marketing dollar count.
I discovered the same theory applied to working with motivated sellers. A motivated seller is the key to all good deals, and if they contact you first, this significantly increases your opportunity to make a profitable deal. There are lots of opportunities for those who want to find sellers, and some are more labor intensive and time consuming than others. Learning to influence motivated sellers to contact you first will increase your profits immensely, help you make better deals and most importantly save you valuable time. Read More→
How to Prescreen Contractors to Build a Dream Team to Get the Job Done!
Posted on October 3, 2012 byMany real estate investors shy away from the ugly house business because they fear hiring contractors. We have all heard the horror stories of rehabbers who loose their shirt because a contractor took them to the cleaners.
I am here to tell you that contractors can be your worst enemy or your best friend, depending if you hire a good one or a bad one. So how can the beginning novice real estate investor make the correct choice- the hard working team player that gets the job done on time, on budget and at a high standard of quality? The answer is by following all eight of the critical prescreening steps below.
1. Ask the contractor you are interviewing, how long they have been in the business? I prefer at least five years of experience in the trades. I want a contractor who has seen and repaired every strange, odd, and crazy thing that could be wrong with a house. Experienced contractors know how to estimate all tough projects and experienced professionals can give an accurate price to fix any problem.
Inexperienced contractors, on the other hand, under estimate repairs to get the business, and then they try to push their mistake on the home owner by upping the price half way through construction. The investor needs to say NO. NO is the most powerful word in the dictionary, and a rehabber needs to use this tool. If they did not have the knowledge to make a good estimate, it is there problem not yours. Read More→
Dominate Your Competition Online by Building a Strong Internet Presence
Posted on October 3, 2012 byPerhaps you’ve heard, that as a modern day, mobile real estate investor, you need to have a strong Internet presence and the ability to generate online traffic and convert that traffic into leads and those leads into deeds in order to survive and thrive in this new economy and real estate market in which we now live and operate. Just a few short years ago, if you had a real estate investor website and could be easily found on Google, you were far ahead of most investors out there and likely got your fair share of the online leads. These days, a good website alone is no longer enough to adequately compete for leads online.
In order to compete for the coveted top 5 listings on any Google search, we must now use a variety of other Internet and mobile websites, pages and profiles such as blogs, social networking sites such as Facebook, Twitter and others, videos sites, photos sites, RSS feeds, squeeze pages, classified ad sites, article sites, press releases, social bookmarking and other sites too numerous to mention. You’re probably bombarded with emails on a daily basis about search engine optimization (SEO), search engine marketing, Internet marketing, social networking, text message marketing and gurus claiming to have systems to do it all for you with no effort on your part. With so many choices and so many gurus telling you what to do and how and where to spend your hard earned money, perhaps you’re confused and just don’t know where to start. If you are, you’re definitely not alone and should keep reading. Read More→
Why Are Foreclosures Falling Off Sharply?
Posted on October 3, 2012 byOn an annual basis foreclosures have dropped 24% according to CoreLogic. Anyone who has been to a foreclosure auction lately knows that there are fewer sales of foreclosed homes coming through to market. Instead, lenders refinanced over 425,000 underwater loans under HARP in the first 6 months of 2012, the same number as were done all last year. Short sales are up also. According to RealtyTrac Q1 2012 short sale activity was up 25% over the year. Does this mean we’ve got the lenders on the run?
It appears as if lenders have finally gotten the message that it is better to resolve a distressed homeowner’s problems short of a foreclosure sale. The five largest lenders were brought kicking and screaming into the reality of settling with homeowners with the $25 billion mortgage settlement with the state AGs. Mid-level lenders, such as US Bank and MetLife, are also now negotiating for settlements on foreclosure irregularities. The settlement with the big banks provides incentives for lenders to push loan modifications and short sales ahead of foreclosure, particularly over this next year. Lenders are resorting to options short of foreclosure not because they have had a genuine change of heart, but because they are being forced to reveal their dirty linen through state investigations and a barrage of lawsuits. Read More→
What Are The Risks Of Giving… A Lot?
Posted on October 3, 2012 by“He who has pity on the poor lends to the Lord, And He will pay back what he has given.” (Pr 19:17 NLT)
Every investment has a Risk/Return factor associated with it. When a business man or business woman is asked to put their finances and/or time into a venture it is wise for them to consider the projected return. The return is compared to the possible loss that is associated with an investment. Conventional wisdom says; “the greater the projected return, the greater the risk one might have to take.” Whether or not greater risk can be justified by larger projected profit depends on the risk tolerance of the business person.
Have you ever considered that pro bono work, charitable contributions, benevolent gifts to the less fortunate, or supporting the poor and unfortunate members of our society as making a loan to God? Just how risky is that investment? Have you considered that such compassionate practices work for the betterment of the bottom line of one’s business? Read More→
Zillow: More Information for Me and for You!
Posted on October 3, 2012 by“An investment in knowledge pays the best interest.” ~ Benjamin Franklin
Remember when your dear Aunt Myrtle asked you to help her sell that Miami condo? You did the research, helped arrange some inexpensive upgrades, priced the home sensibly, and voila! It sold in a week and a half. Aunt Myrtle was so grateful she sent you homemade bread and cookies for a year.
But that was then. This isn’t your Aunt Myrtle’s condo market anymore, and it’s not just because of the Great Recession. While prices were hurtling downward, the amount and availability of information online was increasing like crazy. Databases that used to cost hundreds of dollars per year are now available to everyone for free. And that includes resources like MLS listings that used to be available only to real estate professionals.
Zillow is a great example of just how far online resources have come. Established in 2005 by economists, Zillow doesn’t just provide current home listings; it’s a one-stop shop that analyzes everything from the housing market as a whole to detailed information on single properties. The smart folks in charge have developed mathematical algorithms based on comps and other data, allowing Zillow to predict (or “zestimate”) the value of any property based on comps and other data. Enter an address, and there it is: Zillow’s zestimate of a property’s worth, along with pictures and details from the listing. Comps are even available. And a blog. And a mortgage calculator, and a lot more! The mobile version can also use GPS to find properties nearby. You can sit in your car in front of a house that’s for sale, look up the price, check Zillow’s value estimate, and then see what houses might be available just around the corner. If you happen to be a bird-dogger, Zillow is your best friend. Read More→
