The Profit – January 2014
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The Profit Newsletter for January 2014
Constructing Offers
By Ron LeGrand
Once the seller is called by either you or your virtual assistant using our property information sheet, the prospects will come at you in one of four categories: 1) they’ll be free and clear, 2) there’ll be a mortgage with lots of equity, 3) there’ll be a mortgage with a small amount of equity, or 4) they’ll be over-leveraged. All prospects will fall into one of these categories. So, now our job is to look at the property information sheet and figure out what to do next…. Read More>>
Where is Your Market Place?
By Dustin Griffin
In last month’s article we discussed Step #2 of “Determining Your Marketing Plan in 7 Easy Steps” which was to “Determine Your Market”. In Step 2 we covered “Who and What is Your Market”. Using Wholesaling as our investment strategy, we determined that our ideal property prospect was a distressed, vacant, ugly house with no mortgage or a low loan balance. Our ideal seller was a motivated seller who needs to sell and often needs to sell quickly… Read More>>
Buying a Business With Your Self-Directed IRA
By Jim Hitt
Stocks, bonds and mutual funds are all well and good – for those seeking ordinary returns. But if you have a particular expertise, or access to a lucrative market for just about any good or service, you have the potential to earn much more by going into business for yourself than you stand to gain by investing in the broad market. Fortunately, your Self-Directed IRA doesn’t limit you to the mundane investments you read about in the papers all the time. Read More>>
Wait – My Phone Will Do What???
By Don DeRosa
So, here it is: January. You’ve gotten most of the pine needles and tinsel out of the carpet so the dog won’t eat it. Aunt Flora and Uncle Ruben have gone back to Miami. Your kids are back in school. And you? You’ve had a minute or two to breathe and enjoy the satisfaction of a holiday season well spent. Time is precious, isn’t it? But now, it’s time to get moving again. Read More>>
Why Do Courts Let Banks Steal Houses?
By Bob Massey
If the courts rule against the banks in the homeowners’ favor, but no news outlets report it, does it really happen? That’s the situation we’re in now. If you’ve been digging deep, you might have seen that the estimate of bank losses from mortgage related lawsuits has increased to $100 BILLION in future payouts. This number includes settlements and judgments as well as legal fees for defending all of the lawsuits. How many stories about this have you heard on the major news outlets? Read More>>
Selling a Property: Identifying Comps in the Area
By Mark Jackson
Selling an investment property can be a very challenging process. One of the preliminary considerations in selling the property is what price you should ask. Evaluating the prices of comparable houses in the neighborhood may sometimes solve this problem. However, for those of you connected to REIAComps, the control and feeling of confidence you have over your deals is priceless. Read More>>
The 10 Deadly Mistakes That Will Kill Your Dream
By Kathy Kennebrook
I am frequently asked, “If you had it to do over again what would you do differently?” Well, I’d like to answer that question for you. There are several things you can do to help your business grow and several things you can do to kill the dream before it ever has a chance to become a reality. Let’s talk about the “ten deadly mistakes” that can kill your dream. Read More>>
The Objective is a Written Offer
By Bill Cook
A common mistake made by real estate investors is to forget why they knock on the seller’s door. By “forget,” I don’t mean the seller answers the door and the investor stands there with a stupid, lost look on his face. I mean the investor doesn’t understand the basic objective of why he’s there. Do you know the ultimate objective of meeting with sellers? I mean, why are you there? What’s the purpose? Is it to be given a tour of the seller’s house? Read More>>
Master Lease Options 101
By Bill Ham
Lease options have made a big comeback in today’s market. They are great ways to take control of real estate without using banks or lenders. They are also a great way to fix up a distressed asset that a bank won’t lend on. Once you have the property up and running, you can then sell for quick cash or refinance for a long term hold. A master lease option is a set of two contracts that give us the right to control the operations and the sale of a property. Read More>>
Whose Financials Do I Use For Divorced Couples On Short Sales?
By Kimberlee Frank
Many of my students repeatedly ask me, “Do I need both the Wife and the ex-Husband’s financial documents when negotiating a short sale?” I let them know that there are several variables that I need in order to give them an answer. In order to have a clear understanding of whose financials I need to collect, I need the following information: Property Appraiser sheet, a copy of the last recorded Deed, a copy of the Property Settlement and Judgment of Divorce. Read More>>
Turn Your TRASH Into CASH – How to Make More Money by Selling The Leads You Get… Even if You Don’t Buy The House! – Part 1
By Tony Pearl
Not too long ago, I wrote a sweet 3-part article on how to fill your pipeline full of leads & deals. I hope by now that you’re using that advice to get lots of leads coming in that you can work with. If not, then go back & read it again! And now that you (hopefully) have leads coming in, it’s time to introduce you to a new technique to make money. Read More>>
How Should I Title My Personal Residence?
By Dyches Boddiford
Often I have investors ask me what entity should hold their personal residences. Many want to use at least the land trust or Family Limited Partnership. But by using any of these, you could be losing tax and financial benefits. So, how do you protect it? Your personal residence is protected by being mortgaged 100%. Don’t worry, I am not suggesting that you have loans out totaling the full value of your residence, but have a home equity line up to 90-100% of the value. Read More>>
Hitting the Bulls Eye: Becoming a Hunter
By Russ Hiner
Owners of vacant houses can be hard to find, so I am about to give you some insider tips so you can hunt these elusive owners… Once upon a time, I found a boarded up house and wanted to find the owner. Given my experience, I knew that trying to find the owner through tax records might get me an address, but mailing anything to that address would be a waste of my hard earned 42 cents. I needed to find another way to hunt this owner. Read More>>
Pick An Area To Focus On And Focus On It!
By Matt Larsen
Happy New Year!! You may be reading this in early January even though I am writing this in December so I figured I’d throw that out. Hope you had a great Christmas season as well. It’s always my favorite time of the year. Our December one year ago I think was still our best month Wholesaling. We did 12 deals – which was insane. Don’t let up in the holiday season – it can be a good time to get deals. Read More>>
WARNING! Only Offering Sellers CASH for Their Property May Be Detrimental to Your Financial Future!
By Larry Harbolt
A few weeks ago I attended a weekend training put on by, who I believe is the most creative and knowledgeable real estate investor and teacher in this country. The training was put on by Peter Fortunato. Peter spent two days with his class explaining how dozens and dozens of deals he had helped structure without the need for institutional financing or credit. It truly amazed me how he never completed any of the deals he spoke about in the same way twice. Read More>>
