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The late Jack Miller was one of my primary real estate investing teachers. He was a wonderful man and an incredible educator and mentor. It’s hard to believe that he went to heaven almost six years ago…not a day goes by that he and I don’t have a conversation in my head.
Jack was the type of guy who very much marched to his own drum. One of his best quotes was: Never take orders from paint.
Let me explain: Have you ever turned onto a street, seen the One Way sign and realized that you were going the wrong way? What did you do – an immediate U-turn, right? That’s what most of us would do. But not Jack! Jack would keep going the way he was going and say, “Never take orders from paint!” Read More >>
They’re not as commonly used as invoices. But if you need them, they’re there.
When you want to document sales that you can’t (or won’t) fulfill immediately, but you plan to do so in the future, you can’t create an invoice just yet. This is where sales orders come in.
You may never need to create a sales order for a customer. Perhaps you have a service-based business, or you never run out of inventory. Or you simply don’t enter an order unless you know you have the item(s) in stock.
But if you plan to use sales orders, you must first make sure QuickBooks is set up to accommodate them. Open the Edit menu and select Preferences, then Sales & Customers. Click the Company Preferences tab to open that window. Read More >>
I hope all of you and your families affected by Hurricane Irma are all safe with little to no damage, and if that’s not the case, my thoughts and prayers are with you and your family. Irma taught me some valuable lessons. There are more than a few, but in this article I want to share with you 4 lessons that she taught me.
1) Worry: I’m sure many of you spent much time worrying about your family and loved ones, your safety, your rental properties, and much more. Personally, I probably took 10 years off my life with the amount of worry I experienced.
Shantideva, an 8th century monk said, “If a problem can be solved why worry, If a problem can’t be solved, then what use is it worrying?”
"Negotiating is not something to be avoided or feared – it’s an everyday part of life." ~ Leigh Steinberg
What does the term ‘negotiate’ conjure up in your mind?
Do you get sweaty palms and a dry throat just thinking about negotiating with a homeowner?
I hope not! But if you do, rest easy, because it’s really not difficult, if you keep a few things in mind. Read More >>
Land is a beautiful thing, regarded by many as something of value in many places. Similar to home ownership, land ownership is viewed oftentimes as a significant asset that increases in value over time, in particular in areas that are more developed or developing.
It should come as no surprise then that wholesaling land can be just as effective as flipping a house. But there is more to land than just dirt. There are three primary categories to consider:
Undeveloped raw land – these are lots with no utilities of any kind and has never been built on
Developed land – these are lots with utilities in place, may or may not have ever been built on but has been recognized by the city as at least ‘somewhat ready to go’ for construction
Teardowns – these are lots with a house on them that is no longer habitable or perhaps is habitable but due to property values, age of home or other variables is better suited for demolition and new construction Read More >>
Real estate investing has always been one of the ways that the determined investor can excel to great heights regardless of one's educational, financial, or credit level.
I like to say there’s always time to do it right the first time. And in that spirit, I want to prevent you from making some of the same business mistakes I’ve made by sharing some foundational nuggets I’ve learned along the way.
The first and most paramount tool an investor can have is a solid real estate investing education. I cannot stress this point enough. Investing now is made up of so many different venues, options and techniques, you have to be prepared for any and every thing you may come across. If you aren’t prepared, that could mean leaving money on the table. I would challenge you to have at least a general idea of the different RE investing techniques. REIAComps is an avenue to help you see which areas are most profitable. This will assist you in deciding what area you enjoy and in which you work well. Read More >>
Since being involved in investment real estate I have seen an unbelievable amount of disregard to details. At first I was surprised given that purchasing a house was such a large investment. These errors and/or lies range from rehab estimates to after repair values. Sometimes the information is an error like a typo or lack of knowledge. Other times it’s the seller, usually a wholesaler, attempting to hide the truth or sugar coat a bad situation. So like a carpenter, make sure you measure twice, sometimes three times, before you cut.
A few days ago, I received an email from a wholesaler that usually mass emails marginal deals. This time the numbers were horrible. Here is an example of what the real estate numbers looked like: Read More >>
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Have you ever watched those tv programs that show couples flipping properties for tens of thousands of dollars and wished you could do that? Do you wish that you could find something that could provide you with additional income that would make your life better? Well guess what. Real estate might be your answer and it’s easier than you think. Most people think you have to have lots of money or good cred to buy real estate. Some people even think you have to be really smart. The truth is NONE of this is true! Don’t get me wrong, having any and all of those things are helpful but definitely not needed. In fact, most of the time I prefer to teach people with none of those things because then you can’t use them as a crutch!
This month on the BIGO broadcast, I will be showing you how to make money without any of your own money or cred. All you will need is your willingness to learn and your ability to apply simple techniques. I will show you how to identify a property, put it under contract and simply assign that contract to someone else for a fee. I will also show you how to buy properties where the homeowner just deeds over the property to you and you become the owner. Can you imagine buying properties where you never have to use your cred and never have to go to the bank ever again. Would you like to buy a new home to live in but can’t afford the down payment? That's no problem, I'll show you how.
Here is some of the items you can learn from this session:
If you’ve ever said these words to yourself, “ I wish I could afford that...” then you need to be on this broadcast. This could be the most important session you go to your whole life. There are two types of people out there in this world. Those that “Dream” and those that “Do.” Which do you want to be? Be on this month's broadcast on Wednesday September 27th @ 7PM ET and let me change the statement from “I wish I could afford that...” to “How can I afford that?” Let me leave you with this thought. “ If you don’t build your dream, someone will hire you to build theirs”. Is that what you want? RSVP NOW!
The Beginning Investors Group Online ( The “BIG O” or BIGO) is an ONLINE educational group for new investors who are just getting started in real estate investing as well as “new again” real estate investors who’ve taken a few years off and are looking to get back in the game. We will be bringing in local and national real estate experts to teach new investors how to survive and thrive in our ever changing economy and real estate market. The entire purpose of this group is to help new investors get their first deal and help new again investors get their next deal. The Beginning Investors Group Online meets on the 4th Wednesday of each month from 7:00 PM ET to 9:00 PM on GoToWebinar. The main presentation will start at 7:00 PM ET and go to approximately 8:30 to 9:00 PM.
TO ATTEND ONLINE: 7:00PM Start Time. To attend the Beginning Investors Group Online via your PC, smart phone or tablet, Register Here for the Broadcast on GoToWebinar.com and you will be emailed login instructions for the event.
Once you get your Webinar Confirmation Email, you can login on about 5-10 minutes prior to the 7PM start time to reserve a spot using your PC, Mac, Tablet or Smart Phone. You can download the GoToWebinar App here on iTunes App Store or the Google Play Store.
“The more I examine the issue of clutter, the more effort I put into combating it, because it really does act as a weight.” ~ Gretchen Rubin
The Key Ring app is a mobile wallet that can consolidate all your store loyalty reward cards. This is a great way to keep all your cards in one place and stay organized with lists and coupons right in the app. Instead of cluttering up your physical key chain, the app allows the user to hold all the store membership cards. So, you’re never without them! It also holds gift card information, which is great! Never lose track of a gift card again. This app has over 12 million downloads, making this one of the most practical and useful apps.
This digital wallet makes your rear facing camera a barcode scanner, just point and shoot your membership card. Just be sure to get a clear view of the barcode on the card. It will recognize all the data associated with that barcode and store it for you. To present the card in store just show your phone. The barcode for that store’s loyalty card will appear on screen that the clerk can scan at the register. Read More >>
I hate being an idiot, but when you screw up like I just did, it qualifies me to be the biggest nimrod in the land!
The most powerful document in real estate investing is the option agreement. Sadly, the least used and most misunderstood document in real estate also happens to be the option agreement. Why don’t more folks know how to effectively use options to control property? Probably because there are so few investors who have experience using options.
Most folks have heard of Lease Options, but what about Purchase Options, Performance Options and First Right of Refusal Options, to name but a few? Read More >>
Many students have asked me “Can you short sale a reverse mortgage?” and I had informed them that I have never done one before. However, recently I have received two seller leads who have reverse mortgages that had asked for assistance in selling their homes. A Reverse Mortgage is different from a regular mortgage that a homeowner would receive.
A Reverse Mortgage is normally used by elderly individuals who owned their home free and clear that don’t want to have a monthly mortgage payment, want their equity out of the home and want to continue living in their home until their death. Here is my understanding of a reverse mortgage. Read More >>
Real estate held within a real estate IRA is no different than real estate held elsewhere. Most of the same general principles that are applicable to any other real estate investment apply to real estate IRA properties, including contractor selection and hiring. This piece will deal primarily with the specific issues that apply to real estate IRAs (as well as real estate investments held within self-directed 401(k)s, SEPs, SIMPLE IRAs and other tax-advantaged accounts).
Observe prohibited transaction rules. When you own a real estate IRA, there are certain restrictions on whom you can bring on as a contractor to help fix, repair or renovate your real estate IRA properties. First of all, you cannot hire yourself. You cannot work for direct compensation or salary in any capacity in your real estate IRA. The IRS enforces very strict laws that prohibit you from using your real estate IRA to transact directly with yourself, your spouse, your children, grandchildren, parents or grandparents or those of your spouse, as well as any advisor who works with you on your real estate IRA in a fiduciary capacity. The same goes for any corporation or other business entity they control. Read More >>
I firmly believe that learning how to manage your rental properties as a Real Estate Investor is instrumental to the success and profitability of your income properties and your sanity, especially in today’s market where so many investors are buying and holding property.
As a Real Estate Investor, you don’t have to hire a property management company to manage your rentals unless you really want to. You can manage them yourself easily if you set down some specific rules for your tenants and your business. Once you reach a number of rentals where it becomes a lot more work than you want to deal with, then you may want to hire a property management service. But if you own fewer than 30 rental properties for example (I’m talking about single family homes or duplexes) you can definitely handle the management yourself by simply following a few rules. Read More >>
Over the past few weeks I have had several conversations with investors who say they can never get any seller to give them seller financing terms. This just doesn't make sense to me. I have in the past, and still do have success getting seller financing terms on many of the properties I buy. After having these conversations and several days to think about what the investors said to me and why they are having absolutely no success getting the sellers to give them any type of seller financing terms is why I decided to write this article.
One of the investors I talked with told me he is buying as many as 35 houses every month, paying cash for them. This investor has already put together a group of private lenders who provides him with all of the money he needs to buy his properties. For him and all others who have private lenders providing them with the cash they need in my opinion have a wonderful thing going for them and I wish them much success. This article isn't for those who already have all the money they need to do their deals. This article is for the majority of investors I meet who have little or no money or they don't have private lenders who are willing to fund their deals. Read More >>
Tracking even the little expenses is important.
How does most of the money you owe individuals and companies get disbursed? Do you print checks, or write them by hand? Use credit cards? Pay online through your bank’s website?
Keeping track of your outgoing funds can be challenging, since there are so many ways to complete those transactions. But it’s important that all expenses are recorded correctly and consistently, to keep your company file accurate. In addition, so many of your expenses are tax- deductible. You don’t want to miss any of them. Read More >>
As most people know hurricane/ tropical storm Harvey has left a path of destruction in Texas and Louisiana. Now, only two weeks later, hurricane Irma is projected to hit Florida. These disasters do not come around as often as a foreclosure, fire, broken pipes, job loss, deaths or a number of other things but all these are life changing events in people’s lives. Keep this in mind when making an offer on their home.
The easiest way to make a profit in real estate, much like most things, is to buy low and sell high. If you are sourcing your own deals and speaking directly to these sellers you need to fully explain the reason behind your offer. Read More >>
In February 2017, I wrote about beginner’s rules and the first presentation a person could do when looking to raise capital. I talked about the mistakes that I made early on. I just changed the names to protect the innocent, me.
I want you to think about being able to raise private money from local sources, business people, retirees, and people who have money sitting in banks or accounts that are barely earning them a .01% rate of return. If you are one of those people then we need to talk.
So, picture yourself walking up to people and building a relationship. Is this scary? Is this awkward? Is this a cake walk? Read More >>
Many business owners try their hand at various business deals before stepping into their sweet spot. Real estate investing is the avenue that many people have used to make their mark in the business world. Ready to dive into the real estate market by investing in a rental property? The opportunities are ripe, but I certainly don’t want you to make any mistakes so follow these tips and you'll be on your way to securing a successful deal.
First, the only numbers you should trust are yours. Use REIAComps to do your due diligence which should involve determining the best purchase price and After Repair Value (ARV), along with potential expenses, maintenance fees, and any other costs associated with a given property. Double check any information provided by the broker or seller. One of the easier avenues to check is REIAComps. Confirm all of your numbers so you know exactly what kind of expenses to factor into the deal. Read More >>
In this article, we’re going to be discussing one of the essential skills you must possess if you’re going to be successful in this real estate (or any other) business. When you master this skill, you’ll be MUCH more efficient with your time, reduce frustration & anxiety, and keep your self-respect and motivation. Sound good?
Of Course, I’m Talking About How To Properly Pre-screen People.
We all know that the first thing we need in any business is LEADS - people who have raised their hands to signal that they’re interested in either our product or service...or are at least interested in getting more information about it. In real estate, this could simply be a list of people who either want to sell their house or buy a house. Read More >>
In this article, I will go over a life-threatening thinking disease most of us have (but are unaware), a way to cure that disease, and immediate actions you can take to cultivate happiness.
For the majority of my life I was plagued with a disease. This disease was the root of much pain and regret, along with endless rumination and misery. I was pursuing a career as a musician and was fixated on the material wealth, vanity, and approval of others. Deep down inside I was truly empty.
I was never happy with any and all aspects of myself and my life, as a result of this self-hatred I criticized myself, family and friends, pushed everyone away, and sabotaged anything good in my life. What masked the underlying issues was a pattern of nit picking everything to avoid taking a good look at myself and the baggage I was holding onto. What troubled me most was that I had the most beautiful life and an abundance of happiness right in front of me, but I was plagued with NGE. Read More >>