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Kim and I have been managing rental property and tenants since 1997. We still own the very first single-family investment property we bought way back then!
Between then and now, we’ve made every landlording mistake in the book. We’ve bought bad rental properties, rented to awful tenants, and let tenants get three or four months behind in rent.
Here’s the important thing to remember: With every mistake we made, we learned what not to do. And with everything we did right, we learned what to keep doing. That said, here are the top 10 landlording lessons I’ve learned over the years.
Number 10: Take the magic nickel. Why own rental property? If you flip a house, you make a dollar. The only way to get another dollar is to find and flip another house. With rental property, you only make a nickel. But it’s a magic nickel that you get every month for as long as you own the house!
Number 9: Begin an eviction ASAP. Over the years, we’ve had tenants not pay us on time. In the beginning, we’d work with them only to be left holding the bag after three or four months of non-payments. When a tenant defaults on the lease, immediately file for eviction in order to get the eviction clock started. Read More >>
“Investment personality?” you might ask. “What’s an investment personality? I want to make more money than I have. That’s my investment personality.” Okay, we’ll admit it: the idea of an ‘investment personality’ might not seem to have a lot of merit at first—until you realize that you do have a set of clear priorities and preferences based on your experiences. To one person, Real Estate IRAs—for example—might fit perfectly in line with their investment personality. For someone else, a Self-Directed IRA of a different sort might be more appropriate.
The question becomes: what exactly is your investment personality, and how can you know it? Let’s look through some basic questions to find out exactly what yours is – and whether or not Real Estate IRAs are the right match for you.
Basic Investment Personality Questions: A Short Quiz
Your investment personality might not be the same as your normal personality. Some people who find themselves perfectly risk-averse and introverted in their personal lives might enjoy a riskier approach to their investments…and vice-versa. Let’s take a few moments for some questions that may just reveal some things about your investment personality: Read More >>
Last month it was in California, this month it was in South Carolina. All across the country we are seeing rescission letters stopping foreclosures in their tracks. Over the last few months I have been writing about how effective a Truth in Lending Act (TILA) rescission of your mortgage could be, and how the banks are getting nervous. Well, the results keep coming in, and they are extremely encouraging!
One of my real estate investor students recently explained to his father how he might be able to use rescission to stop the foreclosure on his home. His father sent in a rescission letter and the 20-day period for the bank to respond went by without a peep from the bank or their attorney. When the auction day came up, the investor and his father went to the courthouse and explained to the judge about the rescission and the Supreme Court’s ruling on the matter. The judge pushed their auction to the end of the day in order to move onto other houses. At the end of the day, the judge asked for a copy of the Supreme Court decision to review it. After reviewing the decision, he canceled the auction and called for a new hearing. Read More >>
“With Google I'm starting to burn out on knowing the answer to everything. People in the year 2020 are going to be nostalgic for the sensation of feeling clueless.”
~ Douglas Coupland
Go to your computer right now and Google “real estate.” Go ahead, I dare you. Care to guess how many results you’ll get? Well, I just tried it, and I got 1.1 billion results. That’s billion with a b. Talk about information overload!
You’re pretty sophisticated, though, so you know not to try that kind of a mushy search. And you already know that you can search specifically for images and videos. You also realize that Google is pretty good at guessing what you’re looking for, and it will usually put those results first. But not always: If you search for “bronco,” Google won’t know whether to give you information about cars, football, or rodeos.
Luckily, you can tweak your searches to be surprisingly precise, if you know how. Here are some tricks for searching on Google that I’ve found useful. I’m concentrating on Google because it’s so popular, but some of these will work in other search engines, too. Read More >>
There are many creative ways to find motivated sellers and promote your business. One of the great ways to get positive exposure for your business and give back to your community is to sponsor events or teams. There are lots of great ways to do this.
You can sponsor sports teams such as soccer, softball, bowling or track. You can also participate in a local golf tournament for charity. One of the ways to do this is to provide uniforms or shirts which of course have your company information on them. Walk-a-thons are another great way to achieve this goal. This is a good way to get advertising out for your real estate investing business and support your community at the same time.
Another way to promote your real estate business in a positive way is to sponsor events or take part in local functions by donating promotional items. For example, if your community is having a local fair or parade, you could donate balloons to be given out to the children which have your company name and logo on them. These are always appreciated and it's a good way to get your company information out to the public. These events usually get press or television coverage as well. Imagine a news shot of a parade where every child is holding a balloon with your message on it! Or, imagine the winning team getting their picture in the paper wearing shirts with your message on them. What better advertising could you ask for! And what better way to let people know that you buy houses! Read More >>
If you have done wholesaling for even just a handful of months, you have undoubtedly come across that property that was going to be an easy deal, a sweet deal, a killer deal only to have it stall and possibly unravel because of a title issue. Obtaining clear and marketable title is a key item that rarely gets focus in courses I come across. It is usually a ‘the attorneys will take care of it’ issue. This is 100% true except that it is still YOUR deal first and as long as it is your deal, you must remain in the driver’s seat.
Too many times, I have come across deals that stall simply because as a wholesaler, we forget that the closing attorneys get rather busy themselves and we may find our transaction playing second fiddle or even backburner to ‘easier’ transactions for the closing attorney. This is not a fault of the closing attorney. Think about it, like you they most likely want to knock out the low hanging fruit the same way you thought your deal would be an easy one!
Sadly, this results in even more time to resolve issues and potentially frustrated Buyers both with you and the closing attorney. Not all Buyers have the same desire to be patient to get a deal done. So how do we handle this? Read More >>
In this article I am going to take a different approach as to the format. This time I am going to give you a list of tips for finding and working with real estate Coaches and Mentors. A good education is paramount to building any successful business. Good mentors are the foundation of a good education. Here are some things to keep in mind.
Getting paid by your tenants in a timely fashion is one of the biggest challenges of being a landlord. QuickBooks can help in several ways.
You're meeting your business goals. Making sure that every property that has a tenant has been invoiced in QuickBooks. (You invoice in QuickBooks so you can track the timely payments made by the tenants.) You take advantage of vendor discounts. Basically, doing everything in your power to keep cash flow humming.
But you can't control how quickly your tenants pay you.
You can, though, use QuickBooks' tools to:
Figure 1: QuickBooks lets you accept payments from tenants in multiple forms. Accepting credit cards and e-checks is likely to speed up your receivables.
Negotiating is a vital part of your business when it comes to cashing in big on short sales. It is always important to know who the investor is on the loan, and I’m not referring to who is servicing the loan and collecting the Sellers payments. There is an investor behind the scenes. Also, find out the type of loan, ie: private, conventional, FHA, Fannie Mae or Freddie Mac and whether there is private mortgage insurance (PMI) or mortgage insurance (MI) on the loan. Knowing all these facts allow you to negotiate based on the percent of value each one of the Investors and/or Private Mortgage Insurance Companies on the Loan will accept on a short sale.
I found this new information to be very interesting and should not be taken lightly when negotiating on a short sale. Many Sellers are behind on their monthly payments which include principal, interest, taxes and hazard insurance. When the Sellers make their payments, the taxes and insurance monthly payment is placed into an escrow account to pay the taxes and hazard insurance when they become due. When there is not enough money in the Sellers escrow account to pay taxes, the Lender will pay them. However, when there is not enough money in the Sellers escrow account to pay the hazard insurance policy, the Lender still pays it, but it becomes Mortgage Forced Insurance. This is in place only for the protection of the Lender, not the Sellers, and normally costs 2 to 3 times more than normal Hazard Insurance. Read More >>
It was March 12th, 1982, when I had a decision to make, and it didn't seem like a very big one. You see, there was a seminar coming to town called “How to Buy Real Estate with No Money Down,” and it caught my attention because I certainly had none and didn’t want to continue doing what I had been doing for most of my life. I believe I saw the commercial on television, and after about the third time it aired I got to thinking about it and said, “Well, gosh, what have I got to lose. I know it's a scam, I know they're full of crap, but I might as well go down and check it out. Maybe there is something there, maybe I can find a way to get out of this mechanic job and make a little money for a change that lasts more than 15 minutes.”
Now, this was not an easy decision because I was going to miss my favorite television show “Dallas” with J.R. Ewing. For me to miss J.R. in order to go to the seminar was a big, big deal. We laugh about it now, but it wasn't so funny back then because J.R. was the guy that gave me hope. He's the first exposure I had to see what it was like to be very rich. I couldn't really see myself as J.R. at that time, but I certainly wanted to be like him. I'm not sure I wanted to be as mean as he was. Of course, some people will say I am. I certainly wanted to have his money and his power. Read More >>
Recently I was having a discussion with a friend of mine discussing some of the different ways to create wealth not only from real estate but other forms of investing that can give huge returns. We talked about the usual ways of making money buying real estate and we also talked about other ways of creating income without having to do any physical work for the money. Of course when you are a real estate investor your first thought is usually either about, buying foreclosure properties, wholesaling properties, fixing and selling houses at retail prices, and also buying long term income properties.
One subject I have never talked about before that I think is an important part of every real estate investors portfolio of investing opportunities is to also own paper assets for income. From this point forward we will refer to paper assets simply as "Paper". So what are paper assets? Paper assets come in many different forms. Some different paper assets come in the form of property tax certificates, land contract paper, contract for deed paper and promissory notes secured by a mortgage or a deed of trust paper. It is my belief that every real estate investor should be diversified and have several different income streams to help them build the wealth they desire. Read More >>
Have you been in real estate for 6 months, or have you really been in real estate for 1 month? Because if you’re really in real estate, you’ve made a deal by now, maybe several.
Here’s the truth: If you’re not making offers, if you’re not making deals, you’re not in real estate…yet.
Are you making the mistake of preparing and then doing nothing? Listen, if you’re prepared, then you have the education. You’ve paid a lot of money to take courses, you’ve read the books, and you’ve watched the videos. You understand that buying real estate is not rocket science. You understand that making an offer is not difficult. You have a power team: a contractor, an attorney, a survey company, and a real estate agent.
But you just don’t seem to be able to get one deal done.
What will it take for you to make a deal?
How can you overcome this fear and lethargy? Read More >>
Over the years investors have always wanted to know which way they should go. Buy a house cheap, fix it up and rent it out. Over time collect the cash flow, keep some and use a portion to pay the house off. It’s the oldest and truest way to build wealth and a secure retirement.
Then there are those who are seriously focused on making some money now. They either want to “Wholesale” a house doing nothing to it all or the alternative option may be to acquire, renovate and sell for a really good profit and do it again. This method doesn’t build wealth but you can make some potential steady income.
Truly good real estate investors know the valuation of their deals is key to insuring success and protecting projected profits. To effectively determine if a deal is a rental building wealth or flip to make some much needed cash, you have to analyze a deal fully. All the market areas covered by REIAComps.com, insure you easily know which way an investor should go. Read More >>
If you are blessed and fortunate enough to have lived on this planet for a while, there eventually comes a time when you start to notice the same thing that countless ancestors of ours have noticed over the eons... The undeniable fact that, sorry! You're getting old.
The first signs of this sad truth probably reveal themselves to you in a very subtle fashion... An extra ache when you wake up in the morning; Recuperating from injuries takes longer than it used to; Or it could be a grey hair or an extra wrinkle in your smile. As my (older) brother always likes to tell me, “getting old is not for the faint of heart.”
Such subtle signs are a painful reminder of our own mortality. They can either make you sad or remind you that you may only have a certain amount of time left on this spinning blue rock we call home.
If you like movies, you know you're getting old when the actors you grew up watching & admiring start showing their age... or die. (Even though Tom Cruise & Keanu Reeves are immortal. They never age!) Read More >>
As a real estate investor you must always adjust to new market trends, rules and regulations. Recently, as any good investor should know, the industry has been having to make some changes due to the TILA-RESPA Integrated Disclosure rule. These changes have and will continue to affect any person closing a property involving an owner occupant loan.
Investors that renovate properties to sell will need to add at least an extra month or two of carrying costs. Why? Well, while not going into too much detail, all HUDs will need to be approved by the buyer and underwriter at least 3 days before closing. In reality, this will mean that the delay may be as many as 6 days because we all know how long underwriting can take. Some investors may not know this, because it is normally not enforced, but currently buyers are supposed to receive a HUD 2 days prior to closing. However, the norm for most closings is having a HUD prepared the day or evening before or the morning of the closing. I have even witnessed some buyers and sellers not receive a HUD until minutes before closing. This way of doing business will soon be gone and I for one like this part of the change. Originally the changes were to be enforced in August but the enforcement date was changed to October 3rd. Therefore, make sure your lenders and title companies are ready for these changes and do not delay your closing any more than needed. Read More >>
Joe McNamee, a local and successful real estate investor, is the author of “Timeless Real Estate Investing”. He is a retired Army Officer and founder of Absolute Investment Training Company where he teaches people how to buy real estate without the need for their money, credit, OR LENDER of any type (not even a private or hard money lender).
AND, Joe can show you how to have your property sold before you even buy it.
You wont want to miss the chance to hear this Real Estate Investing Expert. See you there!
Join us on September 19th & 20th for a Special 2-Day Hands-On Member Appreciation Workshop Where You'll Learn:
Learn The Closely Guarded Strategies Of The Top 1% Of Passive Income Investors!
Yes, there is a secret way to wealth. At this event you'll discover what most will never know about creating passive income.
This is your opportunity to gain the strategies, skills, resources, and tools for building passive monthly cash flow into your business. Follow this formula to create a fortress around your family's financial future today... and for years to come!
Seating is VERY Limited!
Almost Sold Out!
This training is developed by George Antone, author of the best-selling books The Wealthy Code and The Banker's Code, is a financier, investor, and an entrepreneur. He is also the cofounder of the largest network of private money lenders in the world. He created MPactWealth to provide practical and proven wealth-building education for anyone anywhere.
*PLEASE NOTE: This event is FREE is limited to 100 members and will fill up quickly. However, there is a $25 reservation fee to hold your seat that is 100% refundable if you attend both days and stays to the very end. There will be absolutely no refunds for no shows or those who arrive late or leave early. No exceptions. Please show up on time. Date, Time & Location are subject to change.
What Others Are Saying About The Wealthy CodeRead More >>
On Saturday, September 26th from 9:00 AM to 5:00 PM (Registration starts at 8:30 AM) at the Crowne Plaza Ravinia located at 4355 Ashford Dunwoody Rd, Atlanta, GA, Don DeRosa will be conducting a special full day workshop with Atlanta REIA on “How To Do The New Subject To”. This class is all about how to buy and own real estate (especially Pretty Houses) and make lots of money with little or no money down.
Learn how to buy houses…
Beginner or experienced real estate investors can find immediate success using Don’s simple formula. There are six easy steps to follow when buying “Subject To.”
Once you learn to follow these steps you can do this over and over again for an average profit of over $20,000 per property.
There are many ways to make money in real estate and there will be something for everyone at the event. Don will be teaching you his trade secrets, including little-known buying techniques that have made him a very successful investor.
PLEASE NOTE: If you want to gain the cutting edge you need to succeed and bypass your competition, register now for the workshop and bring your iPad, tablet or smart phone and join us at the event!
This event will show you from start to finish how to buy “subject to” properties… from raising capital, to finding leads, to meeting with the seller and closing the deal.
This workshop is jam packed with very important topics that Don will cover such as:
Pete will present two days of lecture and discussion, with real-world case studies. This is the only presentation for One Step Beyond in 2015! Questions and Debate always encouraged! Get involved - this class is for you.
Pete describes - Using what you Want, to get what you Need, to get what you Want
Pete describes - Using what you Have, to get what you Need, to get what you Want
Some of the Documents included in this Seminar:
Location - Hilton Garden Inn Millennium - ATL Airport. Room Block - Fortunato - One Step Beyond. $89/night (includes parking). Please visit PeterFortunato.com for more info on this Seminar.
4 Easy Ways to Register: Download and complete the Registration Form and 1) Fax to: (678) 550-2155, 2) Call (770) 815-8728, 3) Email to Kim@CashflowREI.com or 4) Mail to: CashflowREI, PO Box 22, Adairsville, GA. 30103.
Our main speaker this month will be Chris McKendree of Paradigm Solar, LLC who will be discussing Solar Energy as a New Cashflow Strategy for Real Estate Investors.
Also, Judee Jones & Aislee Jackson of City of Savannah Revenue Department will be discussing how and why to register your real estate investing as a business with the City of Savannah.
This will be a meeting that you will not want to miss. We look forward to seeing you at the meeting! Read More >>