Savannah REIA Blog
628 Articles Found.
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The Strategy Behind Filthy Riches
By Larry Goins on July 10, 2017
Everybody has driven by a house that has been on the market for what may seem like years. You know the house: there might be a broken window here or there, the grass hasn’t seen a lawnmower for the last few summers, and the property overall has the look of negligence.
It might seem ironic, but this is the dog with fleas property that Filthy Riches has based its success upon. We all know in today’s market, these unwanted houses are practically a dime a dozen. These properties are everywhere. They are located in nearly every state and likely even within easy driving distance for you. This is the type property that everyone else avoids – including real estate agents, if they can help it.
After all, who wants to be saddled with an ugly, dilapidated structure like this? There is little to no chance to move it off the market. Or the selling price is so low, the realtor’s commission is practically nonexistent. What realtor wants to put the time and effort into the small commission from selling a $25,000 home when the same energy could be spent selling a home with a selling price six times higher? Read More >>
Leveraging Relationships to Expert Status
By Michael Vazquez on July 10, 2017
I am sure you've heard the phrase “fake it till you make it” but I have never believed in this. I have found more success in being the real you. Even if it means that you don't know what you're doing in something you're looking to pursue. This belief continues to work to this day. As I mentioned before, I am in the process of immersing myself in commercial real estate (CRE) as a broker and investor.
I spent many hours learning from Google, YouTube and a few podcasts. I invested the time in learning more to insure this was something I am interested in doing. Just because a person likes residential real estate does not mean they will like commercial and vis-versa. Once I was certain I wanted to do CRE I started to reach out to practitioners and investors. Obviously, I picked the brains of those in my immediate network during social gatherings but I did not have serious conversations with them until I was committed. I make it a point not to waste people's time or my own because I learned, a long time ago, that time is too valuable. Read More >>
Raising Private Capital - A Lesson Learned
By Russ Hiner on July 10, 2017
Sitting at the kitchen table there were three people, two sellers and the buyer. I wanted to buy their house but did not have the $40,000 cash to do it… now. The presentation from my side went just like I had planned. From the Seller’s prospective it was too good to be true. They were unfamiliar with investing in residential real estate. They did have other investments like a 401 K. They let other people handle their investment accounts. They haven’t touched it or changed their investment direction in 20 years and they had lost money during the recession. When the 401K and investment statements came in the mail they never opened the envelopes to see what they had. What they had was HOPE! They had a mortgage and had owned two houses prior with a mortgage. They had never heard of private real estate investing and getting an interest rate as high as I was proposing.
What I wanted to do was to buy the house. The house had a first mortgage of $120,000 and equity of $40,000 for a total financing of $160,000. I wanted to keep the first mortgage in place, have a $40,000 second and pay an interest rate of 8%. My exit strategy was to buy, fix and sell the property, just like they do on TV. It would be for one year, then I would sell the house and the mortgage would be paid off. This method of financing was going to save me $16,600 in interest fees and costs. I could pay a higher price for the house with the owner financing. It would be a lower price if I paid all cash. Read More >>
Four Critical Mistakes to Avoid with a Real Estate IRA
By Jim Hitt on July 10, 2017
A Real Estate IRA is a great opportunity. It’s freeing. It’s invigorating. It’s a thrilling way to potentially build up a major retirement nest egg so you can build wealth over the long term and enjoy the peace that comes with financial security. But that doesn’t mean it’s fool-proof, either. If you want to make the most out of a Self-Directed IRA in which you invest in real estate, you have to avoid some critical errors along the way. Here are four you need to be aware of:
Mistake #1: Not Hiring a Property Manager
Hiring a property manager is critical when you have a Real Estate IRA. Not only will it help take care of any problems with repairs, tenants, and other issues like that, but it will keep you from participating in a prohibited transaction since you are not allowed to provide services to your Real Estate IRA. Read More >>
Setting Up Users in QuickBooks
By Karen Bershad on July 10, 2017
If you plan to have multiple employees using QuickBooks, you can limit their access to specific areas.
Controlling access to your QuickBooks company file is easy when you’re a one-person accounting department. You simply use one password to protect your data.
But when you add new employees to the mix, do you want them to have access to absolutely everything in QuickBooks? Probably not. You have confidence in your employees or you wouldn’t have hired them. But this isn’t solely a matter of trust. It’s just good business practice to restrict individuals to specific areas and responsibilities, no matter what the application.
That’s why QuickBooks has built-in tools to help you limit activity. Here’s how it works. Read More >>
So! What Do YOU Do For a Living?
By Tony Pearl on July 10, 2017
“What do YOU do for a living?”
Those words can strike fear and paralysis in the hearts & minds of the tragically unprepared. If you’re newly in business for yourself, or have just never really gotten your head properly wrapped around HOW you should respond to this powerful question, you’re sunk. Handle it the right way, and you’ll be rewarded with confidence, respect, and a fatter bank account.
And that’s exactly what we’re going to cover in this article. So shut off your Facebook & keep reading…
It never fails. You’re out at a social event, taking a flight somewhere, or maybe you just strike up a casual conversation with someone somewhere sometime. If you’re both adults over the age of 25 or so, the question eventually comes up, “What do you do?” Read More >>
Bigger Profits When You Buy a Short Sale and Retail the Home!
By Kimberlee Frank on July 10, 2017
When I am purchasing a property either for myself or with my student/partner, we determine which exit strategy is the best for both parties. Knowing whether you want to wholesale a property for a small profit or rehab/retail it for a big profit is important. Many investors start off with wholesaling the properties because they either don’t have a money lender or partner to help them rehab/retail the house and sell it for a bigger profit. If this is you, then I believe you really should find a partner or money lender so you have more than one exit strategy.
When you purchase a short sale, some of the lenders will put a hold time for the new buyer requiring them to hold the property for 30, 60 or 90 days before they can resell the property for a profit. In addition, they may tell you that you can only make a certain amount of money on the property if you sell it earlier than 90 days. Holding doesn’t bother my student/partners or myself because we normally choose to rehab the property and retail it for a higher profit. Read More >>
That Personal Touch: Touchnote App Review
By Don DeRosa on July 10, 2017
“I am thankful to all the souls, I meet in the journey of life.” ~ Lailah Gifty Akita
Touchnote App is a familiar app to many. It’s commonly used to create eCards for birthdays and holidays, as well as printing applications like greeting cards and framed photos. I have found a way to use this for my own needs that are unique to my business.
Using this app has freed up some of my time. How to gently and politely notify a homeowner that I have an interest in their home without knocking on the door and intruding on their routine. I’ve utilized the Touchnote App to reach out to these potential clients. I usually drive looking for vacant homes in particular. I just take a photo of the house and look up the homeowner’s address in the public tax records. I write a simple message explaining that I’m interested in buying the property. It’s so fast and takes the time and thought out of trying to reach out to these homeowners by phone or physically printing and paying postage on a postcard. The cost is $1.99, which is very reasonable. You can also reduce this price even more by buying in bulk, making the cost $1.50. Read More >>
The Illusion of the Destination
By Jonathan Henrich on July 10, 2017
In this article, I want to discuss a simple way to develop peace within, while in the midst of the chaos that many of us live.
We spend our lives thinking that there is some end goal, some place where we can be that will finally bring total happiness. Then to get there we set crazy goals that consume most if not all our time.
You know the saying, “live like no one else today, so you can live like no one else tomorrow” a popular Dave Ramsey quote that is interesting to ponder. There is nothing wrong with dreams, setting goals, and hard work but the illusion that there is some destination, or some sanctuary that will save you is what I’m addressing here. Read More >>
Using The Right Mailing Lists to Locate Motivated Sellers
By Kathy Kennebrook on July 10, 2017
Implementing the right list and using the right letter when creating your direct mail campaigns to locate motivated sellers is crucial to your success as a Real Estate Investor. There are lots of different ways to find these lists and lots of different types of lists to choose from.
The easiest way I suggest to locate a list to use for mailings is to simply go to your property appraiser’s office or auditor’s office and have them create it for you. There are many different parameters you can use to create these lists.
Some of the lists you could create might be directed at out of town owners, deed transfers, zip codes ranges, sale dates, estates, evictions, delinquent taxes or pre-foreclosures. These can all be good lead sources for you to use to find motivated sellers and these are lists that I use in my business on a daily basis in addition to several others. Read More >>
Knowing the Value of Your Property
By Mark Jackson on July 10, 2017
Making money investing in real estate begins with determining the actual value of the property. This is the most important out of the many factors in real estate. The price of the property is determined with real estate comparables or comps. Being that this is the maximum amount a seller could expect to receive for a given property, it becomes the starting point for negotiations. This is where you, as a real estate investor, make your profit when you buy the property. Mess up here and it could become difficult to make money on the deal or at the very least the ideal profit you had hoped for.
When researching a property, you begin by comparing your target property with those in the surrounding area. Be sure you know the details of your property. The square footage, beds/baths, year built and location of your property are important criteria for determining how closely these other properties match or compare to your subject property. Read More >>
How to Be a Successful Wholesaler
By Frank Iglesias on July 10, 2017
Wholesaling is probably one of the easiest, yet most deceiving aspects of Real Estate out there. There is no shortage of people sharing how to be a wholesaler from online courses to packages to free videos. When looking at all the information available on the subject, how does one know which information is correct (including this article)?
As someone who has run a wholesale group in our market now for over four years, I am going to share with you the qualities required to be in my opinion a successful wholesaler. Our team has the privilege of being well connected and knowing most of them in our market. Having wholesaled tons of properties and observed others doing the same, here are the qualities you will want to have to be a successful wholesaler. Read More >>
What Seems to Be Holding You Back?
By Larry Harbolt on July 10, 2017
Over the years I have heard every excuse you can think of why real estate investors today aren’t busy buying houses. One thing I know for sure is that the biggest reasons why most real estate investors are struggling to buy real estate are:
- Fear
- Lack of Knowledge
- Lack of Money
- Less Than Good Credit
Let’s talk about “Fear” first. Fear is probably the biggest reason many inexperienced real estate investors don’t have more success doing deals and why many walk away and give up and look for other ways to make money. I know for myself, when I started learning to buy real estate, I had no money and poor credit, plus I had no training. This caused me to be afraid to make any kind of offer to buy real estate. Read More >>
Avoid the Certainty of Poverty
By Bill Cook on July 10, 2017
Had a good conversation with an investor friend about the financial collapse of Greece. The country is so broke that not only can it not repay its loans, it can’t make its note payments either. What’s Greece’s solution to this financial meltdown? They want to borrow even MORE money!
It’s crazy for anyone – including a country – to believe that the way to get yourself out of a financial hole is to dig it even deeper! Yet that’s exactly what Greece – and way too many American families…and America herself – is doing.
Jack Miller, my long-time teacher until he joined the other angels in heaven, taught us how to avoid the certainty of poverty. He also shared what he had learned from Warren Hardin: It’s inconvenient to be physically alive but financially dead! Read More >>
Savannah REIA Main Meeting on July 10, 2017
By Savannah REIA on July 6, 2017
Come join us at our next Savannah REIA Monthly Meeting on Monday, July 10th at 6:30PM hosted by Aislee Jackson at the Homewood Suites Savannah located at 5820 White Bluff Rd, Savannah, GA. This is our main Savannah REIA Meeting for the month, so don’t miss it! Please be sure to invite your friends to join us at the meeting and to follow us on Meetup.com and Facebook.com. We look forward to seeing you at the meeting!
Savannah REIA Members & Guests, Please RSVP on Meetup.com
This is our main Savannah REIA Meeting for the month, so don’t miss it! Please be sure to invite your friends to join us at the meeting and to follow us on Meetup.com and Facebook.com. Read More >>
2 Day Foreclosure Summit with Bill & Dwan Twyford in Atlanta on August 26 & 27, 2017
By Savannah REIA on July 5, 2017Foreclosure Summit
3125 Presidential Pkwy, Atlanta, GA
Register Today for the Two-Day Cash In A Flash Foreclosure Summit on Saturday & Sunday, August 26th & 27th in Atlanta being taught by Bill and Dwan Twyford – the Nation’s leading foreclosure experts. In fact, Bill and Dwan are considered the Nation’s #1 experts in Short Sales, Foreclosures, Flipping, and Negotiating!
They have personally bought and sold over 2,000 properties, bought millions of dollars in commercial property, coached 1,000’s of students through successful real estate deals, and have been making millionaires all over North America for almost twenty years.
If you don't know them, that's okay - You will get to know them very soon. They come from a place of ethics, hold themselves to the highest standards, and they make millionaires! They are the real deal!
They have written FOUR BEST SELLERS! Most recently, Bill co-wrote a book with Dan Kennedy and Dwan co-wrote a book with Steve Forbes. Why did these two mega-stars choose Bill and Dwan to co-write a book with – BECAUSE THEY ARE THE BEST IN THEIR FIELD!
At the Cash In A Flash Foreclosure Summit they will show you how to run an ethical, fair, and PROFITABLE real estate investing business that WILL make you a multimillionaire, too!
Here is a small sample of some of the topics that will be taught at this two-day Summit:
- No-Equity Foreclosure Strategies
- Wholesaling REO’s and Notes
- Area Classifications
- Finding Off-Grid Properties
- “Live” Field Training Techniques
- Get Your Customers To Say “YES”
- How To Work With Banks
- Our Proven 3 Offer Short Sale System
- Buy Properties for 50% off Asking Price
- Creating-Performing Notes
- Millionaire Marketing Techniques
- The Fed-Up Package H/O Options
- Buying Bank Owned Properties
- Building a 500k Per Year Business
- Buying on Auction Sites
- Working a Market No One Else is Working!
- All This, Answers to Your Questions & Much More!
As you can see this will be a knowledge packed 2 full days of excitement and education. We look forward to seeing you at this great event on Saturday and Sunday, August 26th & 27th!
*PLEASE NOTE: Tuition price will increase and will be per person after Early Registration Expires. Register now and save. Non-Members who join Savannah REIA between July 10th – July 31st, 2017 can attend the workshop for NO CHARGE. Also, Savannah REIA Members who renew their membership for an additional year between July 10th – July 31st, 2017 can attend the workshop for NO CHARGE as well. When joining Savannah REIA or renewing your membership, you must let us know that you want to attend the workshop at no charge. You can join Savannah REIA at membership.savannahreia.com.
Savannah REIA Meets on June 12, 2017 with Nate Scott
By Savannah REIA on June 10, 2017
Come join us at our next Savannah REIA Monthly Meeting on Monday, June 12th at 6:30PM with our special guest speaker Nate Scott at the Homewood Suites Savannah located at 5820 White Bluff Rd, Savannah, GA.
Over 77 million baby boomers will be retiring over the next 10 years and they face the fear of out living their retirement. 66 out of 100 people age 65 earn less than $30,000 in retirement. Would you agree it's critical that people learn new strategies to survive and thrive in a very differnent economy? This is the cash flow danger red alert that no one is talking about. Until now.
Join us on Monday June 12th at 6:30PM, and Nate will show you a blueprint for creating lasting wealth by investing in real estate and share how his biblically based leadership plan will clearly identify the retirement cash flow danger and will give you practical steps that you can take to address it.
Nate will show and ask you:
- What is the cash flow danger?
- What's your plan?
- What's your system?
- How to correct your financial statements
- And much more!
After serving in the Army, Nate earned an MBA from George Washington University and an Executive Certificate in Financial Planning from Georgetown University. From 2004-2006, he worked as a licensed financial advisor before accepting his last corporate job as the Chief Financial Officer for a mortgage and real estate technology company. In 2007, they were listed as an INC 500 fastest growing. As an entrepreneur and network marketing professional, Nate is the co-author of the book “Pillars of Success” along with Jim Rohn, Alexander Haig, and Pat Summitt. The book is a compilation of ideas from numerous experts who share the “how” and “why” of their success. In this book, Nate shares the story of how he made his first million by age 32..
You don’t want to miss this event! RSVP Now!
Savannah REIA Members & Guests, Please RSVP on Meetup.com
This is our main Savannah REIA Meeting for the month, so don’t miss it! Please be sure to invite your friends to join us at the meeting and to follow us on Meetup.com and Facebook.com.
Subscribe to our Savannah REIA Email & Newsletter List and we will deliver The Profit Newsletter ($19.95 value) and other updates and announcements to your inbox every month for FREE!
Join Our Mobile VIP List by texting the word SAVANNAH to 912-480-9222 and get periodic text updates from us about meetings, workshops and more.
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Like Savannah REIA on Facebook
Also, be sure to Like Savannah REIA on Facebook where we will also be posting any upcoming meetings, events and other useful information. You can also interact with our Facebook page and post your have’s and wants as well.
Join Savannah REIA on Meetup.
If you are interested in being a part of the Savannah Real Estate Investors Alliance, investing in real estate or just want more information on our new REIA, be sure to Join Savannah REIA’s Meetup Group so you can stay informed on any upcoming meetings and events.
The Profit Newsletter June 2017 Edition
By Savannah REIA on June 5, 2017
The June 2017 Edition of The Profit Newsletter is now available for download. There are 50 pages this month full of upcoming meetings, workshops, educational articles and other valuable information for your real estate investing pleasure and success. Download it and check it out!
The Profit is Atlanta REIA's digital, interactive newsletter for serious real estate investors delivered as an Adobe PDF file to read on your PC, Mac, Smart Phone, iPad or other mobile ready devices. Many of the articles and ads in The Profit contain many hyperlinks you can click to get more information online! The high res version of The Profit is "print ready" for those who want to print the newsletter on their home or business printer.
Be sure to Subscribe to The Profit by Email or Subscribe to The Profit by Text so you don't miss a single issue.
Get Started in Real Estate Investing Without $$$
By David Tilney on June 4, 2017
If you’d like to invest in real estate, but you can’t afford to buy property – don’t despair! Think about renting from owners who are saddled with ‘inconvenient property’ and negotiating the right to sub-lease their property to others. This is Master Leasing - the leasing of a property from an owner and then sub-leasing that same property to a tenant. I believe Master Leasing is the most economical way to get started in the real estate business today. It is a way to produce an immediate income stream without large amounts of capital.
Master leasing is an incredible tool, which can benefit both owners and investors.
It will lose an owner less than he is losing with a vacant property and it will insulate him or her from dealing with sub-tenant occupants. Master tenants are not agents of the owners, but rather entrepreneurs who are professional landlords. This gives a master tenant the flexibility to tailor a lease to the specific needs of each owner. They do not offer a ‘one size fits all’ solution, as do most property management companies. Since they are not agents working for the owner, the owners cannot be held vicariously liable for any of the actions master tenants take with their sub-tenants. This alone can reduce the owner’s liability dramatically. Read More >>
Building Your Personal Credibility Kit - Part 3
By Kathy Kennebrook on June 4, 2017I also like to use my personal Credibility Kit to find more private lenders for my Real Estate Investing Business. You already have all the information about yourself and your company and deals you have done in one place to show your potential lenders.
Looking through your Credibility Kit leaves no doubt in a lender’s mind that they will be making a good investment in you and your properties. Plus, you have references available if they would like to see them and follow up with any of them. I also give my potential lenders an abridged copy of my Credibility Kit in case they know of someone else interested in loaning me money for my deals. This is a great way to build this part of your real estate investing business! Read More >>
Buying at the Foreclosure Auction
By Bill Cook on June 4, 2017From 2013 through 2016, Kim and I have rarely been the high bidders on a property at the foreclosure auction. Why the dry spell? Because the cheese has moved! For example, from 2007 through 2009, the best deals were found buying short sales. From 2010 through 2012, the best deals were found buying at the foreclosure auction. From 2013 through 2016, the best deals have been found by buying pre-foreclosures. Remember, the cheese is always moving. To be successful, you can’t keep going back to where the cheese was – you must go to where it is today!
Here are the basic steps Kim and I follow when bidding at the foreclosure auction. (NOTE: Be aware that each state’s foreclosure laws are different.) First, in Georgia, before a property can be auctioned for foreclosure, it must be advertised in the county’s paper of record for four consecutive weeks before the auction. Call your county’s Clerk of Court’s office and they will tell you in which paper and on which day(s) the “legals” (including foreclosure notices) run.
On the day the foreclose notices first run for next month’s auction, we buy that paper and transfer the foreclosure info in the paper – which is difficult to read – onto our Foreclosure Sheet – which make it much easier to read! Read More >>
Less Competition with Short Sales
By Kimberlee Frank on June 4, 2017Many Investors avoid working with Sellers in pre-foreclosure or making offers on short sales. They all say the same thing, it takes too long! I strongly disagree with this decision. I have been working on short sales for years now and even though it does take a few months, it has been the best deal spread in profit that I have ever received on any type of deal. Let me tell you why you should consider working with Sellers in pre-foreclosure and making offers on short sales.
The Pre-foreclosure market will continue to flourish due to the adjustable rate mortgages, loan modifications and reverse mortgages that banks have provided to many Sellers. A lot of the Sellers in foreclosure will have second mortgages that can be discounted to pennies on the dollar. Sellers that are doing a HAFA short sale program requires the second lender to take a maximum of $8,500.00 on their second mortgage. Read More >>
Getting Prepared To Make Your First "Ask For The Money" Presentation
By Russ Hiner on June 4, 2017It is about time that you are making your very first “get the money” presentation. I am not going to tell you much about my first presentation for money, since it was so long ago. I think I was 3 years old and wanted some candy. I am sure it did not turn out very well. I think I did the presentation in front of the wrong audience and I was not very professional. My ‘ask” presentations have gotten much better especially since I know how to effectively raise capital today and every day.
How can you get prepared to make your first professional “ask” presentation? The first thing you must do is place yourself in front of the right audience. If you are doing the presentation in front of a group of people without any resources, you might as well be talking to the wall. If you are talking to people who have shown interest and know something about what you are working to achieve then your chances soar! So, think of doing a presentation in which the potential investors in your project have a mix of people who know you and people who don’t have a clue as to your reputation, experience level, motives, or character. The great news is the people who know you will probably advocate for you. Read More >>
Three Eviction Mistakes Real Estate IRA Owners Make
By Jim Hitt on June 4, 2017If you invest in residential rental property in your real estate IRA for any significant length of time, sooner or later you will probably need to consider evicting a tenant.
There are several possible reasons you may need to evict someone: The most common, by far, is the non-payment of rent. Other common reasons include drug or other criminal activity or material violation of lease terms. Sometimes you can resolve these issues painlessly, by giving the tenant a little extra time, or by sending a notice to cure or quit the premises. But when these measures don’t work, a real estate IRA owner will have to ‘landlord up’ and begin eviction proceedings to get the tenant out.
Before you begin evicting a tenant from your real estate IRA-owned property, read this first. Read More >>
The Carrot? Or the Stick? Which Do THEY Prefer? - Part 2
By Tony Pearl on June 4, 2017In Part One of this article, we discussed YOU and why you do the things you do. Specifically, we talked about WHY people do or don’t do things for two primary reasons: To gain pleasure or to avoid pain. This is also known as the Carrot or the Stick - the carrot is something good that we want, while the stick represents the pain we don’t want.
We also mentioned a few common things that most people in this world want/desire, like love, money, and good health as well as a few things that most people don’t want/are afraid of, like fear of missing out, getting hurt, rejection, or clowns. ;)
Finally, we talked about some stuff that you might not like - why you may not be as successful as you’d like to be, or why you don’t always do some of the things you know you should be doing.
In other words, we started with YOU. Still stuck on that? Ok, go back and read the article again. But if you’re ready to move on, let’s go... Read More >>
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