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The Profit April 2015

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The Profit April 2015 Articles

The Complete Agreeable Terms System
By Jon Iannotti
Jon IannottiMy wife Stephanie and I have been doing Creative Real Estate Deals for over 30 years. In fact we have done close to 2,000 of them with none of our own money or credit. We have mentored hundreds of students across the country and Canada. We love to teach what we do to others and our reward is watching them succeed. Well, back in 2007 the market started turning down and we all know about the Greatest Recession of all times that followed. We quickly found that a lot of the techniques we were using suddenly were not working anymore.... Read More >>


A Tax Sale Deal Review
By Tom DiAgostino
Tom DiAgostinoAt Fortris we have several levels of Mentoring and in the past one of these levels was the Generals Club. That club has now been retired. But several years ago we opened it up to 8 investors. The concept was total immersion into the tax sale business and working through an entire deal utilizing the General’s capital while teaching them the entire process of construction management, sales, the associated legalities, and the basics on how to become a very successful real estate investor. At the end of the project we gave the General back all their investment, as well as... Read More >>


Subject-To?
By Michael Vazquez
Michael VazquezLike most investors, I too send out yellow letters to distressed homeowners. Obviously, the intention is to find a property that can be acquired below market in order to make a profit. In most cases the properties that are contracted are either sold as a wholesale deal or are purchased to be renovated and sold. In a few instances the opportunity to contract a property subject-to presents itself but this situation is not usually what you expect it to be. Let me describe my most recent experience with a potential subject-to situation. Most investors already know what a subject-to is... Read More >>


Who Actually Has the Right to Foreclose?
By Bob Massey
Bob MasseyPicture this: a man purchases a house in 2007 with a loan from a major mortgage lender who then securitizes the loan. After 7 years of making payments, the homeowner loses his job and defaults on the loan. The lender sends a foreclosure notice to the homeowner, claiming the ability to foreclose on the loan. But does the lender actually have the right to foreclose? The answer is a bit complicated, and does not look good for the major banks. To understand why, let’s take a closer look at exactly what the banks did and what it means for homeowners... Read More >>


The Momentum Effect
By Bill Ham
Bill HamOne of my favorite business books is Good To Great by Jim Collins. In this book Mr. Collins gives a great example that I realized applied to me when I was building my real estate business and will apply to you too. The author gives us an example of a great big fly wheel. He describes this as a giant metal disk on a thin pole. Imagine this disk weighs thousands of pounds and is currently stationary. Your job is to get this disk spinning. It is easy to imagine that it will take time and effort to get the... Read More >>


The Six Things a Real Estate Investor Must Do for Success
By Mark Jackson
Mark JacksonAs investors we have to be mindful of some basic principles. While knowing the value of a property is extremely important, real estate investment itself can prove to be particularly challenging. Knowing the true value of real estate is critical, try to do a deal without it and see. The guidance and data within REIAComps.com has consistently shown investors how to determine both solid acquisition value and after repair value to earn lasting profits. Use the following six things to get a handle on your business before you start pouring money into a real estate investment. 1. You must be... Read More >>


Financing Property or Buying a Retirement Home: Why Using a Real Estate IRA Makes Sense
By Jim Hitt
Jim HittPlan for retirement What should you do with your Real Estate IRA? If you are a Baby Boomer, you may want to consider using a Real Estate IRA to purchase that dream home before you hit retirement. Then, when you reach age 59 ½, you can take the home as a distribution and begin enjoying your new retirement home. Remember, you may not use this home for your own personal use until you reach 59 ½ and take the home as a distribution. One important point that people forget when talking about taking a home as a distribution is the... Read More >>


Rehab Jungle in Short Sale Land
By Kimberlee Frank
Kimberlee FrankThere are times when we are going to purchase a short sale and then rehab the property for a higher profit. During the rehab on the property, I take my partners shopping. We go to Home Depot and look at all the items I normally put in my cookie cutter houses and I show them why I have chosen each and every product. Then they get to pick their own products and we discuss the price differences to analyze the affect on our profit. It is really fun shopping for an entire house in Home Depot, but the bottom line... Read More >>


From Paper to (Almost) Paperless
By Don DeRosa
Don DeRosa“Americans spend 3 billion hours per year filling out tax forms and keeping tax records.” ~ Jim Ramstad There are two things I’ll never do again: first, teach one of my own kids how to drive; and second, help my Aunt May file her tax returns. I’m pretty sure you know Aunt May, or someone just like her. She’s a really sweet lady whose house looks spotlessly organized until you open a drawer or a closet. When she hints that she needs help with her taxes, you volunteer. I mean, she needs you, and she’s so nice! How hard could... Read More >>


Advertising Your Deals To Buyers – Do’s And Don’ts To Always Apply
By Frank Iglesias
Frank IglesiasAs an active investor, I get a ton of deals regularly from other wholesalers especially with springtime rolling in. They come in all sorts of shapes, forms, fonts, graphics and so forth. While they all have a variety of information, it is rare that ads come with enough information to make a decision on whether it is worth spending time on them. So as a Buyer as well as a wholesaler, I thought I would share some do’s and don’ts to apply when you put ads out to your Buyers to set yourself up for success. DO’S DO put the... Read More >>


Is Your QuickBooks Full of “Suspense”?
By Karen Bershad
Karen BershadIt is the goal of this column to answer questions about QuickBooks and how it is used in the REI arena. Know how to record transactions in the proper way and have your set of books in good shape when it comes time for taxes. It is our intention to do this by you the members submitting questions to Karen@smallbusinessadvisor.biz, and getting answers here in this column. Q: From time to time I have an entry that I really don’t know how to enter properly. It may be a deposit or a check and I don’t know where to either... Read More >>


Secrets of Being a Successful Landlord - Part 2
By Kathy Kennebrook
Kathy KennebrookI actually added this to our lease after a tenant called us at 6:30 one evening to tell us her kitchen sink was stopped up. It turned out that her small child had stuck a cup down into the garbage disposal. It just needed to be removed. The way my lease reads now, that tenant would be charged a fee of $65.00 to have my repair guy go out for something that wasn’t a repair. This one clause will save you from a lot of unnecessary trips to your units for repairs. I also have someone who checks my rental... Read More >>


A New Way to Do Real Estate
By Ron LeGrand
Ron LeGrandWell, it’s been over three years now since ACTS came into the world, and so much has changed since its origination in October of 2011. If you’re not aware of what ACTS means, it stands for Assignments of Contracts and Terms System. It has changed the business of a lot of my students throughout the country and added a lot of additional revenue into their lives, including my own. However, some people think ACTS is all about over leveraged houses, which is not correct. In fact, ACTS pertains to any kind of terms deals with the seller that can be... Read More >>


Wholesaling vs. Lease Options (aka Ugly vs. Pretty) - Part 2
By Tony Pearl
Tony PearlWelcome back! In our last article, we talked about how trends come & go in all things, but we specifically discussed the fact that there are two tried & true strategies that have seemed to stand the test of time in Real Estate Investing. Those strategies are: Wholesaling and Lease Options. Wholesaling was discussed last time - it’s mainly done in the “Ugly” house business (houses that need a lot of work). And Lease Options are typically understood to be done in the “Pretty” house business (houses that don’t need much work). Thanks for hanging in with me so far,... Read More >>


Would You Break Into A Vacant House?
By Bill Cook
Bill CookYou’re out working foreclosures and see an obviously vacant house. There is a sign in the window saying the home has been abandoned and winterized. You look through the window and confirm that it is vacant. Do you open the door with your “investor key” (a credit card) and go inside to look around? Over the years, real estate investors have hotly debated this topic. Some investors would never go in the home, while others think nothing of slipping the lock so they can inspect the interior before bidding on the property. I know investors who regularly go into vacant... Read More >>


The Way You Spend Your Money Can Make a Huge Difference Creating Your Real Estate Wealth - Part 1
By Larry Harbolt
Larry HarboltBecause money has been easy to get over the past 15 years I wanted to show you how leverage can truly maximize your profits regardless of your credit history. If you can think about the conservation of cash idea borrowing money from banks can definitely be a thing of the past. Leverage is one way how you can use the limited money you have in the most effective way to maximize your profit potential on every property you buy. If you have less than good credit or if you simply don’t want to use your credit you may want to... Read More >>


Think BIG
By Russ Hiner
Russ HinerHow can you get not only what you want but MORE than what you have ever wished for? Nothing is Unreachable Your success depends on your vision. Do you want to work independently, or do you want to work independently and be wealthy? Do you want to pay off your credit cards, or do you want to be completely debt free? Do you want to take a vacation, or do you want to travel the world? When you expand your thinking, you can expand your success. Expect more and work knowing that you can have it. From the start, know... Read More >>