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The Profit August 2015

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The Profit August 2015 Articles

Wholesaling FAQ For The Educated But Scared
By Vena Jones-Cox
Vena Jones-CoxIf you’re like most people, you’ve been wondering all along when we were going to discuss all the awful things you’re imagining might happen to you as a wholesaler. And I have no desire to sugar-coat things for you, but the truth is most of the things you’re imagining are extremely rare, and easily overcome. Here are some of the most frequently asked questions about such fears: What happens if I can’t find a buyer for a property I have under contract? If you can’t find a buyer, one of three things has happened: You’ve made a bad deal, in... Read More >>


Flyp My Phone
By Don DeRosa
Don DeRosa“The secret to multitasking is that it isn't actually multitasking. It's just extreme focus and organization.” ~ Joss Whedon Have you ever watched a really good store manager while she works? It’s incredible! She can handle two or three customers at once, answer the phone three times while she’s at it, and approve a couple check transactions at the same time. And when you compliment her on her talent, she just shrugs and says, “I’m a multitasker.” A few years ago, businesses were all about multitasking. Employers wanted people who could multitask. With life moving faster all the time, all... Read More >>


Running Your Rental Business On Auto-Pilot
By Kathy Kennebrook
Kathy KennebrookThe rental business can be very lucrative for the real estate investor. It can also be a pain in the neck. The trick to an effective rental business is the management. We have many rentals as a part of our real estate investment business and we have always said that managing tenants is like raising another set of children unless you do it correctly. The first thing you should do is to decide if you are going to manage your properties yourself or if you are going to have someone else do it for you. There are ways to automate... Read More >>


Marketing in a High Demand Market
By Frank Iglesias
Frank IglesiasYou may have heard the news that the real estate market is improving throughout the USA. While in some areas, the market improvement is steady, some markets are just hot! An interesting observation we have noticed is that private sellers in particular hear the news on Fox, CNN, CBS, etc. and immediately think their property is worth what it was in 2007 at the peak. The idea of gradual appreciation seems to escape a significant number of them as it seems at every corner everyone is saying sell! Even banks are selling REO’s at or near full retail value…before rehab!... Read More >>


Receiving Payments in QuickBooks
By Karen Bershad
Karen BershadIt's probably one of your favorite QuickBooks activities. Be sure you understand the mechanics of recording payments. There are numerous ways to prioritize your workday. Do the most difficult things first. Get important phone calls out of the way. Respond to various emails. But it's likely that one activity takes precedence when you see that it needs to be done: recording payments. While you're probably very careful with this process, it's critical that your actions here are accurate. If they're not, you could either lose money that you've earned or anger tenants by requesting payments they’ve already made. QuickBooks comes... Read More >>


Setting the RIGHT Goals
By Bill Ham
Bill HamImproper goal setting can really hurt your business. Proper goal setting can make you rich. This is a concept that I see most new investors and real estate business owners learn the hard way. If you don’t know how to set proper goals for yourself then you are very unlikely to obtain any goal. In this article I will help you to learn the art of goal setting. Whenever I begin mentoring a new student or business client I always start by having them submit their goals. I am actually more interested to see how this person sets goals more... Read More >>


Mailing for Dollars
By Kimberlee Frank
Kimberlee FrankMy students always ask me “How many letters do we have to mail in order to get a deal?” Before I answer, I want to state that the #1 reason a Seller sells their house for less is because they are motivated. An unmotivated Seller will not take less for their house, as they are not in a hurry to sell. Let me clarify the situations that make a Seller motivated: Property is upside down – they owe more than it is worth. Property taxes have increased and they can’t afford to pay them. Mortgage interest rate(s) adjusted to a... Read More >>


Why Real Estate and Why Not a Restaurant
By Ron LeGrand
Ron LeGrandI’ve been in a few businesses in my life, still have a few and probably will until I check into the nursing home, and maybe even after. When comparing buying and selling houses to other businesses, the contrast is so big, sometimes I wonder what the world would be like if all small business owners were exposed to my training before they opened their businesses. Let’s take a look and compare to my restaurant. You can start real estate immediately with no money, no credit and no risk and expect to make a profit within the first month or two.... Read More >>


What To Do When Sales Start To Slow
By Mark Jackson
Mark JacksonAll good real estate investors know the valuation of their deals is key to insuring success and projected profits. Since late 2013 transactions in numerous market areas have seen strong sales activity. But what to do when transactions start to slow? All the market areas covered by REIComps, insure when sales changes happen you are not caught off guard. Last week, we began seeing a number of Support Tickets asking the question, “My retail sale properties aren’t getting multiple offers any more. What am I doing wrong? Equally, we have seen tickets which ask, “Several of our current units for... Read More >>


How Many Leads Do You Need?
By Russ Hiner
Russ HinerHow many times does your phone need to ring to make a deal? Well, the more rings you have, the more possibilities there are, right? But here is the catch: you don’t want just any calls. You want quality calls. It doesn’t matter how many calls you get if they aren’t ones that are going to lead to getting paid. You may have heard real estate gurus telling you how to get that phone to ring. But I can show you how to get the phone to ring so that when you answer, you’ll have a potential good deal on... Read More >>


Why Does Everyone Want to Become a Wholesaler? - Part Two
By Larry Harbolt
Larry HarboltThis month I believe what I will be sharing with you can be very important to you financially as well as to build your financial freedom faster and easier. Last month I questioned why all of the so-called Guru’s are pitching how everyone should be wholesaling properties to build wealth. From my own experience as I said last month, if all you do is wholesale deals you have a job. This month I want to explain what I have experienced over the years doing this type of deal and what I have learned that keeps my buyers clamoring for more... Read More >>


Four-Letter Words That Can Make You Rich!
By Tony Pearl
Tony PearlOk, I admit it. I use four-letter words. A lot. Some of these four-letter words are the kind you may not like to hear if you’re a fine, upstanding person of high moral fiber. Oh well. The OTHER four-letter words I use are awesome, and if you know how to utilize them properly, they can make you super RICH! Best of all, you can say THESE four-letter words in ANY crowd, around anyone, without having to worry about getting slapped or getting the evil eye. So, without any further delay, I’d like to share a short list of some of... Read More >>


No Seller Wants Cash – EVER!
By Bill Cook
Bill CookJust got a call from a realtor. She represents a homeowner who needs a quick sale. The realtor said, “Bill, my client will only consider an all-cash offer. We’re not interested in any of your creative razzle-dazzle deal structures, understand?” Kim and I get a lot of calls like this. I’ve learned not to say, “No seller wants cash – EVER – ya dingbat!” Saying such would ruin the relationship and destroy the possibility of meeting face-to-face with the seller. So what do you think? Do sellers really want cash or could I possibly be right? In this situation, what... Read More >>


Three “Golden Rules” of the Real Estate IRA
By Jim Hitt
Jim HittMany of us are aware of the potential for real estate to function within our portfolio. Not only do we believe in real estate as an investment, but we know that over time, it tends to go up in value – there is, after all, only so much land to go around! But what happens when you incorporate real estate into your retirement portfolio? Do the rules change when you’re running a Real Estate IRA? Truthfully, many of the same principles of real estate hold true when you’re investing in real estate from within a Real Estate IRA. But that... Read More >>


Rescission Has the Banks Running Scared!
By Bob Massey
Bob MasseyLast month I wrote about how you could use the right of rescission as a silver bullet to stop a foreclosure in its tracks. Once you drop a notice of rescission in the mail, your loan has been nullified as a matter of law and the bank must either comply with the rescission or prove within 20 days that they have the right to enforce the note. Well, over the last few weeks I have been seeing more and more from the banks that the right of rescission has them on their heels. The banks are sending their lawyers around... Read More >>


Do's and Don'ts of Wholesaling a Wholesale
By Michael Vazquez
Michael VazquezWholesalers send me deals daily but I have started to notice that many of these wholesalers are wholesaling another wholesaler’s property. Before proceeding, I want to be clear that I have no issue with this but there is a right way and a wrong way to go about it. Also, understand that if a buyer/investor receives the same property from multiple sellers he/she will contact the seller with the best price. Wouldn’t you? Keep in mind that you did nothing to acquire this property. You merely sent it out to a buyers list you put together, which with today’s technology... Read More >>