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The Profit July 2017

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The Profit July 2017 Articles

The Strategy Behind Filthy Riches
By Larry Goins
Larry GoinsEverybody 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... Read More >>


Leveraging Relationships to Expert Status
By Michael Vazquez
Michael VazquezI 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... Read More >>


Raising Private Capital - A Lesson Learned
By Russ Hiner
Russ HinerSitting 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... Read More >>


Four Critical Mistakes to Avoid with a Real Estate IRA
By Jim Hitt
Jim HittA 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... Read More >>


Setting Up Users in QuickBooks
By Karen Bershad
Karen BershadIf 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... Read More >>


So! What Do YOU Do For a Living?
By Tony Pearl
Tony Pearl“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,... Read More >>


Bigger Profits When You Buy a Short Sale and Retail the Home!
By Kimberlee Frank
Kimberlee FrankWhen 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.... Read More >>


That Personal Touch: Touchnote App Review
By Don DeRosa
Don DeRosa“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... Read More >>


The Illusion of the Destination
By Jonathan Henrich
Jonathan HenrichIn 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,... Read More >>


Using The Right Mailing Lists to Locate Motivated Sellers
By Kathy Kennebrook
Kathy KennebrookImplementing 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... Read More >>


Knowing the Value of Your Property
By Mark Jackson
Mark JacksonMaking 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... Read More >>


How to Be a Successful Wholesaler
By Frank Iglesias
Frank IglesiasWholesaling 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... Read More >>


What Seems to Be Holding You Back?
By Larry Harbolt
Larry HarboltOver 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... Read More >>


Avoid the Certainty of Poverty
By Bill Cook
Bill CookHad 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... Read More >>