The Profit March 2016
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The Profit March 2016 Articles
How the IRS Destroys IRA’s
By John Hyre
The IRS is very interested in Self-Directed IRA’s (“SDIRA’s”). They are especially interested in IRA’s that invest in real estate or via trusts or via “Checkbook LLC’s”. How do I know that? Two reasons. First, several IRS employees have very directly told me so. Second, the IRS has recently changed its reporting requirements in search of this very data. Specifically, every IRA is required to file Form 5498 once per year. That form tells them the value of your IRA. Starting in 2015, the IRS has required that new data be reported on Form 5498. Among other things, they want... Read More >>
Your Power Team Represents You
By Frank Iglesias
As professionals we’ve heard it said that it is absolutely imperative that you have a really solid Power Team. A Power Team is composed of several individuals. Some of the most common in Real Estate are closing attorneys, loan officers, contractors, insurance agents and appraisers. These are all key people to any given transaction and any one of them can make or break a deal so it’s important to have ones that understand what you are doing, are on your side and have lots of quality experience. We have had the privilege of working with many people along the way... Read More >>
Don’t Be in a Panic Regardless of What the Experts Say!
By Larry Harbolt
Recently I read an article written by Michael Snyder, a graduate of the University of Florida law school. I found it very interesting. This article was titled “Sell Everything!” His headline read, “Royal Bank of Scotland Tells Investors to Fear 2016 Financial Cataclysm.” The 20th largest bank in the world is predicting that 2016 will be a cataclysmic year and Investors should be afraid. This prediction of course is aimed at the stock market, but there is a connection between stocks and real estate many real estate investors aren’t thinking about. As the stock market is currently going into a... Read More >>
The Art of The Conversation With Motivated Sellers - Part 1
By Kathy Kennebrook
One of the concerns many of my students seem to run into is; once they find the deal, what do they say to the motivated sellers? How should that conversation go? On top of these concerns, many of my students say they are not really comfortable with having a conversation with a stranger, so how do they handle that conversation? How do you get over the “jitters”? Okay, so you’ve practiced what you are going to say, you have a plan, you have your paperwork, you’ve probably procrastinated a little, then scheduled your appointment with the seller, so now what?... Read More >>
Finding Home: Zillow Apps Review
By Don DeRosa
“The home should be the treasure chest of living.” ~ Le Corbusier As a flipper, I tend to think a lot about the people who are going to be living in the home I created for them. I’m thoughtful about the products I use while being mindful about the budget. But it all doesn’t mean a thing if I can’t generate buzz about a property. I used to do a lot of research about neighborhoods and comparison shop. But doing all that on my own using a variety of different resources eats a lot of valuable time. Zillow is a... Read More >>
Flipping is Illegal – Part 2
By Ron LeGrand
Welcome back! Last month I told you about the stigma behind the word “flipping” and how some are considering it to be illegal. Flipping houses is not illegal. Fraud is. O.K., Back To Flipping. What does lender fraud have to do with flipping and the stigma some of the media have placed on it? Some lenders have had so many loans default on lower priced properties sold by investors it’s opened their eyes and made them cautious, and justifiably so, if I were a lender making loans at 80%-100% of the purchase price, I’d be cautious too. In fact, I’d... Read More >>
Are You the Type of Investor Who Fits a Real Estate IRA?
By Jim Hitt
Most of us have the same financial goals. We want to take care of our families. We want to take care of ourselves. We want to work towards retirement with confidence that our decisions are the right ones, and we want to see our wealth grow. We want to retire with plenty of money left over for a comfortable lifestyle, happy and peaceful knowing that we’ve done enough to take care of ourselves should disaster strike. So what does this all have to do with a Real Estate IRA? A Real Estate IRA is one tool you might have for... Read More >>
Private Money at Your Finger Tips
By Mark Jackson
In the world of real estate investing, private lenders and real estate comps generally go hand in hand. However, many may be unfamiliar with private lenders and what they bring to the real estate industry. I have to stress real estate investing using REIAComps to see all the private money and cash buyers is invaluable. Every new deal you do is instantly easier knowing exactly who to call when you need funding. But there is more to this topic of private money. Money makes the world go around and real estate deals don't get done without it. Forming relationships with... Read More >>
Why You Should Use QuickBooks' Snapshots
By Karen Bershad
QuickBooks provides multiple ways to get information about your customers, and their payments, and your company itself. The software’s Snapshots provide quick, thorough overviews. What do you do when you need to get information in QuickBooks about customers or about payments they’ve made in QuickBooks? You have several options. You could, for example: Create a report Go to their Customer pages Click on Receive Payments on the Home Page and use the Find arrows (not very elegant or fast, but would be an easy way to find recent payments). One of QuickBooks’ strengths is its flexibility. It helps you find... Read More >>
Pick Your Bone: Wishbone, Jawbone or Backbone
By Bill Cook
To succeed at real estate investing, or business, or life, requires bone – the right kind of bone. Because real estate investing is pretty easy to understand – you buy a house and then either sell it or keep it as a rental – lots of folks are interested in becoming investors. Want proof? Look at all the traveling dog-and-pony shows coming through town offering their “free” seminars to a “select few.” We get lots of calls from would-be investors who’ve attended one of these get-rich-quick-snake-oil events. Most actually believe that real estate millions can be acquired by working only... Read More >>
What is the Truth About the Current Atlanta Real Estate Market?
By Deborah Harris
The best statement about real estate is “Don’t wait to buy real estate. Buy real estate and wait.” by T. Harv Eker. Understanding the current market allows Buyers to maximize their ability to evaluate properties, receiving the highest value in their home search, and, Sellers to position their property to maximize money in their pocket while minimizing time on market. Real estate is a supply driven market. When supply is less than 6 months, (currently 3.7 months), it is a seller’s market, a market condition that started in 2012. With fewer listings on the market, median prices rise, and sellers... Read More >>
Take the Bad with the Good
By Michael Vazquez
The majority of veteran real estate investors are quick to share the good but rarely share the bad and or mistakes that comes with investing in real estate. When things are going great you will feel like you can do no wrong. You’re purchasing the majority of your leads, all the renovations are coming in on budget and/or your homes are selling with very few days on market. The truth is, if you invest long enough you will encounter some of the bad experiences all investors before you and after you will experience. My most recent mistake could have been... Read More >>
The Solid Seven Secret: Creating Goals That Work
By Russ Hiner
Your career in real estate is like a marriage. If you let it get boring, you’re going to make mistakes. If you don’t build it on a solid foundation, it will fall apart. In both cases, you might just lose a lot of money! So how do you keep things new in real estate? You challenge yourself to be inspired; you stay eager to learn new things. Do I follow my own advice? YES. Recently I took two real estate courses, and I am renewed. I am excited! These classes will help my success, and I want to share the... Read More >>
The Master Lease Option Series – Part 1: The Basics
By Bill Ham
In this series of articles I am going to teach you the art of using Master Lease Options to purchase real estate. I don’t know how many articles it will take to convey all the info I have…so stay tuned! A master lease option (MLO) is a form of creative financing most often used to deal with distressed assets. I buy and teach commercial multifamily real estate so these articles will be about “master” lease options. If you are investing in single family deals then you would use a lease option. The “master” part only comes in when you are... Read More >>
What the Banks Insuring Themselves Against Their Own Fraud Means For Your Investing Business
By Bob Massey
The last several months have been huge for real estate investors and homeowners who are fighting back against the banks. Court case after court case has been decided in the homeowners’ favor, and things are only looking better going forward. JPMorgan Chase has just been ordered to pay an additional $48 million in fines for using fabricated documents and now we find out that since 2014 the banks have been buying rescission insurance. But what does all of this mean for real estate investors? In November of 2012, the president of DOCX, a subsidiary of LPS, pled guilty to producing... Read More >>
How to Master Your ADHD: Turning a Weakness Into a Strength
By Tony Pearl
It’s a LOT more common than you might think. Many doctors label it as a ‘disease,’ and often prescribe medication as a way to make their patients feel “normal” (whatever that is). It can drive teachers crazy, and make many seemingly normal people feel like there’s something wrong with them. Of course I’m talking about ADHD: Attention Deficit Hyperactivity Disorder. Did you know that it’s a very common trait among entrepreneurs?? So if you’re reading this, there’s a good chance you feel affected by it - or might know someone close to you who is. Read on… The typical ways... Read More >>
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