The Profit November 2015
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The Profit November 2015 Articles
Are You One of the Lucky Investors Who Qualify for the Solo 401k?
By Dorsie Boddiford
If the Roth IRA is the Corvette of real estate investing vehicles, then the Roth Solo 401k is the Ferrari. Ok, so I know nothing about fancy cars. But I do know a thing or two about Solo 401ks. After setting up my own Solo 401k awhile back, I realized that there was very little out there where we as real estate investors could learn more about this unique retirement plan. After months of research and hours of consulting with some of the nation’s top custodians and lawyers, I enlisted the help of my father who has invested in real... Read More >>
What To Do After You've Rescinded Your Loan
By Bob Massey
Let’s say you’re behind on your mortgage and the bank has filed foreclosure. You look into it a little bit and you see that your loan was securitized and sold as part of a big bundle and has been traded around the banking industry for the last 5 years like almost every other mortgage out there. You decide you’re going to take action and, using the rules established in the Truth in Lending Act (TILA), you send a notice of rescission to the bank and anyone who might try to claim ownership of your loan. The 20 days have passed... Read More >>
Commercial Deals Are Like Home Deals, And Here’s Why – Part 2
By Ron LeGrand
Last month we began talking about commercial properties. This month we will continue talking about opportunities you can find with small apartments, self-storage, large apartments, shopping centers, office buildings and industrial. I think of my friend, Lance Edwards, who specializes in small apartments. Small apartments meaning anything from 4 to 100 units. In fact, Lance will be at our upcoming boot camp in August, and he will be at the summit in February. Lance is very successful in that small apartment niche. And there’s self-storage. My friend, Scott Myers, is the king of self-storage, he has hundreds of units starting... Read More >>
Invest in Real Estate with Your 401(k)
By Jim Hitt
Many people want to invest in real estate “if I could only find the cash for the down payment on a property or two.” But for many would be investors – the answer to getting started in direct real estate investment is right under their nose: You can use a self-directed 401(k) to invest in real estate. Techniques For Employees If you don’t own your own company (so you can become the sponsor of your own 401(k) plan, you have a couple of options: Borrow. If your plan allows, you may be able to borrow up to $50,000 or 50%... Read More >>
Wish I Had a Do-Over
By Bill Cook
I’m writing this on Friday, October 9, 2015. It’s a heavy day for me. Today is the sixth anniversary of Jack Miller’s passing, and for the past few days he has been frequently on my mind. Many of you have never heard of Jack Miller; even fewer took the opportunity to learn from this great man. Jack, hands down, was the best all-around real estate investor I’ve ever met. He was the definition of original. There was no boundary he wouldn’t push. Put simply: Many of the creative deal-structuring and funding techniques investors use today were born in Jack’s wonderful... Read More >>
The Meeting with the Mighty BPO
By Kimberlee Frank
I have spoken with several Realtors and Investors who say that they don’t like short sales and I always ask them “WHY?” They tell me that the Short Sale Lenders never come back with a value that matches the offer that they have on the property. I always ask them did they go out and meet the real estate agent or the appraiser who was sent from Short Sale Lender to provide the value back to the Lender? Their answer is always “NO.” In fact, many Realtors who list short sales will list high because they are paid on commission... Read More >>
The Tortoise vs. the Hare – Persistency and Consistency Wins the Real Estate Wealth Race
By Russ Hiner
Over the past six months I have discussed excuses on why people are failing in the real estate business. I had discussed the excuse of lack of money, the excuse of lack of time, the excuse of lack of leads, the excuse of lack of a system, and last month I did a piece on accountability partners. Each one of these segments has been designed to eliminate the distractions and excuses for individuals that are desiring to get involved in real estate and are not accomplishing anything. This month I want to discuss how persistence and consistency will get you... Read More >>
Make it Work: Interior Design App Review
By Don DeRosa
“Measuring and laying out a room in advance can save you a lot of headaches.” ~ David Bromstad Design for iPad By Black Mana Studios is one of my favorite apps. I usually don’t bother with apps if they exceed $3, but I heard good things about this. I think it’s worth every penny to be honest. I’m not colorblind, but I do struggle sometimes with how to pair materials and textures together. This app doesn’t build a lush virtual world, but it gives me a base to plan interiors that don’t disappoint. It is a drag and drop interface,... Read More >>
Fortune Favors the Bold
By Tony Pearl
Almost two thousand years ago, the Roman leader Julius Caesar used three bold words to describe a quick victory he accomplished in a war: "Veni. Vidi. Vici," meaning "I came. I saw. I conquered." The fact that we, as a species: 1. Still know who Caesar was, 2. Still know what he said that long ago, and 3. Still hold him in high regard - is a testament that he did some great things in his time. So how the heck does that apply to you as a real estate investor? Or anything else, for that matter? It actually applies... Read More >>
Learning the Basics of “Paper” You Owe Can Really Change Your Financial Life
By Larry Harbolt
Over the past two months I have written about using “Paper” assets as income for your financial future. But did you know you are already using “Paper” for debts you personally owe. I am sure most of you have some type of consumer debt you pay every month. Every one of those individual consumer debts is also a form of “Paper” owed someone else. Your creditor’s hold a form of “paper” you signed and agreed to pay. Consumer debts are a drain on your monthly cash-flow and the sooner you get those debts paid off the sooner you will be... Read More >>
QuickBooks Reminders Prevent Problems
By Karen Bershad
Preserve your relationships with customers, vendors, and others by setting up reminders in QuickBooks. How many calendars do you maintain? Many business people have more than one. Maybe you use a web-based or desktop application like Google Calendar or Outlook for meetings, task deadlines, travel dates, etc. Your Customer Relationship Manager (CRM) might have another. Perhaps you still have a paper calendar as backup. But where do you keep track of bills that need to be paid, invoices that have to be sent, materials for jobs that must be ordered, etc.? Do you include that information in your general business... Read More >>
How to Calculate Comps the Right Way
By Mark Jackson
In these days of the real estate sites like Zillow and Trulia, the marketing and lead generation tools on these sites draw millions of page views every month. What you shouldn't be doing as an investor, home buyer or seller is using the value estimates on these sites to make decisions. Truly good real estate investors know the valuation of their deals is key to insuring success and protecting projected profits. To effectively determine if a deal is a rental building wealth or flip to make some much needed cash, you have to analyze a deal fully. All the market... Read More >>
Anticipate the Market
By Michael Vazquez
In many past articles I have stressed the importance of knowing the current real estate market. You should take note when property prices are rising, falling or plateauing. If you are a flipper, is your inventory selling faster or sitting on the market longer? If you are a wholesaler, are you having to work harder to find deals or have you suddenly found an abundance of deals? Are the deals you are finding getting easier or harder to sell? If you are a real estate agent or work closely with one, is his/her listing receiving multiple offers and flying off... Read More >>
How to Locate Highly Motivated Sellers Using Business Cards
By Kathy Kennebrook
Finding ways to attract motivated sellers to your Real Estate Investing business is probably the most important element in your business, since without the motivated sellers, there are no deals to be made. There are several different ways to find motivated sellers for your real estate investing business using a shot gun type of approach to locate as many sellers as you can. A shot gun approach is where you “blast” your message out to your market and hope that there are motivated sellers among the bunch. Some of these techniques include yard or vehicle signage, business cards, t-shirts and... Read More >>
The Most Commonly Missed Items On Rehab Estimates
By Frank Iglesias
We’ve all been there. We go through and estimate repairs on a property and miss something. Sometimes, that something may be minor however it could be quite significant. This tends to happen when the rehabs are larger in scope or have a structural or foundation issue that needs addressing. I don’t usually see wholesale courses that teach how to address these sorts of things when dealing with these points beyond generalities. However, generalities is usually not going to get this done right and does little to build confidence in Buyers. While Buyers of course are expected to do their own... Read More >>
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