Archive for September, 2015
& Vendor Trade Show
Atlanta REIA Members Can Attend at No Charge. This month,
Guests Can RSVP Online Now for $20 or Pay $25 at the Door.
Atlanta REIA is excited to announce that Russ Hiner will be the special guest speaker at our Main Monthly Meeting on Monday, October 5th at 5PM. The meeting will take place at Atlanta Unity located at 3597 Parkway Lane in Norcross, GA. Russ will be talking about how to find and negotiate with sellers.
What are YOU waiting on? When will you be ready to take the plunge? Come out to listen to Russ and you will leave the meeting with the tools needed to find sellers at a low cost. You will also know where the best paid real estate investors go to find great opportunities to get PAID!
At the meeting, Russ will teach you about:
- Find and Negotiating with the Sellers
- Having a Clear Plan
- Ways to find Sellers at Will
- Cold Leads
- Hot Leads
- Distressed Houses
- Distress People
- Learning a Quality Solution to Finding Deals
- STOP wasting Time, MONEY, and Resources when looking for deals from motivated sellers.
Get the information and start finding truly motivated sellers today! Get involved in real estate now before it’s too late! Learn how to approach while negotiating with sellers to talk to them about selling their property. When you make the decision to become successful, you will become involved in your education! You will learn the secrets the professionals know about the current market to find deals. You will also walk away with the most up to date scripts for negotiating with sellers.
This Event is a must for those seasoned investor who have their business stall during the recession! This is must for the new investor so they don’t develop bad habits! When you take the first step to learn who to communicate more effectively the deals will magically appear.
Don’t miss this great opportunity to learn how to find and negotiate with sellers to close more deals. All this is happening at the Atlanta REIA main meeting on Monday, October 5th at 5PM at Atlanta Unity located at 3597 Parkway Lane in Norcross, GA.
As always, Atlanta REIA Members can attend the event at no charge and Non-Members can Register Online for $20 or pay $25.00 at the door. Be sure to bring your business cards and flyers and join us for an evening of real estate deals, vendors, networking, education and fun! See you there!
And then, Russ will be back on Saturday, October 17th where he will spend an entire day teaching you 12 different ways to structure deals. You will learn the pros and cons for each strategy as well as which to use when buying and which for selling. This event will sell out so register online today!
*Please Note: Meeting agenda is subject to change.
October 5th Meeting Before the Meeting
with Don DeRosa
The long awaited High Tech Home Buyers Creative Deal Makers Subgroup is here. Are you spending money on marketing and not getting any deals? Are you able to take any lead and make a deal out of it? Do you know how to make multiple offers that actually get accepted? Are you using technology to your advantage? If the answer is “NO” to these questions then you MUST attend this subgroup meeting.
Would you like to learn how to structure deals so you can buy houses with little or none of your own cash and none of your own credit? 15 hours a week… That’s all you need! Imagine… taking any seller lead and being able to create a winning deal out of it… Making thousands of dollars where you thought there were none. No more wasted marketing dollars. No more wasted phone calls. No more wasted time.
Join Don DeRosa at the High Tech Home Buying Creative Deal Structuring Subgroup on Monday, October 5th from 5PM to 6PM at the Atlanta REIA Main Meeting at Atlanta Unity where he will be teaching about a wide variety of topics each month. Don will teach you about the state-of-the-art tools and techniques you’ll use to evaluate deals and figure out how to make them work – so you can work less and spend more time where you want, when you want and with whom you want.
Some topics Don will be teaching about include:
- Using Apps on your iPad or other mobile device to evaluate deals on the go
- Creative Techniques such as Wrap Around Mortgages, Sandwich Lease Options, Subject-To, Seller Financing, and more
- How to be a transaction engineer.
- How to be a problem solver.
- And so much more…
Bring your deals and Don will walk through them step-by-step and he’ll show you how to easily evaluate the lead, determine your exit strategy, structure the deal, negotiate with the seller, and get the paperwork done in a snap.
Its an amazing time to be a real estate investor. Don’t look back 5 years from now and wish you had acted. Learn how to buy right… Learn to Make More and Work Less, Right Now!
At 5:00 PM in the Main Lobby, we have a Vendor Trade Show that lasts throughout the meeting where you can come out and meet many of our participating Business Members and Vendor Guests who help sponsor our meeting. See a full list of our vendors and sponsors below as they are added.
Vendor tables are limited, so any vendors wanting to reserve a table for the meeting can RSVP for a Vendor Table here. Vendor tables are reserved and setup on a first-come, first-serve basis.
Starting at 6:15 PM, Dustin Griffin kicks off the Atlanta REIA Main Meeting with updates and announcements. Dustin covers what’s happening at Atlanta REIA in the upcoming weeks and months such as upcoming workshops, webcasts, special events, members benefits and much more! Be sure to be in the main meeting room at 6:15 PM for your chance to be one of the first to receive a printed copy of The Profit Newsletter while supplies last.
At approximately 6:30 PM, Joe Thompson will be hosting the Haves & Wants Speed Marketing Session which gives our members the opportunity to quickly market deals they HAVE and to find deals they WANT. We also give our business members the opportunity to get up and say a few words about their businesses. Members who want to participate in the Haves & Wants Marketing Session must bring your flyers and get to the meeting early to get on Joe’s list of participants.
After the conclusion of the Atlanta REIA Main Meeting, we will be reconvening at Three Dollar Cafe located at 6050 Peachtree Pkwy #100 in Norcross, GA at 9:30 PM for the Late Nite Networking and the “Meeting-After-The-Meeting”!
There is no charge for Atlanta REIA Members or guests to attend Late Nite Networking at the Three Dollar Cafe, so bring a friend and head on down to Late Nite Networking! Just be sure you order food and beverages from the cafe and please tip their wait staff generously.
Craftbuilt, Inc. – We are a Metro Atlanta design-build construction firm specializing in whole-structure renovations, restorations, and new construction. No matter what the situation, we are up to the challenge! Read More>>
The Small Business Advisor – A full service small business consulting firm specializing in QuickBooks with a wide variety of specialized services, trainings and products for small businesses. Read More>>
Air Conditioning Experts, Inc. – For all your air conditioning services throughout Atlanta, contact Air Conditioning Experts. We have all the training and experience necessary to ensure the success of your home cooling system.
Georgia Home Deals – Jack Kudron of Georgia Home Deals offers professional counseling on buying, selling, renovating and refinancing investment properties. He also offers a wide variety of wholesale and lease/option deals. Read More>>
Goldmine Properties, Inc. – As Atlanta’s first full service real estate wholesaler, we offer wholesale property at 65% loan to value, with financing available. Purchase price and repairs are 65% of certified after repaired appraisal. Read More>>
DirectBuy of Atlanta – We are a private members-only buying club that gives you huge buying power by eliminating mark-up and the middleman, saving you thousands of dollars and up to 50% or more over retail and online sales prices. Read More>>
Atlanta Carpet Services, Inc. – Providing carpet, wood, vinyl, and tile, ACS is dedicated to every aspect of your floor covering needs from initial consultation to the sale and follow-up services. Read More>>
Fuller Center for Housing of Greater Atlanta – A faith-driven, Christ-centered, non-profit organization dedicated to providing adequate shelter for people in need in the Greater Atlanta area. Read More>>
Farmers Insurance – Sandy Springs (Jim Derrick)
Secured Investment Lending
Lima One Capital
The Cabinet Dude
New Western Acquisitions
Atlanta REIA Wild West Group
Real Estate Investors
Learn To Structure Deals For Passive Income Like the Top 1% of Investors…
Avoid Key Mistakes & Lower Your Risk!
Registration starts at 8AM. Class at 8:30AM
At the Crowne Plaza Ravinia, 4355 Ashford Dunwoody Rd, Atlanta, GA
Join us on September 19th & 20th for a Special 2-Day Hands-On Member Appreciation Workshop Where You’ll Learn:
- A proven way to generate cash flow from any investment method.
- How to structure your real estate investments to minimize risk and maximize upside.
- How to quantify risk and return, and how to adjust both metrics to make deals work for you.
- What key mistakes to avoid in order to earn a consistent and dependable monthly income.
- How to live a dream lifestyle with less work, less stress, more money and more freedom!
Learn The Closely Guarded Strategies Of The Top 1% Of Passive Income Investors!
Yes, there is a secret way to wealth. At this event you’ll discover what most will never know about creating passive income.
This is your opportunity to gain the strategies, skills, resources, and tools for building passive monthly cash flow into your business. Follow this formula to create a fortress around your family’s financial future today… and for years to come!
Seating is VERY Limited! Almost Sold Out! Register Today!
This training is developed by George Antone, author of the best-selling books The Wealthy Code and The Banker’s Code, is a financier, investor, and an entrepreneur. He is also the cofounder of the largest network of private money lenders in the world. He created MPactWealth to provide practical and proven wealth-building education for anyone anywhere.
*PLEASE NOTE: This event is FREE is limited to 100 members and will fill up quickly. However, there is a $25 reservation fee to hold your seat that is 100% refundable if you attend both days and stays to the very end. There will be absolutely no refunds for no shows or those who arrive late or leave early. No exceptions. Please show up on time. Date, Time & Location are subject to change.
What Others Are Saying About The Wealthy Code
This Group is All About Doing Deals!
September 17th, 6PM at Wrecking Bar Brewpub
Bring Your Deals, Biz Cards & Flyers
Atlanta REIA Members & Non-Members Welcome!
The Atlanta Intown Investors Club is a new Atlanta REIA Subgroup led by Dustin Griffin and Maggie Groholski that meets on Thursday, September 17th at 6PM at the Wrecking Bar BrewPub in Atlanta, GA. Our mission and focus is to provide an open forum for real estate investors and industry professionals to network and have direct access to hot real estate deals. The format for this meeting is totally member-centric. It’s content and value is derived from our members and guests actively participating and networking with each other during the meeting.
This meting is all about transacting and doing deals. You will have the opportunity to pitch your properties, products, and services; voice your real estate haves and wants; and participate in open discussions of real estate questions and concerns. We will not be pitching products from the front of the room. We will strive to remain a forum for investors to do deals and learn and seek advice from your peers and trusted industry professionals. The more you attend and participate, the more deals you’ll do and, the smarter we all become.
Meetings will be held on the 3rd Thursday of each month from 6PM – 9PM in the Cellar Room of the Wrecking Bar BrewPub located at 292 Moreland Ave NE in Atlanta, GA. Dinner will be available to order as well as a wide variety of beers and cocktails. Join us for the meeting as well as dinner to support the brewpub. Stop by the valet station for FREE Valet Parking or FREE Parking Passes to park across the street.
After the conclusion of our Atlanta Intown Investors Club Meeting, we will be hanging out a the at the Wrecking Bar Brewpub for “Late Nite Networking” to socialize and build stronger relationships. So come and join us for the Atlanta Intown Meeting and be prepared to stay late and network and have fun with like minded real estate investors, marketers and other professionals late into the evening!
with Russ Hiner
Atlanta REIA Members Attend for FREE & Guests for $15 Online or Pay $20 at the Door. Guests can join Atlanta REIA for Only $100/year and Attend for FREE!
We are excited to announce that Russ Hiner will be our special guest speaker this month at the Atlanta REIA Beginning Investors Group meeting. The meeting will take place on Monday, September 21st at 6:30PM at the Hudson Grille located at 6317 Roswell Rd in Sandy Springs, GA. Russ is going to be taking us through the process of several different ways to creatively structure your deals without having to use cash.
At the meeting you will learn:
- When and where to creatively finance real estate deals
- Why it is important to know more than one way to buy a house
- Does knowing more ways to buy a house allow you to give your leads better service?
- Ways to construct a deal on a house you will never own
- Clauses you should have put into the notes you buy or give to sellers
- Clever ways to make money selling the “right to use”
- And much, much more!
During the hour you spend attending the BIG meeting, you will have learned 5 new tools that you can put to work in today’s real estate market to make you more money. When you know how money works and how to make the right presentation to a seller, getting the deal done in a quick and profitable manner will become easy and simple!
This is a must attend event for both seasoned and new investors alike. Come discover the latest techniques to buy and sell real estate in today’s fast moving market. If you could structure one deal that would save you $10,000, wouldn’t you? Come and learn how to use the easy techniques as well as the slightly more complicated ones. When put into practice, they are sure to make you a lot of money!
We are looking forward to seeing you at the meeting!
After the conclusion of the Atlanta REIA BIG Meeting (after 9:00PM), we will be hanging out at the Hudson Grille for Late Nite Networking also known as the “Meeting After the Meeting”. Stick around, have some dessert, a drink, network and have fun with like-minded investors and real estate professionals as we hang out late into the night!
*Please Note: Meeting agenda is subject to change.
If you become an Atlanta REIA member before midnight, September 20th, you may attend this BIG Meeting at no charge as well as other great Atlanta REIA Meetings, plus get great discounts on other Atlanta REIA Workshops.
BIG is an educational and networking special interest group, hosted by Dustin Griffin for new investors who are just getting started in real estate investing as well as “new again” real estate investors who’ve taken a few years off and are looking to start investing again. The entire purpose of this group is to educate and inspire new investors working on their “first deal” and help new again investors get their “next deal”. Please join us on the 3rd Monday of each month at Hudson Grille located at 6317 Roswell Rd in Sandy Springs.
with Chris and Donna Littleton
September 22nd, 6:30PM, Green Ginger Asian Fusion
200 Market Place Connector, Peachtree City, GA
The EPIC Group, which stands for “Education, Properties, Income and Community”, is a Peachtree City Real Estate Investing Group that is all about buy and hold real estate investing, long term income and building your net worth. The meeting takes place at the Green Ginger Asian Fusion Restaurant located at 200 Market Place Connector in Peachtree City, GA. The host for this event is Donna Littleton, Broker & CEO of Solutions Realty Network, and her husband Chris Littleton. There is no charge for Atlanta REIA Members and currently no charge for non-members as well.
Come on out to our next meeting on Tuesday, September 22nd at 6:30PM. You are sure to meet some great individuals and make lasting connections that will help propel your business in the right direction. We look forward to seeing you there!
After the conclusion of the Atlanta REIA EPIC meeting (after 9PM), we will be hanging out at the Green Ginger Asian Fusion Restaurant for Late Nite Networking, also known as the “Meeting After the Meeting.” So please come eat, drink, network and have fun with like-minded investors and real estate professionals as we hang out late into the night!
with Special Guest, Rick Harris
September 23rd, 6:30PM
1960 Skylar Hill Dr, Suite D, Buford, GA
We are excited to announce that ASHI certified home inspector, Rick Harris, will be our special guest speaker this month at the Atlanta REIA North monthly meeting. The meeting will be held on Wednesday, September 23rd at 6:30PM located at 1960 Skylar Hill Dr, Suite D, Buford, GA. Rick will be teaching us all about home inspections and why they are such a critical part of your real estate investing business.
Whenever you are buying a new home either as a rental or to rehab, you will definitely want to have that house examined by a certified home inspector. A home inspector can save you from so many headaches by bringing to light potential problems that you may not have been able to see just by walking through the property. They can also save you a lot of money by helping you more accurately figure your rehab costs prior to purchase so that you can buy smart, and earn a large profit. You could potentially only estimate a $10,000 rehab, but a thorough home inspection may find an additional $15,000 in other repairs you didn’t see during your walk though. That additional $15,000 in repairs will come straight out of your pocket if you don’t factor it in before you make your offer.
You definitely do not want to miss this meeting and learn directly from a certified home inspector what he looks for in houses and how he can save you a lot of money on the front end, before you buy your next investment property. There will be a lot of learning and great networking. Make sure to bring your business cards and deals to discuss.
The Atlanta REIA North meeting is held on the 4th Wednesday of each month at 6:30PM at 1960 Skylar Hill Dr, Suite D, Buford, GA.. Atlanta REIA members can attend this meeting for FREE and guests and non-members can pay just $10 at the door OR pre-register online for only $5! Plan to get there early at 6PM to network before the meeting begins. There will be lots of learning and lots of networking. Bring your deals and your haves, wants and needs to the event.
We look forward to seeing you at the meeting!
After the conclusion of the Atlanta REIA North Meeting (after 9:30PM), we will be reconvening at the Tannery Row Ale House located at 554 W Main St in historic downtown Buford, GA for the “Meeting after the Meeting”. We may arrive late if the Atlanta REIA North Meeting runs late. So please come eat, drink, network and have fun with us as hang out late into the night!
At the Crowne Plaza Ravinia, 4355 Ashford Dunwoody Rd, Atlanta, GA
On Saturday, September 26th from 9:00 AM to 5:00 PM (Registration starts at 8:30 AM) at the Crowne Plaza Ravinia located at 4355 Ashford Dunwoody Rd, Atlanta, GA, Don DeRosa will be conducting a special full day workshop with Atlanta REIA on “How To Do The New Subject To”. This class is all about how to buy and own real estate (especially Pretty Houses) and make lots of money with little or no money down.
Learn how to buy houses…
- Without using your own credit
- Without having to sign personally on a note
- Without having to qualify for a mortgage
- Without having much money
Beginner or experienced real estate investors can find immediate success using Don’s simple formula. There are six easy steps to follow when buying “Subject To.”
- Locating Sellers
- Prescreening Sellers
- Constructing Offers
- Presenting Offers
- Finding the Money
- Selling Houses
Once you learn to follow these steps you can do this over and over again for an average profit of over $20,000 per property.
There are many ways to make money in real estate and there will be something for everyone at the event. Don will be teaching you his trade secrets, including little-known buying techniques that have made him a very successful investor.
PLEASE NOTE: If you want to gain the cutting edge you need to succeed and bypass your competition, register now for the workshop and bring your iPad, tablet or smart phone and join us at the event!
This event will show you from start to finish how to buy “subject to” properties… from raising capital, to finding leads, to meeting with the seller and closing the deal.
This workshop is jam packed with very important topics that Don will cover such as:
- How to focus on what matters most in the beginning
- Creating a business plan that fits your budget
- Setting meaningful goals and prioritize your time and how to track your progress
- Learn the five ways to profit in real estate
- How to buy houses with little or no money up front
- Finding the easiest ways to attract motivated sellers
- Top five advertising techniques that work every time
- How to evaluate any lead and decide whether this is a winner for you.
- Twenty questions you should always ask a potential seller
- Know how much money you’ll make before you make an offer
- How to structure a deal in less than 10 minutes, so that you make a minimum of $20,000, choosing from multiple strategies!
- How to use Don’s Green means ‘GO’, Red means ‘NO’ tools to negotiate for you, so you never let your emotions talk you into making a bad deal
- Determine comps and rents from anywhere!
- How to meet with the seller and make them feel comfortable with your offer, and how to avoid getting shut out of a deal
- How to become a “mindreader,” to find exactly what the seller’s hot buttons are so you
can craft a deal the seller is dying to take
- How to prepare paperwork as if you were an attorney
- How to walk away with a signed offer the same day and put it in your lawyers hands while you’re with the seller.
- Learn the top five negotiating tactics to get sellers to say “yes”!
- Find all the private money you need without putting loans in your name
- Convince private investors to lend you the money you need to do your deals
- How to combine buying strategies and exit strategies – that work right now, in 2014 – to effortlessly make a deal work you
- Exit strategies that will not only make you lots of money today, but make you wealthy long term
- The Secret to creating passive income deals of $350 + per month without any of your own money and with NO management on your part.
- And much, much more including your questions!
Atlanta REIA Members Attend for FREE and Guests for Only $5 at the Door.
Guests can join Atlanta REIA for Only $100/year and Attend for FREE!
This month on Thursday, September 24th at 11:30AM at the 5 Seasons Brewing located at 5600 Roswell Rd Steve Brown and Bill Ham will be teaching you how to purchase multifamily and commercial properties using Master Lease Options. Using this technique, they will show you how you can take control of properties and create cash flow without actually owning the property. Lease options are also a way that you can wholesale properties to other investors. Steve and Bill have both competed many transactions using Master Lease Options in their commercial real estate businesses. Join us on Thursday, September 24th at 11:30AM and they will show you how you can to the same!
The Atlanta REIA Commercial & Multi-Family Real Estate Group is an educational, networking and call to action subgroup, led by Steve Brown and Bill Ham that is designed to help real estate investors take their investments to the next level by successfully investing in commercial real estate. You will meet the experts and the behind the scenes players in the game of commercial real estate investing. Come join us and learn to invest in commercial real estate for fun and extreme profits.
The group meets on the 4th Thursday of each month from 11:30 AM to 1:00 PM at the 5 Seasons Brewing located at 5600 Roswell Rd (map). Please note that the Commercial & Multi-Family Real Estate Group meets just prior to the Have’s and Wants Meeting which is from 1:30 PM until 3:30 PM. So please come enjoy both of these back to back meetings and get the most out of your day!
with Mark & Anne Lackey
September 28th, 6:30PM, Cherokee Cattle Company
2710 Canton Rd, Marietta, GA
Atlanta REIA Members Attend for NO CHARGE. Guests pay $10 at the Door.
Guests can join Atlanta REIA for Only $100/year and Attend for NO CHARGE!
Access to money is a key component in the success of a real estate investor. The more access you have, the more opportunities will be available to you. Come out this month to the Atlanta REIA Wild Wild West, where we are excited to have our good friends Mark and Anne Lackey as our special guest speakers. The Lackeys have raised close to a million dollars using a proven method that they will share with us. The meeting will take place on Monday, September 28th at 6:30PM at the Cherokee Cattle Company located at 2710 Canton Rd in Marietta.
Finding private money is a huge challenge for many investors. Banks are generally not too helpful to investors, especially full-time investors who don’t have high earning full time J-O-Bs. Many sellers want cash, which leaves you, the investor, stuck trying to make deals work without access to the funds. By implementing the steps that the Lackey’s will teach you, your business will be able to take off to new heights!
Mark and Anne will show you…
- 5 ways to fund your deals without using your own cash or credit
- How to find private money lenders
- A proven strategy to ask for the funds you need for your deals
- An overview of all the necessary paperwork you will need
Come prepared to roll up your sleeves and start working on your private money pitch. This will be great meeting where you will gain confidence in your ability to find and secure private funds. Don’t miss it!
Mark and Anne Lackey are well known around Atlanta and across the nation as Real Estate Investors, Authors, Speakers and Educators as well as REALTORs. They coach and train hundreds of US and Canadians to a successful real estate career. Mark and Anne have written multiple Best Selling books and developed multiple Educational Programs and systems for many areas of Real Estate Investing.
Today, Mark and Anne control and manage over $3M in passive income producing residential properties, (aka rentals) in their own portfolio, and manage $23M of income producing properties for other investors. Each year they find, fix-up and flip multiple properties for profit and have transacted over $35M in real estate over the past 5 years alone. They operate multiple businesses and they do everything together.
See you at the meeting! Don’t forget to wear your cowboy hat and boots for an extra tickets for the drawing for great door prizes. You could even win a FREE Vacation for TWO to Cancun!
The Atlanta REIA West Monthly Meeting is an Atlanta REIA Subchapter led by Leslie Mathis that is held on the 4th Monday of each month at 6:30 PM at the Cherokee Cattle Company located at 2710 Canton Rd in Marietta. The next meeting will be held on Monday, September 28th at 6:30PM. Atlanta REIA Members can attend for FREE and guests for $10. Show up at 6:30 PM to eat and network before the meeting officially starts at 7:00 PM. Buying your own meal is optional but highly recommended and greatly appreciated since the Cherokee Cattle Company allows us to use their meeting room. There will be lots of learning and lots of networking. Bring your deals and your haves, wants and needs to the event.
See you at the meeting on Monday, September 28th at 6:30PM at the Cherokee Cattle Company located at 2710 Canton Rd in Marietta!
After the conclusion of the Atlanta REIA West meeting (after 9PM), you are encouraged to hang around and join us for Late Nite Networking also held at Cherokee Cattle Company. So please come eat, drink, network and have fun with like-minded investors and real estate professionals as we hang out late into the night!
*Please Note: West Meeting agenda is subject to change.
The September 2015 Edition of The Profit Newsletter is available for download just in time for our Atlanta REIA Main Meeting on September 14th with George Antone. There are 52 pages of valuable information this month for your real estate investing success. Download it and check it out! The Profit is Atlanta REIA’s digital, interactive newsletter for serious real estate investors delivered as an Adobe PDF file to read on your PC, Mac, Smart Phone, iPad or other mobile ready devices. Many of the articles and ads in The Profit contain many hyperlinks you can click to get more information online! The high res version of The Profit is “print ready” for those who want to print the newsletter on their home or business printer. Be sure to Subscribe to The Profit by Email or Subscribe to The Profit by Text so you don’t miss a single issue.
You find a good piece of income producing real estate that you decide to buy.
You have little money to buy it, but you decide to use whatever money you have as part of your down payment.
You get qualified for a 90% LTV loan.
You call around and you are able to raise the remaining money from your close friends and family for the remaining down payment. You promise to pay them a generous interest rate of 8% for lending you their hard-earned money.
The following month, you find another good real estate property that you decide to buy.
You have no money to buy it, but you know you can raise the money.
You get qualified for a loan with 90% LTV.
You call around and you are able to raise some of the money from your close friends and family. Again, you promise to pay them a generous interest rate of 8% for lending you their hard-earned money. This time, you remember about a line of credit you have, and so you decide to use all of it to close the deal. Now, you have raised all the money to buy this property. Read More→
Kim and I have been managing rental property and tenants since 1997. We still own the very first single-family investment property we bought way back then!
Between then and now, we’ve made every landlording mistake in the book. We’ve bought bad rental properties, rented to awful tenants, and let tenants get three or four months behind in rent.
Here’s the important thing to remember: With every mistake we made, we learned what not to do. And with everything we did right, we learned what to keep doing. That said, here are the top 10 landlording lessons I’ve learned over the years.
Number 10: Take the magic nickel. Why own rental property? If you flip a house, you make a dollar. The only way to get another dollar is to find and flip another house. With rental property, you only make a nickel. But it’s a magic nickel that you get every month for as long as you own the house!
Number 9: Begin an eviction ASAP. Over the years, we’ve had tenants not pay us on time. In the beginning, we’d work with them only to be left holding the bag after three or four months of non-payments. When a tenant defaults on the lease, immediately file for eviction in order to get the eviction clock started. Read More→