Archive for October, 2015
Forum & Networking
with Gordon Catts
October 28th, 6:30PM
1960 Skylar Hill Dr, Suite D, Buford, GA
This month at Atlanta REIA North we will have an open real estate investor forum and networking with Gordon Catts. The meeting will be held on Wednesday, October 28th at 6:30PM located at 1960 Skylar Hill Dr, Suite D, Buford, GA. . At the meeting, Gordon will take questions from the audience and lead an interactive discussion and networking session with all who attend. If you want to get started investing in real estate or are all ready and active investor with questions, come out and join us at the Atlanta REIA North Meeting.
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 eat and 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!
& 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 Dorsie Boddiford will be the special guest speaker at our Main Monthly Meeting on Monday, November 2nd at 5PM. The meeting will take place at Atlanta Unity located at 3597 Parkway Lane in Norcross, GA. Dorsie will be discussing her career as a very successful, young real estate investor and how she keeps more money in her pocket with tax saving strategies.
Here’s what Dorsie says about her presentation…
“It’s a great feeling to get that big check after flipping and selling a property, but it always seems like Uncle Sam gets the better end of the deal. And I cringe this time every year as I pay my property taxes that seem to always be on the rise, no matter what. Now don’t get me wrong, I don’t mind paying my fair share but I was always taught to pay my fair share and not a penny more.
Successful, experienced real estate investors have the structure and systems in place to minimize their taxes. Are you following their examples? These investors structure their deals so that they can maximize their profit and minimize their costs. Their businesses are also set up with specific entities so that they can gain maximum tax benefits. Even if you are a beginner investor, a working knowledge of tax-saving strategies will benefit you in your day-to-day investments.”
Some of the topics Dorsie will discuss include:
- Purposeful business planning: when its best to invest personally, in a Corporation, or in an LLC
- Investing using tax-deferred and tax-free retirement accounts, such as the Roth component of the Solo 401k (my favorite!)
- How to keep your property taxes low(er)
- Structuring deals for minimum tax hit and maximum profit
- Other tax strategies such as 1031 Exchanges and Section 121 sales
“Come see some real life examples of how I reduce my taxes with purposeful business planning and strategic deal structuring!”
About Dorsie Boddiford
Dorsie Boddiford is a 27 year old, full-time real estate investor. Upon graduating from Georgia Tech with a degree in Building Construction, she took the risk to become a full-time, real estate investing entrepreneur and purchased her first house. She has built a business out of flipping houses while striving towards financial freedom with investments. Her deals include purchases at foreclosure auctions and tax deed sales, negotiations for owner-financing, deals through door knocking and mail outs, as well as deals with other investors through wrap mortgages, hard money loans, and equity participation.
Dorsie’s investments also include a focus on wealth building through retirement accounts and she recently released her book “The Solo 401k: The Entrepreneur’s Guide to a Powerful Pension Plan” that she co-wrote with her father, Dyches Boddiford. Becoming an active investor was no easy task, but Dorsie has no regrets with her real estate career. She enjoys helping and encouraging other new investors who are eager to begin their journey out of the rat race. Her early successes have made her appreciate the power of working for herself.
Don’t miss this great opportunity to learn from a successful, young real estate investor who is making deals happen and keeping more of her hard earned money by legally reducing her tax burden. All this is happening at the Atlanta REIA main meeting on Monday, November 2nd 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!
*Please Note: Meeting agenda is subject to change.
is the Meeting Before the Meeting
with Don DeRosa
Have you ever wanted to start a career in real estate investing but you didn’t really know where to start? Do you know that you will need some training and coaching but can’t afford the high cost of one-on-one mentoring? Maybe you are just a little hesitant to invest so much money in coaching without seeing that real estate investing can make you some serious money first. Well, we have the perfect training for you.
Join us on Monday, November 2nd at 5PM at the Hightech Homebuyers Group (prior to the Atlanta REIA Main Meeting) where Real Estate Investing expert, Don DeRosa, will show you how to get started in real estate without having all the knowledge of how the business works, by being a bird dog.
Highlights of the Bird Dog Training Program…
- Get all the marketing training and materials you will need to bring in as many leads as you want
- Bi-Weekly meetings where you will review progress, discuss wins, and celebrate successes
- Spend a day out driving with an expert investor learning their techniques to look for promising leads
- Receive $1000 or 20% of the profit (whichever is greater) for every single lead you bring in that turns into a profitable deal
- Simple and easy to follow
- You can start making money right away on a part or full time basis
- And much, much more!
Don’t miss out on learning about the most inexpensive training opportunity you will find where you can start making money in real estate investing right away!
We are looking forward to seeing you at the meeting!
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>>
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>>
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>>
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>>
Solutions Realty Network – Providing expert property management and investment services since 2003. You invest and we take care of the rest! We’re the solution to all your real estate needs. 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.
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>>
FundSource Financial, LLC
October 26th, 6:30PM, Cherokee Cattle Company
2710 Canton Rd, Marietta, GA
Atlanta REIA Members Attend for FREE. Guests pay $10 at the Door.
2-for-1 Guest Special This Month Only! OR
Guests can join Atlanta REIA for Only $100/year and Attend for FREE!
At October’s Wild West Event, we’re hosting special guest and friend Bill Cook. Bill Is an “old, seasoned investor” (his words, not mine!) who has learned and put into practice sound business and investing principles over the years. Doing so has allowed him and his wife Kim to now lead a lifestyle that few achieve. The meeting will take place on Monday, October 26th at 6:30PM at the Cherokee Cattle Company located at 2710 Canton Rd in Marietta.
If you haven’t seen Bill speak, you’re in for a real treat! This man is as real and down to earth as it gets. You’ll find his style refreshing, and you’ll have a great time with us (Bill is quite the comedian-just ask him!). We’ll discuss the things you need to know – and do – if your goal is to prosper as a real estate investor. We won’t talk about the obvious things. Rather, we’ll discuss the things few investors have experience with – and fewer still ever talk about in public.
Here’s what you’ll learn:
- How does Bill – being an old, seasoned investor – quickly tell whether the deal is good or not? How does Bill know what he’s looking at? And if Bill decided to take the deal down, how does he get it funded fast?
- What things do you need to have in place before you up your game and become a full-time real estate investor? Bill did a LOT of legwork in 1997 before going full-time on January 1, 1998. You’ll learn what Bill did to insure success.
- The goal is to get mailbox money and achieve financial freedom. But how do you accomplish this if you HATE rental property and DESPISE tenants? It’s easier to do than you think. It just requires you to structure your deals differently.
- If you’ve done ten or more deals, then you’re an experienced investor. That said, are you still structuring your deals the same way you did when you were new? Want to see how you should be constructing your deals in order to reduce the tax bite and increase profit margins?
- If you think you may want to partner on a deal, what do you look for in a partner? And what should your partner look for in you?
- If you decide you need a mentor, what are the critical things you need from that mentor? What important questions do you need answered before picking a mentor?
- Record keeping. Boring right? But boy is it ever important. Want to see how an old, seasoned investor does his record keeping? If you do, you need to be at October’s meeting!
This will be a great evening. We look forward to seeing your smiling face. Please bring family and friends. And remember: We LOVE questions and input – questions and input make us all better, smarter, wiser real estate investors!
AtlantaREIA Members get in FREE, and guests are just $10 at the door. Guests are 2 for 1 admission, this month only!
Attention North Ga. REIA Members! We’d like you to join us, for sure. Bill has lots more to share with you, and he just couldn’t fit it all in to his meeting on Oct. 8th. Come join us to hear more – for October’s meeting, your admission is FREE! (But Bill’s not stripping for us this time)
Join us Monday, October 26 at 6:30pm at The Cherokee Cattle Company at 2710 Canton Rd. in Marietta. Bring your business cards and your haves and wants-and be ready to have a great time! See you there, pardner!
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, October 26th at 6:30PM. Atlanta REIA Members can attend for FREE and guests, 2-for-1 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, October 26th 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 October 2015 Edition of The Profit Newsletter is now available for download. There are 46 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.
What will you do when things don’t go as planned? Will you flounder, or will you be able to put into motion a clear set of actions? In other words,
Do you have a System for Success?
Recently, a colleague of mine had two contractors burn him on a job. It should have been a quick fix, three days maximum, light work… paint, cleaning, and light bulbs. But neither contractor had a system to get the job done right, and he did not have a system to fire contractors and still come in on budget. The upshot is that, without a system, you risk losing time and money.
Often, when things don’t go as planned (and this can be often!), we have fear. We become paralyzed, perhaps we focus on the negative. To be successful, we need a plan that keeps us from feeling this way because what we want is success.
What does a good system give you? Read More→
“What size property is right for me to start with?” This is a question I get asked all the time. My answer is usually the same. “Depends on how much of a loan you can qualify for”.
Unless you already have all the cash you need to buy your next apartment deal (and I am assuming you don’t) then you are going to need to get a loan. Understanding what it takes to qualify for a loan is one of the best ways to decide on a property size when you are starting out. If you try and go too big you are limiting the chances that you will complete the project. 80% of your efforts in finding deals should be spent looking at deals that have the highest chance of closing. What has the best chance of closing? Ask your sponsor.
In almost all loans commercial lenders want to see that you have the net worth equal to or greater than the loan amount. For example if you want to borrow $1,000,000 then you need to have a total net worth of at least $1,000,000 or more. Now, the nice thing about this situation is it doesn’t have to be just your net worth, it can include the net worth of your sponsor. A sponsor is a high net worth partner that you get to join you in the deal who brings the balance sheet you need to satisfy your lender. That is the great part of the multifamily business. We can get partners that will help us build our business and there is enough cash flow and equity for us all. Read More→
I am so excited to tell you about a trend that I am finding on short sales that I am negotiating! You have read in my previous articles and I also mention in my Home Study Course about an interview that went worldwide on 60 Minutes which named Wells Fargo, Chase, Citibank, just to name a few, as Lenders and Banks who were falsifying documentation regarding Notes that Docx Company had destroyed. The interview referenced all of the “Robo Signings” that were occurring. After this was announced to the Public, the Lenders and Banks that were involved in falsifying documentation were fined big time. However, the Lenders and Banks were very smart on helping Homeowners who were taken advantage of. What they did was they looked at 2nd loans on properties that were in default and forgave them. When choosing the loans that were in default, they were able to add all their interest and late fees on top of what was owed, so that when they forgave the debt, they were forgiving a loan that probably would have been put in their collection department and eventually written off anyway. I would recommend that each of you go to www.60minutesovertime.com and type in Robo and find the airing of the show so that you will know all the Lenders and Banks that you should be looking for on 2nd loans. The Lenders and Banks would just file a discharge of lien against the property and as to whether or not they really notified the Homeowners, I am unsure about. The reason I state this is that many Homeowners who aren’t paying their loans on the 2nd mortgage, they probably aren’t paying their loans with the 1st mortgage either. Meaning that the property is probably in foreclosure on most transactions. The Homeowners who are in default have probably moved from their homes and they would ignore all the paperwork that’s coming in their mail and would never even see a notice if their debt was actually forgiven. Read More→
A common scenario…
You find a deal and the Seller is motivated to sell. You walk through the property and notate everything you think the property needs. You come up with some quick estimates, do some negotiating with the Seller and get the property under contract. Woohoo! Your blood is flowing. It’s time to sell it. You send it to your Buyers list and you have interest. Things are looking good. Buyers check out the house. The excitement then dwindles…
The reason? Repair estimate is too low. In some cases, very low. Before you know it, you are getting few offers and the few you get are simply too low…
Does this sound familiar?
This story plays out several times per week in our office from wholesalers that send us deals. The reality is, it is common for wholesaler repair estimates to be low. The majority of wholesalers I meet have never rehabbed a property. Selling to a rehabber is one of those things where it is best to walk in their shoes before trying to sell to them.
‘But wait, I don’t want to be a rehabber!’ you may be thinking. That’s ok, you don’t have to be. The solution is simple yet overlooked by the vast majority of wholesalers… Read More→
Want an easy, free way to make your business look more professional and polished? Customize your forms. QuickBooks has the tools.
As a Real Estate Investor you may be asking yourself “Why do I need to do this? I don’t send out invoices or statements” – You may, on a very rare occasion, need to do just that for a late paying tenant or invoice them for repairs that they are responsible for. Or you may need to provide financial documents from QuickBooks to a lender/investor.
You probably don’t get as many paper forms in the U.S. Mail as you used to. But when you do, do you draw conclusions about the business that sent them based on what their forms look like?
Whether or not you think you do, most people make judgements on businesses based on collateral materials. You might notice that there’s no company logo, or that there are unnecessary blank fields. Maybe the print is very light or blurry, and there’s no message at the bottom thanking you for your business and your payment.
How you present yourself on paper does matter. There’s a lot of competition out there, and you need to use all of the tools available to you to stand out. QuickBooks provides one way to do so with its simple forms customization features. Read More→
When you know the best pockets or market areas around the U.S. to find discounted real estate, you are half way home. All that is left is evaluating the inventory for maximum profit. For those of you connected to REIAComps , the control and feeling of confidence you have over your deals is priceless. Using REIAComps to investigate the value of “Shadow Inventory” houses as they come to market, against the recent sold comparables, will provide you a solid position to “make your profit when you buy”.
First, let’s define “Shadow Inventory”. The general definition goes like this; the current stock of properties in the shadow inventory, also known as pending supply, by calculating the number of properties that are seriously delinquent, in foreclosure or held as REO by mortgage servicers, but not currently listed on multiple listing services MLS’s.
CoreLogic has released its National Foreclosure Report with a supplement featuring quarterly shadow inventory data. According to CoreLogic analysis there were 46,000 completed foreclosures in the United States, down from 64,000, a year-over-year decrease of 29 percent. On a month-over-month basis, completed foreclosures decreased 8.3 percent, from 50,000 in one quarter. Read More→
I am always excited by the opportunity to share as many ideas as I can with regard to locating motivated sellers for your real estate investing business. After all, without the sellers, there are no deals. I also like having the opportunity to share ideas for both the beginner investor and the seasoned investor alike within a variety of budget constraints. One of my favorite techniques is using flyers to get the message out there that I buy houses.
Flyers are a great way to target and locate motivated sellers. They can be used to target specific neighborhoods and subdivisions where you want to buy houses. You can either hire a company to hang them door to door for you, or hire older children to hang these flyers for you.
Do follow up by driving by the area to make sure the work got done. When using a company to lay flyers for you, make sure you get references from satisfied customers first. There are some companies out there that will take you money and not get the work done, so you want to check their reputation before hiring them. Flyers are a wonderfully inexpensive way to locate sellers and this technique can be repeated either monthly or quarterly depending on your time and budget. When we used to lay flyers door to door ourselves, we would take one weekend morning to do this. My husband and I would each take one side of the street and lay flyers door to door. We would keep a chart of the neighborhoods we had done so we could track our results. You always want to be tracking where your leads are coming from so you know which of your marketing campaigns are working best. Interested potential sellers will hold on to these flyers until their situation changes and they are ready to sell, so laying flyers door to door becomes one of your long term marketing techniques. Read More→
Boy was Mike ever excited! He found his first real estate investing deal; a property he planned to keep as a rental. Knowing that Kim and I loaned money to purchase investment homes, he gave me a call.
Mike’s contract was a gem of an opportunity – at least according to him. The seller told Mike that six other buyers were lined up with cash money. If Mike wasn’t able to close within a week, the seller would let another lucky stiff…errrr…I mean investor…have the home.
Mike explained that the house was built in 1955, had three bedrooms and one bath, needed a good bit of work, the neighborhood was okay but not great, and like-kind houses in the area rented for $800 per month. The seller told him the home’s fair market value was $115,000, but he was willing to let Mike steal it for $89,000.
Mike was chomping at the bit with no time to waste. He needed a purchase money loan and he needed it now!
After digging into the guts of this “deal,” here’s what we discovered. Read More→