Ok, I admit it. I use four-letter words. A lot. Some of these four-letter words are the kind you may not like to hear if you’re a fine, upstanding person of high moral fiber. Oh well.

The OTHER four-letter words I use are awesome, and if you know how to utilize them properly, they can make you super RICH!  Best of all, you can say THESE four-letter words in ANY crowd, around anyone, without having to worry about getting slapped or getting the evil eye.

So, without any further delay, I’d like to share a short list of some of my favorite four-letter words that can make you rich & are safe to say around women, kids, and Baptists. ;)

I’ll also present these words in a way that mostly applies to real estate, but I promise you that what you’re about to learn here will apply to ALL areas of your life where you want to have success!

FAIR enough? (hey! That was a four-letter word already!)  Here we go…

The first word on the list is an F-Word: FLIP. Read More→

Just got a call from a realtor. She represents a homeowner who needs a quick sale. The realtor said, “Bill, my client will only consider an all-cash offer. We’re not interested in any of your creative razzle-dazzle deal structures, understand?”

Kim and I get a lot of calls like this. I’ve learned not to say, “No seller wants cash – EVER – ya dingbat!” Saying such would ruin the relationship and destroy the possibility of meeting face-to-face with the seller.

So what do you think? Do sellers really want cash or could I possibly be right?

In this situation, what if I immediately agreed to pay the seller’s $80,000 asking price – in cash? There’s only one condition: The seller must put the $80,000 on her kitchen table, cover it with plastic wrap, and agree that once a month the seller, realtor and I will get together and marvel at the big stack of money.

Sure, this is a silly stipulation that no seller would agree to. But why – since the seller is getting exactly what she wants – wouldn’t she agree to it? Think hard on this. It’s an important question to contemplate! Read More→

Many of us are aware of the potential for real estate to function within our portfolio. Not only do we believe in real estate as an investment, but we know that over time, it tends to go up in value – there is, after all, only so much land to go around! But what happens when you incorporate real estate into your retirement portfolio? Do the rules change when you’re running a Real Estate IRA?

Truthfully, many of the same principles of real estate hold true when you’re investing in real estate from within a Real Estate IRA. But that doesn’t mean there aren’t some other things to be aware of – this is, after all, a different type of investment account.

Even so, you’ll find that investing in real estate through a Real Estate IRA isn’t only intuitive, but can be just as intuitive as investing in real estate from a “general investment” perspective. We’ve put together three “Golden Rules” here to not only demonstrate some of the similarities but some of the differences in investing in real estate for short-term growth and investing in real estate for retirement: Read More→

Last month I wrote about how you could use the right of rescission as a silver bullet to stop a foreclosure in its tracks. Once you drop a notice of rescission in the mail, your loan has been nullified as a matter of law and the bank must either comply with the rescission or prove within 20 days that they have the right to enforce the note. Well, over the last few weeks I have been seeing more and more from the banks that the right of rescission has them on their heels. The banks are sending their lawyers around their offices explaining exactly how rescission leaves them vulnerable.

The main point that the lawyers are making to the banks is that mailing in a notice of rescission is all it takes to cancel a borrower’s loan, note, and mortgage. The notice is effective from the moment it is dropped in the mail as an act of law. This was written specifically into the Truth in Lending Act (TILA) so that homeowners wouldn’t have to use an attorney to act on their behalf, thus restricting the remedies provided by TILA to borrowers who can afford an attorney. While the note is canceled immediately as soon as the notice is dropped in the mail, the bank has 20 days from the date of receipt to respond. This is a good reason to send the notice with return receipt requested. This provides you with proof of the exact date the notice of rescission was received. Read More→

Wholesalers send me deals daily but I have started to notice that many of these wholesalers are wholesaling another wholesaler’s property. Before proceeding, I want to be clear that I have no issue with this but there is a right way and a wrong way to go about it. Also, understand that if a buyer/investor receives the same property from multiple sellers he/she will contact the seller with the best price. Wouldn’t you? Keep in mind that you did nothing to acquire this property. You merely sent it out to a buyers list you put together, which with today’s technology takes only a few minutes. So what should you avoid and what should you do when wholesaling a wholesale?

Let’s list a few of the major DON’TS:

• Don’t wholesale another wholesaler’s property without permission. It is best to ask and establish a long working relationship with that wholesaler/seller. Just imagine if you end up having a buyer for the property but the wholesaler/seller has sold it or maybe he/she is not interested in working with you. It is best to get all this out of the way first.
• Don’t add on a ridiculous fee to the price if it is not justified. The last thing you want to do is be known as the wholesaler who markets deals with very little to no potential profit. What’s worse is if the property is being shopped by multiple wholesalers in the market area and your price is the highest.
• Don’t waste time marketing another wholesaler’s “deal” until you have seen a contract. Many times a wholesaler will claim to have a deal under contract but in reality he/she is still just waiting for it to be executed. Pre-marking is fine but don’t spend too much time on it until you see a contract.
• Don’t contact the original seller of the property. If you run across the seller at the property and want to know more about the condition of the property or the neighborhood that is fine. However, do not discuss price, closing dates, mention wholesaling, etc. These are items you discuss with the wholesaler/seller you are working with. The last thing you want to do is jeopardize another person’s contract or be accused of trying to go around the other wholesaler to contract the property yourself.

Read More→