Search Results for "bill cook"
You Bought the House…Now What?
Posted on April 4, 2016 byWhen Kim and I were baby real estate investors, we were totally focused on buying our first investment property. Then one day it actually happened! I remember leaving the closing attorney’s office feeling pumped up. When we got in the car, Kim asked, “Now what?”
Now what, indeed! I hadn’t given that part of the equation much thought. This happens to a lot of new real estate investors. So once you buy a house, what do you do next?
To answer this question, let’s look at three properties we worked on recently.
The first is 337 Rail Drive in Adairsville, Georgia. Kim bought this house at the November 2015 foreclosure auction. From the start, it was a flip. In other words, we bought this property to resell quickly. We’re flipping this home because we need to replenish our cash reserves.
Shortly after purchase, Kim had the property trashed out. Because our contractors were tied up rehabbing Akin Drive, she elected to delay doing the extensive repair work Rail Drive needed. Instead, she offered it at a wholesale price, which was well-below market.
In less than a week, Kim found a qualified buyer and accepted her purchase offer. Unfortunately, about a week later, the buyer changed her mind because she was scared about the amount of work the property needed. We refunded her earnest money, hugged, and parted friends. Read More→
Pick Your Bone: Wishbone, Jawbone or Backbone
Posted on March 6, 2016 byTo 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 thirty minutes a week and without meeting face-to-face with sellers. That’s like a doctor trying to build a successful practice having office hours from 9:00 to 9:30 a.m. and without seeing any patients. Crazy, right? Read More→
Goodbye. We’ll See Y’all Later!
Posted on January 31, 2016 byKim and I want to thank you for reading our weekly real estate investing newspaper column for the past 13 years. With this last article, we say: Goodbye, y’all!
In 2003, when we started this feature, we were still fairly new to real estate investing. As we gained knowledge and experience, we shared the creative deal-structuring techniques we learned that allowed the impossible deals to become not only possible, but also probable.
We also shared most every mistake we made along the way. We did this because more great lessons are learned from failure than from success!
And, we wrote a ton of articles about what it takes to succeed. No matter what field you’re in, the attributes it takes to succeed can be boiled down to these ten: love, accomplishment, discipline, persistence, belief, integrity, associations, a yearning to learn, sacrifice and giving back.
The story about how our weekly column first got in the paper demonstrates these attributes at work. Read More→
Do You Have Big But Disease?
Posted on January 4, 2016 byThe thing that kills most real estate investors – heck, the thing that prevents 95% of folks from reaching anywhere close to their full potential as human beings – is the dreaded Big But Disease!
It goes something like this: I want to start my own business, but… I want to do more for my church, but… I want to own 20 free-and-clear rental properties, but… I want to get in shape, but… I want to improve my marriage, but… I want to spend more quality time with my kids, but…
That stinky Big But Disease will squash your dreams, murder your goals, and destroy the person you were born to be!
Starting today, what if you replaced saying “but…” with saying “I’ll do whatever it takes to get this thing done!”
So instead of saying, “I want to run a marathon, but…” you’d say, “I want to run a marathon, and I’ll do whatever it takes to get this thing done!” With this attitude how much more would you accomplish in your lifetime? Read More→
There Are No Tears in Real Estate
Posted on December 7, 2015 byWith less than a week left before completing a major rehab on our latest real estate investing deal, all Kim wanted to do was to drop to the floor and cry when she saw what had happened to every interior wall in the home.
The day before, the walls had been perfect. But on this day, the walls looked like something you’d see in one of those circus houses with funny mirrors that make your head look huge while making your body look the size of a walnut.
In this home, we’d replaced all the paneling with new paneling. Then came two days of constant rain. Because the HVAC system wasn’t yet working, there was a significant increase in the home’s humidity level. The new paneling quickly absorbed the excess humidity and became wavy.
A multitude of things made Kim want to cry. All the time and money spent demolishing the old walls and installing the new ones was for naught. The rehab was scheduled to be completed in five more days, but now would be extended by at least two weeks. The extra work would cause this rehab to go over budget. Read More→
Wish I Had a Do-Over
Posted on November 9, 2015 byI’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 imagination. There has never been, or will ever be, another Jack Miller.
I wish I had a do over. Although I attended most of Jack’s seminars, there were more than a handful that I missed. If I could get that do-over, I’d be front and center at each one of the meetings – taking notes like crazy!
Kim asked what I’d pay to attend just one more of Jack’s seminars. I said one hundred thousand dollars wouldn’t be too much. God, to hear Jack ring his big bell that let folks know that class was back in session…yep, one hundred thousand dollars would be well-spent money!
When Jack passed, he was nearly eighty years old and at the top of his game. Here are some of Jack’s quotes I wrote down at his February 2009 Money Matters seminar…which turned out to be the last seminar he taught!
Read More→
Seasoned Investor Shares Wisdom at Atlanta REIA West Meeting on Oct 26, 2015
Posted on October 26, 2015 byOctober 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!
Atlanta REIA Members Please RSVP on Meetup.com
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.
Click Here to Watch a Video of Bill Talking About Monday’s Meeting!
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!
WIN A FREE CARIBBEAN VACATION FOR TWO!: All participants who attend the Atlanta REIA West Meeting will be entered into a drawing for a chance to win a *FREE Caribbean Vacation for TWO and other great door prizes! *You must be present at the meeting to win. The Caribbean vacation does not include transportation, taxes, upgrades, etc.
Atlanta REIA Members Please RSVP on Meetup.com
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.
You’re Not Saying Wow, Then…
Posted on October 20, 2015 byBoy 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→
My Top 10 Landlording Lessons
Posted on September 16, 2015 byKim 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→
The Profit Newsletter August 2015 Edition
Posted on August 1, 2015 by
The August 2015 Edition of The Profit Newsletter is available for download just in time for our Atlanta REIA Main Meeting on August 3rd with Vena Jones-Cox. 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.
No Seller Wants Cash – EVER!
Posted on August 1, 2015 byJust 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→
The Profit Newsletter July 2015 Edition
Posted on July 2, 2015 by
The July 2015 Edition of The Profit Newsletter is available for download just in time for our Atlanta REIA Main Meeting on July 6th. There are 48 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.
