Search Results for "kim cook"
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→
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→
What Makes the Best Rental Property?
Posted on July 2, 2015 byOver the past twenty years, Kim and I have bought a wide variety of investment homes – everything from a one-bedroom, one-bath duplex to a six-bedroom, four-bath McMansion. Experience has taught us what makes the best – and worst – rental property!
Jack Miller said: Everything else in real estate is harder than a house. With that said, Kim and I stay away from townhomes, condos, duplexes and apartment buildings. We’re not saying these are bad investments; it’s just that they require a lot of hands-on attention, and our goal is freedom, not a j-o-b.
When it comes to single-family homes, the most in-demand property is a three-bedroom, two-bath home…with a garage…without steps…on a level lot…in a nice, convenient neighborhood. We call these Walmart houses.
Think of a Walmart house this way: Go to a checkout register at Walmart that has ten people in line. You hold up a picture of your investment property and ask, “Who would like to live in this home?” You want eight out of ten hands to go up. Next – and this is the most important question of all – you ask, “Who can afford to live in this house?” The eight out of ten hands need to stay up. If several hands drop, then your rental property is too high-end – which means you’ll have fewer prospective tenants able to afford the monthly rent…and having fewer applicants is not better when it’s time to rent your property! Read More→
How Do We Fund Our Deals?
Posted on May 29, 2015 bySince we don’t use banks, how do we fund our deals?
Do banks have money to lend? Think carefully – this could be a trick question! Don’t banks “borrow” the money they lend from their depositors? And why do depositors keep their money in the bank? Because it’s the safest place to keep it, right? But is it really?
What interest rate is your bank paying on savings these days – 0.3%? And what is the current rate of inflation…something like 4%?
Here’s a broad-brush picture to help you understand what’s really happening. You put $10,000 in the bank earning 0.3% interest. One year later, your nest egg has grown to a whopping $10,030. But let’s not forget about inflation. In reality, after you factor in inflation, the actual buying power of your $10,000 dropped by 3.7% to $9,630! What – you LOST money? Read More→
How to Make a Written Offer
Posted on April 30, 2015 byLast Saturday, I took thirteen real estate investors from the Chattanooga Real Estate Investors Association door-knocking. Before heading out, we discussed how to make a written offer to a seller.
The group had a number of questions: 1) How do I find a property’s fair market value? 2) How do I discover market rents in the area? 3) How do I make a written offer right there on the spot?
The first thing to remember is that an offer is different from a purchase contract. A purchase contract is often a formal document written in legalese that no one – especially the buyer and seller – understands. On the other hand, an offer can be written in plain English on a Post-it note that makes sense to everyone! (NOTE: On North Georgia REIA’s Facebook page, you’ll see three of the written offers I made in Chattanooga.)
Randy Shelley is an investor who lives in that area. We spent the day knocking doors in his subdivision. Though he already knew the fair market values and approximate rents for his neighborhood, I asked him not to share this information with the group. Read More→
Would You Break Into A Vacant House?
Posted on April 3, 2015 byYou’re out working foreclosures and see an obviously vacant house. There is a sign in the window saying the home has been abandoned and winterized. You look through the window and confirm that it is vacant. Do you open the door with your “investor key” (a credit card) and go inside to look around?
Over the years, real estate investors have hotly debated this topic. Some investors would never go in the home, while others think nothing of slipping the lock so they can inspect the interior before bidding on the property.
I know investors who regularly go into vacant homes. The popular thought is that there’s nothing wrong with that. The investor is not there to steal or vandalize anything, he’s there to estimate the rehab cost so he can accurately determine his maximum purchase price. What can possibly be wrong with this?
There are a lot of funny stories told by seasoned investors about things they found in abandoned properties; things you can’t believe a homeowner would leave behind – like artificial limbs, stuffed (taxidermy) animals, porno magazines, etc. After hearing these stories, many new investors come away thinking that it’s OK to break into vacant homes. But I’m here to tell you – think again! Read More→
How to Make Offers Your Sellers Can’t Refuse on March 23, 2015
Posted on March 17, 2015 by
A common mistake made by real estate investors is to forget why they knock on a seller’s door. By “forget,” I don’t mean the seller answers the door and the investor stands there with a stupid, lost look on his face. I mean the investor doesn’t understand the basic objective of why he’s there at the seller’s home.
Do you know the ultimate objective of meeting with sellers? I mean, why are you there? What’s the purpose? Is it to be given a tour of the seller’s house? The reason an investor knocks on a seller’s door is to get to the kitchen table. You want to get to the kitchen table so you can ask Pete Fortunato’s famous question: “Why are you selling such a nice house like this?” The answer Pete’s question allows you to get a better understanding of what the seller wants and why he wants it. Having this information allows you to structure an offer around the seller’s unique wants and needs.
Come join us at the Atlanta REIA Wild Wild West Group on Monday, March 23rd at 6:30PM at Cherokee Cattle Company located at 2710 Canton Rd in Marietta, where Bill Cook will show YOU how to take the “what” and “why” you get from the seller at the kitchen table, and construct a win-win offer that helps the seller get from the uncomfortable situation they’re in, to a situation where they’re more comfortable and willing to do business with you.
Remember: If your offers don’t help your sellers to improve their current situation, they’ll turn your offer down flat! So remember the ultimate objective of why you meet with sellers: To make them a written offer!
If you want to know how to make offers that can’t be refused, you need to be at this event!
Join us and you will learn:
- When Should You Make An Offer?
- How Do You Make An Offer?
- What Is The Difference Between A Contract And An Offer?
- What Is The Best Kind Of Offer Paperwork To Use?
- How You Can Make 5 Written Offers A Day.
- And much, much more.
Bill and Kim Cook are a husband and wife real estate investing team. They live on a horse ranch in Adairsville GA, and have been investing in real estate since 1995. Their investment portfolio is made up of single-family rental homes, mobile homes, a small mobile home park, plus notes and options. They built their business simply by knocking on sellers doors and making offers the seller can’t refuse.
After the conclusion of the Atlanta REIA Wild Wild West Meeting (after 9:00 PM), we will be hanging out in the same room 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!
*Please Note: Meeting agenda is subject to change.
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 restaurant located at 2710 Canton Road in Marietta, GA. Atlanta REIA Members can attend for FREE and guests for $10.00. 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.
How to Work Pre-Foreclosures
Posted on February 27, 2015 bySince 1995, Kim and I have been buying properties at the foreclosure auction. Over time, we’ve built a unique system that’s very effective. It has allowed us to buy many properties pre-foreclosure, at the auction and from banks after the auction. Today, let’s talk about how to work the pre-foreclosure market.
When it comes to foreclosures, our best deals come from buying pre-foreclosure! At the foreclosure auction, there are always investors willing to work on much thinner margins than what we’re comfortable with, and so we’re often outbid.
On the other hand, when buying pre-foreclosure – that is, before the auction – there’s very little competition. Why? When homeowners are facing foreclosure, because of unfounded fear, few investors will knock on their door.
There’s another BIG benefit to buying pre-foreclosure. Since you’re buying from the owner, there are many more creative deal-structuring tools you can use to construct a win-win deal. If you buy at the foreclosure auction, there’s only one tool – a big dang hammer…CASH! There’s no creativity, beauty or imagination when doing an all-cash-on-the-barrelhead deal – nor is it a win-win deal. Read More→
How to Make the Impossible Deals Possible
Posted on January 30, 2015 byDid you know that every month, within 5 miles of your home, there’s a $15,000 net-profit deal waiting to be had? The hard part is finding it, and then knowing how to creatively structure it into a big-profit deal. There won’t be a large sign in the yard that reads: Stop Here – $15,000 Deal Inside!
A common mistake made by many would-be real estate investors is to run a We Buy Houses ad, then sit back and wait for the phone to ring. A truth: The phone rarely rings! Because of this, most new investors go out of business long before they find their first deal!
To succeed at real estate investing, you must get face-to-face with sellers on a regular basis. The fastest, cheapest and most effective way to accomplish this all-important task is to simply knock on sellers’ doors and ask why they’re selling.
In addition to door-knocking, you must continually learn creative deal structuring techniques from experienced real estate investors. The best creative deal structurer I know is Pete Fortunato. With nearly 50 years of deal-making experience under his belt, he’s the master!
To show you how to make the impossible deals not only possible, but also very profitable, let’s look at one that Kim and I just completed. Read More→
2013 Workshops & Seminars
Posted on January 1, 2015 by
Atlanta REIA holds and sponsors a variety of real estate workshops and seminars each month for Atlanta real estate investors and other real estate professionals. Below are some of our past workshops and training seminars for 2013. Be sure to check out our Atlanta REIA Workshops & Seminars page or our Event Calendar for upcoming real estate investing training events. You can also click here to watch some of our Workshop Replays.
| Upcoming | 2014 | 2013 | 2012 | 2011 | 2010 | Replays | |||||||
| 2013 WORKSHOPS & SEMINARS | |||||||||||||
December 7 & 8, 2013: FREE 2 Day Wealth Building Event in Atlanta
with David Lindahl
We are very excited to announce that renowned real estate investor and trainer Dave Lindahl is hosting a 2 Day Wealth Building Event in Atlanta on December 7th & 8th and has invited our members, friends and followers to attend at NO CHARGE. That’s right… FREE! And it gets even better… keep reading to find out about several FREE Bonuses Dave has in store for you for registering and attending. Read more→
November 23rd, 2013: Tax Sale Workshop (SOLD OUT)
with Tom DiAgostino
Tom is going to teach you how to create short term cash flow and long term wealth with tax liens and tax deeds and how to get out of the rat race forever. He is going to show you how to consistently buy properties at 10-20% of the after repair value with very little competition. Tom says “This training will change your financial life, and your generations to come. We’re not just trainers, we’re your investment partners. Trust us and come spend the day with us, where I’ll explain why this is the best deal source on the planet for every type of investor and show you how to do it.” Read more→
November 16th, 2013: Making Big Profits with Abandoned Properties
with Reggie Brooks
At this workshop, Reggie will teach you how you can make $10,000 cash in the next 60 days with Abandoned Properties. he will teach you how to find these abandoned and distressed properties, find the owners, and structure a transaction that is mutually beneficial to both you and the seller. You will learn how to automate the process of finding the property and the owners and create a cookie-cutter type business where you get the abandoned properties chasing you, rather than the other way around. Read more→
November 2nd, 2013: How to Maximize Your Profits on Every Real Estate Deal You Do!
with Larry Harbolt
Have you ever wondered why those successful investors are continually finding and doing profitable deal after deal? Did you ever ask yourself what they look for and what they think about before they ever make an offer on any property? Have you ever thought about what makes a good deal and what is missing from the deals that you don’t want? If you answered “Yes” to any of these questions, Larry is going to teach you the fundamentals you need to know so you can create more wealth from every deal you do, especially Seller Finance Deals. Read more→
Sept 6, 13, 20 & 27, 2013: 101 Plus Ways to Generate Motivated Buyer & Seller Leads Online Workshop
with Dustin Griffin Online on AtlantaREIA.com
In this 4 part Online Workshop, Dustin is going to teach you many of the 800 Pound Guerilla Marketing strategies, tips, tools, techniques and tricks he and other successful real estate investors use to generate all the leads they can handle and how you can too! He is going to teach you how you can totally dominate your local competition with a little effort and a relatively low budget using new and traditional marketing, a little creativity and the power of the Internet. Read more→
September 28, 2013: Wholesaling 101 Workshop (SOLD OUT)
with Russ Hiner
Wholesaling is a great strategy for making quick cash, with low risk and without they use of your own cash or credit when done correctly. Wholesaling real estate is among the most popular investment strategies because anyone can do it. At this workshop, you will learn the wholesale strategies you need to succeed this year and beyond. Read more→
September 14, 2013: Foreclosures Gone Wild Workshop
with Kimberlee Frank
Kimberlee says “Join me at my 1-day Event and I will knock your socks off with the new changes in the industry. Learn how to overcome the challenges of short sales and increase your closing ratio! I will even partner with you! Now is the time to make a boatload of money. Let me give you the Power Push into 2013! Attend my 1-Day Training and blast your business into financial success!” Read more about this event →
September 14 & 15, 2013: One Step Beyond Class in Tampa, FL
with Peter Fortunato
Peter will present two days of advanced real estate purchase and sale techniques including case studies for discussion. He will go into great detail on structuring creative real estate transactions and the paperwork necessary to complete the deal. This is Peter’s advanced training class the he only holds ever few years, so don’t miss it. Read more→
August 24, 2013: Real Estate Investing 101 Workshop
with Russ Hiner
Real Estate Investing 101 is a new Atlanta REIA Workshop designed to give students an overview of the exciting world of real estate investing. If you’ve always wanted to invest in real estate but didn’t know where to start, join Russ Hiner at this workshop were he get you started on your journey towards your real estate investing success! Read more→
August 17, 2013: Selling Houses Fast Boot Camp
with Don DeRosa
Don will share his nine reasons houses don’t sell and all the details on how to blow past your competition and SELL YOUR HOUSES FAST! Join Don and learn how to determine your exit strategy, how to get your houses ready to sell, how to prescreen buyers, get them financed and so much more! Read more→
June 15, 2013: Negotiations 101 Workshop (SOLD OUT)
with Russ Hiner
Professional negotiators realize that with the correct skills tools and techniques, you can easily and effectively get what you want without having to drive a hard bargain. Your bargaining and negotiation skills are critical to your daily life if you work, have a family, or purchase goods and services. Your better life depends on the knowledge that is given at this training! Read more→
June 15 & 16, 2013: Real Estate Acquisition Techniques Class
with Peter Fortunato
Peter will present two days of lecture and of discussion, with case studies, regarding why and how to acquire benefits using real estate. He will go into great detail on structuring creative real estate transactions and the paperwork necessary to complete the deal. Questions and debate are highly encouraged! Read more→
May 25, 2013: iPad Boot Camp for Real Estate Investors
with Don DeRosa
Don will teach you how to fully leverage your investment in mobile devices. Do you have a an iPad, tablet, iPhone or smart phone that you’re using for Angry Birds or Words with Friends, maybe email, but not much else? Don uses the iPad exclusively to run his Real Estate Investment business and you can too. Join us at the boot camp and learn to leverage all of your mobile devices to make you the most effective, competitive, profitable real estate investor you can be. Read more→
May 2 – 5, 2013: Breakthrough Real Estate Academy
with Duncan Wierman and Don DeRosa
April 27, 2013: A Full Day Money Making Seminar (SOLD OUT)
with Ron LeGrand and Jay Conner
During this special full day seminar, Ron LeGrand is going to teach you how to use his ACTS System to make a fortune buying properties most people ignore… over leveraged homes. Jay Conner is going to teach you how to raise all the private money you need to fund all your real estate transactions so that “lack of money” will no longer hold you back from reaching your financial goals. Read more→
April 20, 2013: 101 Plus Ways to Generate Motivated Buyer & Seller Leads Workshop (SOLD OUT)
with Dustin Griffin
Dustin is going to teach you many of the 800 Pound Guerilla Marketing strategies, tips, tools, techniques and tricks he and other successful real estate investors use to generate all the leads they can handle and how you can too! He is going to teach you how you can totally dominate your local competition with a little effort and a relatively low budget using new and traditional marketing, a little creativity and the power of the Internet. Read more→
March 30, 2013: Wholesaling 101 Workshop (SOLD OUT)
with Russ Hiner
Wholesaling is a great strategy for making quick cash, with low risk and without they use of your own cash or credit when done correctly. Wholesaling real estate is among the most popular investment strategies because anyone can do it. At this workshop, you will learn the wholesale strategies you need to succeed this year and beyond. Read more→
March 23-24, 2013: Making a Fortune Buying Houses with No Money and No Credit. Ultimate 2 Day Boot Camp to Buying Houses “Subject To”.
with Don DeRosa
You will learn how to buy houses so you don’t need credit, you don’t have to sign personally on a note, you never have to qualify for a mortgage and you don’t have to have any money. Beginner or experienced real estate investors can find immediate success using Don’s simple strategies and formulas. There are six easy steps to follow when buying “Subject To.” Read more→
March 16 & 17, 2013: 19th Annual Advanced Strategies Conference
with Dyches Boddiford & Peter Fortunato
Come see why prior attendees keep coming back to this conference. Each year we pick new topics and enhance prior topics that provide practical solutions to investor situations. Our topics for the 19th Annual Advanced Strategies Conference will be Income & Estate Tax changes, Title Law and Real Estate Options. This year promises to be better than ever. Read more→
February 23, 2013: Grow Your Wealth With The Financial Calculator Workshop
with Bill & Kim Cook
Want to learn how wealthy people just keep getting wealthier? It isn’t a secret. They simply understand Money. Learning the financial calculator will help you construct safer, better, more profitable Real Estate Investing Deals! Join us for an eye-opening, full day workshop on Creating Wealth by Understanding the Power of the Financial Calculator! Read more→
January 5, 2013: Multi-Family Investing Workshop
with David Lindahl (SOLD OUT)
Do you have what it takes to be rich? Are you investing your time, resources and effort to make this happen? Are you ready, willing and able to become wealthy in 2013? If you answered “YES”, you need to attend The Multi-Family Investing Workshop with commercial real estate expert, David Lindahl. This training event is going to be jam packed with commercial real estate investing lessons that you’ll be glad you didn’t have to learn on your own, the hard way. This practical, hands-on event will not only show you the ropes, but also keep you from getting tangled up in bad deals. Read more→
See Atlanta REIA Workshops & Seminars for More Events!
“Impossible” is a Human Invention
Posted on January 1, 2015 byRobert Schuller came up with a great quote in 1973: What would you attempt to do if you knew you could not fail?
As 2015 begins, after finding yourself a quiet place to write down your goals, place Mr. Schuller’s quote in front of you. Next, with each goal you put to paper ask yourself: If failure is impossible, is this still a worthy goal for me to pursue?
At the beginning of each January, many of us make goals – they’re called New Year’s resolutions. This flood of goal setting is evident by the huge increase in the number of folks in the gym, and also by the number of people reading self-help books.
Sadly, by February, we’re back to seeing just the regulars working out – with the exception of two or three new people who’ve gutted out the pain and continue coming to the gym. As for the self-help books, most lay half read on shelves gathering dust…never to be opened again. Read More→
