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Over 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→

Download The Profit Newsletter for June 2015 (PDF)
The June 2015 Edition of
The Profit is Available for Download!

The Profit Newsletter - June 2015The June 2015 Edition of The Profit Newsletter is available for download just in time for our Atlanta REIA Main Meeting on June 1st. There are 42 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.

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High Quality PDF / Low Res PDF / The Profit Archives

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How Do We Fund Our Deals?

Posted on May 29, 2015 by

Since 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→

Download The Profit Newsletter for May 2015 (PDF)
The May 2015 Edition of
The Profit is Available for Download!

The Profit Newsletter - May 2015The May 2015 Edition of The Profit Newsletter is available for download just in time for our Atlanta REIA Main Meeting on May 4th. There are 44 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.

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How to Make a Written Offer

Posted on April 30, 2015 by

Last 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→

Download The Profit Newsletter for April 2015 (PDF)
The April 2015 Edition of
The Profit is Available for Download!

The Profit Newsletter - April 2015The April 2015 Edition of The Profit Newsletter is available for download just in time for our Atlanta REIA Main Meeting on April 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.

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Would You Break Into A Vacant House?

Posted on April 3, 2015 by

You’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→

Mon, March 23rd @ 6:30 PM in Marietta, GA
Atlanta REIA Wild Wild West
Make Me An Offer I Can’t Refuse!
March 23rd with Bill Cook

Bill CookA 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.

Late Nite Networking After West Meeting

Cherokee Cattle CompanyAfter 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!

*Meeting Agenda
6:30 pm: Networking, Food Ordering & Introductions
7:00 pm: Welcome, Announcements & Upcoming Events
7:15 pm: Haves & Wants
7:35 pm: “Make Me An Offer I Can’t Refuse” with Bill Cook
9:00 pm: Drawings for Prizes & Giveaways
9:05 pm: Late Nite Networking

*Please Note: Meeting agenda is subject to change.

About Atlanta REIA West

Leslie MathisThe 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.

See Atlanta REIA Events Calendar for More Events!
Download The Profit Newsletter for March 2015 (PDF)
The March 2015 Edition of
The Profit is Available for Download!

The Profit Newsletter - March 2015The March 2015 Edition of The Profit Newsletter is available for download just in time for our Atlanta REIA Main Meeting on March 2nd. There are 40 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.

Download The Profit Now!
High Quality PDF / Low Res PDF / The Profit Archives

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How to Work Pre-Foreclosures

Posted on February 27, 2015 by

Since 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→

Download The Profit Newsletter for February 2015 (PDF)
The February 2015 Edition of
The Profit is Available for Download!

The Profit Newsletter - February 2015The February 2015 Edition of The Profit Newsletter is available for download just in time for our Atlanta REIA Main Meeting on February 2nd. 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.

Download The Profit Now!

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Did 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→