Search Results for "kim cook"

Starters, Estate Builders and Enders

Posted on November 28, 2014 by

There are three stages of real estate investing: Starters, Estate Builders and Enders. Do you know which stage you’re in? Many flippers and wholesalers think they’re Estate Builders when, in fact, they’re actually running a highly taxed retail business – they’re not real estate investors! (Saying this is sure to ruffle some feathers, but read on before you call me a liar.)

As the stage implies, a Starter is someone who’s just getting started in real estate. He usually knows little about contracts, rehabbing, landlording or how to creatively structure and fund a deal. He’s been to the closing table less than six times. We’re talking about someone who’s wet behind the ears!

An Estate Builder may still be new to real estate, but his focus is different from a Starter’s. An Estate Builder’s deals are structured to increase the investor’s monthly mailbox money! Mailbox money is money made when your capital assets are working for you instead of you working for your capital assets. Examples of capital assets are rental property and notes.

An Ender has been investing in real estate for decades. He’s very experienced at creatively constructing deals. Many Enders cut back on the number of rentals they own in exchange for simpler-to-manage capital assets like notes, options and master leases. Read More→

Mon, November 17th @ 6:00 PM in Sandy Springs, GA
The Beginning Investors Group
Your Career in
Real Estate Investing

with Kim Cook, Dorsie Boddiford, Leslie Mathis & Regina Sitterley

All Members & Guests Must RSVP Online to Attend
Members Attend for FREE and Guests for $15 Online or Pay $20 at the Door.
Guests can join Atlanta REIA for Only $100/year and Attend for FREE!

Dorsie Boddiford, Kim Cook, Regina Sitterley & Leslie Mathis

As a new real estate investor, you might not realize it yet, but you will go through three distinct stages of your real estate investing career if you stick it out to the very end.

There is the beginner stage when you need cash now like you need oxygen to breath. Next is the intermediate stage when you start to build your cash flow and residual income and really start to crank things up. And finally there is the final stage when you become an “Ender” and are able to retire and comfortably live off your investments. Each of these stages require different amounts of time, energy, resources and education to master.

Join us at the Beginning Investors Group (BIG) on Monday, November 17th, at 6:00PM at Hudson Grille located at 6317 Roswell Rd in Sandy Springs where you will hear from four dynamic, successful investors in the different stages of their investing career. Dorsie Boddiford, Kim Cook, Regina Sitterley and Leslie Mathis will share with you their history, their goals, and give you insights on how to be successful during each stage. This is your opportunity to hear from investors you don’t normally get to hear from in this format who truly have valuable first hand insights into the different stages of their investing careers. You will be able to ask them questions about the challenges they have faced and have succeeded.

Many new investors may not realize that over the time of their investing life, they will move through various stages of their career. There is the beginning investor (or newbie), the intermediate, and the mature investor. Each of these stages require different mindsets and goals.

RSVP Now!

Creative Deal Structuring Examples

Rock & RussWe will also have a Creative Deal Structuring interactive session with Russ Hiner and he and Rock Shukoor will be telling you about their upcoming “Ugly House Boot Camp – Part 1: Wholesaling” 3 Day Intensive Training on Nov 21st – 23rd at the Atlanta REIA Office in Buford, GA!

Late Nite Networking After BIG Meeting

Hudson GrilleAfter the conclusion of the Atlanta REIA BIG Meeting (after 9:00 PM), we will be hanging out at the Hudson Grill 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!

Event Agenda*
6:00 pm: Networking, Haves and Wants & Introductions
7:00 pm: Intro & Announcements
7:15 pm: Creative Deal Structuring with Russ Hiner
7:30 pm: Educational Opportunity with Russ Hiner and Rock Shukoor
7:45 pm: Panel Discussion with Dorsie Boddiford, Kim Cook, Regina Sitterley & Leslie Mathis
9:05 pm: Closing Comments & Late Nite Networking

*Please Note: Meeting agenda is subject to change.

5 Days & 4 Nights in CancunWIN A 4 NIGHT STAY IN CANCUN: All participants who attend the BIG Meeting will entered into a drawing for a chance to win a *Complimentary 5 Day, 4 Night Stay in Cancun! *You must be present at the meeting to win. Giveaway does not include dining, transportation, transfers, taxes, upgrades, etc.

If you become an Atlanta REIA member before midnight, November 16th, you may attend this BIG Meeting at no charge as well as other great Atlanta REIA Meetings, plus get great discounts on other Atlanta REIA Workshops.

About the Beginning Investors Group (BIG)

Beginning Investors GroupBIG is an educational and networking special interest group, hosted by Alan McDonald, and Dustin Griffin for new investors who are just getting started in real estate investing as well as “new again” real estate investors who’ve taken a few years off and are looking to start investing again. The entire purpose of this group is to educate and inspire new investors working on their “first deal” and help new again investors get their “next deal”. Please join us on the 3rd Monday of each month at Hudson Grille located at 6317 Roswell Rd in Sandy Springs.

See Atlanta REIA Events Calendar for More Events!

Would-be Tenants From Hades

Posted on October 31, 2014 by

Landlords, what’s the best way to deal with tenants who are a pain in the tail and make you want to vomit? Easy answer: Never let them in your rental property in the first place. And how do you accomplish this feat? Read on, my friend – it’s actually pretty simple! But first, a story…

Several weeks back, we had a property go vacant in Cartersville, Georgia. It’s a nice three-bedroom, two-bath home with a two-car garage. Though a good number of applications came in, one stood out above the rest.

The application was neat and complete. The prospects were from Cartersville, so they have a lot of ties to the community. The husband was an experienced contractor who knew how to fix things. The wife was disabled and received a guaranteed monthly government check. They didn’t have any kids or pets and didn’t smoke. They were looking for a place they could live in for the rest of their lives. Looking at the application, there was nothing not to like about these folks!

Because Kim and I have been managing rental property for almost 20 years, we have learned that no matter how good tenants look on paper, there are a couple of steps we must take before letting them move into our property. Read More→

The Truth Can Run Around Naked!

Posted on October 1, 2014 by

David is a real estate investor from the Northeast. Many folks don’t know this, but “Northeast” is a Latin word that means: Where’d you get that Yankee accent? Honestly, even though I went to college up north, I only understood half of what came out of David’s mouth. Don’t know about you, but Yankee talk hurts my ears!

He came down to beautiful Dixie because he wanted me to watch him negotiate with sellers. The thing was, even though David has been reading our column, he wasn’t having much success working out win-win deals at sellers’ kitchen tables.

During our time together, we met with six sellers and made six written offers. By any measure, it was a successful day. One other important thing happened: By the time David finished making his second offer, I had discovered his problem…actually his two problems – and boy were they doozies! No wonder he was having trouble getting deals.

At the first seller’s house, when we got to the kitchen table, David talked about himself for twenty-five minutes. On and on he went – bragging about his greatness and business conquests. This first problem could easily be fixed with a roll of duct tape – also known as Alabama chrome! Read More→

Making $13,000 With No Money Invested

Posted on September 2, 2014 by

Want to see how to make $13,000 in two short weeks with no money invested and without owning the home?

With creative real estate investing, Jack Miller taught us to structure on purpose. Pete Fortunato taught us to use what we want, to get what we need, to get what we want. Let’s take a look at these two all-important lessons in action.

Jonathan and Christie help us maintain some of the rental properties we manage. About a month ago, Christie told Kim that her mom wanted to sell her home in Acworth, Georgia.   After meeting with Christie’s mom, Kim determined that the home was worth $90,000 and needed a $10,000 rehab. Kim offered either $63,000 cash or a $90,000 owner-carried note with payments of $300 per month, but the mom turned down both offers.

Kim then asked, “What’s the house of your dreams?” The mom answered, “One out in the country.” Unfortunately, we didn’t have any such property available.

The next day, Kim had an idea. Our friends Joe and Ashley English had a house on the outskirts of Adairsville that had just gone up for rent. Kim called Christie’s mom and asked, “How would you like to trade your house in the city for your dream home in the country?” The mom got so excited at the idea that she loaded up her family and immediately drove to the Adairsville house. She LOVED it! She agreed to a trade. Read More→

How Do You Fund Your Deals?

Posted on July 28, 2014 by

Just met with a would-be real estate investor.  For two years she’s been trying to get into the investing business.  Problem is, she has yet to meet with a seller face-to-face.

When I asked why she hasn’t met with any sellers, she said: “What if the seller takes my offer?  How am I gonna pay for the property?  Banks sure aren’t lending to investors right now!”

Ironically, the fear of the seller saying, “YES!” is what keeps most would-be investors from ever making their first offer. But the astonishing thing is, if your deal is a good one, the money will ALWAYS find you

We get loads of calls from investors who are looking for money to fund their deals.  For example, yesterday an investor contacted me about a 2-bedroom, 2-bath condo he wanted to buy and flip.  The condo’s ARV (after repaired value) is $65,000.  It needs $15,000 in repairs.  The seller agreed to a $48,000 sale price.  But when all the expenses are factored in, there’s no way this investor will make a dime on this deal, and that’s why no one will fund this one. Read More→

Doing a Subject-to Deal?

Posted on July 1, 2014 by

In last month’s column, we outlined a Subject-to Deal.  This month let’s look at this advanced deal-structuring technique in action.  (NOTE: You can find last month’s column here on AtlantaREIA.com).

In mid-March, we got a call from an experienced investor.  He owned several single-family rental homes.  He had received a call from a motivated seller, who, because of a difficult family situation, wanted his house sold in less than a week.

For years, this investor had heard me talk about Subject-to Deals.  He thought this technique would be the perfect solution for this seller’s problem, and called to see if I’d help him with the deal.

(Sidebar: A Subject-to Deal is when you buy someone’s property, but instead of paying off their mortgage at closing, the seller leaves his mortgage in place, and you agree to make the seller’s mortgage payments, on the seller’s mortgage, for the seller.)

The first thing we did was meet at the seller’s house to discuss the situation and to look at the property. Read More→

What is a Subject-to Deal?

Posted on May 31, 2014 by

In previous columns, I’ve mentioned Subject-to Deals. This generated a lot of what-is-that phone calls and emails – from both real estate investors and realtors.

To help folks better understand this advanced creative deal-structuring technique, this month I’ll explain what it is.  Next month, we’ll look at a Subject-to Deal we just did. 

Normally, when you buy a house, the seller’s mortgage is paid off at closing.  With a Subject-to Deal, the seller’s mortgage is NOT paid off at closing.  Instead, when the property is deeded to the buyer, the seller’s mortgage remains in place and the buyer promises to pay the seller’s mortgage payments, on the seller’s mortgage, for the seller.  In other words, the buyer is buying the property subject-to the seller’s mortgage.  Think of it as a form of owner financing.

When first hearing about Subject-to Deals, most folks believe this type of transaction must be illegal – Kim and I hear this all the time.  Fact is, Subject-to Deals have been around for decades.  Look at lines 203 and 503 on any HUD-1.  It reads: Existing loans taken subject to. Read More→

Dung Beetle Meets Honey Badger

Posted on May 2, 2014 by

My plan for 2014 is to spend a lot of time traveling the country teaching real estate investors how to knock on sellers’ doors and creatively structure and fund deals. 

The Alpha and Omega of successful real estate investing is to get face-to-face with sellers on a regular basis and make lots of written offers.  Nothing an investor does is more important than this.  And for the past nineteen years, I’ve proven time and again that the fastest, cheapest and most effective way to get face-to-face with sellers is to simply knock on sellers’ doors – eight out of ten sellers will invite you in!

The skeptics – and there are many – say, “Bill, that door-knocking thing may work in Georgia, but it won’t work in (insert whatever state you want).”  The thing is, since 1978, I’ve traveled around the country (and most of Canada) making a living by knocking on homeowners’ doors.  The truth is, people are the same everywhere – wonderfully kind wherever you go!

I told some investor friends in Tampa, Florida that I’ll be heading down there soon.  A texted message came from Timber Benning, a real estate investor in that area.  Her text read: Hey Honey Badger, when you come down, please keep me in the loop for your door-knocking extravaganza.

Honey Badger?  What in the heck is a Honey Badger?  I called Timber and she explained that at Wayne Arnold’s Exchangers meeting in St. Pete, he told his folks that I was coming down and that they should spend some time door-knocking with me.  He said that when it came to door-knocking, I was like a Honey Badger. Read More→

Just met with a guy who has a very interesting story that you’re not going to believe: He has $1 million in the bank, but doesn’t have enough money to buy food!  He’s practically starving to death.

This guy worked hard, saved hard and invested wisely his entire life.  When he retired, he had $1 million in liquid capital.  To keep his money safe – the volatility of the stock market scares him – he invested his money in bank CD’s paying 3.6% interest.  Last year, when the CD’s matured, he was forced to roll his retirement money into new CD’s with a dismal 0.6% interest rate. 

Here’s the thing: These days, this guy’s investment doesn’t earn him enough to live on – he’s forced to exist like a pauper.  He said, “Once I became a millionaire, I thought I’d never want for anything.  I couldn’t have been more wrong!”

Before your dumbfounded look affixes to your face forever, fully understand this man’s predicament.  He and his wife have $1 million cash, but they don’t want to spend any of this principal.  Their retirement goal is to live off the interest the $1 million generates. Read More→

There’s no doubt that the number of properties being advertised for foreclosure has been plummeting for the past year and a half.  The question is, why?

In 2009, when foreclosure numbers began to skyrocket, the only way a bank could deal with borrowers who were behind on their mortgages was to foreclose.  The fact that banks – actually it was loan servicers like the infamous MERS – didn’t have possession of the borrower’s note, nor the legal right to foreclose on the property, is a topic for judges and attorneys.

At the same time, you had thousands of borrowers who, because they couldn’t/wouldn’t make their mortgage payments, simply “gave the house back” and walked away.  (It didn’t matter to the borrowers that the bank didn’t give them a house; it gave them money…and the bank – rightfully so – wanted their money back, not a house.)  A bank’s only tool to deal with this situation was to foreclose on the property, and then sell it in hopes of recouping some of their loss. Read More→

Learning About Real Estate Investing

Posted on January 24, 2014 by

If you’re a Baby Boomer or a Gen Xer, then you’re thinking more and more about retirement – mainly, how are you gonna afford it?  After all, we all know that Social Security is not much of a retirement plan.

This need-to-know desire is driving lots of folks to learn about real estate investing.  After all, more folks have achieved financial freedom from real estate than from all other types of investments – combined!

The question we’re continually asked is, “What’s the best way to learn how to successfully invest in real estate?”  Here’s a hint: All those TV infomercials are nothing but hot air.  Those “gurus” who come to town offering a “free” seminar are just snakes in the grass…but then, you already know this.

After 19 years of investing in real estate, we’ve learned that the two best ways to learn are 1) Meet with sellers and ask Pete Fortunato’s famous question: “Why are you selling such a nice house like this?”  2) Hang out with been-there-and-done-that investors.

Sure, neither of these ways is sexy, but they are incredibly effective.  Gotta add one other thing: You’ve got to do both a lot…once or twice just won’t cut it. Read More→