Archive for February, 2014

In this article, I continue the five-part discussion about contracts for deeds by discussing the four options, or remedies, sellers have when a buyer defaults under a contract for deed. 

When a buyer defaults, subject to the terms of the contract, the seller has four legal remedies.  Two of the four remedies include the same first step – rescinding the contract.  The four possible remedies are: (1) sue on the contract; (2) foreclose; (3) rescind the contract and bring ejectment; (4) rescind the contract, re-enter and re-possess.[1] 

Under the first remedy, the party preserves the contract (as opposed to rescinding it) and sues on it for damages.  This option is similar in time, cost and procedure to other suits on a defaulted loan.  This remedy is generally not the preferred option unless (a) there is substantial equity in the contract versus the value of the property, and (b) the buyer is someone from whom money could be collected after a judgment is rendered. 

The second remedy is foreclosure.[2] In foreclosure, the property is sold at public auction to recover the defaulted amount for the seller.  In order to foreclose without judicial process (the way most foreclosures are performed), the contract for deed must contain or be accompanied by certain language including a power of sale provision.  While foreclosure is a quick and effective remedy, most use a contract for deed for the express purpose of avoiding this remedy.  Read More→

For centuries the courts have been rigged in favor of the banks.  The banks have the kind of time and money that homeowners could never dream of, and they are more than willing to use both to get their way.  You’d be wrong, however, to think that’s the only way the system was crooked.

If a homeowner whose loan was securitized tried to force the bank to show the chain of title, the court would tell the homeowner that they didn’t have standing to make that demand.  The homeowner then is left with no way of proving that the foreclosing bank/entity does not have the authority to foreclose.  Not anymore! 

In the case of Steinberger v OneWest Bank, et al, the court ruled in a special action that the homeowner does have the standing to demand that the foreclosing bank/entity provide a securitization timeline in order to establish their claim of authority to foreclose.  This timeline of assignments and transfers would prove whether or not assignments were made after a note had already been transferred to a securitized trust and could be declared invalid.

This is a huge win for homeowners because we now have the right to demand that banks prove their authority to foreclose before the court. Read More→

Are you sitting on a ton of cash and you are not sure what to do with it? Do you need to find a real estate investment to put all that cash into? Are you struggling to find a deal that will give you a good ROI on all that cash you have laying around? Or does this describe you…?

Do you need to find some cash to do your real estate deals? Are you trying to figure out how to get your deals funded? Are you looking for partners to help with the cash to get started or perhaps you are looking for a “no money down” deal to get you going?

If the second description is you then you are not a real estate investor…you are a real estate entrepreneur! You are a real estate business owner, not an investor and there is a BIG difference. An investor is someone that fits the first description. An investor already has a lot of cash and needs to put it into a deal to get a return on all that money they have laying around.

Most people don’t realize that they are real estate entrepreneurs and are not actually real estate investors at all. This is one major mistake that most new real estate entrepreneurs / investors make and it can definitely lead to early failure in the real estate business. Read More→

Work Smart – Play Hard

Posted on February 28, 2014 by

I got into the real estate investing business to have more free time for myself and my family and to have the financial freedom to do whatever I wanted, whenever I wanted. I wanted my life to be more worry free. I have spent a great deal of time accomplishing that goal and I want to share some of my insights with you as a real estate entrepreneur.

When you decide to become a Real Estate Investor, make sure you structure your business in such a way that it doesn’t become overwhelming, even more so than a full time job could be. It’s very easy to fall into that trap, especially if you work from home. You can also fall into the trap of trying to do everything yourself, and long-term, this just won’t work. Believe me when I tell you that most tasks in your business need to be delegated to others starting with your marketing.

In my particular case I like to work from home and most of the functions of our business are handled off sight and by Independent Contractors. One of the ways I solved the problem of getting overwhelmed with work was to determine what hours per day would be dedicated to my real estate investing business. At the end of the day the door to the office gets closed and the phones go to an answering service. Your family will appreciate you for this as well. Read More→

Investors get into the real estate business to become ‘Millionaires,’ however, many listen to courses that contain outdated information where the systems are no longer working.  They follow the wrong advice which seriously stalls a successful kick start.  This industry is changing monthly; be sure your trainings are coming from a Mentor who is out doing deals on a consistent basis.   I stand firm on my philosophy of “Don’t quit your job until you have at least one year salary in the bank.”  Why, you ask?  Because it puts unnecessary pressure on many marriages, families and individuals when they quit their job and the deals are not consistently coming in yet.  I not only teach Short Sales, I also teach how to buy, hold, flip, subject to’s, lease option techniques, etc., which allow you, the Investors, to truly understand all of your available exit strategies.

In order for anyone to become a Millionaire with consistent and dependable cash flow, they must hold properties.  In my Real Estate Junkie Course and my Mentor Program, I always recommend that you flip 2 houses and then hold 1 house.  Below is an example of a short sale deal where the Investor ended up holding the property.  I negotiated the short sale with my student and also partnered with her.  My exit strategy was for her to hold the property, lease it out and my student will never have to lift a finger or do any maintenance to the house for a 15 year term.  I explain this exit strategy from A-Z in my Mentor Program.  One important criterion for holding a house is that it has 3 bedrooms, a garage, a basement (if applicable) and a swimming pool is optional. Read More→

Begin With The End In Mind

Posted on February 28, 2014 by

As a beginning real estate investor, what is it that we are getting into real estate investing for?  Have you figured out what that is yet?  Is it because you just love real estate?  You love it so much that you would do it for free right?  Probably not, but it is a means to an end and for many people including myself. We see it as a quicker, more effective, and more realistic means to an end than other options (ex: our traditional 9 to 5).  But when you say means to and “end”, what is that “end”?  Is that a clearly defined destination for you?

Is it retirement?  If so, what does retirement look like for you?

Is it financial freedom?  If so, what does financial freedom look like for you?

Is it a net worth of a certain amount of money?

Is it a passive income of a certain amount of money each month?

Is it a house on the water, a big boat, lots of nice cars, lots of vacations?

Is it simply Time Freedom – being able to do whatever you want with your time, because your bills are paid, and everything else is taken care of?

Is it a combination of most of the things I’ve listed above? Read More→

Private Funding

Posted on February 28, 2014 by

If you are a full time investor or just getting started, you may have noticed that inventory is not what it once was. Many real estate investors see this as an issue but as always by finding a win-win situation I found a resolution to their issue. In the last two years my focus has been in buying houses to renovate and resell. Occasionally, I end up having to wholesale due to having more deals than we can purchase. On the other hand, there are investors that have difficulty finding a good deal. As a result, their money is not working for them. It only made sense to find a way to work together.

There has always been a demand for investment real estate properties on classified sites like Craigslist. Everyone has seen the “I Buy Houses Cash” ad but recently there have been ads like “I have plenty of cash for real estate and not enough deals.” I know what you’re thinking, “It’s the same ad but worded differently.” Well, I thought the same thing at first and ignored it. I also thought they were placed by a company/ hard money lender disguised as a private lender. After seeing a few different ads similar to this I decided it was time to do some investigating. A few of the ads were hard money lenders, companies, wholesalers, etc. However, a few were legitimate investors looking for more inventory and they were willing to work together. Of course they preferred to purchase the property and be on their way but I presented an alternative. Read More→

Steelworks LLCYou’ve heard it before, vandals and vacant property thieves have gutted the house of copper and on their way out have taken one of the most valuable system components, the AC unit! Help is on the way! Atlanta REIA welcomes Nancy and Remo Loyal with Steelworks LLC, manufacturer and full service installation provisions for outdoor AC security (anti-theft) cages.

You may have seen steel cages surrounding these AC units before. All the custom steel AC cages from Steelworks are hinged to flip forward to give easy access for service calls or new installs.  Their AC protective cage is comprised of four heavy 16 gauge wire mesh panels and  one inch tubing framework. The cage prices include complete site installation and locks.   

Steelworks offers a wide variety of sizes of cages, the most popular being the standard size of  36 x 40 x 48. Custom sizes can be built for any unit or specification. As needed, Steelworks can also perform on site custom fabrication and any custom metal work that may be needed.  

If you need something quick, their standard size cages can be installed the same day if needed.

Steelworks design LLC is a local family owned and operated business serving the expanded Metro Atlanta area and all of Georgia since 2003. Their offices and production facility is centrally located in Gwinnett County.  For an estimate or more information, call Remo or Nancy at 770-570-6343 or email at nancy@steelworksllc.net. Read More→

Get Your QuickBooks Questions Answered

Posted on February 28, 2014 by

It is the goal of this column to answer questions about QuickBooks and how it is used in the REI arena. Know how to record transactions in the proper way and have your set of books in good shape when it comes time for taxes. It is our intention to do this by you the members submitting questions to mailto:Karen@smallbusinessadvisor.biz, and getting answers here in this column.

Q: I have used my business checking/debit card to make a number of purchases that were for me personally and have nothing to do with my business – how can I fix this?

A: You have two choices: You can reimburse the company for those expenses and put them in an account (equity) called Personal Expense and then when you make the deposit you apply that to the same account.  Or you can just leave them in the Equity account and this will become income to you at the end of the year.

Q: I just started to use QuickBooks and when I look at my chart of accounts I found an account called “Opening Balance Equity”. I did not create this account. How did it get there and what is it used for?

A: The account “Opening Balance Equity” is not a General Accounting Practice account; it is an account that is generated by QuickBooks specifically for setting up specific accounts that will have a beginning balance. For instance: bank accounts, credit card accounts, mortgages and several other types of accounts. QuickBooks “assumes” that the brand new user may not know where to put the off-setting entry when setting up a bank account or other type of account with an existing beginning balance. It allows the user to get their accounts set up and begin using QuickBooks. Later, your CPA will come along and re-class those amounts to their proper place in your books. This account should always have a zero balance.  You should never post anything directly to this account. Read More→

Sat, March 8th, 9:00 AM to 5:00 PM in Atlanta, GA

Real Estate Investors Hands-on QuickBooks Workshop
With Karen Bershad on March 8, 2014

Limited Seating sign up  TODAY for invitation

Karen BershadCreate your: Chart of Accounts, Customer/Job list, Vendor List, Item List, Memorize monthly invoices and recurring transactions, write checks, track income and repairs per property and much more.

Put the pieces together for your business!!

Karen Bershad is a Certified Pro Advisor for QuickBooks®, with almost 40 years of business experience and 17 years of training clients how to use QuickBooks® in their business.

Register Now!

Read More→

Gary Johnston & Clyde WilsonIMPORTANT ANNOUNCEMENT: We just found out that Jimmy Napier was in a car accident. The good news is that he only has some injured ribs and will be OK. The bad news is that he will not be teaching the “Increasing Your Cash Flow” Workshop this weekend due to his injuries.

However, there is more good news. The Cash Flow Show goes on… Gary Johnston (who was our guest speaker in January) and another living legend, Clyde Wilson, will be filling in and teaching for Jimmy. Clyde is Jimmy’s #1 student and has accumulated over a $30M net worth in his many, many years of real estate investing.

Gary will also be making a special appearance at North Georgia REIA on Thursday, March 13th at 7:00PM at the Hilton Garden Inn in Cartersville, GA. He’ll be talking about how to increase your cash flow each and every month. In addition, he’ll be talking about how to turn an adversity – like what happened to Jimmy – into a positive outcome.

So if you already made plans to attend this event… please do! You will not be disappointed. In fact, Gary and Clyde are so convinced that you will love this training event, that you can attend both days and if you are not completely satisfied, they will gladly refund your money. Also, if you decide not to attend the event, they will still gladly refund your money.

Increasing Your Cash Flow
A 2 Day Workshop with Jimmy Napier
March 15 & 16 in Atlanta, GA

PLEASE READ IMPORTANT ANNOUNCEMENT ABOVE

Jimmy NapierLearn from a Legend! Don’t miss this opportunity to hear Jimmy teach! For over thirty years Jimmy has accumulated a series of cash flow and wealth building tools and ideas. Many of these he transferred onto business cards that he could review before entering into a negotiation or transaction.

Jimmy is teaching a full two day seminar based on his ideas on how you can increase your cash flow! Each one of his strategies is capable of saving you money, protecting your wealth, or increasing your negotiation power. There are ways to buy with little or no money and important clauses to include in your contracts, notes and mortgages. Discover ways to finance property and ways to de-finance property.

These are tools and strategies you can use whether you are buying or selling, borrowing or lending. These tools and concepts will work for you whether you’re dealing with notes and mortgages or real estate.

Can’t get insurance? Need to raise cash? Do you have a negative cash flow problem? Would you like to be able to defuse a balloon note? Do foreclosures cost you too much? What clauses are important in a lease option?

The answers to all these questions, and more, are there in Jimmy’s ways to increase cash flow. Any one of them could be worth many times your investment in this seminar.

These tools and ideas have stood the test of time. These are the things that the wealthy and successful teach their kids. Can your kids do without the same information?

Should you attend?

Only if you want to have the tools you need to become financially free — and stay that way. It doesn’t matter if you’re a beginning investor or a seasoned veteran, you need this information. Real estate professionals owe it to their clients to learn this information.

100% Money Back Guarantee! After attending all two days of the class, you aren’t completely satisfied, we will give you 100% of your money back. What do you have to lose? Sign-up today!


Atlanta REIA Members $277/ea. Non-Members $297/ea.
Atlanta REIA Members use coupon code: ATLREIA

Download Jimmy’s 2014 Class Schedule & Registration Form

Please NotePLEASE NOTE: The Atlanta REIA Main Monthly Meeting on March 3rd has moved to the Salvation Army Building located at 2090 N Druid Hills Rd NE, Atlanta, GA 30329. See map below.

Mon, March 3rd at 5PM @ Salvation Army Building, Atlanta
The Atlanta REIA Main Meeting
“How to Dramatically Increase Your Cash Flow” with Jimmy Napier
On March 3rd at Our New Meeting Location!

Atlanta REIA Members Can Attend at No Charge. This month only,
Guests Can RSVP Online Now for $10 or Pay $20 at the Door.

Jimmy NapierOur next Atlanta REIA Main Meeting is on Monday, March 3rd at the Salvation Army Building located at 2090 N Druid Hills Rd NE, Atlanta, GA 30329 (just off I-85) with Jimmy Napier! Don’t miss this opportunity to hear from a living legend! For over thirty years Jimmy has accumulated a series of cash flow and wealth building tools and ideas. Each one of his strategies is capable of saving you money, protecting your wealth, or increasing your negotiation power. These tools and concepts will work for you whether you’re dealing with notes and mortgages or real estate and have stood the test of time. Come learn from the best!

RSVP Now!

New Location for March Meeting

Salvation Army
Click the image above for a Map to
Salvation Army, 2090 N Druid Hills Rd NE, Atlanta, GA 30329

DIRECTIONS: Get off the exit at 1-85 and North Druid Hills Rd. Turn into the driveway just to the left of Krystal and follow the driveway straight back to the Salvation Army Temple. We will have some directional signs to make it easy for you.

This Month’s Mini-Sessions & Speakers

Dustin GriffinWhat’s Happening at Atlanta REIA. This is a mini-session hosted by Dustin Griffin to update our members and guests on many of the exciting new things that are going on at Atlanta REIA in the upcoming weeks and months such as upcoming workshops, webcasts, special events, members benefits and more!

Deborah HarrisAtlanta Market Update. If you missed Deborah Harris’s detailed analysis and update the Atlanta real estate market at the meeting-before-the-meeting last month with Gordon Catts, join her at this mini-session where she will give you a quick recap and overview of latest changes going on in the metro area.

Joe ThompsonHave’s & Wants Speed Marketing. This is a 30+ minute marketing session hosted by Joe Thompson that is held to help facilitate deals by giving our members the opportunity to quickly market things they HAVE and no longer want and to find things they WANT but don’t yet have. Be sure to get to bring your flyers and get to the meeting early so you can get on Joe’s list if you want to participate.

Mon, Mar 3rd at 4PM @ Salvation Army Building, Atlanta
Mobile Real Estate Rockstars Group
with Don DeRosa

Don DeRosaPlease join us for the Mobile Real Estate Rockstar Group (Rockstars) hosted by Don DeRosa at our “Meeting-Before-The-Meeting” on Monday, March 3rd at 4:00 PM at the Salvation Army Building located at 2090 N Druid Hills Rd NE, Atlanta, GA 30329. The Rockstars is an educational and networking group for investors who want to leverage mobile technology to become more competitive, profitable investors. You’ll learn how to use the latest apps, tips and techniques to use the information they need, right now, at their fingertips, from anywhere.

Mon, March 3rd at 9:30 PM @ Famous Pub
The All New Late Nite Networking
New Venue, New Theme & New Opportunities!

Famous PubAfter the conclusion of the Atlanta REIA Main Meeting, we will be reconvening at the Famous Pub located at 2947 N Druid Hills Road NE in Atlanta, GA (in the Toco Hills Shopping Center) at 9:30PM for the All New Late Nite Networking and the “Meeting-After-The-Meeting”! We will be meeting in the private back room where the Famous Pub will be extending our members and guests food and beverage specials throughout the evening.

  • Do you love hanging out with other fun loving, like-minded real estate investors who love to talk about real estate investing and doing deals?
  • Do you want to work with fun, energetic people who are consistently doing deals?
  • Are you always looking for new contacts and resources to build your real estate dream team?
  • Do you ever have trouble putting together profitable deals and need help?
  • Are you constantly looking for new leads sources as well as home buyers and sellers?

If you answered “yes” to any of these questions, then you belong at Late Nite Networking! Whether you are brand new to real estate investing or have years of experienced, everyone benefits from Late Nite Networking. Come eat, drink, connect, and have fun with like-minded real estate entrepreneurs as we network late into the night!

There is no charge for Atlanta REIA Members or guests, so bring a friend and head on down to Late Nite Networking! Just be sure you order food and beverages from the pub and tip their wait staff generously.

*Meeting Agenda
4:00 pm: Mobile Real Estate Rockstars Group
5:00 pm: Vendor Trade Show & Networking
6:00 pm: Announcements & Mini-Sessions
6:30 pm: Haves & Wants Speed Marketing Session
7:00 pm: Networking Break
7:20 pm: Vendor Door Prizes & Giveaways
7:30 pm: How to Increase Your Cash Flow with Jimmy Napier
9:30 pm: Late Nite Networking at the Famous Pub in Toco Hills

*Please Note: Meeting agenda is subject to change.

Participating Vendors & Sponsors
Monthly Vendor Trade Show

Each and every month, for the duration of our meeting, we have a Vendor Trade Show in which you can come out and meet many of our participating business members who help sponsor our meeting. Thanks again sponsors! Vendors can RSVP here.

Networth Realty of Atlanta, LLCNetworth Realty of Atlanta, LLC – A licensed, full-service residential wholesale brokerage that specializes in finding quality wholesale properties and making them available to you. Read More>>

The Small Business AdvisorThe Small Business Advisor – A full service small business consulting firm specializing in QuickBooks with a wide variety of specialized services, trainings and products for small businesses. Read More>>

Advanta IRA AdministrationAdvanta IRA Administration – With the help of your local Advanta IRA staff, use your IRA to invest in assets you know, understand and control, such as real estate, notes & mortgages, private placements, and much more! Read More>>

Lima One Capital, LLCLima One Capital, LLC – A fully capitalized, direct lender for residential real estate investors and homebuilders. We are fully capitalized and our team prides itself on closing loans quickly for our clients. Read More>>

Goldmine Properties, Inc.Goldmine Properties, Inc. – As Atlanta’s first full service real estate wholesaler, we offer wholesale property at 65% loan to value, with financing available. Purchase price and repairs are 65% of certified after repaired appraisal. Read More>>

Halperin Lyman, LLCHalperin Lyman, LLC – A transactional real property law firm devoted to providing the full spectrum of non-litigation related real estate legal and consulting services to its clientele. Read More>>

FirstCall ClaimsFirstCall Claims – Our public adjusters are experts in preparing, documenting, and negotiating claims. With more than 20 years of experience and millions of dollars for our clients, FirstCall has a solid record of improving settlement outcomes. Read More>>

Solutions Realty NetworkSolutions Realty Network – Providing expert property management and investment services since 2003. You invest and we take care of the rest! We’re the solution to all your real estate needs. Read More>>

Craftbuilt, Inc.Craftbuilt, Inc. – We are a Metro Atlanta design-build construction firm specializing in whole-structure renovations, restorations, and new construction. No matter what the situation, we are up to the challenge! Read More>>

Pete's Friendly Home InspectionsPete’s Friendly Home Inspections, LLC. – Pete’s provides home inspections, radon monitoring, gas/water/septic tests, checks pools/sprinklers and any other type of inspection needed to get you that next home! Read More>>

Atlanta Capital FundingAtlanta Capital Funding – A privately funded hard money residential and commercial lender specializing in unconventional financing where speed and attention to special circumstances are critical. Read More>>

American IRAAmerican IRA – The American IRA mission is to provide the highest level of customer service in the self-directed retirement industry.
Read More>>

Atlanta Private LendingAtlanta Private Lending – Atlanta’s premier private real estate lending company. We provide private, hard money loans to professional real estate investors for renovation and investment purposes. Read More>>

New Western AcquisitionsNew Western Acquisitions – A full service Real Estate Brokerage that specializes in helping investors in acquiring inventory, securing contractors and lenders, as well as aiding in the liquidation of these assets. Read More>>

Angel Oak FundingAngel Oak Funding – A direct hard money lender headquartered in Atlanta. We provide renovation/construction loans for investors and or builders to purchase and renovate residential properties. Read More>>

CRS DataCRS Data – We offer comps from the MLS & FSBO’s, custom searches, property tax records, interactive maps, sales & mortgage info, real estate valuations, mailing lists & more. Read More>>

Atlanta Carpet ServicesAtlanta Carpet Services, Inc. – Providing carpet, wood, vinyl, and tile, ACS is dedicated to every aspect of your floor covering needs from initial consultation to the sale and follow-up services. Read More>>

Fuller Center for Housing of Greater AtlantaFuller Center for Housing of Greater Atlanta – A faith-driven, Christ-centered, non-profit organization dedicated to providing adequate shelter for people in need in the Greater Atlanta area. Read More>>

  • Air Conditioning Experts
  • Georgia Home Deals
  • Steelworks Designs, LLC
  • Property Jetpack

As always, your ongoing support and participation in Atlanta REIA is GREATLY APPRECIATED!

See Atlanta REIA Events Calendar for More Events!