Atlanta Real Estate Investors Alliance Blog
Finding All The Cash You Need To Fund Deals Without Going To The Bank – Part 1
Posted on April 4, 2014 byI believe that one of the greatest challenges to any real estate investor is raising the money or finding creative ways to fund deals. Going to the bank for money can be a long and arduous task, and while you are waiting weeks for approval, another investor with ready funds just bought your deal. Plus, the bank is going to insist that you fund the deal in your own name which can be damaging to your credit. In fact, taking properties in your own name can be outright dangerous. In addition, in our current market, it’s nearly impossible to get funding from banks to purchase great deals. And if you already have more than three loans in your name, you won’t get the money at all. So, where do you get the money or what creative ways can you use to fund your deals?
I have several great ways for you to find money to fund deals and end up with all the money you will ever need. The fastest and easiest way to locate funds is to find hard money lenders. This is the easiest type of lender to find, especially if you are just starting out in the real estate investing business. So what is a hard money lender and where do we find them?
A hard money lender is a person who will not require a credit check or long drawn out approvals like a bank would. What they will require is that you pay them an interest rate of usually 12-18%. They may also charge points on the front of the deal, usually between 3 and 5 points. These fees are sometimes negotiable and will vary depending on what part of the country you live in. They will also probably charge a pre-payment penalty if you pay the loan off early. Read More→
Hungry? There’s an App for That!
Posted on April 4, 2014 by“Never order food in excess of your body weight.” ~ Erma Bombeck
Gosh, I’m hungry. Hey, I’m all for working hard, but there’s a limit. Ever hear of an acronym called “H.A.L.T.”? Don’t get too Hungry, Angry, Lonely, or Tired. Well, I’m hungry! So this month, I’m taking a little dinner break.
Picture this: You’re knee-deep in grout and dust from working on a bathroom rehab. You’ve been at it all day, and now you’re rushing to pick up your Aunt Mavis at the airport. The only thing she’s had to eat in eight hours is one of those tiny bags of Real Georgia Peanuts they give you on the plane. And you sure don’t have the time or energy to cook. What to do?
Well, in the old days, you’d pick up Aunt Mavis, drive home through rush-hour traffic, thumb through a thick printed phone book for a pizza place that delivers, call in your order, and a pizza guy would magically appear at your door – in about 45 minutes. By now, it would be several hours since poor Aunt Mavis enjoyed her peanut “lunch,” and she might be too weak to eat.
Thank goodness for 21st century technology! While Aunt Mavis is waiting for her luggage, you whip out your iPhone, log into your favorite restaurant app, and in just a few clicks, you’ve ordered dinner. You pick it up on the way home, serve it immediately, and spend the rest of the evening catching up on Uncle Eddie’s medical conditions. Read More→
How to Avoid Getting Ripped Off When Buying Turn-Key Real Estate
Posted on April 4, 2014 byMake money while you sleep…
There’s nothing sweeter than making money while you sleep by owning free and clear residential real estate. Think about it, you spend a third of your life sleeping, imagine how much more income you can make if you have passive Cash flow.
Sounds great doesn’t it…
“Making money while you sleep”, “massive passive income”, “owning free and clear residential real estate”…it all sounds great, still we have all heard the stories of people that lost their shirts trying to make this a reality. You can avoid getting ripped off by asking 12 critical questions. The key to making successful turn-key investments it knowing the questions you need to ask.
Question #1: Do the principals actually invest their own money in cash flow real estate?
Would you buy a Mercedes from a guy who drives a Chevy? Ask them what they invest their money in. It’s quite common in the real estate teaching world to find guru’s that make their money from teaching and not by following their own teachings. Read More→
The Down and Dirty: It’s All About the Numbers
Posted on April 4, 2014 byHere is a common problem in our industry: we find a property and we have to decide, is it deal or not a deal? Many people get hung up on this question, but you can’t let it paralyze you. You can’t worry so much that you lose out. (By the way, remind me to tell you the biker story.)
Here is the most important thing… you have to have solid information: comparables, equity, repairs, and rental rates (above $150,000 not necessary). Then you have to run the numbers. These two simple things will lead you to success in deciding if you have a deal or not.
Quick and Practical Advice on Deal Determination
- You can buy properties which are upside down IF the mortgage balance is more than what the property is worth.
- You can buy properties that have a tremendous amount of equity.
- You can buy properties with owner financing.
Now, ask yourself: What is my business model? Read More→
Atlanta REIA Thanks Lima One Capital!
Posted on April 4, 2014 byIf you’ve been to the monthly Atlanta REIA meetings, you’ve seen the big blue table topper display and the smiling face of Lima’s representative, Cortney Newmans. Lima One Capital is an active Atlanta REIA Business Member and we thank them for their ongoing participation and support.
As a fully capitalized, direct lender for residential real estate investors and home builders, with offices in Atlanta, GA Greenville, SC, Charlotte, NC, Lima One is revolutionizing the hard money industry with highly competitive and straightforward rates, the length of their loans, and unmatched customer service. Says Mr. Newmans, “Our loans provide clients with the ability to capitalize on great opportunities in the real estate market… and we hold firm to a policy of no hidden fees and no junk fees; we close quickly and offer our clients the most professional customer service in the industry“.
Lima One Capital offers a 13-month loan, which is perfect for real estate investors who plan to sell the property, refinance it through conventional lenders, or conduct a 1031 exchange. Lima also offers a longer, 5-year loan for those investors who want to hold onto the property and rent it out in order to generate income. Read More→
So You Proved The Bank Lied About Your Loan. Now What?
Posted on April 4, 2014 bySay you are fighting a foreclosure on a securitized loan that you took out during the housing boom. Using a fraud investigator you were able to prove that the foreclosing entity forged your signature on the note. You rest your case and wait for the judge to come back with a ruling in your favor. Ten minutes later the judge rules that the foreclosure can continue as scheduled. This is surely a miscarriage of justice, right?
Not so fast. The judge made the right call, and you need a better attorney.
Here’s an example. Let’s say a friend lends you $1,000 and you agree to pay him back in installments. After a few months of making payments on time, you default on the loan and your friend sues you. In court your friend produces a promissory note that lays out the terms of the loan with your signature. You acknowledge that you were lent the money by your friend and then defaulted on the loan, but you have never seen this promissory note before. Furthermore, you have evidence that your signature on the note was a forgery. Under the rules of evidence, your proof of forgery should be tossed out. The reason is simple. You have already admitted to owing your friend the $1,000 and that you defaulted on the debt.
A note is merely documentation of the debt. If you have already acknowledged that you owed the money and then defaulted on the terms, the note itself, whether forged or legitimate, is irrelevant. Read More→
$1 Million in the Bank and Starving to Death
Posted on April 4, 2014 byJust 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→
Tips for Using QuickBooks
Posted on April 4, 2014 byIt 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 Karen@smallbusinessadvisor.biz, and getting answers here in this column.
Q: I have negative balances on some expenses on my income statement. How did this happen?
A: Negative expense numbers can happen. It is possible you made a purchase and booked it to one expense and returned it and booked the refund to a different expense. Therefore, the refund had no expense to cancel out (if there is nothing else in that account). Do a search for the original purchase and either move that to the account you booked the refund to or put the refund where the purchase is. A negative balance can show up if you made a journal entry and did not post the debit/credit transaction correctly. Just go back and reverse the entry. Read More→
A Fresh Start
Posted on April 4, 2014 byHave you hit a wall with looking for deals? Are you having trouble finding deals that make financial sense or that will cash flow at all? Are you having trouble getting started with your multifamily investing business? Not sure where to get started? If this is the case, I can help you with a fresh start. If you are just beginning then this article will help you to avoid a lot of unnecessary frustration and to jumpstart your investing career.
What size deal should I start with? This is one question most people ask when they get started in multifamily investing. Let’s take a close look at the answer.
To qualify for a commercial loan these days most lenders want to see that you and your partners have the net worth equal to or greater than the loan amount. So if you are looking at a $1,000,000 dollar deal then you plus your partners must have a collective net worth of about $1,000,000. Notice I said “collective” net worth. That means you can have $0 net worth and use the value of your partners to cover it.
Next step is to decide what your net worth is plus the net worth of the people closest to you, ones in which you think will join you in a multifamily deal. This may be family, friends or close business partners. Once you decide what your collective net worth is, you have the first piece of a formula that will lead you to success. Read More→
Atlanta REIA Main Meeting is on Monday, April 7, 2014
Posted on April 1, 2014 byAgenda for April 7, 2014
Atlanta REIA Members Can Attend at No Charge. This month,
Guests Can RSVP Online Now for $20 or Pay $25 at the Door.
PLEASE NOTE: The Atlanta REIA Meeting is being held at the Salvation Army Building located at 2090 N Druid Hills Rd NE, Atlanta, GA (Map) on Monday, April 7th at 5:00PM until 9:00PM. Atlanta REIA Members can attend at no charge and Non-Members and Guests can RSVP Online for $20.00 or pay $25.00 at the door. Non-Members can Join Atlanta REIA before the meeting and then attend the meeting for FREE!
*Please Note: Meeting agenda is subject to change.
New Group Forming: At 3:00 PM, Carla Gamper is holding the first “Multi-Family Investing Focus Group” in the Green Room. This is a new focus group that is forming for people who want to learn to increase their wealth by investing in multi-family properties. The group will work together to hone our skills at finding, analyzing and purchasing multi-family properties using the methods taught by David Lindahl, author of the Apartment House Riches home study course.
This will be a private focus group, but any Atlanta REIA Member or guest is eligible to participate in the first meeting in order to learn more about the group and get details on how to join. For this first meeting, we will be introducing ourselves and deciding as a group, discussing the purpose of the group, what we would like to accomplish, where and when the meetings will be held, etc.
Carla says “I am interested in helping others as well as myself, move farther and faster on our paths to creating passive income now. The purpose of this group is to make the most of our knowledge, leverage our time, take action, be accountable and be successful! If you want this too, I look forward to seeing you there!”
A New Group for Doing Creative Quick Turns
The Atlanta Homebuyers Society (AHS) is a brand new mastermind group that is forming now for persons interested in buying and selling houses for fun and profit. The program consists of the sharing of information and experiences among participants in the program related to their efforts, successes, and mistakes in regard to buying and selling real estate. The purpose of the group is to help participants become better and more profitable real estate investors and to share in those profits.
At 4:00 PM in the Main Meeting Room, the Atlanta Homebuyers Society is having its first meeting for all those who may be interested in participating in the program. At this meeting, interested participants will learn more about the program, meet group leaders and learn how to apply for the program. If you are interested in participating in the Atlanta Homebuyers Society…
- Visit AtlantaHomebuyersSociety.com to read all about the program.
- Download the Atlanta Homebuyers Society Application.
- Complete the Application & Agreement and bring it to the first meeting on April 7, 2014 at 4:00 PM.
- If you like what you hear about the Program, turn in your Application and group leaders will review your Application and let you know if you have been accepted or have been put on the waiting list.
PLEASE NOTE: The number of participants in the program is extremely limited. Once membership of the group reaches capacity, a waiting list will be created for additional applicants. If you want to be the first to be considered for the program, be sure to bring your Application and attend the meeting.
How To Cherry-Pick The Best REOs
& Notes The Banks Have To Offer
At 4:15 PM in the Green Room, Bob Massey will kick off the Short Sale & Foreclosure Group as the “Meeting-Before-The-Meeting” where he will be covering the latest developments and news in the real estate investing world regarind shorts sales and foreclosures, but that’s not all. He will also explain:
- How you can make $96,000 without actually buying the house or risking your own money
- What the recent billion dollar fines against the banks mean for real estate investors
- How to avoid the short sale process completely and make more money
- How to get around the no-flip clause
- And much, much more!
At 5:00 PM in the Main Lobby, we have a Vendor Trade Show that lasts throughout the meeting where you can come out and meet many of our participating Business Members and Vendor Guests who help sponsor our meeting. See a full list of our vendors and sponsors below as they are added.
Vendor tables are limited, so any vendors wanting to reserve a table for the meeting can RSVP for a Vendor Table here. Vendor tables are reserved and setup on a first-come, first-serve basis.
Starting at 6:00 PM, Dustin Griffin kicks off the Atlanta REIA Main Meeting with updates and announcements. Dustin covers what’s happening at Atlanta REIA in the upcoming weeks and months such as upcoming workshops, webcasts, special events, members benefits and much more! Be sure to be in the main meeting room at 6PM for your chance to be one of the first to receive a printed copy of The Profit Newsletter while supplies last.
At approximately 6:15 PM, Joe Thompson will be hosting the Haves & Wants Speed Marketing Session which gives our members the opportunity to quickly market deals they HAVE and to find deals they WANT. We also give our business members the opportunity to get up and say a few words about their businesses. Members who want to participate in the Haves & Wants Marketing Session must bring your flyers and get to the meeting early to get on Joe’s list of participants.
with Rateb “Rock” Shukoor
Atlanta REIA is excited to have Rateb “Rock” Shukoor as our keynote speaker for the month of April. Rock has worked as an investor, consultant, author, mentor and coach in the field of marketing and real estate for more than a decade and is a very successful wholesaler. During his presentation, Rock is going to teach you the fastest and easiest way to make fast cash investing in real estate with little or no cash, credit or experience. You will learn how to become a marketing machine and how to “Wholesale Like a Pro” so you can be the “Go-To Person” in your market for profitable real estate deals. Rock will teach you…
- How to invest in real estate with low risk and little experience
- How to buy all the houses you want without using your own cash or credit
- How to locate deals no one else can or will take the time to find
- How to negotiate with sellers and get properties under contract quickly
- How to work hours and not weeks or months to achieve the same results
- How to get paid in as little as 2 weeks to 30 days
- And much, much more!
FREE BONUSES JUST FOR ATTENDING: Rock will be giving away several bonuses for all those who attend: (1) a digital copy of his new book “The Dynamic 6”, (2) a digital copy of his book “Extraordinary Results by Ordinary Investors”, and (3) a marketing audit of your business or one-on-one consulting (a $250 value). Thanks Rock!
Don’t miss this opportunity to spend the evening with Rock and learn how to get started investing in real estate or how to take your wholesale business to the next level!
After 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 9:30 PM for the All New Late Nite Networking and the “Meeting-After-The-Meeting”! 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.
Networth 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 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 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, 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. – 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, 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 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 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. – 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 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 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 IRA – The American IRA mission is to provide the highest level of customer service in the self-directed retirement industry.
Read More>>
Atlanta 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>>
Angel Oak Prime Bridge – A direct hard money lender headquartered in Atlanta. We provide renovation/construction loans for investors and builders to purchase and renovate residential properties. Additionally we provide long term loans for rental owners to buy and hold. Read More>>
CRS 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 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 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>>
- Sign Mafia
- Georgia Home Deals
- ApexTkHomes, LLC
- Air Conditioning Experts, Inc.
- Property Jetpack
- Floor and Decor
Salvation Army, 2090 N Druid Hills Rd NE, Atlanta, GA
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 out to make it easy for you to find.
Marketing Madness Workshop with Rock Shukoor on April 19, 2014
Posted on March 31, 2014 byMarketing Madness Workshop
aka Marketing 101 Workshop
April 19th, 9am-5pm – *Keller Williams
200 Glenridge Point Pkwy, STE 100, Sandy Springs
to make money in real estate?
It’s a proven fact that real estate has created more millionaires than any other investment in history, so what’s stopping you from being the next real estate multi-millionaire?
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Do any of these obstacles apply to you? If so, you must attend my upcoming Marketing Madness Workshop on Saturday, April 19th from 9AM to 5PM at the Keller Williams Office* located at 200 Glenridge Point Pkwy NE, Suite 100 in Sandy Springs, GA. During this full day event, I am going to personally help you overcome each and every one of the obstacles that may be stopping you from bringing home some really big checks in a very short period of time with little or no cash, credit, experience or risk required on your part.
Whether you know it or not, as real estate investors, we are all in the “marketing” business. Yes, “real estate” is our product and “solutions” is the service we provide, but we are in the marketing business. You must learn how to be a great marketer to be able to find great deals no one else can and be able to attract cash buyers so you can close within days.
When you run your real estate investment business properly, you will get paid within days not weeks or months, just like most successful wholesalers do. Of course this is easier said than done, right? Well, it is that easy when you know what to do, how to do it, when to do it and when you have the right resources available to you.
During the Marketing Madness Workshop, I will share tons of useful and up to date information and teach you how to become a “Marketing Machine” and the “Go-to Person” for hot deals in your market.
I will teach you direct mail marketing secrets, voice broadcasting, mobile marketing, text message broadcasting, video marketing, social media marketing, how to build a buyers list, and many more killer marketing techniques that can be used in any market. I will also teach you many of my wholesaling techniques, share the resources you need and keep it simple, fun, fast and easy!
So what are you waiting for? Will you be the next real estate millionaire? It is up to you. Success starts with taking action, one step at a time. So don’t let anything stand in your way. Clear your schedule, forget the past and come join me at the workshop so I can help you become a Marketing & Wholesaling Machine! See you at the event!
*Meeting facilities provided by Deborah Harris of Keller Williams Realty First Atlanta. Contact Deborah for all your commercial or residential real estate needs at 404-272-9827 or AtlantaRealty@KW.com. Thanks Deborah!
High Tech Homebuying Academy – March 27 – 30
Posted on March 25, 2014 byMarch 27th – 30th in Atlanta, GA
Registration Starts at 8:00AM. Class Starts at 9:00AM
Come join Don DeRosa, Dustin Griffin and their subject matter experts at this jam packed, fun 4-day workshop.
The High Tech Real Estate Academy will be in session March 27-30th at the Hilton Garden Inn Atlanta Perimeter Center and YOU don’t want to miss it!
This fast pace educational event will be the one to see this year, you’ll learn so much you need to know about the in’s and out’s the tips and tricks of real estate investing.
- How to do business without an office.
- Carry your business with you so you never miss an opportunity!
- Route calls right from your device to your answering service, Title Company and others.
- Lose all those paper receipts! Use electronic receipts for your taxes, for your contractor, track your expenses!
- Send the sale contract to the lawyer for title search while you’re still at the seller’s home.
- Keep all your data in one place, each deal will have its own file with pictures of the property, offers you’ve made, comments, contact information for the deal and much more.
- Give the seller your e-card right on the spot!
- How to get a great web site to attract buyers and sellers.
- Creative financing solutions so any opportunity can be a winning one!
- How to be the first offer on the table
- Creating multiple offers to suit the sellers’ needs
- Rehabbing, the best way to do it, save money, and get a great property out of the rehab.
- How to structure entities to benefit the sale and closing.
- Finding leads without investing thousands of $$
- Applications that will make you more effective and increase your productivity.
- So many tips and tricks you’ll wonder why you have not been doing this all along!
Atlanta REIA Members $495/ea. Non-Members $995/ea.
