Recently, we had a guest expert on our Interviews with the Expert series. The topic was investing in land. (Here’s the webinar link in case you want to check it out).
During the webinar, I had kind of an “aha” moment and I decided to do a “challenge”.
I was going to take Jack’s system (Note: I had NEVER gone through the materials personally prior to this) and implement it. My goal was to get a parcel of land under contract in 30 days or less.
Here’s What I Did…
I committed to spending 60 minutes/day on the system. And truth be told, many days I got too busy with our other businesses that I had to double up sometimes to make up the time. But I was committed to it.
The first part was going through the training, taking notes, and following along as I went.
I followed his system on finding areas to invest… (I suspended any previous beliefs that I had and any conceptions I had about areas, the model, etc.). I wanted to go into this system of investing without any of my own experience clouding matters (You’ll see that didn’t always happen, but I tried my best!)
I followed his recommendations on lead sources (I did hit a few bumps [Click to Read the Full Article…]
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Posted in Getting Started In Real Estate,Land,Real Estate Investing Articles,Real Estate Trends,Wealth Creation
More and more investors and real estate agents are using attorneys and negotiators to get their deals done.
It’s the perfect answer to the “I don’t want to deal with banks and short sales” issue. OR IS IT?
If you are a homeowner trying to get a short sale approved on your home, whether you’re a homeowner or an investor, you might want to think twice about the hands-off negotiations. There are far too many people that over promise and under deliver.
I learned from a friend of mine and mentor, many years ago, never to ask “Why” something had or hadn’t happened, but how to fix it moving forward.
Let me tell you a TRUE STORY and what the ultimate solution was (names of the actual buyers and sellers will be changed for privacy purposes). If you are in the Central Florida area, please contact us privately and we’ll be happy to let you know the name [Click to Read the Full Article…]
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Posted in Real Estate Investing Articles
There’s good news and bad news about short sales!
The good news is that if you can follow a checklist, you can submit a short sale package to the lender.
The bad news is that the checklist of documents can be daunting to say the least!
The best advice is to contact the lender prior to submitting your package to get their list in the event they have additional requirements, want specific components on their paperwork/letterhead, etc. Each lender is different, so it pays to take a few minutes up front to get the lender-specific list of documents. If you’re going to be active in the short sale business, it’s a good idea to keep a file for all the documents from each lender and update it as necessary.
Here are the 14 things you’ll generally need to have together when submitting your short sale offers to the lender. Again, some of these may differ slightly based on the lenders requirements. [Click to Read the Full Article…]
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tagged as loss mitigation, short sale package, short sales Posted in Foreclosures and Short Sales,Real Estate Investing Articles,Real Estate Trends
When you’re flipping houses, it’s critical to be able to evaluate deals quickly and effectively.
One of the most important characteristics of successful real estate investors is their ability to take fast – and massive – action. And the one thing that holds people back in real estate is FEAR of taking the wrong action! In the next step, I’ll cover how to create RISK FREE contracts 100% of the time that actually get accepted, so no worries there… but for now, understand that you have to be able to quickly evaluate deals or else someone else is going to snatch up all the really good deals before you have a fighting chance.
So, for right now, I’m going to cover the discount property analysis. You need to know: (1) What it’s worth in TODAY’S MARKET, (2) What it “needs”, or repair and holding costs, (3) How much you can get it for!
Too many people focus ONLY on #1 and #3. They find a deal that’s worth $150,000 and get it under contract for $120,000 and try to sell it to another investor, claiming there’s $25,000 in profit (after the wholesaler’s $5000 assignment fee). Sorry, folks, this deal is PROBABLY upside down… [Click to Read the Full Article…]
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tagged as Evaluating Deals, Flipping Houses, Rehabbing, Wholesaling Posted in Flipping Houses,Getting Started In Real Estate,Real Estate Investing Articles,Rehabbing Houses
By: Darius M. Barazandeh, Attorney at Law / M.B.A.
POINT # 1: Many investors believe that they can create a limited liability company (LLC) or file a corporate charter with the state and always have liability protection. This is SIMPLY NOT TRUE. The truth is that each of these business entities (the LLC, the corporation and even the limited partnership) require certain key steps after the structure is created. I always like to compare business entities to a fancy Italian sports car or a new baby…they WILL DEMAND PROPER CARE AND FEEDING! They are fun on the first day, but you had better know how to maintain them. You can’t neglect the baby or take the fancy Italian sports car for a spin without any oil in the engine. If you do then a disaster is coming! Many new business owners believe that because they hired an attorney or service to create their new business entity, the work is done. The truth is that what you do after the entity is created is most important. There are countless nuisances, details, traps which must be understood in order to MAINTAIN LIABILITY PROTECTION.
POINT # 2: If you plan on going into business with another investor or what you might call a partner, consider this: What happens if there is a disagreement? Do you have to sue, do you use mediation, do you have procedures in place to require efforts to settle things out of court? What happens if one of the parties in the business wants to sell their ownership interest? Who will buy it? What will they sell it for? [Click to Read the Full Article…]
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tagged as Darius Barazandeh, Real Estate Investing, Real Estate Liability Protection, Real Estate LLC, Real Estate Tax Savings Posted in Asset Protection,Darius Barazandeh,Expert Interviews
By: Darius M. Barazandeh, Attorney at Law / M.B.A.
The best way to understand a corporation, limited liability company (or even a limited partnership) is to realize that each creates a special legal relationship or privilege between the business owner(s) and the government. These areas of government include:
1. State Government (including state taxing authorities and the state court system)
2. The Federal Government (specifically the IRS and the Bankruptcy court system)
You may be saying, alright Darius, I still don’t understand what you mean by a relationship or privilege. The best way that I can put it is this:
A business entity is a legal relationship which allows for certain privileges. [Click to Read the Full Article…]
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tagged as Darius Barazandeh, Real Estate Investing, Real Estate Liability Protection, Real Estate LLC, Real Estate Tax Savings Posted in Asset Protection,Darius Barazandeh,Expert Interviews,Wealth Creation
The only real solution for real estate investing mistakes is consistent action! You’ve got to stick with it and realize that part of learning process. You WILL make mistakes… and you will continue to make them for as long as you choose to invest.
The key is to learn from each and move on. Add it to a policy and procedure manual so to speak! And avoid that particular real estate investing mistake in the future!
When I first started in real estate, I would document every real estate deal in detail. I would be sure to document: (1) What went well, (2) What didn’t go well!, and (3) How to improve on the next deal.
In this article series, I’ve highlighted 17 mistakes that I made early on and share with you what you can do to avoid making the same real estate investing mistakes I made… (You can get all 17 real estate investing mistakes here) [Click to Read the Full Article…]
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tagged as Get Started in Real Estate, make money in real estate, Real Estate Investing, Real Estate Investing Mistakes, Real Estate Investor Posted in Flipping Houses,Getting Started In Real Estate,Real Estate Investing Articles,Rehabbing Houses
When I first got started in real estate investing, I was the poster child for mistakes! The one thing I did PROPERLY was that I took action. And success favors the people that take action.
The key is to keep moving and not dwell on each individual real estate investing mistake that you make, especially early on! Just keep on going… and take a few minutes to figure out what the lesson was, add it to your knowledge and experience bank, and move on to the next!
In this article series, I’ve highlighted 17 real estate investing mistakes that I made early on and share with you what you can do to avoid making the same real estate investing mistakes I made…
The first mistake new real estate investors make is always thinking the grass is greener on the other side! That “another” market will have better deals, more motivated sellers, and more qualified buyers. Once your business is established with duplicatable systems in place, it can be easy to expand into additional markets. But in the beginning, stick with your targeted farm area. [Click to Read the Full Article…]
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tagged as Get Started in Real Estate, make money in real estate, Real Estate Investing, Real Estate Investing Mistakes, Real Estate Investor Posted in Getting Started In Real Estate,Real Estate Investing Articles
Real estate investing is exciting when you’re just getting started. Real estate is all you can think about and all you can talk about. Your enthusiasm rubs off on others and you instantly start attracting people that want to lend money on for deals, partner with you on properties, joint venture with you on aspects of your business, etc.
The problem is that when you’re so excited, it’s hard to imagine anything EVER going wrong. Why would you need anything more than a handshake and verbal agreement?
Sure, you may be laughing as you read this, but you’ll see… when it comes time to putting a joint venture together, you’ll be eager to get moving along and you just might make this critical real estate investing mistake… and it COULD wind up costing you tens of thousands of dollars, friendships, and worse. [Click to Read the Full Article…]
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tagged as Get Started in Real Estate, joint venture agreement, Real Estate Investing, Real Estate Investing Mistakes, Real Estate Investor, Real Estate Joint Venture Agreement Posted in Asset Protection,Getting Started In Real Estate,Real Estate Investing Articles