Epic Real Estate Investing Podcast This post appeared first on Make Money Your Way. Renters Insurance: What’s Covered, What’s Not Fifty-six percent... I bought my first rental cash when I was 22, let the property rot and did not invest a dime in repairs in 10 years. The result? A low rent and quite a bad tenant. He was there before I bought the place and I wanted to have him out before renovating, but he beat me to the game, stayed for 10 years, died, I had to evict his widow, and managed to sell the place a few months later for double the money.   Apartments For Rent Option Agreement • Maximize your marketing. Use platforms like AirBnB, HomeAway, and RentalSpot. Seth, House Flipping Struggles of an Over-Educated Wholesaler12:26 Prev Article Next Article 1 I am mostly getting number 4 (mortgage pay-down. Unfortunately I will pay everything down around the time I will be 59. So then I will start getting all the cash flow and also the IRA will become available. I am trying to figure out a way to pull in some of those benefits to the present time… Thomas Guertin on February 1, 2015 9:04 pm make only a little story using a discussing pencil, or something impractical up. * Contact and negotiate with property owners Even for an every day investor or wholesaler, making a great income can be achieved by practicing some very established and proven strategies. Check out the following 4 real estate investing strategies you can put to use with no money, or credit! Plans Books, art There are many things to consider when evaluating a potential investment but the number one measure is to be sure it is cash flow positive. You can create an epic spreadsheet or use tools like Simple Wealth to help you calculate cash flow, appreciation and make data-driven decisions. Alec says: 13.) R.V. Parks – An RV park owner simply rents the space temporarily to individuals with motor homes or campers. Dayton Real Estate Networking 4/10/17 Current ye@r * If I want to sell, there is no since of urgency. There’s normally no timeframe in which to finalize the sale. However, “need to sell” sounds like this :”I have to sell this house now because I’m moving to Maryland to take care of my ailing mother, and I have no other family members in the area.” This is a “need to sell” scenario. Leveraging anthony says: [iii] State of Oklahoma, ex rel Oklahoma Real Estate Commission vs Alan Cheshier, et al. CJ-94-359 BH (Cleveland County District Court, filed October 14, 1994). It was a great read, informative. I live in Texas and wondering if all Wholesaling contracts are the same. If not, do I need to go and get one from a Title company or Closing Attorney? Also, How can I prevent the seller seeing what my profit is after I close on the deal? April 12, 2010 at 5:03 pm Lance Edwards When I’m asked by sellers what we do . . . I tell them. Nothing hidden, total transparency. Some are OK with that, some refuse to allow us to help . . . but in all cases we retain our integrity and reputation . . . and if/when that happens, we move forward to find someone else who needs our help! * @license Licensed under MIT license Steven Tran on May 10, 2016 12:42 am There are several methods but they generally revolve around one simple principle: Houses are worth about what local similar houses have recently sold for. Affidavit & Release Agreement (Video) Eviction Process in Maryland From Start To Finish – Pendergraft Firm sam on November 16, 2014 at 8:09 am Live Events Disclaimer Brian M Sullivan says: How Does the Trump Tax Reform Impact Investors? I know for some people this can be a question of ethics when wholesaling, but remember your objective is to help the seller out with a problem. You are only looking at the benefits that you may receive but you have to look at how you’re solving the sellers problem. What we do is inform the seller that we are willing to purchase the house with the approval of a partner this partner is your cash buyer. If your partner the cash buyer disapprove of the terms of the contract you may cancel the contract as long as you are within your inspection period. This is the reason you should always have on your contract and/or assignee and in your additional terms and conditions that its contingent upon partner approval. It's An Ongoing Education My Account I liked this book. Gives a newbie a thorough understanding of wholesaling. Even a veteran will learn a few things. Definitely a must read. Bronson Reyes Home›Editor's Choice›The Ultimate Beginner’s Guide to Real Estate Wholesaling Gathering information about the property (condition, listing status, square footage) 6M ago19:20 Lead Generation/Marketing (35) URL: https://www.youtube.com/watch%3Fv%3DL07gkcDUyNo lance wakefield on December 4, 2017 6:34 pm Related April 8, 2018 at 7:40 pm Q5. Are contract assignments only done in the state where ALL parties- (owner, me, buyer, and title company/ closing attorney) are living in? OR can we all live in different states and still do business with each other? My Problem With Wholesaling A wholesaler without a good deal is like a butcher without any meat. It’s useless. Therefore, a wholesaler must become proficient and effective at building a pipeline of great real estate deals. Live Free MD July 20, 2017 at 10:59 am 6.8k Views · View Upvoters 8. Buying property at low price- 5 | Auctions or offers or offers, attempts or agrees to auction real estate; October 18, 2017 at 9:21 am REAL ESTATE Online Training for Landlords & Real Estate Investors Log in Get started • Through referral fees. You can get fees from referring people to property managers, lenders, agents, credit repair agencies, and so on. LDP To qualify for a mortgage on a rental property, you’ll probably need a down payment of at least 20%, says Doug Lebda, chief executive officer of LendingTree. But once you’ve purchased your first property, you can use the equity to buy additional properties, typically through a cash-out refinancing, Lebda says. Most lenders won’t let you take out more than 80% of the equity you have in the property. Appreciation will increase your equity; you can also build equity by reinvesting your rental income. Thanks Dale – Yeah, I bet I could get to 200 if we tried! I did have Private Lender, but decided to group it in with “Hard Money” To save space (though, they are different! ) Sophisticated content for financial advisors around investment strategies, industry trends, and advisor education. Steps to Avoid Wholesaling Disaster 135 Comments 4.0 out of 5 starsDecent info with a sales pitch Great article! Very well organized and informative. For a newbie investor like me this is a great way for me to learn at a very basic level what all the terms mean that I hear get tossed around a lot among more vetern investors. I’m sure I’ll be refering to this often! Answered Jul 24 2017 · Author has 855 answers and 510.2k answer views Mark Ferguson March 15, 2017 Follow Pauline Paquin on Twitter: www.twitter.com/RFIndependence These topics and strategies should be shown to all newer investors to get a birds-eye view of REI and not simply be exposed to what the media or popular guru’s are pushing. For example, some jurisdictions frown upon wholesalers marketing a property and contend that only licensed real estate professionals can market a property, and by marketing a property that they do not own, they are acting as an unlicensed broker. Wholesalers can possibly get around this by getting a real estate license, double closing, or only marketing their contract. Thanks and regards Have you ever considered getting involved in Real Estate Investing? Learn to Earn passive income with the CashFlow Guys as we discuss what we have learned as real estate investors, entrepreneurs and former employees. We talk about the specific steps we took to build our passive income to exceed our expenses therefore being able to “escape the rat race” in real life and no longer need a traditional “job”. Our podcast covers a wide range of topics that all investors should learn including Self ... Commission (7) About All Things Real Estate Store 19.) Hybrid Fix-N-Hold for Single Family Homes – One of my personal favorites, this incorporates finding the good deal and remodeling the home from the fix-and-flip but the long term benefits of the buy-n-hold. Simply, a single family home is purchased for a low price during a low market, remodeled to force appreciation, and held until the market improves and sold. This method seeks to maximize the ROI while limiting the risk. A downside to this method of wholesaling is you will have extra costs. These extra costs include the closing costs involved in closing the transactions (which is spelled out in your agreements with the seller of the houes for the A transaction and the end-buyer for the B transaction). This can easily cost several thousand dollars depending on what you agree to pay for. a rate sheet or pre-priced package info to send them via email November 23, 2015 at 10:04 am If you did want to put down some kind of deposit or consideration, I’m not sure if there’s a “minimum requirement” in California, but I’ve heard a lot of investors say that they’ll just put down $10 or so – enough to make a blip on the radar, but not enough to hurt them if things fall apart on their end. whats the difference between escrow and bringing the contract to the title company? Debt Against The Property Austin LATEST NEWS BY ASSETS October 18, 2017 at 9:21 am EMAIL SUBSCRIPTION 10 Cheap Stocks to Buy With Only $10 “Before entering into a contract, a person selling an option or assigning an interest in a contract to purchase real property must disclose to any potential buyer that the person is selling only an option or assigning an interest in a contract and that the person does not have legal title to the real property.”1 MON-FRI 10am to 5pm Real estate investors pay the lowest takes of any for-profit group in the United States. The IRS allows us to reduce our earned income tax on cash flow by taking a depreciation deduction against the house. We can avoid capital gains tax when we sell by using a 1031 tax exchange. 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