Skin In The Game

- - Flipping

single_custom_football_17596-2As a borrower, you need to know that if you’re going out working with lenders, they’re going to ask for skin in the game. The question you have to answer is where are you going to get that?

You can get skin in the game from a lot of places. You can get it from home equity lines against primary residents. You can use cash advances against credit cards. If you’re going to do that, I would encourage you to obtain more credit cards. You can get unsecured lines of credit, either from a financial institution or from peer-to-peer lending groups. Continue Reading

Where Do You Find Foreclosures?

- - Flipping

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Any property that is being held for sale at a public auction is required to be posted in a publication that is circulated within the county, like a local newspaper, where the property is located. If you’re in a larger metropolitan area, there are open publications related to legal news, like bankruptcies, divorce, foreclosure lings, and lien release waivers.

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Price a Wholesale Deal

- - Getting Started

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This is a great question because one of the things you do not want to do is demand so much money for the deal that nobody will buy it. You need to leave enough of what we call “meat on the bone” for the next person. They still need to be able to make a profit after they have invested me, renovation costs, and paid off their contractors. There needs to be enough room after all the closing fees, real estate commissions, title fees, and your wholesale fee for them to still make a profit.

Here are some guidelines for you to know how to price a wholesale assignment deal.

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How do you price the wholesale deal?

- - Uncategorized

 

Private-MoneyThis is a great question because one of the things you do not want to do is demand so much money for the deal that nobody will buy it. You need to leave enough of what we call “meat on the bone” for the next person. They still need to be able to make a profit after they have invested me, renovation costs, and paid off their contractors. There needs to be enough room after all the closing fees, real estate commissions, title fees, and your wholesale fee for them to still make a profit.

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Weasel Clauses

- - Getting Started

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Some call them escape plans, others call them “weasel clauses”. Contingencies are conditions which must be met if a contract is to be performed.

Contingencies that suspend the contract until certain events occur are known as suspensive conditions.

Contingencies that cancel the contract if a certain event occurs are known as resolutive conditions.

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Avenues Toward Wealth

- - Getting Started

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The first step in determining which real estate path is right for you is establishing your goals. How much do you want to make and how quickly? How much networking do you want to do? What kind of networking are you interested in? Do you see project management as one of your skillsets? Or perhaps, you are really handy around the house? Perhaps you have a partner you’d like to work with you, or maybe you’re flying solo? Below are some descriptions for each segment to help you determine which real estate avenue best suits your work style, requirements and strengths.

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THE PROCRASTINATOR’S COMMON DIVERSIONS

- - Personal Growth

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This is doing something that isn’t a priority. Examples: watching TV, eating, playing, sleeping, or even cleaning. Once we are engrossed in the diversion, we block out the anxiety, self-doubts, anger, or boredom associated with the work we are putting off but should be doing.

Mental Excuses, There are three main types:

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Owner Financing

- - Getting Started

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This is the most common way to get a hundred percent financing. This is where the current owner agrees to finance all or some of the purchase price. If it’s just some, you can get the remaining amount from Cogo Capital or another local private lender in your market. If you have the financial or credit wherewithal, you could also go as far as getting conventional financing.

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Mistakes to Avoid

- - Getting Started

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Thinking this is an easy, get rich quick strategy is a big mistake. Nothing that I’m talking about is easy or a get rich quick scheme. It is a lot of work, it is a lot of time, it is a lot of phone calls, it is a lot of marketing, it is a lot of mail, it is a lot of offers, and it is a lot of rejection. It’s a lot of work, but I’m here to tell you, if you will stay the course, if you’ll just follow the Lee Arnold System, you’re going to be okay because it’s a proven system.

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