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In this episode of The James Orr Show you will find:
- First, James has a couple of updates. James reminds listeners that they can download episodes of The James Orr Show on the Learn To Be Rich website, or on iTunes available as a podcast.
- He also tells listeners that he is planning on “starting over” after the 50th episode of The James Orr Show. Listen to the show to find out more.
- He also reminds listeners that they can find the very basics of the business in the new real estate entrepreneurs resources, which include lots of articles, videos, and free downloads.
- To kick off the show, James reveals the new Affirmation for the Day.
- During the discussion of the affirmation, James tells listeners interested in structuring deals with subject to and lease options that they must talk to an attorney about it. James recommends finding attorneys that are qualified and know what they are talking about, even if they are more expensive.
- James then talks about ways to find attorneys. He suggests asking active real estate investors if they know any good attorneys, or looking through title companies.
- Also, James talks about how this relates to building a dream team, and brings up the daily checklist from his book, Real Estate Investing Systems.
- Next, James continues the topic of subject to and lease options, with the example of a deal. James also goes over the type of money you can make using subject to.
- Then, James goes over the due on sale clause, and discusses several parts of it. After, James talks about ways to deal with lenders calling the loan due.
- To end the show, James wraps up and reminds everyone to join the Private Money Mastermind Group before the price goes up in August.
This show is now available as a digital download: The James Orr Show – Episode 2010-07-21 or get access to all future live episodes, consulting during the calls and many of the previously recorded episodes as an Inner Circle Member.
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We use the Dream Team Checklist to remind us to continue to expand out and strengthen existing relationships we have with key dream team members that will help us accomplish more as real estate investors.
Unlike many of our other checklists that give you action steps, this one lists some of the key dream team members to encourage you to reach out and make contact with professionals that will make your life easier and more profitable.
Whether you use it as a reminder to ask your existing dream team for referrals or recommendations in those areas or as a list of folks to seek out and interview on your own, you will find the list to be a great resource for improving your real estate investing business.
Here is a very abridged list of key dream team members from our much larger list:
- Accountant/Bookkeeper
- Administrative Assistant
- Appraiser
- Attorney
- Contractors
- Lenders (Traditional Brokers, Hard Money, Private Money)
- Insurance Agent
- Property Manager
- Real Estate Agent/Broker
- Real Estate Wholesalers
- Title Company
Until my next post,
James
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Last Friday I shared with you my rough outline of a checklist for hiring an Acquisitions Manager for my real estate investing business and I will sharing lots of additional information about that with you here, but today I want to share with you why I believe it is better to always hire two people (even if it is two part-time people) rather than one person for a position.
In a word: redundancy.
Imagine that you spend, in total 40 hours, to train a new hire and then a couple weeks later you discover that they are either not a good fit or their life changes (divorce, spouse gets a better job and must move, they get a better job or any number of reasons) and they need to stop working for you. What would you do if you just hired one person?
You’d have to go back to the beginning and start over completely (hopefully with a checklist from the training you just did but that’s a topic for another day). However, if instead of hiring one, you hired two… maybe two half time people for one full time position, you wouldn’t spend too much extra time of yours training, but if one leaves you still have another one that you could, more often than not, bump up to full time or at least 3/4 time to help out while you are bringing in another person.
Another benefit is the ability to have the person you just trained train the new person. Believe me when I tell you that you have a far better understanding of your job when you need to train someone else to do it as well, so having your part-timer train a new person (with your oversight and management) at their position will dramatically improve that person’s ability too. They will learn their job much better.
So, if you are hiring an admin assistant to help with you real estate investing business or an acquisitions manager or someone to help sell your properties or keep them occupied with tenants, it is far better to hire two (or more) than just one.
Until my next post,
James
P.S. Upgrade to our Real Estate Investor Bronze Membership to access our checklists, systems and tools for running your real estate investing business including systems for hiring key team members.
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I’ve talked before about the important of building your dream team and having a great title company on your team is critically important. In fact, many people do not realize all the different things that a great title company can provide.
While I was putting together the Title Company Interview Questions as an exclusive resource for our Real Estate Investor Bronze Members I was reminded of just how important my title company is to my business. For example, here are some things that a title company may be able to provide to you:
First, they can close your deals and provide you with title insurance to protect your interest in the property.
Second, many are offering to help negotiate short sales for you.
Third, many can provide access to comparable sales data so you can determine the value of your properties before you buy.
Fourth, many can pull up mailing lists from public record including Absentee Owners and Free And Clear–both are excellent marketing lists. Many can pull a foreclosure list for you as they are filed. Some, and this is much rarer, can give you access to probate data if that is part of your business model.
Fifth, many will help you with the paperwork you need when you are using owner financing or private lenders to do your deals.
So, take some time to find a great title company for your real estate investing business and you’ll find it saves a lot of time and money.
Until my next post,
James
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