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Yesterday on The James Orr Show for real estate entrepreneurs James covered the following topics:
- New recording up for The James Orr Show recorded live on Thursday, June 3, 2010 on the post Marketing To Find Deals, Money Concerns About Lease Options and Subject To.
- If you are a new listener or subscriber, these live calls supplement the free training and resources that we already provide to you. Video, articles and audio downloads and more to get your started can all be found on the Real Estate Investing Resources page.
- Submit your questions, deal analysis, biggest challenge for me now via Twitter.
- “Getting The Money Bootcamp” with Patrick, Trevor and Susan over the weekend was amazing. Learned about legally raising private money for your real estate business (actually any business). Learned about how to correctly go about finding private lenders and learned from an SEC attorney the laws and rules regarding marketing for finding money for your deals. Also, learned about doing syndications and group investing. Learned about using government funding from Sean Carpenter (and will probably have him on talk about that with you guys in a future call). If you want to get more information about our Private Money Mastermind group.
- James takes another live question and discusses how and when to talk to sellers about your wholesale deal.
- Daily Checklist (from Real Estate Investing Systems book)
- Review the Goals Checklist and from my mentor, Richard Roop, James talked about an affirmation: “I consistently take action even when faced with fear and uncertainty”.
- James discussed a new short video on site that he added last week called “No Money Down Strategies For Real Estate Entrepreneurs”. It is really misnamed… should have been “Strategies For Acquiring or Controlling Properties Without New Bank Financing”. We discussed each strategy: Wholesaling, Partner, Option, Subject To, Lease Option, Assume Seller’s Loan, Buy On Contract, Owner Financing
- James then goes on to discuss some strategies for how to improve response rate in all your marketing.
- Before wrapping up the call, James discusses the importance of driving by comparable sales.
- Bob Diamond will be joining us on Wednesday night to talk about creative no money down and no credit required buying strategies starting at 7 PM MST.
- Don’t forget to follow James on twitter.
This show is now available as a digital download: The James Orr Show – Episode 12 or get access to all future live episodes, consulting during the calls and many of the previously recorded episodes as an Inner Circle Member.
Inner Circle Membership - Daily, Live Training for Bird Dogs, Wholesalers, Real Estate Investors and Real Estate Entrepreneurs with Q&A and consulting and more.
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The following is a video I just made about no money down strategies for real estate entrepreneurs (really about ways to be an active real estate entrepreneur without getting new traditional loans in your own name would be a better title).
Please enable Javascript and Flash to view this Viddler video.Some of the resources mentioned in this video are:
- Private Money Mastermind Group
- The James Orr Show
- Real Estate Investing Systems Book
- Follow James On Twitter
Inner Circle Membership - Daily, Live Training for Bird Dogs, Wholesalers, Real Estate Investors and Real Estate Entrepreneurs with Q&A and consulting and more.
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Structuring offers is a deceptively simple concept. You can learn the basics in a couple hours, but it takes analyzing hundreds of deals to really start to understand the subtleties. Use the Structuring Offers Checklist as crib sheet to remind yourself of some of the key concepts you will need when analyzing deals and structuring offers to sellers.
In the Structuring Offers Checklist we cover most of the basic strategies for analyzing deals including an all cash offer which is based on the 70% minus cost of repairs formula. As an aside, some investors use 65% minus cost of repairs and some people use whatever the maximum percentage their hard money lender will loan minus the cost of repairs.
For most of the offers that I structure I want to calculate the net operating income first and so we include that as a prominently placed, early step on the checklist.
We do include sub checklists for structuring subject to, lease option and owner financing offers as well which are very important if you are trying to buy properties using any of those creative finance strategies.
We also address structuring offers if you plan to wholesale the property with the key consideration for doing that being: knowing what you wholesale buyers are willing to pay. Knowing their buying criteria allows you to structure offers where they are excited to buy even with your wholesale fee included.
Until my next post,
James
P.S. Interested in learning more about how to analyze deals? For a limited time you can download How To Analyze Deals Volume #2 for free.
Inner Circle Membership - Daily, Live Training for Bird Dogs, Wholesalers, Real Estate Investors and Real Estate Entrepreneurs with Q&A and consulting and more.
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We break the Bills Checklist for property management down into two primary categories: automatic payments and manual payments.
Automatic payments include things that we have set up to automatically be paid like mortgage payments, property insurance and property taxes. We primarily confirm that these were paid and that the correct amount was paid for these. Once they are confirmed we log that it was done.
Manual payments are for most other bills that need to be paid manually. We may still use bill pay to pay them, but not an automatic, recurring bill pay service.
Once we have made the manual payments there usually is some logging to be done regarding the payment and that is included in our system for paying bills manually as well to completely document that payments were made and to keep our files organized for taxes and accounting purposes.
The system we have for paying bills is important, but becomes increasingly more important for real estate investors opting to work with private lenders and buying properties with owner financing or subject to.
Until my next post,
James
Inner Circle Membership - Daily, Live Training for Bird Dogs, Wholesalers, Real Estate Investors and Real Estate Entrepreneurs with Q&A and consulting and more.
