Closings cost a lot

Closings cost a lot

  We are doing our taxes right now. You may notice it’s August rather than April. Our reason for filling an extension is twofold. One, we get our accountant focused on just us instead of having to share her brain with everyone else. Two – and this is just rumor – I’ve heard you’re less likely to get audited by the IRS if you file an extension.   I don’t…

The benefit list

The benefit list

  It’s as simple as it sounds: a benefit list lists all the benefits associated with a deal or offer you’re making. This is a great tool I garnered from two of my greatest teachers: Peter Fortunato and Bill Cook.     Pete always talks about deals in terms of benefits, not money. There are lots of benefits associated with each deal that you can’t put a dollar amount on….

A real-life offer

A real-life offer

The purpose in making an offer isn’t to have some fancy paperwork that neither the seller nor the buyer understands. An offer is meant to start the process of a meeting of the minds. Once you have a meeting of the minds for both buyer and seller, you can make a deal.   I’m often asked how I figure out what to put in my offers. I’d like to walk…

Security is the foundation of every deal

Security is the foundation of every deal

  Peter Fortunato is arguably one of the most creative real estate deal structurers on the face of the planet. The way he crafts deals is nothing short of mind blowing. If he knows some key information, he can take a single house and give you at least 10 ways to construct a lucrative deal for both the buyer and seller. Every time I get to hang out with Pete,…

A million dollar offer

A million dollar offer

  I had a new investor named Sean ask me about my door knocking technique. Instead of trying to tell him, I invited him to come out with me one day. While we were out, we came across a vacant house to investigate.   In situations like these, our first course of action is to talk to the neighbors. One neighbor said they had a hard time getting in touch…

Take emotion out of it

Take emotion out of it

I was talking to an investor recently about a property tax lien sale. These take place when counties auction off the tax liens that have accumulated due to unpaid property taxes. It’s a good way for local government to recoup some of their lost funds.   For investors, it’s a great opportunity. If you know what you’re doing at the tax sale, you’ll get either a guaranteed 18 percent return…

I could just kick myself

I could just kick myself

“I could just kick myself”   Is what the lady said as she teared up and turned away from me standing outside that rental house. It was early evening, just after she and her husband had gotten off of work. With her back turned to me so I didn’t see the tears fall, she said, “I just didn’t know people like you existed.”   I was at a loss for…

Mom and Dad got one

Mom and Dad got one

Mom and Dad got one:   I’m so proud of my mom and dad. They just bought their very first income producing property – and they did it very creatively.   In early fall 2005, my mom and dad broke ground on a house. At the time, my brother-in-law, Michael, was their builder with myself and two other friends making up his crew. We had a track record of building…

What’s going on at the foreclosure auctions?

What’s going on at the foreclosure auctions?

What’s going on at the foreclosure auctions?   In Georgia, foreclosure auctions happen the first Tuesday of ever month on the courthouse steps between 10am and 4pm in each county. In order for a lender to foreclose on a property, they must put the public on notice by advertising in the local legal organ for four consecutive weeks prior to the auction date.   In 2012, Ashley and I found…

Using A “Handyman Special” Option

Using A “Handyman Special” Option

Using A “Handyman Special” Option   Have you ever experienced buyer’s remorse after purchasing a property that needed too much work? If you haven’t, count yourself blessed.   One time we bought a home that needed a ton of work. When we started pursuing the deal, I lived 15 minutes away; I was full of vigor and ready to knock out so major rehab.   A year later, when we…