THE BLOG

Group Q & A 322180

Lou:

Hello everyone and welcome back to another session of our Street Smart Group Q&A.  You sent me a ton of questions.  Before we get started I Just wanted to say that this has been a fantastic year.  I hope it’s been a great year for you.  Taking a look at what is happening in our economy; a lot of people are running scared.  It’s just truly amazing how many questions I get about today’s economy.  So let’s talk about it for just a second and say, I hope you are looking for houses right now and I hope you are finding them.  Because sellers are willing to do things that they haven’t been able, or willing to do for many, many years.  Right now, there is a lot of them that are motivated having sat on their properties.  Having waited for the market to come back, and now discovering that the market is not there, and it is not coming back for a while.  Sellers are backing up.  To give you a story, we just bought condo and many of you have heard me at jump-start, explain that I am not crazy about condoms and we are not interested in buying condos.  The only way I will by a condo is if it’s very cheap.

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March 31, 2009, By Jeff Carroll
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Group Q & A 521180

Lou Brown:

Hello everyone and welcome back to another Street Smart Investor Training.  This is our Group Q and A that we do twice per month and I welcome you to take a look at what’s happening in the marketplace this time.  Isn’t it amazing when you just look at the craziness of the stock market and you look at the craziness of the things that they’re doing to investors?  We just smile and wave when we know that our Street Smart System works beautifully in this market.  In fact, it works better in this market than it does in a buyer’s market.  We’re just so excited buying properties.  We have several Subject To’s that we’re closing this week.  We have several that are owner financing and probably by a week from now we’ll have five under contract.

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March 31, 2009, By Jeff Carroll
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Group Q & A 021170

Question:

How would you suggest a rookie get their first deal?

Answer:

This is such an important question for so many folks.  Because whether you been in business for a long time or your just getting started.  It is so important that you really rev up your buying machine.  That means that you have to do a significant amount of marketing in the beginning in order to get the attention.  In order to get the leads coming in.  In order to get the momentum in your business.  So, I recommend that if you do not yet have your marketing ordered.  If you do not yet have your marketing placed that is an appropriate use of time.

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March 31, 2009, By Jeff Carroll
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Group Q & A 601170

Question:

The first question comes from William Edwards who says:  How do you start part time.

Answer:

Well William, here’s what I’m recommending.  I understand that you’ve got all these commitments and all these distractions in life particularly when you’re working with someone else, so what you want to do is be able to calendar and commit a certain amount of time on a daily and weekly basis to allow yourself to be able to have the time to build your business.

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March 31, 2009, By Jeff Carroll
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Group Q & A 320170

Question:

Joe was asking a question; I’ve looked through everything I have but I didn’t notice the answer if it was there.  What percent of the monthly rent and option fee go toward the payoff of the house?  I’m working on a lease-option deal now for one of our houses.  The house is worth $250,000.  He’s willing to pay a 5% option fee, but wants to know what percent goes toward the purchase price.  Thanks.

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March 31, 2009, By Jeff Carroll
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Group Q & A 900170

Question:

The reason for this note is to inquire how to handle this wonderful situation I have pending.  We have a $269,000.00 house currently in the owner financing rent to owner category.  We have an interested couple with $15,000.00 to put down and able to pay $1,500.00 per month.  As you can see, the down payment fits our program perfectly and the $1,500.00 payment is about $500.00 to little to actually cover the payment on the underlying loan.  Please advise how you would structure this one-year deal.

The couple Charles Sr. plans to cash out within 6 to 9 months once their credit issues are resolved.  I was told that their son Charles Jr. has crummy credit and it has ended up on Charles Sr.’s credit report.  Can credit wiz help straighten this out?

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March 31, 2009, By Jeff Carroll
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Group Q & A 119070

Question:

Let’s start off with a management question this time and we hear from John Meddle, and John says:  How is a promissory note for a lease option structured?  For example, a $2000 note at 15% interest:

A:  Would it be all due as a sum at the end of the length of the note, or would monthly payments be made?

B:  Is it amortized?

Or,

C:  How about a larger promissory note?

Answer:

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March 31, 2009, By Jeff Carroll
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Group Q & A 216070

Question:

We’re going to go with getting started.  James McClendon says, no investment money, bad credit; how can I get started?

Answer:

Well, James that’s a fantastic question and the answer is, follow the system.  It’s just that simple.  If you follow the system, generate the leads…and of course, if you don’t even have money for generating leads, then you’re going to have to spend energy.  It’s an energy-money exchange.  The more money you have the less energy you have to give to get leads.  The less money you have the more energy you’re going to have to give, James.

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March 31, 2009, By Jeff Carroll
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Group Q & A 812170

Question:

Velva in Apoca, Florida says, Happy Holidays Lou, the Brown family and wonderful staff.

She says, recently you advised if a Tenant Buyer is going to lease option and only has $3,000 down to take a Promissory Note for $10,000.  How much time would you give to pay back that Note and how much a month?

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March 31, 2009, By Jeff Carroll
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Group Q & A 225070

Question:

I’m going to get started right away with Laura who had a burning question from South Florida.  She says she sent it several times.  So, I want to make sure that Laura knows that we got her question, and we are going to give her an answer.  She’s the first one that gets an answer tonight.

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March 31, 2009, By Jeff Carroll
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