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Hi! It’s Lou Brown. With another of my 101 ways for real estate investors like you to win, close more deals and accelerate your cash flow. Today’s tip is number 48. Avoid the due upon sale clause requirement legally using trusts. So in this series I’ve been sharing with you about this powerful thing called trusts and particularly land trust. Well one of the most powerful things is wouldn’t you agree if you didn’t have to go to the bank and you didn’t have to qualify for a loan and you could actually buy real estate, wouldn’t that be awesome? And you don’t have to put up your credit report and you don’t have to pay a bunch of fees. The cost of the loan and all those things could be eliminated if you simply negotiate with the seller as I’ve shared with you and other tips and take over their existing financing on the property, take over the payments on the property.
Well hello again. It’s Lou Brown with another of my 101 ways for real estate investors like you to win, close more deals and accelerate your cash flow. Today’s tip is number 49. It is hard for others to collect judgments and liens with your assets in trust. Now imagine this, somebody goes to court, they file a lawsuit against you. You have a situation in court. Most attorneys will actually admit that many cases are won from technicalities, not even from the law, not even for what was right or what was wrong. They won on technicalities. So the system is so flawed in my opinion and I really don’t appreciate it and I don’t like it. And so I put myself in a position and I suggest that you do the same thing not to be sued in the first place. And one of the ways that you don’t get sued is when somebody looks up your name and they do an asset search and don’t find anything, they don’t find that there’s any assets for them to be able to attach or steal or I mean, capture based on the situation.
Hi! It’s Lou Brown. Back with another one of my 101 Street Smart cash flow accelerators. I love teaching these. It’s got a lot of great information. This segment we’re going to focus on managing. So number 50 Buy Right so you can keep some of your fines. The real wealth is in the holding of the property. And I couldn’t emphasize that more. I couldn’t be a better testimony to that fact that we have bought right and held over many, many years and given people the opportunity to someday end up with home ownership. And as a result, we’ve got great cash flow and great residents that live in the homes. So one of the things that you’re looking for is when you purchase the property, you’re looking at financing because when you use hard money financing, it’s usually limited to three, six months, maybe a year, and then you’re done.
Hi! It’s Lou Brown. I am back with another one of my 101 cash flow accelerators. And this is number 51. Always use the right rental agreement that will protect you. Well, I’ll tell you what, over the years I’ve definitely learned that paperwork matters. And if you’re serious about this business, you’ve got to understand that you are in a contract-related business. That you’re going to contract with sellers, you’ve got to contract with buyers, you’re going to contract with occupants of your property. Sometimes they’re renters, sometimes they’re buyers. And having the right paperwork is an absolutely critical step in the process. And by that I mean that you have to have paperwork that protects you, that negotiates for you, and that covers your assets. When things get a little wonky, as they sometimes do with crazy people, that might move into your property. So what happens is that we give you the tools to be able to do that.
Welcome back! It’s Lou Brown with another of my amazing 101 Street Smart cash flow accelerators. I’ve been in this business over 40 years buying, holding and selling property and I’ve learned a lot of valuable things. And one of the things I talked about in number 51 was the use of profit centers and adding in profit centers into your agreement because people are number one, willing to pay them if you’re willing to offer certain things. And now number 52 is Charge Extra Person Fees, extra charges when people move in. Now what this means is let’s say that somebody is applied for your property and there’s two adults and two children and then you find out later that there’s additional people living in the property. Now that only happens a lot. So, I want you to be aware of that. That in the agreement we actually have built into our Standard Rental Agreement an amazing additional profit center for you that says if you’re going to move in additional people, then you’re going to pay $100 per person.
Welcome! It’s Lou Brown with another one of my 101 Street Smart cash flow accelerators. And in this one, in this series I’ve been talking about when managing property and having the right agreement and in that agreement can be certain things that definitely will put you in a position of success. And this one is Charge Pet Fees. Listen, when people have animals, they love those animals in some cases more than they love their children. The animal comes to them, they wag their tail, they love that animal. The animal loves the person and everything is so cool. And so people are willing to pay for these animals. Now imagine that when someone discloses on their application that they have animals, we will allow upto two. Now we’re mainly focused in the single family business. We do have multi-families. I’ve done many, many multi-families in the past and we definitely also want to attract people that want to stay.
Hi! It’s Lou Brown. I’m back with another of my 101 Street Smart cash flow accelerators and I’ve got one for you number 54 charge pet rent. Yeah baby. So not only, and I’ve been talking about in this series of managing your properties and additional profit centers that you can earn. We’ve identified over 25 different profit centers or additional income you can earn over and above what your regular mortgage versus the rent is. That little profit right there, but this is over and above money that you can make in your great real estate business. And we’ve developed these over 40 years of being in this business. It is great because people don’t resist you on these things. They love you. You’re giving them an opportunity. One of the things that we do is we offer our path to Home Ownership Program to our potential buyers and it’s so exciting because they’re gearing towards ownership of a property and we want them to treat that property like it was theirs.
Hi, it’s Lou Brown. Welcome back to another of my 101 cash flow generators. You know, I love this business. I’ve been buying, holding and selling property for over 40 years. I’ve learned some amazing things during this time and one of them is how we deal with collecting our money. You know, when someone doesn’t pay as agreed, what happens is that you have to take them to court and you have to create an eviction and unfortunately sometimes you have to actually set people out of your properties and when you get to court, sometimes the judges want to take your money and give it to the resident. And they do that in a form of late charges. Even though late charges may be a part of your contract, and in fact they are, what the judges will often do is strike through the late charges and not give them to you in the judgment.
Hey! It’s Lou Brown. I’m back with another of my 101 cash flow generators. I hope you love this. This one is about the discounted rent. Now, years ago I invented this idea and the thought was, Hey, if we set the rent at a certain amount and then we Mark it up, say $100 per month, then when they pay on time they earn a discount down to the amount that we would actually like to collect. And if they don’t pay on time, then what happens is they pay the higher rent, they didn’t earn their discount, so it’s an earned discount and the way they earn their discount is agreeing to pay on time. And so when they pay on time and they pay the lower amount of rent, which is actually the amount of rent that you would like to get for that property, and when they don’t realize that you’re going to have to spend time, energy, you may have to even spend resources to collect that.
Hey everybody! It’s Lou Brown. Welcome back to another of 101 additional profits. Since there’s ways that you can increase the amount of money that you’re receiving on every property that you do. And one of the ways that we’ve discovered that we can do that is the deal with the appliances. You know, I discovered years ago that appliances were one of the biggest headaches you can ever have. It was amazing to me. I had a whole bunch of apartments and people would have a tiny little refrigerator with a tiny little freezer and if the refrigerator went out, they would say that they had lost $400 worth of meat because the freezer went out and they lost $400 worth of valuable meat. I discovered that being in the appliance business was not a business I wanted to be in. And so years ago I started just carving out and disappearing appliances. So now if the home had a dishwasher, it still has one.
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