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I’m back with another of my 101 cashflow accelerators and we’re talking in this segment about renovations. I’ve made a fortune in the arena of renovations and I want to help you to do the same and I’ve learned an awful lot about how important the contract is. Listen, your contractor. Many times these folks are in desperation most of the time and they’re always angling for ways to get their money out of you before the work is done. I find it best to not be the owner, be the manager, so the hat that you should wear is that of a project manager and then you have the authority to release payments based on the contract when the actual sign-off occurs from the County. When they have the inspection done by the County, they’re the ones that need to organize that and set that up and be present for the inspection.
Back with another 101 cash flow accelerator and one of the things that can help you a lot is to save money when you are doing renovations. And one of the things that you have to get clear in your contract with your contractor, and I jokingly say con…tractor, it’s built right into their name, right, is that it gets you to get very good clear in the beginning who’s gonna do what under what circumstances, in what time frame.
I’m back with another of my hundred and one cash flow accelerators. And I wanted you to know that it’s so important when you are in the area of renovating property that you always get references on the contractors that you’re going to do business with. Now let me warn you and alert you that references sometimes are set ups as well. Do you think that the contractor is going to give you people that are going to give them a bad reference? No. They’re going to give you people that are gonna give them a good reference, like their momma, their brother-in-law, other people in their life. So what you’re looking for is references that are recent references that they had work done, say within the last few months. And you definitely want to interview those folks. You want to find out what’s going on in their world. You know, did the contractor live up to the budget that you entered into?
I’m back with another of my 101 cashflow accelerators where you can separate yourself from being just a landlord into a housing provider, an affordable housing provider. In fact, a certified affordable housing provider. One of the things that I teach you to do in this particular segment is to separate your documentation. So in other words, we’re entering into two different agreements. If we’re going to do a lease with the option to buy, we’ve got a lease, you’ve got what we call our standard rental agreement, and that covers the relationship that we have with them as an occupant of the property. Separately, they’re going to purchase another thing called an option to buy and that option to purchase is going to give them the right to purchase that property within a designated period of time with certain requirements within that, and as a result of them agreeing to that separate agreement, they now have that option to purchase the property.
It’s Lou Brown with another my hundred and one ways for real estate investors like you to win close more deals and accelerate your cash flow. Today’s tip is number 46 have a personal property trust as the beneficiary of your land trust. Well, if you’ve been following this series, you’ve learned a lot of very unique and amazing things about this powerful thing called trusts. It’s something that most people don’t know anything about it. It’s the most powerful entity I’ve ever discovered on the planet. And it’s something that you need to learn and you need to master. I love being able to pass this on to other folks because the changes and the benefits that I’ve gotten from it had been totally amazing. And I’ve heard, oh, I can’t tell you how many testimonials from others that have used my system over the years, been doing this since 1984 so there’s an awful lot of, uh, an experience that’s gone with that and teaching others as well over the last 30 years has been very powerful as well.
I’m back with another of my 101 cashflow accelerators where you can separate yourself from being just a landlord into [inaudible] housing provider, an affordable housing provider. In fact, a certified affordable housing provider. One of the things that I teach you to do in this particular segment is to separate your documentation. So in other words, we’re entering into two different agreements. If we’re going to do a lease with the option to buy, we’ve got a lease, you’ve got what we call our standard rental agreement, and that covers the relationship that we have with them as an occupant of the property. Separately, they’re going to purchase another thing called an option to buy and that option to purchase is going to give them the rights to purchase that property within a designated period of time with a certain requirement within that. And as a result of them agreeing to that separate agreement, they now have the option to purchase the property.
Continue Reading Separate Your Rental Agreement #70 – 101 Street Smart Cash Flow Accelerators
I’m back with another man, 101 cashflow accelerators. In this segment we’ve been talking about proper property management in formed property management, profitable property management, and one of the great profits enters that you have is giving your residents the opportunity to someday own that home. Now in the marketing that we do remarket there, find people that have a significant down payment that they could put down on the property. Why would they give it to you? Because they can’t typically qualify for a traditional loan. Half the bank. Well aren’t you a great service provider in your community? We call you an affordable housing provider and actually under our [inaudible] program you can become a certified affordable housing provider. And we provided all the documents that training the tools, the marketing, their websites, a complete package to open a business in your local community that attracts those kinds of folks.
I’m back with another my 101 cashflow accelerators. And one of the things that is very important in having a successful real estate business is paperwork management. Sorry guys. This is a detail-oriented business. The paperwork does matter. Finding the paperwork absolutely matters and it’s important that you always can put your finger on it. One of the things I developed over time, you know, if you think about it, once you get into a real estate transaction, it can be quite thick over time and you’ve got the have different segments, uh, to be able to find things quickly and easily. So I found these six part olders that uh, pretty much just show you what you can do with each one of these segments. So if you look at that one section, and if you start with this section over here, uh, that’s the first section.
Continue Reading Rent on a Lease with Option to Buy – 101 Street Smart Cash Flow Accelerators #68
I’m back with another of my 101 cashflow accelerators. And one of the things that are very important in having a successful real estate business is paperwork management. Sorry guys. This is a detail-oriented business. The paperwork does matter. Finding the paperwork absolutely matters and it’s important that you always can put your finger on it. One of the things I developed over time, you know, if you think about it, once you get into a real estate transaction, it can be quite thick over time and you’ve got the have different segments to be able to find things quickly and easily. So I found these six-part holders that pretty much just show you what you can do with each one of these segments. So if you look at that one section, and if you start with this section over here, that’s the first section.
Continue Reading Set up Your Office Right – 101 Street Smart Cash Flow Accelerators #67
I’m back with another of my 101 cash flow itself. Writers where I’m going to help you to become a multimillionaire in the real estate business. It’s been a fabulous business for me. I love it. It’s been incredible. One of the things we started doing in the last video I was talking about giving our residency option to purchase and how that can be so much better for you. You can end up with a better resident at one point I want to make about that is we have them pay what’s called a ROC non-refundable option consideration. What that means is that once they pay that money, and I want you to understand this, they have purchased merchandise. The merchandise they purchased is the option to purchase that property, so as a result of purchasing that option, they have paid for that well when they pay for that.
Continue Reading Give Tenants the Option to Buy – 101 Street Smart Cash Flow Accelerators #66
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