© 2024 Trust Associates LLC. All rights reserved.
BOOK A CALL
Hi! It’s Lou Brown. With another of my 101 ways for real estate investors like you to win, close more deals and to accelerate your cash flows. Now, today’s tip is number 41. Review, approve and sign all paperwork for closing in advance. Do not attend the closing where the seller will sign. You’ve already signed, saves time and renegotiation. Well. This is one of the most powerful and valuable tips I could give you. It used to be that you’d be actually be excited to go to a closing and you’d wait and you’d do the paperwork and everybody’s sitting around the table and it’s a big day in your life and you’re purchasing an asset and it’s going to set you up for a better life than the one you’ve got. And how good is that? It’s fantastic is the answer. The challenge is that that’s often an opportunity for some kind of breakdown. And if there’s a breakdown, if there’s an upset with some of the charges, like I’ve said to you before, sometimes you look at a closing statement and all of a sudden there’s all these additional costs and fees you didn’t think about.
Hi! It’s Lou Brown. With another of my 101 ways for real estate investors like you to win, earn more money, close more deals, and accelerate your cash flow. Today’s tip is number 42. On single family and multifamily properties with tenants in them close on the fifth day of the month. Now, why is that powerful? Because what happens is typically now the management company or the owner has already collected the rent from the tenant. So at the closing, because you used my contract, you’re actually going to get a credit for what’s called a proration of the rent. You see, rents are paid in advance, so on the fifth of the month, only five days had been used up the rest of the month. If it’s a 30 day starting on the first rental, then the rest of the month is a credit to you. Well, if it’s a thousand dollar rental, look at that.
Hi! It’s Lou Brown. With another of my 101 amazing ways for real estate investors like you to win, close more deals and accelerate your cash flow. Today’s tip is number 43. Protecting your assets. Now this little series is going to revolve around what I believe to be the very best way that you can set yourself up for success. And that’s the whole title to your real estate in trust. An amazing kind of trust called a land trust. Now a land trust is different from other types of trusts. It’s about 30 different kinds of trusts out there. So this very unique and special trust actually allows us to do things that other trusts don’t let us do. And certainly LLCs, corporations, limited partnerships, can’t do many of the things that a land trust can do. So it’s one of the reasons that I love land trust. Dearly love them. So in number 43 we say never own anything in your own name.
Hi! It’s Lou Brown. With another one 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 44. Hold your personal property such as Autos in a personal property trust. So in the last tip I was sharing with you about a thing called land trust, there’s another kind of trust that I dearly love called a Personal Property Trust. Now a Personal Property Trust is a different kind of trust than a land trust. Personal property trust holds, guess what? Personal property. So in other words, a land trust, duh? Holds land. So in other words, if it has a legal description attached to it, then that goes into a land trust. A personal property trust. On the other hand, is everything else in your life. Stocks, bonds, mutual funds, bank accounts, CDs, CDOs, mobile homes, motor home, gun collections, coin collections, everything else in your life can be held in a personal property trust.
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 45. Hold your bank account in a personal property trust. So as I’m sharing with you in this series, what’s available to you is that you can set up your own trusts if you choose to. And one of the things that you can do is simply open a bank account in the name of a trust. And you can actually be the trustee of that trust, by the way. That means you can sign the checks as trustee and your money now is kept separate and apart from your other business. So let’s say that you own 10 pieces of real estate and you’re receiving rental income off of each one of them. And we know that owning the property can create liability.
Hi! It’s Lou Brown. With another my 101 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’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 of 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, experience that’s gone with that and teaching others as well over the last 30 years has been very powerful as well.
Hi! It’s Lou Brown. With another of my amazing 101 ways for real estate investors like you to win, close more deals, and accelerate your cash flow. Today’s tip number 47. Have your estate avoid probate using trusts. Now, if you’ve ever had an experience in your family where someone passed away and somebody was left with the burden and the responsibility of having to go through probate, it’s the process by which the court system, the local court system, and the county in which any kind of property is located, the court system has to determine who the rightful heirs are. And who is supposed to get those assets or the income from those assets? And who’s supposed to pay the bills. Well, all of this is determined in the court system. Now that can cost money. It can be a huge delay and it can be confounding, confusing. It can break up families because it’s the process and all the family members are not aware of what’s going on.
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.
© 2024 Trust Associates LLC. All rights reserved.
BOOK A CALL