Have the contract state the minimum hours required to work #84

Hi, this is Lou Brown. I’m back with another of my 101 cash flow accelerators to help you build your business, grow your business and support you long term in the success of your business. One of the things I’ve learned over the years in this section, we’ve been covering renovations. You better make sure you know the number of hours that they are going to devote to your business. And so therefore in our contract we actually state the number of hours that they’re going to devote. One of the things when you are first determining whether you’re getting a good deal or the right price from the contractor, I always ask them, well, how long do you think that will take? And then as we’re going through the contract, you know, how many hours would that be and how many hours would that be and how many hours would that be? And then I’ll do my own calculations on the number of hours I expect it to take.

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Understand exactly what is included and what is not #85

Hi, it’s Lou Brown. I’m back with another of my 101 cashflow accelerators to help you be more successful in your real estate business. Well, make sure that when you are dealing with a contractor in this section, we call this renovation or success or renovating for success. Let’s be sure that we not only enter into a contract with the contractor, but we know exactly what they’re going to do with that contract. Now what I recommend is you actually do your homework and that means go through the property yourself, not with the contractor, I mean yourself, and literally break it down. What do you want to be done in each room and what do you want each trade to do in each room? So what I did in my renovation system, volume 11 what I did was actually determined each one of the different trades and then determine what they would do in each room.

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When paying always get a lien waiver from all who work on the property #86

Join me here for my 101 cash flow accelerators where I help you to build your business, grow your business, and support you, and protecting you from the mistakes that I’ve made in my business over the years. Always be sure that we get a lien waiver from all the contractors that are working on the project, not just a general contractor. You see the general contractor can give you a lien waiver, but what if they don’t pay the under contractors, the subcontractors that have been working under them? The problem is this, if they’ve done work on your project and they haven’t been paid, they have the right to come in and lien your project. Oh my gosh. What miserable time in your life would happen when you actually have to pay twice for the same work? Yes, pay the general contractor and now I have to pay the subcontractor again.

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Offer Owner Financing to your tenants #87

I’m back with another of my 101 cash flow accelerators where you can accelerate your amazing real estate business. Well, one of the things I like to talk about in this segment, we’re going to be talking about lending. When you become the lender. How about let’s lend to our tenant. Now, what that means is not lending them money, lending them equity, the property that they’re moving into that they live in. We have a program called the path to homeownership where we help deserving families regardless of credit or financial background to end up with homeownership and we even teach them and show them how they can do that. We do all we can do. We have marketing to attract those kinds of people that have significant down payments in my world that they have at least 10% down. Then we will do owner financing in the form of what’s called an agreement for deed.

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Owner Financing Secret #88

Hi, it’s Lou Brown. And I’m back with another of my 101 cash flow accelerators where we help you to build an amazing StreetSmart real estate business. One of the things that we’ve learned over the years is one of the steps in lending to other people, particularly when you’re lending to someone who’s living in one of your homes, is that certainly, you could sell that property to them.

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Control the closing #89

Hi, this is Lou Brown. I’m back with another my 101 cash flow accelerators to help you have a more successful real estate business in a Streetsmart way. Now in this one, we’re in this segment, we’re talking about lending and whether you’re buying, whether you’re holding, whether you’re selling, when you use an attorney, it should always be your attorney.

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Use the right paperwork with strong late penalties #90

Hi, it’s Lou Brown. I’m back with another of my hundred and one Cashflow accelerators where we help you to build an amazing real estate business. Now, one of the things that I’ve learned over the years, paperwork, and in that paperwork is that you have strong penalties. Now we call them penalties, but the truth is they are incentives, they are incentives to pay on time. And so in our standard rental agreement, for example, we’ve built in a housing discount or a payment discount.

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Control The Closing; You Choose The Attorney Or Title Company And Include That In The Contract – Street Smart Cash Flow Accelerator #20

Today’s tip is number 20 control the closing. You choose the attorney or title company and include that in the contract. Now, one of the things I’ve found is whenever I let the seller control where the closing is going to be, or if I let a real estate agent control where the closing is going to be, I’ve found that I have to go through some pain and suffering and in getting in a relationship with this new closing agent or attorney. So I’ve found that my life is a lot better if I have my own team and in my contracts, I tell the seller where the closing is going to be. Or I’ll tell the real estate agent where the closing is going to be.

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Build An Extension Into Your Contract – Street Smart Cash Flow Accelerator #19

Today’s tip is number 19, build an extension into your contract. Now build an extension into your contract. What does that mean? So I’ve been talking in this series a bit about a thing called a standard real estate purchase and sale agreement. And uh, I’ve seen what sellers do and I’ve seen when they don’t do what they’re supposed to do and I’ve seen that they can pull back on you and cause you a lot of expense and a lot of loss of money because you could have gotten a title search, you could have spent money getting a survey. Maybe you had the home inspected, it’s a lot slot. You could have invested by the time you get to the closing.

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When Getting Owner Financing Ask For Substitution Of Collateral – Street Smart Cash Flow Accelerator #17

Today’s tip is number 17 I’m going through some of the contract closes in our amazing standard rent, a standard purchase and sale agreement on the buying side. Now I’ve got one for buying and I’ve got one for selling. So I’m focusing on the buying side here in this tip when getting owner financing asked for substitution of collateral. Now that’s a powerful one. So I’m going to teach you how to master the process of getting sellers to carry back financing. I love the idea of the seller being the bank.

Now when they carry back that loan, there’s a mortgage and in that mortgage you have some stipulations in there, some clauses, and one of the clauses I recommend that you have in there, and it’s included in my purchase and sale agreement, is that the seller agrees to something called substitution of collateral.

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