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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Raise Rents Annually – 101 Street Smart Cash Flow Accelerators #64

Oh and I’m back with another of my 101 cashflow accelerators. It’s so great to see you. This is part of a series when managing property, each one of the different segments of the 101 cashflow accelerators is divided into separate segments. This one focuses on managing your property. I’ve been buying, holding, and selling property now for over 40 years. Love the business. And one of the things that we do is always teach you how to have effective property management, efficient property management, and profitable property management. And this one has raised rants annually. You know, one of the big mistakes that landlords make is that they don’t raise rents. They get very confident and comfortable in their relationship with their resident and they don’t want them to move. I don’t blame you for that. I’d want to feel the same way. However, what happens is inflation is a real thing.

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Be the Manager, Not the Owner – 101 Street Smart Cash Flow Accelerators #62

Hi, it’s Lou Brown and I am back with more education for you to train you to be a professional property manager, help you succeed. And the world of buy, hold, and sell. By the way, that’s the name of my upcoming new book, buy, hold and sell. And one of the great things is that we discovered that when we are in the field, so to speak, when we’re face to face with residents, you know some people are going through a world of different drama, different situations within their life. And what happens is that sometimes they don’t do what they agreed to do and when that happens, sometimes they go bonkers. I don’t, I know you’ve heard the term going postal, right? And it’s like the post office worker that works there for 30 years and has always been mild-mannered and never had any upset. But every day they were getting more and more like a powder keg.

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Exclude Appliances from the rent – 101 Street Smart Cash Flow Accelerators #57

Hey everybody is Lou Brown, welcome back, or another of 101 additional profits. Since there are 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 to 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 lost $400 worth of valuable meat. He 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. Why is this so now if the home had a dishwasher, it still has one.

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Offer a Discount as an Incentive to Get Timely Payment – 101 Street Smart Cash Flow Accelerators #56

Back with another of my 101 cashflow generators. I hope you’ll love these. 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 discounts is by 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.

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