Set up Your Office Right – 101 Street Smart Cash Flow Accelerators #67

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.

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Give Tenants the Option to Buy – 101 Street Smart Cash Flow Accelerators #66

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.

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Have the Tenants Take Good Care – 101 Street Smart Cash Flow Accelerators #65

I’m back with another amount, 101 cashflow accelerators. In this segment, we’ve been talking about managing property and if you’re like me, you want to have fewer headaches and more income and one of the things that I discovered years ago is when I give my residents an opportunity to be in a position to own the property, I’m going to get a better resident, a better mindset, better incentive to pay us on time, more likely to take better care of the property. So years ago I started doing something called an option, a lease with the option to purchase the property. Now, way back in the day, they used to do six-month leases. Homebuilders would do that with an option to buy, to get people into the next season, maybe get over a bump in their credit, and then give them the chance to buy the brand new home.

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Have Rents Mailed to Your Mailbox Address – 101 Street Smart Cash Flow Accelerators #63

Welcome back to another of 101 cashflow generators, cashflow accelerators. I want to help you be successful in this great game of buy, hold and sell. By the way, that’s the name of my upcoming book and one of the things that I’ve discovered in being in this business is that you have to put yourself in a position to win and the way that you do that is that you take yourself again out of the position of receiving anything at your home. One of the things over time I’m going to teach you is that it’s very important that you create some privacy for yourself. Your residents should not know where you live. Your contractors should not know where you live in a body. I mean, we all know people getting crazy now and it’s just a better idea to put yourself in a position that you don’t, y’all, your business is not in this route, so to speak.

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Train Your Tenants – 101 Street Smart Cash Flow Accelerators #61

I am back with another of our hundred and one cash flow accelerators. And one of the things that we’re focused on in this part of the series is property management, proper property management informed property management. And one of the most important things you can do in property management is to have excellent documentation and not only to have excellent, excellent documentation, but also to train your resident to be a good resident. So what we do is we have a signing ceremony, we would call it the signing ceremony and we invite the resident to come into our office. But if you don’t have an office set up a location, it could be a hotel lobby, it could be the local waffle house, Denny’s, wherever that you can have a quiet place, you can sit to be there for a while and a comfortable environment, not at the empty house so that you’re going to rent to them or the apartment sitting on the floor.

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Build in Your Rental Increases – 101 Street Smart Cash Flow Accelerators #60

I am back with another of our hundred and one cash flow accelerators. It’s so exciting to share with you things that I’ve learned over being in this business for over 40 years. And one of the things I discovered is to build into your rental agreement rental increases. Now what that means is that you’re telling your resident in advance that the rent may increase by X percent annually. So what that means is that you now can, can prescribe in advance that the rent may go up, say 10%, and then what that means is now we tell the resident at what we call the signing ceremony. This is when we meet and we go over that document. This is when we train them to be good residents. This is when we tell them everything that they need to know about becoming a good resident and being a good resident in good standing with us.

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Don’t Collect Security Deposits – 101 Street Smart Cash Flow Accelerators #59

Hi, it’s Lou Brown and I am back with some more information. Having been a landlord now for over 40 years, I know what it’s like to buy and hold property and I know what it’s like to do everything you can do to be able to collect your money and to be able to use your money. You know, one of the challenges I learned early on is that most States have security deposits and most landlords collect the security deposit. Well, one of the things you got know about a security deposit is it’s not your money. It is the resident’s money and that money in many States, you have to put that into a separate bank account and you have to hold it there. And in some States you have to tell them what bank it’s in, what the account number is. And in some States you even have to pay interest on the money.

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Don’t Collect Rent on the First of the Month -101 Street Smart Cash Flow Accelerators #58

Hold on, I’m back with another of my 101 profit centers to help you build and sustain a wonderful real estate investing business. And one of the things I discovered over time was that when we connect with our residents, we want them to be responsible around what they’re doing with our property. Most of your residents have a lot of different bills due on the first of the month. So I rolled that back and I said, what if we got paid out of the middle of the month check instead of the first of the month check? So I rolled it back to the 25th not now. I’ve found out that there’s about 13 different benefits from collecting the rent early before the first of the month. One of them is that everybody else is falling there dispossessed surgeries later after the first of the month. They usually wait five days before they filed this possessors.

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Charge ‘Additional Rent’ not Late Charges – 101 Street Smart Cash Flow Accelerators #55

Welcome back to another amount, 101 passionate load 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 a, what the judges will often do is strike through the late charges and not give them to you in the judgment.

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Charge Pet Rent Vol 2 and Vol 8 – 101 Street Smart Cash Flow Accelerators #54

I’m back with another of my 101 street smart cashflow accelerators and I’ve got one for your number 54 charge pet rant. 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 arm, 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.

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