Get it Right!

FAR 180

Expected Air Date: 8/25/18

Opening

We get one chance at this life. We owe it to ourselves to get it right. That doesn’t mean we should expect perfection. What it DOES mean is we should take enough time to think about what we are doing and where we are going to improve the quality of our decisions along the way. When it comes to real estate it’s easy to make a $10,000 mistake. But if you make enough of those you are going to wind up in trouble. Today we are going to help you get it right — Get it right when you purchase a property. Get it right when you create a repair budget. Get it right when you make repairs. Get it right when you rent it out. Get it right when you sell it. You’ll find that if you’re willing to go to war with the details and get some things right, your business is going go better and let’s face it, if your business goes better, life goes better.

In the news coming up we FINALLY have a reason to go to Baltimore. Ok, no offense to Pat Dornan with Ultimate Rehab Estimator, but Baltimore isn’t one of our favorite places to visit, but that’s about to change. I’ll tell you why coming up. Also today, the world’s largest Sovereign Wealth Fund missed it’s quarterly return target for the second quarter in a row. I’ll tell you about the fund and what a pitiful job they are doing in just a few minutes. Also on the show today, some things you need to know about flood insurance and living in a flood zone. All that and more coming up…

How to contact us

www.flippingamericanetwork.com

Facebook.com/flippingamericamedia

Twitter and Instagram @FlippingAmerica

YouTube: bit.ly/FlippingAmericaOnYouTube

Linkedin: bit.ly/FlippingAmericaOnLinkedIn

We now have a profile at houzz.com for what it’s worth.

Call our National Comment Line: 404-369-1018, ext 1. Leave your message or your question.

Announcements:

  • TONIGHT the 27th of August, speaking at the West REIA, Cherokee Cattle Company, Marietta, GA 6:30 pm
  • The Flipping America Mentoring Program, August 28-31, Sandy Springs, GA
    • Menternship Also.
      • Ten Deal Sources explored and explained.
      • Complete Deal Analysis.
      • Finding the re-sale value of any residential property in the U.S.
      • How to estimate repairs from your desktop.
      • How to finalize a repair estimate through a site visit.
      • Structuring your business for effectiveness and asset protection
      • How to set up a web site for your business.
      • Understanding the various ways to get your deal funded.
      • Learn creative deal structures.
      • The mini-course in negotiating
      • The full course in renovation.
        • How to find, vet, and hire contractors.
        • How to manage the process
        • How to solve the inevitable problems that arise.
      • Learn how you could get your deal 100% funded – not just your next one, but every deal you ever do from now on.
      • Get all the forms, the documents, the checklists, the procedures
      • Get the scripts for your conversations
        • Hiring questions for realtors and contractors
        • Answering the phone
        • Talking to sellers
          • Build rapport
          • Get key information
          • Learn motivation
      • The course comes with on-going weekly group coaching calls
      • You also get one-on-one guidance through your first four flips.
    • This is the three day dive into a year’s worth of training and guidance. But our commitment to you doesn’t end in one year. We are with you at LEAST through your first four flips and definitely until you have more than doubled your training investment.
    • What is the investment? What is reasonable? Let’s talk about $50,000.
    • The cost is $12,967, but if you use the coupon code “radio” your cost is $9,967.
    • Go to www.flippingamericanetwork.com/Mentoring and sign up today. We only take about 10 people per class and several have already signed up. There’s just a few seats left.
  • Lunch with me every Wednesday.
  • Flipping America App is in the app store. You can listen to the show, read the show notes, and the entire catalog of shows is now available to you. It’s a free download and there are no upsells or in-app purchases. Free to download, free to listen. Go ahead and give it a try and drop me a line and let me know what you think.
  • Want a quick analytical tool to tell you how strong a potential fix and flip deal is? Download the Property Grade app. You answer 10 simple questions about the property and the app instantly tells you what you can expect to make, your return on investment, your return on cash, and then the program gives the project a letter grade using the proprietary Flipping America Investment Property Grade algorithm.  

News!

Topic: Get it Right

Comment Line calls and Questions

Call 404-369-1018, press 1 and leave your message!

Emails:

Questions@flippingamericaradio.com Tell us where you’re from!

  • Evangelina, Baltimore, MD, “I understand the MAO formula. But I can’t find any deals that fit that number. Several of my friends are buying above the price that formula recommends and they seem to be doing ok. Can you explain some of the reasoning behind it?”
  • Roderick, Tampa, FL, “I want to buy rental properties. It seems like if the property has $200/month or more in positive cash flow I should be fine. But one of my friends said I should check with you. No offense but I had never heard of you until now. Am I missing something here? $2400 a year is good money and with 10 of those I can quit my job.”
  • Stephen, Boulder, CO, “Can you explain the difference between cap rate and cash on cash return? What should I be looking for when buying a single family rental?”
  • Sherry, Sebring, FL, “What are the key steps when buying a flip project in another town?”
  • Lynetta, Jackson, WY, “We want to bounce back and forth between Jackson and Austin, TX, you know, avoiding the weather extremes but getting in some skiing when we want, etc. We are both in our mid 50’s and our question is should we buy something in both places or just do longer-term rentals? We could pay cash for both places, but can’t help but wonder if our cash is better off elsewhere.”
  • Rhonda, Milwaukee, “Estimating a rehab is overwhelming to me. I just don’t know where to start. Please help.”

Motivational Thoughts for the day

  • “People often say that motivation doesn’t last. Well, neither does bathing — that’s why we recommend it daily.” — Zig Ziglar