My personal review of Richard Roop’s “Quick-Start Guide”

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Click Here to Get Richard Roop’s “Quick-Start Guide” for FREE!

You have heard the buzz from me and from all over for some time now.  Well, here’s my take on what I thought of Richard Roop’s “Quick-Start Guide to Making Money in Real Estate” when I finally got my hands on it:

1) I got not just a DVD in the mail but a handy study guide to go with it

2) I really liked how much detail Richard went into when creating it.  For example, there’s a step for everything, including choosing your phone number for calls to go to, choosing who will take and return sellers’ calls, blocking time to do this each day, etc.

3) I like the 28-day breakdown.  I know people like to know what to do and when so they have no excuse not to take action, and there’s no confusion.

4) It’s testable.  Do what he says for 28 days.  If it works, you get a fat check.  If not, well, the DVD was only $9.95 for shipping anyway.

5) It’s not as lengthy as a book, which is either an advantage or disadvantage.  I’m just saying that for $9.95 you could usually get half a book in a bookstore for that much.  But, most people don’t want to read all those pages anyway and just want an actionable list of things to do to make money.  So if you’re in that crowd, then that’s probably not a problem.

I’d like to have spotted more ways the Quick-Start Guide could have been better, but for 10 bucks it is really, really good at what it does.

***NOTE:  Keep in mind that he’s only giving this Quick-Start Guide out today and tomorrow and then the promotion is being shut down.  After my review, I recommend that you get it before it’s too late***

Click Here to Get Richard Roop’s “Quick-Start Guide” for FREE!

4 Quick & Easy Ways to Get Seller Testimonials

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(It doesn't have to be this hard, guys)

There’s a lot of distrust out there between homeowners and real estate investors.  People hear the terms “predatory lenders,” “foreclosure rescue scam,” and so on thrown around in the media.  So homeowners are understandably wary of those who approach them offering help when they’re behind in payments.

What can you do to prove you’re the real deal and get a higher percentage of offers accepted?

Show them testimonials!  These are statements from other people that prove you’re a professional that can be trusted.

Here are a few easy ways to collect seller testimonials:

Way #1:  They write you a letter

A typed, legible letter written to you or your company with a real signature (don’t put a date on it) is powerful evidence that you do what you promise.  You can ask a seller to write one for you and fax or mail it back to you.

The downside is that people are lazy and busy, and may not get around to doing it.  So this brings us to…

Way #2:  You draft, they approve

Many people are willing but don’t feel like writing a whole letter.  In this case, you can get their permission in advance to write a letter from them to you.  Email it to them to review and make changes to.  Then, all they have to do is print it up and fax or mail it to you.

Way #3:  The sound bite

The easiest way to get a testimonial is to ask them on the phone if they are pleased with their experience selling to you, then asking for permission to quote them in your future advertising.  You could write a letter, like #2 above, that covers the gist of what they said, which they sign and send back to you.

Or, worst case, you have a quote with no signature, which is better than nothing.

Way #4:  Photo/video at closing

Frankly, getting testimonials from sellers after the closing is like pulling teeth.  They often disappear off the face of the earth or take a while to return your calls because they have moved on with their lives and you’re no longer a priority.

So if you’re going to get a testimonial, the closing is the time to get it.  This is when you can bring them the letter to sign, or ask them to write a quick one on the way out.

Or, better yet, bring a video camera and have them give a 30-second testimonial describing how you helped them out, how professional and fair you were, yada yada yada.

My experience has been that most people are very shy and are concerned about their appearance (because who dresses up to go to a title company…really?), so if nothing else, get a photograph of them.

So, these are 4 easy ways to get testimonials from sellers.  Work these into your system for closing on properties, and it will make it a lot easier to get even more great deals under contract in the first places.

Watch “The Ultimate Strategy for Real Estate Investors” with Richard Roop

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 Richard Roop Replay: Play Now | Play in Popup | Download

Click Here to See the Ridiculously Generous Offer That Richard is Extending to You (Ends Friday)

Would you link to learn more about how to receive cash when you buy “free & clear” houses?

This method seems to combine the best of all real estate strategies:

• Easy to find deals
• Houses have tons of equity and are easy to work with
• No cash, credit, or experience needed
• Much easier to get private money for, if needed
• Little or no repairs needed
• You receive CASH when you buy (instead of waiting for years to sell)
• Easier to manage than the average rental houses
• You make obscene amounts of cash flow each month (find out how)
• You pay off the property in a fraction of the time
• And, you make money again when you sell the house

This is truly unique, and no one else is out there teaching this.  I’ve been investing
for 8 years now, and I can’t believe I never thought of this!

I sure hope you find the time to watch this.   I am very, very impressed at how Richard’s Ultimate Strategy simultaneously contains the best parts and excludes the downsides of all real estate strategies.

Click Here to See the Ridiculously Generous Offer That Richard is Extending to You (Ends Friday)

10 Guidelines for Investors Moving On Up to Commercial Property

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Most real estate investors get started buying single-family houses, probably because it’s what we’re the most familiar with. But whether you’re going straight to the big time or are ready to advance from houses to larger (and more profitable) deals, here are 10 time-tested guidelines to follow that will help you have more success.

Tip #1: Think Big

If buying a 5-unit apartment requires you to get commercial financing, which is more of a hassle, then why bother? I would recommend buying properties with at least 10 units. Remember that the more units you buy, the cheaper they are per unit. Also, Dave Lindahl has been quoted as saying, “It’s no harder to manage 50 units than it is 10.”

Tip #2: Take Your Time

Commercial deals take longer than single-family houses do. They take longer to purchase, renovate, and get sold. This is not necessarily a bad thing, but something to keep in mind so that you don’t get impatient or rush into a bad decision. Think of commercial deals as big bonuses or your retirement vehicle, not a way to create quick cash to pay the bills.

Tip #3: Don’t Choose Apartments By Default

There’s nothing wrong with investing in residential apartments per se. I’m just pointing out that since most investors are already comfortable with residential property, they tend to look for apartments without considering the other types of commercial property, such as office buildings, industrial, mobile home parks, land, etc. Weigh all of these property types and choose your own niche based on whatever will help you reach your unique goals, regardless of your comfort zone.

Tip #4: Be Prepared to Spend a Lot of Time at First

Fight the temptation to get discouraged if you haven’t done your first deal yet, or if you are spending more time per deal than your previous ones. Houses are so similar that it’s easy to make a cookie-cutter system for buying and selling them. When I begn looking for commercial properties, I was surprised at how long it took me in the beginning to screen deals and make offers. Just remember that there is a learning curve, like with anything else, and that things will go faster over time.

Tip #5: Learn the new formulas

If you’re buying houses, you may use certain formulas, like buying at 75% of After-Repaired Value, minus estimated repairs. Commercial property will have new and different formulas to get used to, such as Net Operating Income and Cap Rates. Learn what is considered good in your area and get familiar with them when making offers.

Tip #6: Relationships Are Even More Important

Relationships with other investors and private lenders are important when buying houses, but they are even moreso when buying commercial properties. For one, properties costing a million dollars or more are probably within the financial wherewithal of most of us individually, so you probably have no choice but to get to know and work with partners. Also, many commercial properties are sold without being listing first, so the more people in your network who know what you’re looking for, the more deals you’ll find.

Tip #7: Find Good Financing In Advance

Commercial loans are a different animal than residential loans, and in some ways better. The down payments needed are usually a higher percentage than loans on single-family houses, which means you’ll have to put more down (or get your partner to put more down). However, there is often no personal liability if the deal goes south, and they are more lenient about letting you borrow the down payment money from someone else. Nevertheless, before making offers, ask around and find out who the best lenders are in your area to use when buying commercial properties, as it may make the difference between qualifying for one or not.

Tip #8: Be Prepared to Lose Due Diligence Money

After your offer is accepted, you have a period of time (just like with houses) to do your due diligence. You should get an appraisal, property inspection, and other tests and inspections required by law. The only problem is that these cost a lot more than they do for smaller deals. You might spend $5,000-10,000 on a deal, only to find out you don’t want to buy it after all. While this is always better than buying a bad deal, you should still be prepared for these kinds of expenses.

Tip #9: Partners Are Your Bridge to Wealth

As I said before, buying million-dollar properties is not something most people can qualify for on their own (in fact, getting a loan to buy a house is hard enough!) So make sure that you spend a lot of time finding private lenders or deal partners to help you out. A partner can provide the cash and/or credit needed to purchase a property, and you can compensate them by paying a fixed interest rate or a percentage of the cash flow or proceeds from the sale.

Tip #10: Know Where to Get Tough Questions Answered

Lastly, it’s imperative that you associate with experienced commercial investors who can answer questions that come up while you are evaluating properties. There’s no sense in losing a deal or buying a bad property because you didn’t understand certain environmental regulations or estimating what trash collection really costs. Know who you can ask to get fast answers when you need them, and make them your new best friends.

By following these guidelines I can’t promise instant success. However, you will have the right perspective about investing in commercial property that will help you start right and stick with it for the long haul. Good luck to you in “moving on up” from single-family houses to the big time.

Howard Liggett: Tax Liens, Tax Sales, & Homebuilder Buyouts

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(Howard Liggett)

Howard’s Website: Distressed Real Estate Consulting Services

Here are three additional ways to make money in real estate that you might not have heard of, considered, or remembered (and by the way, the fewer other people are doing something, the less competition/more profit there could be):

1) Tax Liens

You can buy property, sure.  But you can also buy debts that are secured to a property, like notes, mechanics liens, judgments, and (like Howard) Tax Liens.

Tax liens occur when a homeowner doesn’t pay their taxes to the IRS, state, city, or some other agency of “The Man.”  Then the homeowner has to pay the debt when they sell or refinance.

Well, you can buy these for less than they’re worth!  Then, collect them yourself for a profit or wait until the house sells (or, for those who would rather profit today and not someday,  force it to sell by foreclosing).

2) Tax Sales

Tax sales, as you will recall if you consume my every written word like most people, are the neglected little sister of mortgage foreclosures.

What this means is that while you, me, everyone else, and everyone’s grandma are chasing after the same homeowners who are behind on their mortgage payments, people like Howard are contacting property owners behind on their city or county TAX payments.

Know ye not that there are more types of auctions than one?  Ask the old lady at your local courthouse when the tax auctions are, and how you can get a list of these properties in advance.

Then contact them like you normally would (mail, phone, doorknocking).

3) Homebuilder Buyouts

Homebuilders are people like everyone else (i.e., they’re broke).  Well, many of them, at least, started developing land and couldn’t finish building because they ran out of money.

Howard’s company contacts builders and asks if they have any inventory they’d like to get rid of.  The builder makes a business decision–no muss, no fuss, none of the emotional garbage that you have to deal with when buying from homeowners who will have to kiss their dream house goodbye.

One more thing:

It’s interesting to note that Howard often buys properties behind on tax payments from mortgage companies, not just homeowners.  I never thought of that.  I guess mortgage companies have cash flow problems and lose properties they have already foreclosed on and taken back.

If you ask me (and your consent is implicit because you came here to read what I think) this is grounds for evil laughter, as I think mortgage companies completely deserve it for no other reason than making me punch in my loan number when I call their 800#, only to have their live stooge ask for it yet again as soon as they pick up the phone.