Flipping America

Today we are going to deal with one of the most often asked about topics that come to the show. Finding contractors. Or more specifically, finding GOOD contractors. A good contractor can make your business and a bad one can break it. Ask me how I know this. In a few minutes I will tell you what type of contractors you might need, how to find them, how to vet them, and how to manage them. All of this in response to questions from you! 

How to contact us

www.RogerBlankenship.com. Leave a voicemail right from the home page!

Facebook.com/flippingamericamedia

Twitter and Instagram @FlippingAmerica

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

Email your questions to [email protected]. Please always tell us where you are from. We like to know where the show is being heard. And let us know how you found out about us if you don’t mind. 

Sponsors

American IRA: www.americanIRA.com

Civic Financial: bit.ly/CivicFunding

Announcements:

• The Flipping America REIA meets every Wednesday from noon to 2 and Thursday from 7-9. You can join the REIA and learn real estate investing from the comfort of your own home, or get together with a few friends and form a chapter in your area. Learn more at flippingamericareia.com.  
• 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.
• FlipCalcs allows you to enter one data set about a property and consider up to six deal ppossibilities. 
• “Real Estate Investing Quick Start” Fifteen lessons to start your real estate investing career. Study from the comfort of your own home. I give you 8 action assignments in lesson 1 and show you how to complete them while holding your feet to the fire over the next 15 lessons. bit.ly/requickstart.

News: Are we heading toward recession?

• From Goldman Sachs, Financial conditions continue to ease, which should be a tailwind for economic growth. 
• From HPS Insight, Consumer sentiment remains elevated
• Growth in revolving consumer credit is falling behind the increase in wages. According to TS Lombard, this indicator typically spikes heading into a recession or periods of perceived economic stress. TS Lombard
• John Burns Real Estate Consulting, Single Family construction permits continue to rise, now in the 9th year. (expansions typically last 2-5 years)

Topic: Contractors 

Resources: https://www.nascla.org/page/LicensingInfo

Your Questions: Send emails to [email protected]

• Arlene, Austin, TX, “I need help finding a good contractor. The guy I’ve been using has been ok, but he’s retiring.” 
• Sammy, Brookfield, WI, “Do I need to line up a contractor before I find a deal? If so, how do I do that?
• Kenneth, Lancaster, PA, “I was told to get three bids before beginning the work. I can’t even get someone to come out and give me one bid. How do you get three?”
• Michelle, Tampa, FL “I don’t have any problem finding contractors, but I need help knowing if they are any good. Can you offer some thoughts?”
• Wes, Jacksonville, FL, “What questions should I be sure to ask when I’m interviewing a contractor?”
• Beatrice, New Port Richey, FL, “What are the two or three most important things you look for when hiring a contractor?”
• Marcus, Boulder, CO, “How can I know whether the contractors are charging me a reasonable price?”
• Elliott, Pittsburgh, PA, “I was checking on a guy - seems like a real nice guy. But in the state records, I see he has had a couple of other companies that seem like they are in the same business. It’s almost like he shut down a company and then started another one just like the one before. Why would he do that and should this make me cautious?”
• Marilyn, Chattanooga, TN “I tell my contractor what I want, he says it won’t work and suggests something else, which I think will be ugly. We are talking about removing a wall. I want the beam up in the rafters and he says it’s too much trouble and expense. I don’t want the beam hanging down creating a visual divider. We had a big argument about it. When I came back to the site a couple of days later he was doing it the way he wanted. I lost my cool and yelled at him. He picked up his tools, loaded up his guys and left. Now I can’t get him back and he won’t answer his phone.”
• Peter, Baton Rouge, LA “Do you have a contract I could borrow? I need a template or something.”
• Juan, Pontiac, MI.. “How do you handle change orders?”
• Amero, Toledo, OH “We installed a new air conditioner unit outside. The next day it was stolen. The police don’t seem interested in trying to track this down - I guess they have more urgent things. They did tell me that the person who stole it knew how to disconnect it. What can I do to avoid this in the future?”
• Catherine, Kokomo, IN, “Can’t I just be my own general contractor and hire subs myself?”

Comment Line calls and Questions

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

Motivational Thoughts for the day

 

“There are TWO Rules for Success. 1. Never tell everything you know.” -Roger H. Lincoln

 

We are getting a lot of questions about the Flipping America REIA so we've stored them up and today will answer as many of them as we can. I have some interesting news and the first lists of 2020, all coming up in a few minutes. Also today I'm going to introduce you to the new "Carpenter Index" from the American Enterprise Institute. The question behind the premise of the Carpenter Index is "they can build it, but can they afford it?" It's a measure of whether or not the average carpenter can afford the average home in a city.

How to contact us

www.RogerBlankenship.com. Leave a voicemail right from the home page!

Facebook.com/flippingamericamedia

Twitter and Instagram @FlippingAmerica

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

Email your questions to [email protected]. Please always tell us where you are from. We like to know where the show is being heard. And let us know how you found out about us if you don't mind.

Sponsors

American IRA: www.americanIRA.com

Civic Financial: bit.ly/CivicFunding

Announcements:

• The Flipping America REIA meets every Wednesday from noon to 2 and Thursday from 7-9. You can join the REIA and learn real estate investing from the comfort of your own home, or get together with a few friends and form a chapter in your area. Learn more at flippingamericareia.com.
• 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.
• FlipCalcs allows you to enter one data set about a property and consider up to six deal ppossibilities.
• "Real Estate Investing Quick Start" Fifteen lessons to start your real estate investing career. Study from the comfort of your own home. I give you 8 action assignments in lesson 1 and show you how to complete them while holding your feet to the fire over the next 15 lessons. bit.ly/requickstart.

News:

• https://www.realestatedaily.com/news-items/real-estate-slowdown-spooks-investors-where-flipping-is-slowing-the-most/
• https://www.housingwire.com/articles/home-renovation-boom-expected-to-weaken-in-2020/
• https://www.realestatedaily.com/news-items/zillow-redfin-and-the-tinderization-of-the-real-estate-market/
• https://www.aei.org/the-carpenter-index/
• https://www.aei.org/op-eds/to-solve-the-problem-of-unaffordable-entry-level-housing-abolish-single-family-zoning/
• https://www.nbcnews.com/news/world/airbnb-plans-remove-listings-israeli-west-bank-settlements-n938146
• https://www.aei.org/best-and-worst-metro-areas-to-be-a-first-time-homebuyer/
• https://www.aei.org/op-eds/to-solve-the-problem-of-unaffordable-entry-level-housing-abolish-single-family-zoning/

Topic: FAREIA Your Questions: Send emails to [email protected]

1. What are the main advantages of membership?
2. Do you have a monthly plan?
3. What comes with the Coaching membership?
4. What's the difference between online courses and mentoring?
5. How do I advertise with the FAREIA?
6. Is there a place to get free advice?
7. Are you competing with local REIAs?
8. There are a couple of other groups that call themselves national REIAs. How are you different from them?
9. I'm feeling lost, can you help me?
10. Is there a place to get free advice?
11. Can someone help me with Deal Analysis?
12. I have a deal I want to wholesale. May I introduce it to the group?
13. I'm a hard money loan broker. Will you email my contact info to all your members?
14. What are the qualifications to lead a local groups?
15. Someone told me they make money leading a group. I see it actually costs $100/month. How do I make money?
16. You were already doing two meetings a week. How is this different?
17. Why make this change?

Comment Line calls and Questions

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

Motivational Thoughts for the day

"Think Big And Don't Listen To People Who Tell You It Can't Be Done. Life's Too Short To Think Small." -Tim Ferriss

We are getting a lot of questions about the Flipping America REIA so we’ve stored them up and today will answer as many of them as we can. I have some interesting news and the first lists of 2020, all coming up in a few minutes. Also today I’m going to introduce you to the new “Carpenter Index” from the American Enterprise Institute. The question behind the premise of the Carpenter Index is “they can build it, but can they afford it?” It’s a measure of whether or not the average carpenter can afford the average home in a city. 

How to contact us

www.RogerBlankenship.com. Leave a voicemail right from the home page!

Facebook.com/flippingamericamedia

Twitter and Instagram @FlippingAmerica

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

Email your questions to [email protected]. Please always tell us where you are from. We like to know where the show is being heard. And let us know how you found out about us if you don’t mind. 

Sponsors

American IRA: www.americanIRA.com

Civic Financial: bit.ly/CivicFunding

Announcements:

• The Flipping America REIA meets every Wednesday from noon to 2 and Thursday from 7-9. You can join the REIA and learn real estate investing from the comfort of your own home, or get together with a few friends and form a chapter in your area. Learn more at flippingamericareia.com.  
• 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.
• FlipCalcs allows you to enter one data set about a property and consider up to six deal ppossibilities. 
• “Real Estate Investing Quick Start” Fifteen lessons to start your real estate investing career. Study from the comfort of your own home. I give you 8 action assignments in lesson 1 and show you how to complete them while holding your feet to the fire over the next 15 lessons. bit.ly/requickstart.

News:

• https://www.realestatedaily.com/news-items/real-estate-slowdown-spooks-investors-where-flipping-is-slowing-the-most/
• https://www.housingwire.com/articles/home-renovation-boom-expected-to-weaken-in-2020/
• https://www.realestatedaily.com/news-items/zillow-redfin-and-the-tinderization-of-the-real-estate-market/
• https://www.aei.org/the-carpenter-index/
• https://www.aei.org/op-eds/to-solve-the-problem-of-unaffordable-entry-level-housing-abolish-single-family-zoning/
• https://www.nbcnews.com/news/world/airbnb-plans-remove-listings-israeli-west-bank-settlements-n938146
• https://www.aei.org/best-and-worst-metro-areas-to-be-a-first-time-homebuyer/
• https://www.aei.org/op-eds/to-solve-the-problem-of-unaffordable-entry-level-housing-abolish-single-family-zoning/

Topic: FAREIA Your Questions: Send emails to [email protected]

1. What are the main advantages of membership?
2. Do you have a monthly plan?
3. What comes with the Coaching membership?
4. What’s the difference between online courses and mentoring?
5. How do I advertise with the FAREIA?
6. Is there a place to get free advice?
7. Are you competing with local REIAs?
8. There are a couple of other groups that call themselves national REIAs. How are you different from them?
9. I’m feeling lost, can you help me?
10. Is there a place to get free advice?
11. Can someone help me with Deal Analysis?
12. I have a deal I want to wholesale. May I introduce it to the group?
13. I’m a hard money loan broker. Will you email my contact info to all your members?
14. What are the qualifications to lead a local groups?
15. Someone told me they make money leading a group. I see it actually costs $100/month. How do I make money?
16. You were already doing two meetings a week. How is this different?
17. Why make this change?

Comment Line calls and Questions

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

Motivational Thoughts for the day

 

“Think Big And Don’t Listen To People Who Tell You It Can’t Be Done. Life’s Too Short To Think Small.” -Tim Ferriss

 

Today we are going to dedicate some time to answering your real estate questions. They've been building up for a minute and some of you have asked basic questions that need an answer. If you have questions about real estate or real estate investing, send them to [email protected]. Or you can go to the website, rogerblankenship.com and leave us a voice mail. We promise you an answ er and we might even answer your question on the show.

How to contact us

www.RogerBlankenship.com. Leave a voicemail right from the home page!

Facebook.com/flippingamericamedia

Twitter and Instagram @FlippingAmerica

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

Email your questions to [email protected]. Please always tell us where you are from. We like to know where the show is being heard. And let us know how you found out about us if you don't mind.

Sponsors

American IRA: www.americanIRA.com

Civic Financial: bit.ly/CivicFunding

Announcements:

• The Flipping America REIA meets every Wednesday from noon to 2 and Thursday from 7-9. You can join the REIA and learn real estate investing from the comfort of your own home, or get together with a few friends and form a chapter in your area. Learn more at flippingamericareia.com.
• 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.
• FlipCalcs allows you to enter one data set about a property and consider up to six deal ppossibilities.
• "Real Estate Investing Quick Start" Fifteen lessons to start your real estate investing career. Study from the comfort of your own home. I give you 8 action assignments in lesson 1 and show you how to complete them while holding your feet to the fire over the next 15 lessons. bit.ly/requickstart.

News:

• https://www.housingwire.com/articles/former-fannie-mae-employee-gets-6-years-in-prison-for-making-1-million-on-shady-foreclosure-sales/?utm_campaign=Newsletter%20-%20HousingWire%20Daily&utm_source=hs_email&utm_medium=email&utm_content=81994043&_hsenc=p2ANqtz-8WxZmDKfR3cLEe-pL3xPhelL5iRcPY3XDcZ8cvpMyD5pZ4mKPOZit8EVco1IA_K8ErCCZpBoN44LSvqWpDAVaZojW9qxQotQUMDpIbldVDZOl7nOo&_hsmi=81994043
• https://www.attomdata.com/news/market-trends/figuresfriday/top-10-most-least-affordable-rental-markets-in-2020/
• https://www.attomdata.com/news/market-trends/figuresfriday/top-10-u-s-counties-with-foreclosure-start-increases-in-2019/

Your Questions: Send emails to [email protected]

• Wanda, Atlanta, GA "I've been researching and studying. I just want to know, what do I do to really get started in this business? I don't have much money so I think my best option is wholesaling, but how do I jump in and get started?"
• Adam, Milwaukee, WI, "I hear you talking about buying houses around the country. If I'm just getting started fixing and flipping should I stay more local?"
• Richard, Albany NY. Which would you rather have, 1 big flip in your own back yard that in six months will pay you $53,000 net, or 3 rental houses that together bring in $960 net of expenses.
• Rebecca, Pensacola, FL, "How do I get started in AirBnB?" Rich Munroe, 770-540-7638.
• Benton, Columbus, GA "I'm really struggling in all this. You and all the other gurus make is sound so easy. Why am I having such a hard time getting my first deal?"

Comment Line calls and Questions

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

Motivational Thoughts for the day

"The Person Who Says It Cannot Be Done Should Not Interrupt The Person Who Is Doing It." – Chinese Proverb

Today we are going to dedicate some time to answering your real estate questions. They’ve been building up for a minute and some of you have asked basic questions that need an answer. If you have questions about real estate or real estate investing, send them to [email protected]. Or you can go to the website, rogerblankenship.com and leave us a voice mail. We promise you an answ er and we might even answer your question on the show. 

How to contact us

www.RogerBlankenship.com. Leave a voicemail right from the home page!

Facebook.com/flippingamericamedia

Twitter and Instagram @FlippingAmerica

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

Email your questions to [email protected]. Please always tell us where you are from. We like to know where the show is being heard. And let us know how you found out about us if you don’t mind. 

Sponsors

American IRA: www.americanIRA.com

Civic Financial: bit.ly/CivicFunding

Announcements:

• The Flipping America REIA meets every Wednesday from noon to 2 and Thursday from 7-9. You can join the REIA and learn real estate investing from the comfort of your own home, or get together with a few friends and form a chapter in your area. Learn more at flippingamericareia.com.  
• 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.
• FlipCalcs allows you to enter one data set about a property and consider up to six deal ppossibilities. 
• “Real Estate Investing Quick Start” Fifteen lessons to start your real estate investing career. Study from the comfort of your own home. I give you 8 action assignments in lesson 1 and show you how to complete them while holding your feet to the fire over the next 15 lessons. bit.ly/requickstart.

News:

• https://www.housingwire.com/articles/former-fannie-mae-employee-gets-6-years-in-prison-for-making-1-million-on-shady-foreclosure-sales/?utm_campaign=Newsletter%20-%20HousingWire%20Daily&utm_source=hs_email&utm_medium=email&utm_content=81994043&_hsenc=p2ANqtz-8WxZmDKfR3cLEe-pL3xPhelL5iRcPY3XDcZ8cvpMyD5pZ4mKPOZit8EVco1IA_K8ErCCZpBoN44LSvqWpDAVaZojW9qxQotQUMDpIbldVDZOl7nOo&_hsmi=81994043
• https://www.attomdata.com/news/market-trends/figuresfriday/top-10-most-least-affordable-rental-markets-in-2020/
• https://www.attomdata.com/news/market-trends/figuresfriday/top-10-u-s-counties-with-foreclosure-start-increases-in-2019/

Your Questions: Send emails to [email protected]

• Wanda, Atlanta, GA “I’ve been researching and studying. I just want to know, what do I do to really get started in this business? I don’t have much money so I think my best option is wholesaling, but how do I jump in and get started?”
• Adam, Milwaukee, WI, “I hear you talking about buying houses around the country. If I’m just getting started fixing and flipping should I stay more local?”
• Richard, Albany NY. Which would you rather have, 1 big flip in your own back yard that in six months will pay you $53,000 net, or 3 rental houses that together bring in $960 net of expenses.
• Rebecca, Pensacola, FL, “How do I get started in AirBnB?” Rich Munroe, 770-540-7638.
• Benton, Columbus, GA “I’m really struggling in all this. You and all the other gurus make is sound so easy. Why am I having such a hard time getting my first deal?”

Comment Line calls and Questions

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

Motivational Thoughts for the day

 

“The Person Who Says It Cannot Be Done Should Not Interrupt The Person Who Is Doing It.” – Chinese Proverb

 

We have a great show coming up today. As of January 1, 2020, every real estate wholesaler in Illinois is required by law to be a licensed real estate agent. As you can imagine this has caused quite a stir in the real estate investing community. Wholesalers are coming out and accusing the Realtor lobby and the state of Illinois of a money grab. Others say the wholesaler community has brought this on themselves by their repeated lack of professionalism and willingness on the whole to take advantage of homeowners. Coming up in a few minutes I have Bob Floss the Second, a lawyer from Chicago who has extensive experience and practice in real estate law and even has his own YouTube channel. We are going to talk about this development.

When you combine this law with the recent NAR ruling that all licensed Realtors can no longer carry pocket listings but all properties must appear on the MLS within 24 hours, they are possibly are undermining the entire business model of the wholesaling industry. And before you shrug and say, "well that's the Democratic Republic of Illinois - I'm not moving there and it doesn't affect me." I would have you know that lawmakers in other states are paying attention and the issues are not different in those other states. This law is very possibly coming your way soon.

Shut up and Dribble.

When I was in college, I had a class called Persuasive Speaking. This was a part of my double major in Speech Communications and Theology. We learned the principles of rhetoric as it is formally known, studied great persuasive speeches in history and then wrote and delivered our own. It was nerve wracking and difficult. The professor was extremely difficult to impress and for this I'm grateful. As a part of the course we surveyed the rules of logic. It was not a course in logic - that would be later on. But we were expected to understand and apply the basics.

For one of my assignments I delivered a speech on an alternative cancer treatment. During the speech I quoted a nationally known politician speaking favorably about the treatment and encouraging the FDA to approve it. That move got me a C on this assignment. Why? I appealed to authority, which is a good move, but the authority was not qualified to speak on the subject. Why? The politician was not a scientist or a doctor and his opinion on the treatment was not based on any scientific process or clinical study. Obviously I've never forgotten the lesson I learned.

Everyone is entitled to his or her own opinion. And each person is, in this country free to share his or her opinion with whomever will listen. That doesn't mean the person, no matter how famous or well-loved is informed, intelligent, or correct. It ONLY means they have the ear of a lot of people. For example, there are those in our society who have a special ability to run very fast while bouncing a ball on the floor, jumping very high and throwing that ball into a hoop. Of course I'm talking about basketball. The NBA has about 400 of the best in the world at this special skill. Believe me when I say it's a lot harder than they make it look. It truly is a special and marvelous skill. But the mere fact that a person possesses this special skill does not guarantee that they are smart, that they ever think things through, or even know how to read. In fact many of them, if not most barely have a high school education. And that's ok. They have a skill that will enable them to make millions. And they are entitled to their opinion. But I'm not obligated to take their opinion seriously, unless its about their area of expertise. There are others whose special skill is convincingly pretending to be someone else. I'm talking about actors. This is far more difficult than you could imagine and those who are truly proficient in this are rare indeed. But the ability to pretend to be someone else and recite clever lines someone else has written, or even ad lib your own, does not make that person an authority on anything other than their area of expertise - pretending to be someone else. And now I'm going to prove to you that being a great athlete or actor does not automatically make you smart. If you're smart you know that the public is about evenly divided in the political debate. You should also know that if you publicly express your political opinions you are going to alienate about half of the population. And if you were truly smart, you would know that although you have a right to express yourself, doing so might be a bad business decision. The fact that so many actors and athletes now feel it is their duty to express their thoughts about issues unrelated to their expertise and genuinely believe people should listen to them simply because they are famous reveals precisely how smart they are NOT.

You are all entitled to your opinion. You are all entitled to express it. But NO ONE is obligated to take you seriously.

On the other hand, I have my own special skill. I think and talk for a living. I research, study, analyze, consider history, ponder possibilities, and express these things as a part of my career. I know a few people who think my skills in this are at an elite level. If you should listen to ANYONE who wants to express their thoughts, it seems like you should listen to someone who actually thinks at a high level for a living, right? But even then, you will notice that I studiously avoid political debate on this show. Why do I do that? Because a) this show is not about politics and 2) I see no reason to alienate half of y'all. I realize that the occasional expression of my faith may be off-putting, but I'm pretty sure I'm don't take an "in-your-face" type posture about any of this. Why? Because I'm not here to fight. I'm here to inform, inspire, and entertain.

So the next time you see some outrageous or provocative comment from someone famous, ask yourself whether this person has the standing or authority to speak knowledgeably on the subject.

You've heard the expression "haters gonna hate"? Well here's a corallary to it: "Dummies gonna dumb". Then let it go.

How to contact us

www.RogerBlankenship.com. Leave a voicemail right from the home page!

Facebook.com/flippingamericamedia

Twitter and Instagram @FlippingAmerica

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

Email your questions to [email protected]. Please always tell us where you are from. We like to know where the show is being heard. And let us know how you found out about us if you don't mind.

Sponsors

American IRA: www.americanIRA.com

Civic Financial: bit.ly/CivicFunding

Announcements:

• The Flipping America REIA meets every Wednesday from noon to 2 and Thursday from 7-9. You can join the REIA and learn real estate investing from the comfort of your own home, or get together with a few friends and form a chapter in your area.
• 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.
• FlipCalcs allows you to enter one data set about a property and consider up to six deal ppossibilities.

News:

• https://www.forbes.com/sites/heathersenison/2020/01/07/five-questions-your-real-estate-agent-legally-cannot-answer/#104d90c41755

Topic: Wholesaling and Licensing Your Questions: Send emails to [email protected]

Rhonda, Pottstown, PA. "I'm about to buy my first rental. There's a guy at the local REIA who says he can do rental loans. Why wouldn't I just go to my bank and get the loan?"

Geraldine, Villages of Ocala, FL "How many properties to I need to own in order to retire? I have three."

Vince, Covington, GA, "Looking at a deal right now. The guy wants $160,000. He's pretty much finished the rehab. It just needs appliances, which I can put in for about $3,000. The ARV is $180,000. Is this too tight? I want to wholesale it."

Comment Line calls and Questions

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

Motivational Thoughts for the day

• "Being realistic is the most commonly traveled road to mediocrity." Will Smith

We have a great show coming up today. As of January 1, 2020, every real estate wholesaler in Illinois is required by law to be a licensed real estate agent. As you can imagine this has caused quite a stir in the real estate investing community. Wholesalers are coming out and accusing the Realtor lobby and the state of Illinois of a money grab. Others say the wholesaler community has brought this on themselves by their repeated lack of professionalism and willingness on the whole to take advantage of homeowners. Coming up in a few minutes I have Bob Floss the Second, a lawyer from Chicago who has extensive experience and practice in real estate law and even has his own YouTube channel. We are going to talk about this development. 

When you combine this law with the recent NAR ruling that all licensed Realtors can no longer carry pocket listings but all properties must appear on the MLS within 24 hours, they are possibly are undermining the entire business model of the wholesaling industry. And before you shrug and say, “well that’s the Democratic Republic of Illinois - I’m not moving there and it doesn’t affect me.” I would have you know that lawmakers in other states are paying attention and the issues are not different in those other states. This law is very possibly coming your way soon. 

Shut up and Dribble. 

When I was in college, I had a class called Persuasive Speaking. This was a part of my double major in Speech Communications and Theology. We learned the principles of rhetoric as it is formally known, studied great persuasive speeches in history and then wrote and delivered our own. It was nerve wracking and difficult. The professor was extremely difficult to impress and for this I’m grateful. As a part of the course we surveyed the rules of logic. It was not a course in logic - that would be later on. But we were expected to understand and apply the basics. 

For one of my assignments I delivered a speech on an alternative cancer treatment. During the speech I quoted a nationally known politician speaking favorably about the treatment and encouraging the FDA to approve it. That move got me a C on this assignment. Why? I appealed to authority, which is a good move, but the authority was not qualified to speak on the subject. Why? The politician was not a scientist or a doctor and his opinion on the treatment was not based on any scientific process or clinical study. Obviously I’ve never forgotten the lesson I learned.

Everyone is entitled to his or her own opinion. And each person is, in this country free to share his or her opinion with whomever will listen. That doesn’t mean the person, no matter how famous or well-loved is informed, intelligent, or correct. It ONLY means they have the ear of a lot of people. For example, there are those in our society who have a special ability to run very fast while bouncing a ball on the floor, jumping very high and throwing that ball into a hoop. Of course I’m talking about basketball. The NBA has about 400 of the best in the world at this special skill. Believe me when I say it’s a lot harder than they make it look. It truly is a special and marvelous skill. But the mere fact that a person possesses this special skill does not guarantee that they are smart, that they ever think things through, or even know how to read. In fact many of them, if not most barely have a high school education. And that’s ok. They have a skill that will enable them to make millions. And they are entitled to their opinion. But I’m not obligated to take their opinion seriously, unless its about their area of expertise. There are others whose special skill is convincingly pretending to be someone else. I’m talking about actors. This is far more difficult than you could imagine and those who are truly proficient in this are rare indeed. But the ability to pretend to be someone else and recite clever lines someone else has written, or even ad lib your own, does not make that person an authority on anything other than their area of expertise - pretending to be someone else. And now I’m going to prove to you that being a great athlete or actor does not automatically make you smart. If you’re smart you know that the public is about evenly divided in the political debate. You should also know that if you publicly express your political opinions you are going to alienate about half of the population. And if you were truly smart, you would know that although you have a right to express yourself, doing so might be a bad business decision. The fact that so many actors and athletes now feel it is their duty to express their thoughts about issues unrelated to their expertise and genuinely believe people should listen to them simply because they are famous reveals precisely how smart they are NOT. 

You are all entitled to your opinion. You are all entitled to express it. But NO ONE is obligated to take you seriously. 

On the other hand, I have my own special skill. I think and talk for a living. I research, study, analyze, consider history, ponder possibilities, and express these things as a part of my career. I know a few people who think my skills in this are at an elite level. If you should listen to ANYONE who wants to express their thoughts, it seems like you should listen to someone who actually thinks at a high level for a living, right? But even then, you will notice that I studiously avoid political debate on this show. Why do I do that? Because a) this show is not about politics and 2) I see no reason to alienate half of y’all. I realize that the occasional expression of my faith may be off-putting, but I’m pretty sure I’m don’t take an “in-your-face” type posture about any of this. Why? Because I’m not here to fight. I’m here to inform, inspire, and entertain. 

So the next time you see some outrageous or provocative comment from someone famous, ask yourself whether this person has the standing or authority to speak knowledgeably on the subject. 

You’ve heard the expression “haters gonna hate”? Well here’s a corallary to it: “Dummies gonna dumb”. Then let it go. 

How to contact us

www.RogerBlankenship.com. Leave a voicemail right from the home page!

Facebook.com/flippingamericamedia

Twitter and Instagram @FlippingAmerica

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

Email your questions to [email protected]. Please always tell us where you are from. We like to know where the show is being heard. And let us know how you found out about us if you don’t mind. 

Sponsors

American IRA: www.americanIRA.com

Civic Financial: bit.ly/CivicFunding

Announcements:

• The Flipping America REIA meets every Wednesday from noon to 2 and Thursday from 7-9. You can join the REIA and learn real estate investing from the comfort of your own home, or get together with a few friends and form a chapter in your area.  
• 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.
• FlipCalcs allows you to enter one data set about a property and consider up to six deal ppossibilities. 

News:

• https://www.forbes.com/sites/heathersenison/2020/01/07/five-questions-your-real-estate-agent-legally-cannot-answer/#104d90c41755

Topic: Wholesaling and Licensing Your Questions: Send emails to [email protected]

Rhonda, Pottstown, PA. “I’m about to buy my first rental. There’s a guy at the local REIA who says he can do rental loans. Why wouldn’t I just go to my bank and get the loan?”

Geraldine, Villages of Ocala, FL “How many properties to I need to own in order to retire? I have three.” 

Vince, Covington, GA, “Looking at a deal right now. The guy wants $160,000. He’s pretty much finished the rehab. It just needs appliances, which I can put in for about $3,000. The ARV is $180,000. Is this too tight? I want to wholesale it.”

Comment Line calls and Questions

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

Motivational Thoughts for the day

 

• “Being realistic is the most commonly traveled road to mediocrity.” Will Smith

 

The show is called Flipping America and flipping properties is a great way to make a living. But it is not a method for accumulating wealth in real estate. It's a business that will throw off cash but that will stop when you do. If you want to create wealth through real estate you must own income-producing properties. Our guest today, Kathy Fettke has mastered the process of not only buying these properties, but showing others how and creating a means by which YOU can participate without all of the work. I've been on her mailing list for quite some time and I have great respect for the work she has been doing. It's an honor to have her on the show today and she will join us in just a few minutes.

How to contact us

www.RogerBlankenship.com. Leave a voicemail right from the home page!

Facebook.com/flippingamericamedia

Twitter and Instagram @FlippingAmerica

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

Email your questions to [email protected]. Please always tell us where you are from. We like to know where the show is being heard. And let us know how you found out about us if you don't mind.

Sponsors

American IRA: www.americanIRA.com

Civic Financial: bit.ly/CivicFunding

Announcements:

• The Flipping America REIA meets every Wednesday from noon to 2 and Thursday from 7-9. You can join the REIA and learn real estate investing from the comfort of your own home, or get together with a few friends and form a chapter in your area.
• 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.
• FlipCalcs allows you to enter one data set about a property and consider up to six deal ppossibilities.

News: Topic: Kathy Fettke, Turn Key Rentals Your Questions: Send emails to [email protected]

Richard, Jackson, GA "What are your thoughts about flipping houses in a small town? We are about 40 miles south of metro Atlanta."

Kenneth, Birmingham, AL "I'm a licensed Realtor in Hoover and I see houses flying off the shelves with no sign of slowing down. But I turn on the TV or check articles online and see people talking about the coming real estate crash. This doesn't square with my experience and I wonder if you could share some thoughts about this. Is the market about to crash in some locations but not others?"

Teresa, Alexandria, VA, "How much does your rehab analyzer cost?"

David, Austin, TX, "I'm brand new to all of this. What is a subject-to purchase? I was at a REIA meeting and heard people talking about it."

Jackie, Colorado Springs, CO, "My husband and I are looking to buy our first property and we are considering a duplex. We would live on one side. Our tenant would almost cover the mortgage payment with her rent. Seems like a good plan. Have you ever heard of someone doing this? We would move out when we start our family and just rent both sides. And can you help us with any resources for landlording?"

Rhonda, Pottstown, PA. "I'm about to buy my first rental. There's a guy at the local REIA who says he can do rental loans. Why wouldn't I just go to my bank and get the loan?"

Geraldine, Villages of Ocala, FL "How many properties to I need to own in order to retire? I have three."

Comment Line calls and Questions

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

Motivational Thoughts for the day

"Give a man a mask and he will show you his true face." -Oscar Wilde

The show is called Flipping America and flipping properties is a great way to make a living. But it is not a method for accumulating wealth in real estate. It’s a business that will throw off cash but that will stop when you do. If you want to create wealth through real estate you must own income-producing properties. Our guest today, Kathy Fettke has mastered the process of not only buying these properties, but showing others how and creating a means by which YOU can participate without all of the work. I’ve been on her mailing list for quite some time and I have great respect for the work she has been doing. It’s an honor to have her on the show today and she will join us in just a few minutes. 

How to contact us

www.RogerBlankenship.com. Leave a voicemail right from the home page!

Facebook.com/flippingamericamedia

Twitter and Instagram @FlippingAmerica

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

Email your questions to [email protected]. Please always tell us where you are from. We like to know where the show is being heard. And let us know how you found out about us if you don’t mind. 

Sponsors

American IRA: www.americanIRA.com

Civic Financial: bit.ly/CivicFunding

Announcements:

• The Flipping America REIA meets every Wednesday from noon to 2 and Thursday from 7-9. You can join the REIA and learn real estate investing from the comfort of your own home, or get together with a few friends and form a chapter in your area.  
• 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.
• FlipCalcs allows you to enter one data set about a property and consider up to six deal ppossibilities. 

News: Topic: Kathy Fettke, Turn Key Rentals Your Questions: Send emails to [email protected]

Richard, Jackson, GA “What are your thoughts about flipping houses in a small town? We are about 40 miles south of metro Atlanta.”

Kenneth, Birmingham, AL “I’m a licensed Realtor in Hoover and I see houses flying off the shelves with no sign of slowing down. But I turn on the TV or check articles online and see people talking about the coming real estate crash. This doesn’t square with my experience and I wonder if you could share some thoughts about this. Is the market about to crash in some locations but not others?”

Teresa, Alexandria, VA, “How much does your rehab analyzer cost?”

David, Austin, TX, “I’m brand new to all of this. What is a subject-to purchase? I was at a REIA meeting and heard people talking about it.”

Jackie, Colorado Springs, CO, “My husband and I are looking to buy our first property and we are considering a duplex. We would live on one side. Our tenant would almost cover the mortgage payment with her rent. Seems like a good plan. Have you ever heard of someone doing this? We would move out when we start our family and just rent both sides. And can you help us with any resources for landlording?”

Rhonda, Pottstown, PA. “I’m about to buy my first rental. There’s a guy at the local REIA who says he can do rental loans. Why wouldn’t I just go to my bank and get the loan?”

Geraldine, Villages of Ocala, FL “How many properties to I need to own in order to retire? I have three.” 

Comment Line calls and Questions

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

Motivational Thoughts for the day

 

“Give a man a mask and he will show you his true face.” -Oscar Wilde

 

 

Real Estate Investing is SO much more than single family homes. With all of the television shows regarding fixing up houses, it's easy to forget there are other asset classes. 17% of the American population live in apartments. Apartment investing can be a terrific source of cash flow. Yes they are more expensive and yes the due diligence process is more involved, but it's not that much more complicated than single family investing. Contrary to popular belief, you do not need to start with single family and "graduate" to apartments. It's possible to start with apartments! Our guest today, Lance Edwards has been investing in multi-family for many years and now teaches people how to do it. He's the author of "Big Profits in Small Apartments" and in today's edition of Flipping America, you'll learn how you can get your copy of this great book for free.

Plus we will get to some of your questions today. We appreciate the questions - keep em coming!

How to contact us

www.RogerBlankenship.com. Leave a voicemail right from the home page!

Facebook.com/flippingamericamedia

Twitter and Instagram @FlippingAmerica

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

Email your questions to [email protected]. Please always tell us where you are from. We like to know where the show is being heard. And let us know how you found out about us if you don't mind.

Sponsors

American IRA: www.americanIRA.com

Civic Financial: bit.ly/CivicFunding

Announcements:

• We normally meet every Wednesday and Thursday . No meetings in December.
• 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:

• https://www.housingwire.com/articles/fha-fannie-mae-freddie-mac-are-all-now-backing-larger-loans/
• https://www.housingwire.com/articles/where-will-the-hottest-housing-markets-be-in-2020-go-south/
• https://www.housingwire.com/articles/u-s-construction-spending-rises-4-1-from-november-2018/
• https://www.housingwire.com/articles/mortgage-rates-start-2020-well-below-last-years-average/

Topic: Lance Edwards, Apartments Your Questions: Send emails to [email protected]

Alphonso, Ringgold, GA, "I have a written a couple of contracts for flips and thought I had good deals, but the hard money lenders I spoke with wouldn't fund them. They told me they weren't good enough deals. Can you recommend a different hard money lender?"

Caroline, Huntsville, AL, "I just moved to Alabama from California. I have an LLC in California and own a couple of rentals in Utah. I'm about to start buying rentals in Alabama and Tennessee. Do I need to set up an LLC here?"

Ashraf, Long Beach, CA, "How does one find rental properties in another state? I do not wish to purchase in California."

Marcus, Milwaukee, WI, "I'm following your lead bro. I just bought a house in Des Moines, IA. I need to get a few things fixed before I seller finance it to someone. How do I find someone over there?"

Dawson, Port St. Lucie, FL, "What is your opinion about buy and hold properties along the Atlantic coast? The money seems good, but I worry about hurricanes."

Comment Line calls and Questions

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

Motivational Thoughts for the day

"Educate your children to self-control, to the habit of holding passion and prejudice and evil tendencies subject to an upright and reasoning will, and you have done much to abolish misery from their future and crimes from society." - Ben Franklin