Flipping America

FAR 018 Opening

Send those emails: [email protected]

Ashley, from Oconomowoc, WI writes: My husband and I are thinking about investing in a cabin near a local ski resort. It seems like a good purchase for us, but when we look at the numbers we would need for it to be rented out half of the weekends of the year to break even. What are your thoughts about vacation rentals as investments?

Franklin from Pittsburgh asks: For a rental portfolio, single family, duplex, quad? What would you prefer?

Suzanna heard the show while visiting Las Vegas but lives in Chattanooga, TN. She asks, “I’ve been thinking about this for awhile and I believe I could do this flipping thing. Where do I start?

Show Guest

Using your IRA to invest in Real Estate, with Mike Ventry from Advanta IRA.

Conclusion:

Let’s Talk about Networking

Today we are joined by Erik Barlow and Avery Rucker from FundSource. Find out how you can get your deals funded. Editor's Note: Yeah we were a little thin on "show notes" sometimes in the early days.

Today we are joined by Erik Barlow and Avery Rucker from FundSource. Find out how you can get your deals funded. Editor's Note: Yeah we were a little thin on "show notes" sometimes in the early days.

FAR 020 Benjamin Franklin, Signer of the Declaration of Independence "[O]nly a virtuous people are capable of freedom. As nations become corrupt and vicious, they have more need of masters." This thought is brought to you by the Foundation for Renewal, working with communities to impact and improve lives. On the web at RenewalFund.net. Emails: From Stan in Boulder, CO. "How do I fire a contractor?"

• Loaded question!
• Hopefully you have a written agreement. Make sure you follow it carefully. And hopefully your lawyer checked out the agreement before you signed it. Your Legal Shield attorney will review this agreement and any other contract you want her to see for free.
• Notify in writing of default and intent to fire.
• If default not cured, terminate as soon as possible.
  • Preferably in person.
  • By phone is ok., not text.
  • Follow up conversation with email.
• Make sure you have made all payments due, provided evidence of payments made, documented reasons for termination, especially any dispute over payment,
• Make sure you have interim lien waivers for any money paid out so far.
• Change the lockbox at the house.

Interview Guests: John Durham

FAR 020 Benjamin Franklin, Signer of the Declaration of Independence "[O]nly a virtuous people are capable of freedom. As nations become corrupt and vicious, they have more need of masters." This thought is brought to you by the Foundation for Renewal, working with communities to impact and improve lives. On the web at RenewalFund.net. Emails: From Stan in Boulder, CO. “How do I fire a contractor?”

• Loaded question!
• Hopefully you have a written agreement. Make sure you follow it carefully. And hopefully your lawyer checked out the agreement before you signed it. Your Legal Shield attorney will review this agreement and any other contract you want her to see for free.
• Notify in writing of default and intent to fire.
• If default not cured, terminate as soon as possible.
  • Preferably in person.
  • By phone is ok., not text.
  • Follow up conversation with email.
• Make sure you have made all payments due, provided evidence of payments made, documented reasons for termination, especially any dispute over payment,
• Make sure you have interim lien waivers for any money paid out so far.
• Change the lockbox at the house.

Interview Guests: John Durham

FAR 020 Email: Angelina from Austin, TX writes, "How can I take your training? I'm in Texas. Coming here soon?" Franklin from Boulder, CO asks, "You mentioned one time that you had hundreds of properties for sale across the country. Could I get a list?" FFR Quotes: President Dwight Eisenhower said, ""Our whole theory of government finally expressed in our Declaration...said...Man is endowed by his Creator...When you come back to it, there is just one thing...that a man is worthwhile because he was born in the image of his God...Democracy is nothing in the world but a spiritual conviction...that each of us is enormously valuable, because of a certain standing before our own God." This thought is brought to you by the Foundation for Renewal, working with communities to impact and improve lives. On the web at RenewalFund.net. Interview Guests: Scott Krone, Founder of Coda Design / Build in Chicago Peggy Burke, Southeast Mortgage

FAR 020 Email: Angelina from Austin, TX writes, “How can I take your training? I’m in Texas. Coming here soon?” Franklin from Boulder, CO asks, “You mentioned one time that you had hundreds of properties for sale across the country. Could I get a list?” FFR Quotes: President Dwight Eisenhower said, “"Our whole theory of government finally expressed in our Declaration...said...Man is endowed by his Creator...When you come back to it, there is just one thing...that a man is worthwhile because he was born in the image of his God...Democracy is nothing in the world but a spiritual conviction...that each of us is enormously valuable, because of a certain standing before our own God." This thought is brought to you by the Foundation for Renewal, working with communities to impact and improve lives. On the web at RenewalFund.net. Interview Guests: Scott Krone, Founder of Coda Design / Build in Chicago Peggy Burke, Southeast Mortgage

FAR 022 We like to talk with people who are getting it done in the industry. Today we will have conversations with two successful investors, one from Austin, Texas and the other from the Washington DC area. We hope you will be informed, inspired, and encouraged to make the best decisions possible in your own real estate investing. We don't encourage everyone to drop what you're doing and start flipping houses like they do on TV, but we do encourage everyone to have real estate as a part of a balanced investment portfolio. Emails: Andre is from South Africa. Heard our show while visiting friends here in the US. He writes, "Roger I'm interested in this whole idea of investing in real estate back in my home country. Do you have any idea how I can get started here?" Juan from Long Beach, "I need rental properties, but they are just too darned expensive here in California. Where can I go to find more reasonably priced cash-flowing properties and how would I go about it?" Interview Guests: Jamie Cook, from the Washington DC area Guy Gimenez, from Austin Texas

FAR 022 We like to talk with people who are getting it done in the industry. Today we will have conversations with two successful investors, one from Austin, Texas and the other from the Washington DC area. We hope you will be informed, inspired, and encouraged to make the best decisions possible in your own real estate investing. We don’t encourage everyone to drop what you’re doing and start flipping houses like they do on TV, but we do encourage everyone to have real estate as a part of a balanced investment portfolio. Emails: Andre is from South Africa. Heard our show while visiting friends here in the US. He writes, “Roger I’m interested in this whole idea of investing in real estate back in my home country. Do you have any idea how I can get started here?” Juan from Long Beach, “I need rental properties, but they are just too darned expensive here in California. Where can I go to find more reasonably priced cash-flowing properties and how would I go about it?” Interview Guests: Jamie Cook, from the Washington DC area Guy Gimenez, from Austin Texas

FAR 023 You need money to do this business. If you don't have your own money, you need either an investor or a lender, but somehow, you have to find the money. The best source of money for an individual deal is a Private Lender. But how do you find private lenders? And how do you get them to commit to funding your deals? Learn how today in my conversation with Jay Conner from Morehead City, NC. Emails: Elinore from Milwaukee writes, "We have just finished our first project and it's time to list it. My husband and I are considering whether we should hire a staging company. What are your thoughts on staging?" Randall from Boulder, CO writes, "Properties are so expensive here, the cost of a hard money loan makes it very difficult to find a deal that will work. Any suggestions?"

1. Pay close attention to today's guest, Jay Conner, talking about Private Money
2. Consider flipping remotely in other areas.
3. Consider a Joint Venture.
   1. Make sure you trust your venture partner(s)
   2. Make sure the paperwork is airtight (Legalshield attorney can help with that at no charge).

William from Long Beach, CA, "Appreciate the show. I picked up a foreclosure that is in pretty good condition. The paint on the walls is in great condition but it's a light green color. My realtor called it "sea-foam green" and said it's got to go. I don't want to spend the $3500 to paint the house. What do you recommend? Interview Guests: Jay Conner, Raising Private Capital