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You spend years building your property portfolio, but have you ever stopped to think about your endgame? In today's episode, Rob & Rob are talking exit strategies, walking you through a typical investor scenario and exploring the different options you can take when it comes time to cash in, scale down, or pass it on.    (0:55) News story of the week.  (3:14) What's your property endgame?  (4:12) A typical investor scenario and exit options…  (5:55) Option 1: Keep all the properties.  (7:45) Option 2: What happens if you sell everything?  (9:20) Option 3: What if you pay off all the debt?  (11:05) The more advanced options…   (18:25) What would Rob & Rob do?  (23:40) Hub Extra.     Links mentioned:  The eviction heavies stoking the fires of Spain's property crisis  The Choir Of Man   The scenario:  You're hitting retirement age with a £3 million portfolio and £1 million of debt. Your properties have doubled in value since you bought them, and your leverage has halved. For simplicity, let's say that's 10 properties at £300K each.    You're generating pre-tax:  £210K income (7% yield)   £50K mortgage costs (5% rate)   £42K other costs (20%)   £118K profit     Enjoy the show?  Leave us a review on Apple Podcasts - it really helps others find us!  Sign up for our free weekly newsletter, Property Pulse  Find out more about Property Hub Invest

En este episodio, desglosamos los temas más importantes que están marcando el pulso de los mercados: • Mercados a la espera de tarifas recíprocas: Los futuros caen a la espera del anuncio oficial de tarifas por parte de Trump hoy a las 4 p.m. ET. Se especula con un nivel inferior al 20% universal. El mercado teme efectos estanflacionarios e incertidumbre secundaria. Hoy se publican los datos ADP de empleo (118K esperado) y pedidos de fábrica (+0.5%). • Tesla pierde terreno en China: Las ventas de $TSLA cayeron 11.5% Y/Y en marzo, con 78,828 unidades vendidas. La empresa acumula 6 meses de caídas interanuales, mientras que $BYDDF, $NIO y $XPEV reportan fuertes subidas. El boicot global a Elon Musk y las protestas "Tesla Takedown" agravan la presión. • EE.UU. vende F-16 a Filipinas: El Departamento de Estado aprobó la venta de 20 cazas por $5.6B a Filipinas, con $LMT como contratista principal. El acuerdo fortalece a un aliado clave en Asia y busca mejorar capacidades defensivas y cooperación con EE.UU. • Uber y WeRide lanzan robotaxis en Dubái: $UBER y $WRD firmaron un acuerdo con la Autoridad de Transporte de Dubái para desplegar vehículos autónomos. El plan es que el 25% del transporte en la ciudad sea autónomo para 2030. Uber integrará su plataforma con los vehículos de WeRide. Acompáñanos para entender cómo la política comercial, la movilidad autónoma y la competencia tecnológica global están redefiniendo el entorno económico actual.

Today on Lets Play: Daily Gaming News -Unionized Raven workers file complaint against studio, Activision, and MicrosoftBandai Namco is ending anime MMORPG Blue Protocol in Japan, western release canceledTop Director at Bungie Was Fired After Misconduct InvestigationFriday Re:Play -Indie World Showcase + Nintendo Direct: Partner Showcase 8.27.2024Gearbox is bringing Borderlands 4 to Steam as Pitchford admits hopes for Epic were "misplaced"335,000 attendees visited Gamescom 2024Games Done Quick's Flame Fatales 2024 ends with $118K raised for Malala FundFlame Fatales 2024 ScheduleFollow Nate on Twitter @NateBenderama Hosted on Acast. See acast.com/privacy for more information.

Transforming his life in January 2019, David Wilson, Certified Grey Area Drinking Coach and Public Speaker, is dedicated to motivating others to transform their lives, overcome personal challenges and embrace life with a renewed mindset. His Top 10 Apple Podcast 'One For The Road' reaches a global audience with over 300K downloads in the first year. Dave's established Instagram account @soberdave has a loyal and engaged following of over 118K, where he delivers regular live interviews with guests from the sober community all over the world. The road to sobriety was not an easy one for Dave, marked by a lifetime of seeking social acceptance through unhealthy means. From moving to a rough school and dealing with tumultuous family dynamics to finding a sense of belonging among streetwise kids through alcohol, Dave's story is one of resilience and redemption. He shares how his early adulthood was filled with excessive drinking to cope with emotional struggles, highlighting the complexities of finding refuge in unhealthy habits. As he navigated through his early 40s, dealing with business pressures, a TV job, and personal loss, it was a friend's supportive invitation that finally set him on the path to sobriety. Join us as we reflect on Dave's incredible journey of recovery and self-compassion. Dave's story is a testament to the power of transformation. Learn about the coping mechanisms, fitness routines, and connections that have helped him maintain sobriety, and how he now channels his experiences into coaching others on their path to a healthier life. This episode is a heartfelt conversation filled with personal anecdotes and practical advice, offering hope and inspiration for anyone struggling with alcohol dependency.CONNECT WITH DAVEhttps://www.soberdave.co.uk/https://www.instagram.com/soberdave/https://podcasts.apple.com/gb/podcast/one-for-the-road/id1565341712 https://www.amazon.co.uk/dp/B0CN86KLT8?ref_=cm_sw_r_cp_ud_dp_1MXZRRDXXZ7BGT374RWR_1 MEGMegan Webb: https://glassfulfilled.com.auInstagram: @glassfulfilledUnwined Bookclub: https://www.alcoholfreedom.com.au/unwinedbookclubSober Socialising workshop: https://www.eventbrite.com.au/e/confident-and-cozy-alcohol-free-socialising-for-winter-tickets-934198341387?aff=oddtdtcreator BELLAIsabella Ferguson: https://isabellaferguson.com.auInstagram: @alcoholandstresswithisabellaFree 5-Day DO I HAVE A DRINKING PROBLEM? Clarify and focus series: https://resources.isabellaferguson.com.au/doIhaveadrinkingproblemwithisabellafergusonAlcohol Freedom Small Group Challenge - Register here: https://resources.isabellaferguson.com.au/alcoholfreedomchallengeThe Alcohol Revolution 6-Week Program (Online or Podcast): ...

As many of you may know, the Rentea Metabolic Clinic came about as a result of my frustrations in the primary care setting. Despite my passion for patient care, the brief appointments meant I couldn't effectively tackle underlying metabolic challenges like insulin resistance, which are key for long-term health. I recently learned that nurse practitioner and TikTok star Chase Franks faced similar challenges in his experience of primary care. Chase shares my passion for debunking myths about anti-obesity medications and his TikTok fans—over 118K strong—love his relatable approach and straightforward explanations.In this episode, join us as we discuss the challenges we both faced in addressing weight management issues in primary care, our shift into exclusive weight management roles, and why educating and empowering patients is at the heart of what we do.References:Follow Chase on TikTok (@bourbonrx) https://www.ivimhealth.com/Audio Stamps01:08 - We meet Dr. Rentea's podcast guest, nurse practitioner Chase Franks, who shares how and why he built his TikTok presence in the weight management field.03:30 - Dr. Rentea asks about Chase's experience with weight management in primary care and the challenges he faced due to time constraints and stigma.05:50 - We hear about the differences in approaching weight management, particularly in terms of patient readiness, between specialty care and primary care settings.09:55 - Chase and Dr. Rentea discuss the challenges in primary care, particularly the constraints in time and resources for effective weight management, highlighting the gap between patient needs and available support.15:30 - Chase encourages listeners to seek specialized obesity management specialists for support, acknowledging that not all primary care doctors may have the expertise to address weight management effectively.Quotes“I hate that in the medical establishment everything is blamed on weight and people are made to feel bad about their weight.” - Chase Franks, NP“What I came to realize is this is not something that I can tackle in the primary care setting.” - Matthea Rentea MD“I don't think that people know when they're going into this, how complex it is, the level of help that they're going to need, and how often.” - Matthea Rentea MD“If you're seeing a primary care doctor and you feel like they're not supportive in this, they might not have the education, so they're just the wrong person to steer you.” - Matthea Rentea MD“Obesity is a very complex chronic medical condition that more often than not would require specialized care. And there are providers out there that are well versed in it who do care.” - Chase Franks, NP“You don't have to white knuckle it your whole life. There are people that care and want to help you out there and have the education to do so.” - Chase Franks, NPClick here to register for The 30/30 Program! We start Sep 1st 2024.

Real estate investing is a popular path to financial freedom, but if you're not careful, bad debt can get in the way. Before today's guest could buy rental properties, she had to deal with the mountain of debt that stood between her and wealth. But thanks to aggressive saving and new money habits, she became debt-free in just TWO years! Sarah King has been thrown several curveballs on her journey to financial independence. Just when she had managed to pay off $118,000 of debt and buy five properties, her marriage ended in a nasty divorce. Forced to liquidate her and her husband's assets, Sarah was back at square one. Rather than giving up on her dream of reaching FIRE, she overcame her shaky financial situation and found creative ways to buy real estate. Within a few months, she was back on her feet, and today, she owns sixteen units across ten properties! In this episode, Sarah offers some crucial advice for aspiring investors—including why you should get your financial house in order before buying properties, how to leverage your retirement accounts to buy more properties, and how to use private money (responsibly). You'll even learn about house hacking—the real estate investing strategy Sarah uses to cover her mortgage payment each month! In This Episode We Cover How to reach financial freedom by investing in real estate The three areas of your finances that will help you build wealth faster How to pay off BAD debt as quickly as possible Why you MUST get your financial house in order before buying properties How to use private money to buy MORE real estate Covering your mortgage payment with the house hacking strategy And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment From Toxic-Marriage to Financially Independent Mom with 13 Units How to Achieve Financial Freedom Through Real Estate in 4 Steps Click here to check the full show notes: https://www.biggerpockets.com/blog/money-498   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Brad Lea founded LightSpeed VT, which has become a major player in the world of online education. His vision was to revolutionize the way people learn by creating a virtual training system that would outshine traditional methods. And he succeeded! He's also the host of “Dropping Bombs,” a podcast series that provides valuable insights and knowledge to his audience. In addition, he owns the YouTube channel “BRAD LEA TV” with over 118K subscribers and 5 million views. Through these platforms, Brad shares his wisdom and experience with the world. Today, LightSpeed VT is worth over $25 million, a testament to Brad's unwavering commitment to quality education. Like this episode? Watch more like it

Learn the beginner's mistakes to avoid. Is setting up a real estate LLC even worth it? Learn how to build the right credit score for a mortgage loan, including why you actually don't want a score over 800. If a cash flowing property is so great, why would anyone sell it to you? I outline a myriad of reasons. Should you make a lowball offer to a real estate seller? Learn negotiation techniques. Earnest money procedures are covered. The real estate buying process is slow. From the time that you make the offer, it can often take over 30 days to close the deal. Once your offer is accepted, I recommend a professional third party inspection. It can cost you $300 to $500 for a single-family income property up to $1,000 for a fourplex inspection. I cover property appraisals and how they verify the quality of the bank's collateral. Learn how to get a good feel for your property manager and what their duties are.  I discuss the Management Agreement between you and your manager. Be sure to tell your insurance provider that this is a rental property, not your primary residence. A mobile notary meets you at your home, workplace, airport, or even a restaurant in order to complete the paper-and-ink closing process. This wraps up the deal. Get started with income property at: GREmarketplace.com. For free coaching to help get you started, contact our free Investment Coach, Naresh, at: GREmarketplace.com/Coach Resources mentioned: Show Notes: www.GetRichEducation.com/433 Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Analyze your RE portfolio at (use code “GRE” for 10% off): MyPropertyStats.com  Memphis property that cash flows from Day 1: www.MidSouthHomeBuyers.com I'd be grateful if you search “how to leave an Apple Podcasts review” and do this for the show. Top Properties & Providers: GREmarketplace.com Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free—text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Keith's personal Instagram: @keithweinhold   Welcome to GRE! I'm your host Keith Weinhold, here to help BEGINNING Real Estate Investors Today.    The biggest beginner mistakes to avoid, when you make an offer - can you lowball a turnkey provider, and all those buyer steps like LLCs, mortgage pre-approval, inspection, appraisal, and closing. Today, on Get Rich Education. _____________________   Welcome to GRE. From Athens, Greece to Athens, Georgia and across 188 nations worldwide. The voice of REI since 2014.    This is Get Rich Education Podcast episode 433 - and this is your Beginner's Real Estate Investing Audio Guide. Hi, I'm your host Keith Weinhold.   We're talking about how to get into long-term buy & hold RE investing - and that's because it's the most generationally-proven way to build wealth.   First, let's talk about a couple of the biggest mistakes that real estate investors make - it's being invested in only one geographic market. Often, that's the market that they just happen to live in.    There is more risk with being in only one market than most realize, because you're now tied to the fortunes or misfortunes of just one area's economy.   Another substantial, common real estate investor mistake is that they continue to hold onto one - I'll call it - special - property in their portfolio that they usually need to get rid of - but they have either sentimental ties to it - or they just hold onto it for convenience, and do you know what that property is?   I'm actually talking about a specific property here.   It's the home that YOU YOU USED TO LIVE IN yourself. Well, what's wrong with renting out the home that you used to live in yourself?    You might still have the preferable owner-occupied financing locked in on that one - and afterall, that's a better rate than you could get on a non-owner-occupied rental.   The problem is that the property probably doesn't perform BEST as a rental.   But you might be clearing, say $600 per month by using your former primary residence as a rental today.    Look, for you, it's often about the cash flow - and yes, it is about the cash flow.    But there's something even more important than cash flow - that's because nearly any property will cash flow if the loan were paid off.   That's why it's really more specifically about the rent-to-price ratio of a property.   If you're renting out the home that you used to live in, and it wasn't strategically bought as a rental, if your rent-to-price ratio is 0.4%, meaning that for every $100K in value it has, you're only getting $400 of monthly rent income, then you're losing cash flow dollars every year - and every month.   Look, let's give a real life example of the .4% RV ratio. Say that you can get $2,000 rent out of that $500K property that you used to live in.    But instead, three $150K homes bought strategically as rentals can have a combined rent income of $3,000.    So it's either one $500K property at $2,000 of rent income. Or three $150K properties at $3,000 of rent income.    So you're losing $1,000 dollars of cash flow every month - by not buying and owning strategically in markets in the Midwest and South where the properties make sense as a RENTAL on the day that you buy it.   Your primary residence only made sense as a primary residence on the day that you bought it.    Now you can see that the only reason that you still own it, is because you defaulted and “fell” into it. Don't fall into things. Often, you want to be intentional.    You are a better investor when you're intentional rather than emotional.   It's even better for you now. Beyond your $1,000 of additional cash flow with some repositioning, now, with three properties instead of one - now you've also taken care of the first real estate investor mistake that I mentioned.   WITH three rentals rather than one, now you can be diversified across multiple markets.   Two birds are killed with one stone. Now with some re-positioning, you've increased your cash flow by $1,000, AND you're in multiple markets. One property isn't divisible.   And this $1,000 of monthly cash flow example is small. Of course, the differences can be greater than this.   We're talking about real estate investing for beginners today, so let me clearly guide you through step-by-step on just how you go about buying your first property - writing an offer, getting an independent third-party property inspection and vetting your Property Manager which is known as due diligence, then the appraisal, and onto closing and receiving cash flow from the tenant.   As you'll see, much of today's show pertains to any investment property at all.   But we're talking mostly about how to buy what are known as turnkey homes, especially homes outside your home market - as most of the best deals are not found where you live.   Turnkey means three basic things. #1- You buy a property that's either brand new construction or fully renovated. #2- A tenant is placed for you - and you get to approve them. And #3- the property is held under management for you from Day 1 - if you so choose.   Like they say, the best investors live where they want to live, invest where the numbers make sense.   Today's content is primarily geared toward United States real estate investors - but those that live outside the United States will benefit here too. You might want to buy a property in the US.   Here's a question that you might have - “How do I go about setting up an LLC - a Limited Liability Company - to hold my investment property in?”   I'll tell you - I don't think “How do I set up an LLC?” is the best question to ask.   The best question to ask is, “Should I set up an LLC?”    The three main reasons people set up an LLC are for either anonymity, tax purposes, or asset protection.   Now, if you know that you WANT to set up an LLC - I've done four episodes on that topic with Rich Dad Legal Advisor Garrett Sutton.   You can go to GetRichEducation.com, type “Garrett Sutton” in the search bar, and those four episode numbers will appear so that you can listen. He was just on the show with us 9 weeks ago on Episode 424.   But the reason that the question is, “Should I even SET up an LLC?” is because:   Setup of LLCs complicates your life. Maintaining a registered agent, Articles Of Incorporation, having separate accounts, tracking expenses with separate credit cards, paying annual fees for everything - depending on how many LLCs you have and how you structure your life - it can wear you out.   The second reason you should ask yourself, “Should I even set up an LLC?” is because you might not have many assets for a litigant to go after. Retirement accounts have certain protections already. Equity in a property could be low-hanging fruit for a plaintiff attorney if someone gets a judgment against you. But since the Return From Equity is always zero, what would you have much equity in a property anyway?   The third reason you should ask yourself, “Why should I even set up an LLC?” is that frivolous or slip-and-fall type of lawsuits are rare. Not only have I never been a party to one, I've never even heard of any investor friend or associate having one - and I talk to a lot of people. You probably haven't heard of one either.   Now, note that I'm not saying you can't get an LLC or shouldn't get one. I'm saying, prioritize those questions to yourself.   First, it's “Should I get one?”. If that's a definitive “yes”, only THEN ask: “How do I set one up?”   Why do you think you have to? Did some attorney use fear tactics to get you to?   If the result of the LLC's administrative overburden provides a greater reward in the form of asset protection, anonymity, or tax benefit - which is typically a flow-through taxation type anyway, you might then … get an LLC.   So, as a beginning real estate investor, understand that real estate is a credit-based asset - meaning it's usually bought with a loan.   So let's talk about getting your finances in order before you contact a lender or select an income property.   That begins with you having enough cash liquidated for a 20% down payment on the property - add about 4% for closing costs, depending on the state that you're buying your property in - and on the lowest-priced property that's still in a decent area of a low-cost city - which might be a $100,000 property …   24% of that then is about $24,000 that you'll need. You should have some extra on top of that as reserves.    Now, let's look at another part of your finances - your DTI - your debt-to-income ratio. It cannot exceed 43% to 45% - maybe up to 50% in some circumstances.    So if your monthly minimum debt payments - everywhere in your life - housing payment, minimum credit card payments, minimum car payment - if that sum is $5,000 and your gross monthly income is $10,000 - that's a 50% DTI. You can't exceed that.   Of course, before a bank is willing to loan you money, they want to have a reasonable assurance that you aren't weighed down with debt elsewhere because their fear factor goes up that they won't get paid back.   Next, let's talk about your credit score. We dedicated an entire episode to this back in Episode 54. If you can remember back that far, Philip Tirone was here with us and you learned more about credit scores that you probably ever thought you would …   … and he even went on to call the credit scoring system a total scam. He was quite opinionated - it was interesting and eye-opening, but ...   Playing within the scam here - as it might be.    There are many different credit scoring models, but the FICO Score - F-I-C-O - is a respected one that you're probably going to see your mortgage lender use.   It stands for Fair Isaac Company.   Their credit scoring range is 300 - the worst, up to 850. 850 is essentially a perfect score.   Importantly, 740 is the highest score that helps you here.    If you have a 782 or an 836, it doesn't help you qualify for the loan or get you a lower mortgage interest rate or anything else.    740 is where you're optimized.   Now, just a quick overview of FICO credit scoring ...   There are five primary ingredients that make up your credit score. In order of importance, they are your payment history, amounts owed, length of your credit history, new credit, and finally credit mix.  That first one, Payment History, is the most heavily weighted one. It's 35% of your score. As you might expect, the repayment of past debt is a major factor in the calculation of credit scores. It helps determine your future long-term payment behavior. Both revolving credit (i.e. credit cards) and installment loans (i.e. mortgage) are included in payment history calculations.  Although installment loans like mortgages take a bit more precedence over revolving credit - like credit cards.  This is why one of the best ways to improve or maintain a good score is to make consistent, on-time payments. The next way, your Amounts Owed – 30% This category is basically credit utilization or the percentage of available credit being used - or borrowed against. Credit score formulas “see” borrowers who constantly reach or exceed their credit limit as a potential risk. That is why it's a good idea to keep low credit card balances and not overextend your credit utilization ratio. So if you've got just a $1,000 balance on a credit card with a $10,000 credit limit, that's seen as a good ratio. You're staying well within your limits then.  The third FICO credit score ingredient is the Length of your Credit History – 15% This factor is based on the length of time all credit accounts have been open. It also includes the timeframe since an account's most recent transaction.  Newer credit users could have a more difficult time achieving a high score than those who have a long credit history. That's because if you have a longer credit history, FICO has more data on which to base their payment history. The fourth of five FICO ingredients is your “Credit Mix” – Now we're down to an ingredient only comprising 10% of your score. Credit mix just means that it helps your score if you have a combination of credit cards, retail accounts, installment loans, finance company accounts and mortgage loans.  Finally, “New Credit” makes up the last 10% of your FICO score. Don't open too many new credit accounts in a short period of time. That signifies a greater risk to lenders – and that's especially true for you if you're a borrower with a short credit history.  And you sure don't want to open up any new lines of credit, down the road when you're in the qualification process for buying a new property unless you check with your Mortgage Loan officer first. Now, those five factors have been weighted the same for quite a few years.  Knowing what factors make up your FICO® Credit Score can help you qualify for more loans and get better mortgage interest rates. That's the bottom line. This helps you get pre-qualifed or pre-approved with your Mortgage Lender. To get prequalified, you just need to provide some financial information to your mortgage lender, such as your income and the amount of savings and investments you have. Your lender will review this information and tell you how much they can lend you.    After pre-qualification, you can seek the higher-level status and that is getting pre-APPROVAL for credit. Pre-approval is better than pre-qualification.   If you think about it, it makes sense. Qualifying for anything in life is not as good as getting approved for something - I suppose.   Pre-approval involves providing your more detailed financial documents - like W-2 statements, paycheck stubs, bank account statements, and your previous two years tax returns. This way, your lender can VERIFY your financial status and credit.   Now that you're pre-approved with a lender, you can focus on the market and property that you're interested in.   RidgeLendingGroup.com is the mortgage lender that we recommend most often because they SPECIALIZE in income property. They don't have any seasoning requirements.   Seasoning means that the person selling YOU the property needs to have held onto it for a certain length of time - or the lender won't finance the property for you.   While you're in the pre-approval process, you can be learning about a cash-flowing investment market.    You want to pick a geographic metro market that typically has low-cost properties, and high rent incomes in proportion to those low costs.    In fact, the market is more important than the property. Because your income comes from your tenant, and your tenant's income comes from a job.   So you typically don't want to own much property in a town with 12,000 people that's in an outlying area - not part of a greater metro - where 1/3rd of the employment is tied to one tungsten factory or even one semiconductor manufacturer.   Because now, too much of your income stream is tied to just one industry.   If the tungsten industry goes down, so goes your tenant base.   You also don't want to buy slummy property. Those tenants often don't pay the rent. You also don't want to buy much above an area's median-priced home, because the numbers don't work out.   So you want that working class housing that's just below the median price point for the area.   If you're not already confident about that and familiar with the right provider ...    We have information on the right market, with the right provider, with properties - and they're typically in the MidWest and South - at GREmarketplace.com   So read a market report there. That's good, pointed information.   Most investors are interested in a property for the production of cash flow. That's the margin by which your monthly rent income exceeds all monthly expenses.   Rent income minus expenses should be a positive number.   So that's your monthly rent minus VIMTUM. V-I-M-T-U-M.    Vacancy, Insurance, Maintenance, Taxes, Utilities, and Management.   I like easy ways to remember things and VIMTUM is an easy way to remember.   So, you're listening to the Beginner's Real Estate Investing Audio Guide here as a regular episode of the GRE Podcast.   If you're not a beginner & you're still listening, it's either a good review and you might even be learning some new things along the way yourself.    Including, should you ever lowball a turnkey provider and a negotiation approach that I have for that - in a few minutes.    But first, one reasonable beginner question is ...     “Now why would someone would want to sell me a cash-flowing property in the first place?    Why would someone - like a turnkey provider - why would they sell me a good thing that pays them every month that they could continue to hold onto for cash flow?   If a property pays someone every month while they hold onto it - why in the heck would they sell it to me?   OK, some seller out there has a golden goose that lays a golden egg every month, so why in the world would they give me an opportunity to buy the goose?   Well, there are just so many reasons for selling cash-flowing property - yes, a ton of reasons for selling even a young, healthy goose that lays golden eggs every month & is expected to so for years.   Well, a turnkey provider runs out of money too. They can't buy all the properties themselves.    They'd prefer a lump sum payout when they sell this property, because their business model is to go pay all cash for another distressed property that they can fix up.   And if you think that they snatched up the good ones themselves a while ago - yeah, they probably did do some of that.   In fact - I WANT them to have snatched up some good properties from their own market earlier. It shows me that they believe in what they sell. If they didn't buy what they were selling themselves, I'd actually be MORE concerned.   Now, other reasons that the - I guess general public seller might want to sell you a property is ...   One reason is moving. Say that a family in City A owns a few mom-and-pop rental homes that they self-manage and they're moving to City B in another state, they'll often sell their income properties.   Some people want to self-manage their property (often because they never explored their best-and-highest use, but anyway) & if they have to move to City B, they'll sell the property rather than try to find a Property Manager in City A.    Another reason people sell cash-flowing property is that - even if someone is not moving, that person might be tired of the self-management hassle - but yet they don't try professional management - because that person has the DIYer mentality - that soooo common do-it-yourself mindset.   OK, most people just don't take a strategic approach to real estate investing like you are by listening to this.   Other reasons for people selling cash-flowing property are death, marriage, divorce, and all kinds of either joyous or tragic life milestones.   If a husband-and-wife own rental properties but running & managing them was kind of the husband's thing & the husband dies … the wife doesn't know how to run the properties & she's likely to sell rather than hire a Property Manager.   People may sell their cash-flowing property in case of all kinds of emergencies - medical and otherwise - because they may need a quick lump of cash - instead of the steady stream of cash flow over time that just won't work for them in their new situation.   OK, most of those situations involve some sort of external life change for property sellers - a lot of them tragic.   Well - here's a personal one for you...    A few years ago, I sold two cash-flowing apartment buildings at the same time - well, those sales actually closed on consecutive days - so nearly the same time.   Both of those cash-flowing apartment buildings that I sold were 100% occupied with tenants, I had competent management in place, and there were no deferred maintenance issues with the buildings.   You want to know my reason for selling two nice golden apartment gooses that were seasoned and steadily laying some nice golden eggs?   OK...can you guess why?   Alright, fortunately I didn't have any distress or emergency in my life.   ...oh, and also, I wanted to sell them fast too, I couldn't let these two cash-flowing apartment buildings linger on the market for a while. I really wanted to get rid of them.   I had no distress like those situations I mentioned earlier.   So can you guess why I wanted to sell these long-producing golden gooses in a good job growth market that produced nice cash flow, nice golden eggs?   I'll tell you why.   That's because I knew I could 1031 Exchange those two gooses for two even larger gooses. Now I won't get into the 1031 here on a beginner episode.    But I replaced the two smaller apartment buildings with two larger apartment buildings that would produce even larger eggs if I did it with a quick timeline - and I could defer any tax on my profitable gain.    I found - I guess - two very fertile egg producers that were going to produce even more cash flow over time.   So...I think you get the message here. To the buyers of my smaller apartment buildings, I appeared as a very motivated seller of cash-flowing property, even though I had no external stress in my life.    It was due to internal reasons that I wanted to sell...and it's the internal drive to expand my income.    No shrinking thinking here at Get Rich Education. We are growing our means.   Now, when you've found a cash-flowing property that you want to buy, should you make a lowball offer to a turnkey provider? My definition of lowball here, is, a 10% discount.    We'll say, that a provider is offering a property for $120,000 - then you'd make the offer for 10% less, which is $108,000. That's a lowball.   My answer is ...    No. That's not going to work. In almost every instance, that's too much of a discount and it's going to eat their margin too much.    Depending on how it's presented, a seller might even be less motivated to work with you if they get a lowball offer.    This company has a business to run and with a turnkey property, you're typically paying for the convenience. You leveraged their systems of them delivering this product to you that's already renovated, rehabilitated, tenanted, and under management.    Now, can you can knock off $1K-$2K? And say, offer the seller then - $118K or $119K for the $120,000 property. Yeah, that might work.    It sure wouldn't be deemed some unreasonable request. But it's good to at least provide a reason - some rationale - in asking for the discount.   Let me give you some perspective on this negotiation too.    For every $1,000 less in a mortgage loan that you take out, how much do you think that saves you in a monthly payment? Did you ever figure out how much that saves you?   Well, at a 5% interest rate on a 30-year loan, reducing your mortgage loan amount by $1,000 saves you … $5. Five bucks in a reduced payment.   For more perspective, keep in mind too, that once the seller accepts your offer - it's only the first part of the negotiation.   Later, it's a negotiation with the inspection. We'll discuss how to navigate THAT shortly.   I'm Keith Weinhold. You're listening to the Audio Beginner's Guide to Real Estate Investing, here on Get Rich Education. ________________ ***AD RESOURCES***    ________________ Welcome back to GRE Podcast 433. This is your Audio Beginner's Guide to Real Estate Investing. I'm your host, Keith Weinhold and we're talking about buying an income-producing property, especially…   …a TURNKEY property - which just means that it's already renovated, tenanted, and under management with a tenant on the day that you buy it.    Now, once your offer is accepted by the seller, I want to give you - really just a brief outline of what to expect next.    This isn't intended to give you every step in exhaustive detail, but this is generally what comes next for United States real estate purchases, and custom varies somewhat from state-to-state.   So with that in mind, once the turnkey provider or seller accepts your purchase offer...   You need to send in your earnest money. Earnest money is not the down payment. It's a smaller amount that shows good faith that you're serious about your offer.    It's often an amount of $5,000 or less and it shows the seller that you're serious enough about buying the property that the seller has the confidence to take their property OFF the market and not show it to anyone else.   The seller should give you instructions on how to place your Earnest Money.    Now remember, your earnest money deposit is not going directly TO the seller, it is going to a third-party escrow account, and it is refundable to you in accordance with the terms of the contract that you signed.   Your contract should have an estimated closing date in there. I want to emphasize that the key word there is “estimated”.    While it is important that all parties work towards closing by this date, between you and me - let's just be realistic - the reality is that many transactions get delayed beyond the closing date in the contract for a variety of reasons on the seller side, sometimes having to do with construction or renovation delays.    If this happens, it is nothing to be worried about, just remain in touch with the seller and you can simply sign a contract extension if needed when the time comes.   As you are financing your property, be sure to keep getting your lender anything that they ask you for up so that they can keep processing your loan.    As your closing gets near, they will probably ask you for some updated information and have some final stipulations from the underwriter, so just remain in close touch with your lender and try to provide them what they need as swiftly as you can.   During most of this time where you're under contract & even before you're in-contract to buy the property, most of your relationship with your lender and seller is just sitting around, waiting for the next stage.    Some days, frankly you're thinking, “When will they reply to my e-mail?” OK, sometimes, RE moves slower than glaciers.   Once construction/renovation is completed on your property, I suggest that you order a professional third-party home inspection before closing.    As the buyer, this is at your expense, but the home inspection is cheap insurance for you and it is an important part of your due diligence. It might cost you about $300-$500 for a single-family turnkey income property.   A four-plex inspection might cost up toward $800 or $1,000.   When seeking an inspector - seek ASHI certification - that is American Society of Home Inspectors.   You're looking for an inspector with a good reputation, licensed and bonded. It is good to look for a level of experience as well. The choice is really yours as the Buyer.   Your inspector points out deficiencies in what I'll break into a few categories.    #1 is Major concerns – these are significantly defective, safety issues that require immediate repair. Often times, those things absolutely MUST be done in order for your lender to even finance the property so the seller is going to do those things for you. That might be something like adding a railing to a porch.   The second category are recommended repairs – So they're recommended but not required. That might be adding some extra insulation in the attic.    The third category is “well, it would be NICE if it were done” - like a kitchen cabinet door that's a little loose and doesn't close snugly.   When you get your home inspection report back because the inspector has compiled their findings, the key to remember is that the inspector will ALWAYS return a (usually long) list of items that they recommend be corrected prior to closing.    Now, this even happens on new construction, so expect some findings.   I swear, even on a perfect, unblemished home it seems like the inspector would say that the bushes have to be trimmed or something. Ha!   And remember, you are not closing on the property in the condition it was inspected. Rather, the inspection is just part of the process on the path to getting the property up to its final condition.    Then you and the seller agree on what will be fixed (at the SELLER'S expense (not your expense), and verified to your satisfaction), prior to closing.    The seller is anticipating that they will need to make some final repairs (at their own expense) after they get the inspection repair request from you - that your inspector just compiled for you. This is all part of the normal process.   Of course, you can get in a car or hop on a plane and visit the turnkey property yourself and walk the property with your inspector, but I'd say fewer than 10% of turnkey buyers do this. I have never done this on an out-of-state property.   But going to see the property in person is never a BAD idea.   Today, it's easier than ever for an inspector or provider to e-mail you a property video. The report that you get from your Home Inspector after he visited the home will have lots of photos and details.   Typically, purchase offers are contingent on a home inspection of the property to check for signs of structural damage or things that may need fixing.  This contingency protects you by giving you a chance to renegotiate your offer or withdraw it without penalty if the inspection reveals significant material damage. You are protected. Once the seller makes any needed repairs that the third-party inspector found, I suggest having a re-inspection done by that same inspector. This gives you the chance to confirm that any agreed-upon repairs have indeed been made. You might spend another $100+ on this re-inspection. Now, if the original inspection showed that a leaky faucet needed to be replaced, and the seller said they'd do it, and the re-inspection finds that that work wasn't done as promised, then any FURTHER re-inspection costs are often a cost borne by the seller. Which seems pretty fair - they said they'd do work - and the re-inspection that you paid for confirmed that it hadn't been done in this case. Now, back to the negotiation. If you asked for a reduced Purchase Price, that could lean away from you asking for too much in the inspection.   How do I like to play it? Often times, I make a full price offer for the property - and I might even let the seller know at that time that I'd like to give you your price - it's a full $120,000 in this case - and since you got your price, I'd like my terms.   My terms are - that I'm more bold in what I request the seller to do from the inspection findings.  Maybe I will ask them to add that extra insulation in the attic as one of those “Recommended buy not Required For Financing” items - or replace a window pane that had condensation inside it.   Then, what's my justification for asking the seller for that. It's that I'm paying your full price. Again, financing an extra $1,000 only costs me $5 per month.   Now, let's talk about the property appraisal.    The appraisal is a tool that the bank uses to verify the quality of their collateral.    Because in your loan paperwork, at closing, the bank will basically tell you that if you don't make your monthly payments, you'll be foreclosed upon and the bank will take back the property - that's their collateral.   So they want to make sure that the property seems to be worth as much or more than you're in contract for - this $120,000 in our example.   Your lender is the one that orders the property appraisal, not you. In about 90% of U.S. states, you as the buyer pay for the appraisal. It costs about $500.    The appraiser is a member of a third-party company and is not directly associated with the lender. It wasn't always that way.    In fact, one factor that led to the housing downturn of 2007 in the Great Recession is that some lenders & appraisers were “in cahoots”. Haha! That can't happen anymore.    BTW, the appraisal and some of these other steps are all part of your closing costs. All part of that … about 4% of the property purchase price.   The appraisal is typically done by a certified appraiser physically visiting the home - and these people always seemingly have a tape measure with them.   The appraiser checks out the premises and their job is to use market comparables to make sure that the lender has adequate collateral in case you, the borrower, default.   OK, the bank doesn't want to lend out more than the property is worth or else they could find themselves underwater if the borrower defaults. The appraisal protects against this.   And don't confuse this appraisal with an assessment. An assessment is something that a county or municipality uses the measure the amount of property taxes that are paid. It's really unrelated to this appraisal.   One interesting thing that's related to the appraisal and the bank giving you the loan for 80% of the property is that the lender NEVER requires that you see the property in person.   Think about what that means. The bank never requires you to see the property in-person, yet they're willing to loan you up to 80% of the value.   Even the bank knows that it's not important for you to personally see the property - something that they're willing to put their money behind.   Now, when it comes to finding properties and markets and teams, our listeners & followers encouraged us to set up a marketplace for them for finding the properties.   We've done that for you at GREmarketplace.com. And knowing that Property Management is the glue that makes your property stick together, we - and it's Aundrea here at GRE that does it - where you find your properties at GRE Marketplace, Aundrea also interviews the property manage in each market for you so that you can get a good feel and vibe about them.   Most any provider is happy to do a PM Zoom chat or phone call with you too.   Now, just because a property is branded “turnkey” by a company, doesn't mean that you can dismiss doing your due diligence. Turnkey can be a great system, but there's nothing magical about that word alone.   Don't overlook developing a good feeling about your Property Manager, because this is the one long-term relationship that you expect to have. I just can't emphasize that enough. Your Manager is one of your key team members.   They'll tell you the character of the current tenant that's currently in the home. Find out how the manager is going to pay you. Feel them out, know what your communication flow is going to be like.    If they're part of the same turnkey company, a good manager should also connect you with whoever renovated your turnkey property in case you have some questions for them.   Now, notice that I haven't mentioned a real estate agent. Most turnkey providers work in a direct model so that you don't have to go through agents. That's one way that GRE Marketplace providers keep the price down for you.   You must sign a written Management Agreement with your Property Manager.    What the MA does is that it gives the manager the authority to manage your property for you, manage tenant relations for you, the MA will state their fees, and you'll have your contact information in that agreement.   There are typically two fees - a leasing fee and a management fee.   A leasing fee is where you'll spend ½ month's rent to one month's rent amount when the Manager screens a new tenant. So hopefully that only happens every 1 or 2 or even 5 years if you're lucky.    Yes, you can typically approve or reject their selected prospective tenant. You are going to be the owner of the property afterall.   A management fee is often 8-10% of one month's rent income - and that's what you pay monthly - ongoing.   You can sign a Management Agreement with the property provider if they have management integrated in-house. If not, you can lean on your provider for some management recommendations.   Now, there's one blank to fill in on your Management Agreement - it's a dollar amount up to which the manager can pay for expenses that come up - against your account - without contacting you.    For example, if the number $500 is written in there, that means that if a maintenance or repair expense on your property exceeds $500, they must contact you prior to incurring that expense.   You get to choose that dollar limit. As a beginning real estate investor, go with a lower figure.    Then as you get comfortable or you don't want to be bothered about the property as much, you can increase that dollar limit in which they need to contract you about approving maintenance or repairs.   Basically, if there's something that has to do with the property & you don't want to deal with it, then make sure it's written in the Management Agreement that the manager will perform it.   Typically, it's going to say that the manager will collect rent, handle tenant relations, respond to repair requests, send you the rent, keep your ledger of income & expenses on the property, post legal notices if a tenant is paying the rent late, and sooo many other associated duties that I personally don't want to deal with.    Hey, I just want to live my life & keep this investment nearly passive.   Get that Management Agreement done - fully executed - signed by both you & the Manager BEFORE you close on the property.    Before you close, you can buy property insurance from any provider you choose.    Your turnkey provider is often happy to recommend some providers that their other clients have used in this market, or you can just Google and find your own.    Be sure to let the insurance provider know that this is a rental property (not a primary residence where you live and not a second home).    Most turnkey buyers purchase both hazard and liability insurance as part of their policy. Like any other insurance policy, you will have choices about deductibles & monthly payments, and coverage amounts.    If you are financing your property, your lender will most likely be able to combine your property taxes and insurance into your monthly payment, so you have one monthly payment for principal, interest, taxes and insurance (PITI) … much like you would on your primary residence.   The financing process typically takes about 30 days from the time you submit your EM.    Remember that YOU are a factor in how fast your property closes. If that lender needs another document, give it to them pretty promptly.   When you've finalized your due diligence, and verified that the seller has made all the agreed upon repairs from the home inspection report, you will be ready to close.    You likely live in a different state than the property and will close remotely. The title company (or its a closing attorney in some states) will prepare your closing documents - including your loan docs...    ...and can arrange for a mobile notary to meet you with the docs wherever you choose (your home, your office, your local coffee shop, etc.) so you can sign the docs in front of a notary who will then overnight the docs back to the Title Company so the transaction can fund.   Yep, you can do the ink-and-paper thing with a mobile notary at your local Starbucks.   Your lender will arrange for a title company to handle all of the paperwork and make sure that the seller is the rightful owner of the house that you are buying. That's part of what they do for you.   It may seem like the closing process is a lot of work, but you'll really spend most of the time waiting. Most of the time, you'll just be sitting on your hands, waiting for someone else involved in the transaction to come through.    So find something enjoyable to occupy your time and distract you while you wait, and feel secure in the knowledge that you've done your research and know how to make your closing process go smoothly.   When you complete that closing with the mobile notary - I've done these closings at my home's dining room table, or even in my employer's conference room back when I used to have a day job - then, hey!    You need to congratulate yourself on adding another income property to your portfolio.   You know, the good news is that of all of these stages we've discussed - the longest stage of them all is your ownership of the property. You Own & Collect the cash flow.   And hey, this isn't reason enough alone - but it's kinda cool that you own property in TN and FL and IN.  You own part of each one of those states. You're like a property collector!   And with each new turnkey property you buy, you might have just increased your mostly passive cash flow by $211 per month or $118 per month or whatever it is.   If you can swing it, it can be more efficient timewise for you to buy more than one property at a time.   As you buy more income properties, it not only gets easier because you know the process, but you often get quantity discounts.   For example, a management company might charge you a 9% management fee on your first three properties, but once you own four or more, they might charge you 8% on all four rather than 9%.   Insurance companies often have similar discounts for you….so you may very well get a little more profitable as you buy more property.   I've been actively investing in real estate since 2002 and just within the steps of ACQUIRING a property, like I carefully discussed today, some incremental half-step will come up in the process that I haven't mentioned here - like signing a Lead Paint Disclosure Form.   So, you don't need to commit all of this stuff to memory.   Now, something that novice real estate investors say sometimes is something like: “I would only buy an income property that I would live in myself.”    I contend that that is an awful criterion upon which to found strategic fundamentals on purchasing an income property.   Once one filters property that way, they have let their emotions trump facts.    If the fact that a clean, safe, affordable, and functional property has a good occupancy rate in a sound employment market, decent ENOUGH neighborhood, and the numbers make sense - that's more important.   OK, you aren't living there yourself so it's not a sound criterion.   Shoot, if I moved into any income property that I own, my lifestyle would take a substantial hit. Yet I'm not a slumlord - I provide housing that's clean, safe, affordable and functional.   But they're not replete with fantastic amenities, it does not have Corinthian architecture with alabaster columns - OK - but I know there's a demographic for my rental property type that demands this responsible-but-no-frills housing over time.   It's about asking yourself a better question, like, “Will this property secure an income stream?”    Alright, would you rather have your property look “cute as a button” - or secure an income stream? I went deep on that topic just three weeks ago here on the show.   OK, we're investors here.   Some think that in today's electronic age, you should be able to complete a property purchase from the time you write an offer until you close on a property in the same-day.    Well, that's certainly not true. As you witnessed, physical things need to take place because you're buying a real, physical asset.   We've been talking today about how you buy an income property - just simply that - especially as it pertains to buying an out-of-state turnkey income property - from the time that you get a property under contract and submit the earnest money to escrow all the way to closing.   ...because that's how to generate passive income, which in turn, creates a rich life for you.   Again, this isn't an all-encompassing guide today with EVERY little detail. But we've hit the major milestones in the process & more.   You've got a good general guide on the income property-buying structure.    You might have learned something about prioritization - perhaps LLCs matter less than you thought and a communicative Property Manager matters more than you thought.   Today's show has the type of content that will be about as relevant 5 years from now as it does today.    Now, today is also evidence that real estate does not have the liquidity that some other investments do. It takes longer to get in & get out.   However, that low liquidity actually contributes to relative price stability in real estate. OK, there's no panic selling in real estate.   Maybe the most important thing for you to keep in mind is that...   You cannot make any money from the property that you don't own.   Your future depends on what you do today.   To “know” something and not “do” something is to really not know something.   The most important thing you can do is act...because you cannot make any money from the property that you don't own.   But if you're new to real estate investing & know that you need to “Start small but think big”, otherwise, all this knowledge really won't move the meter in helping you live an amazing life like RE can, in the past 1-2 years, we hired an in-house coach, who is completely free for you to use.   If you're still a little unsure or want some guidance, lean on our trusted source, Naresh at GREmarketplace.com/Coach   He is an expert at helping you along - totally free to you - again at GetRichEducation.com/Coach   It's almost hard to express how much value this gives you & makes it easy. I wish something like this existed when I started out.   There would be nothing worse than for me to share today's knowledge with you - then not let you know where to go to act upon that knowledge.     So if you're ready to get started - connect directly with market & properties at our Marketplace - at GREmarketplace.com   For a little more help, personal and one-on-one with our experienced in-house coach, start at GREmarketplace.com/Coach    Both resources are free   It's been my pleasure to bring you your Beginner's Real Estate Investing Audio Guide today.   Next week, I we'll discuss one particular geographic market that we never have before - and you probably never thought we would.   For properties, start at GREmarketplace.com For coaching, GREmarketplace.com/Coach   Until next week, I'm your host, Keith Weinhold. Don't Quit Your Daydream! 

In this episode, we dive into the top 5 "Trending Franchise Segments of 2023"!   Highlights of these trending segments include: Home Services Investments Home-based businesses for less than $200k total investment A Restoration concept that has 28.5% NET margins! A Painting concept with proprietary technology that has AVG Gross Margins of 59%! Real-Estate Investments Full-service vacation rental property management companyRecurring revenue, minimal staff, semi-passive ownership, and total investment under $160k Non-medical assisted living homesInvest in residential property and turn a home into a boutique-style assisted living home Each resident pays between $6,500 to $10,000 per month for their room Total investment starts at $118K! Health & Wellness Investments No medical experience is needed for most concepts in this segment! Mental Health ClinicsStrong recurring revenue stream, insurance-based, flexible hours, telehealth Strong semi-passive business model, manage the Clinical Director. Total investment between $200-$400k. Anti-Aging, Wellness, MedSpa'sMultiple revenue streams include hormone replacement therapy, IV Vitamin Infusions, Nutrition Guidance, Weight Loss, Botox, Hydrafacials, BodySculpting, Medical Grade Skin Care Investment Range starts at $325k Pet Industry Investments Globally, the pet industry will catapult to a $350B industry by 2027! Home-based business modelsInclude pet care, dog training, pet grooming Investment start as low as $80k! Doggie Day Cares & Boarding FacilitiesOutstanding Revenues for one concept include:Avg. Gross Sales = $1.1M, Net Operating Profit = $342K Total Investment Range:  $358k ++++ Food & Beverage Investments QSR Concepts offers more health-focused options as Consumers are increasingly seeking out nutritious “grab-and-go” dining optionsA QSR brand that focuses on gourmet toasts, juices, etc. has AVG Gross Sales of $847,710, with an AVG NET Profit of $173k! Mobile Food ConceptsA mobile food concept that focuses on special events, has minimal staff, and little overheads have NET Profit Margins of 83.8% for owner-operators, and the total investment is under $253k! BreweriesHot, hot, hot!  Craft brews continue to gain more and more momentum!  This is a hot industry to invest in and leverage a national supply chain for the brews. This is a great episode to listen to and gain exposure to the breadth of opportunities available in the franchising industry!   If you are interested in learning more about any of these concepts or franchising in general, you can reach out to us at stacie@fusionfranchising.com or 319.440.0857.   Please give us a follow on Instagram @fusionfranchising for future episodes.    Your can also view all episodes on YouTube at The Franchise Life Podcast .

Senator Rand Paul has released his yearly report listing all the billions being wasted by the government. Some examples: $1.1 million to study drunk mice $200K to purchase Starbucks espresso machines for the Pentagon (at least the military will be perky) $3M Injecting hamsters with steroids and watching them fight 2.3 M to Injecting beagles with cocaine $475 BILLION in interest payments on the national debt $118K to study whether the movie villain Thanos can snap his fingers while wearing a metal gauntlet $168 million to help illegals avoid deportation You cannot make this stuff up. PLUS: Victims of terror attacks and their families are suing Joe Biden, who broke the law by sending billions in funding to Palestinian terrorists. Texas Governor Jim Abbott sends busloads of illegals to the home of VP Kamala Harris, to prevent them from dying of hypothermia

Today, we want to share with you some behind-the-scenes live action of the “tweaking and repeating” that we do whenever we implement something new in our business. If you've been listening to the show for a while, you've probably heard us talk about this concept before. As a refresher, “tweaking and repeating” means to take a particular action in your business for a set amount of time (at least 30 days) and then go back and reflect. Think about how it went, how it made you feel, and if there are any opportunities for you to pivot and improve what you've tried. Listen in as we discuss a rundown of our “tweak and repeat” process on something that we started exactly 30 days ago. We're going to go through the results, the things we want to keep doing, and the things we want to change. We're showing you an example, so that you can go through the same assessment process in your own business. Thank you for listening! Please subscribe, rate and review The Strategy Hour Podcast on iTunes. Ratings and reviews are extremely helpful and greatly appreciated. For show notes, go to thestrategyhour.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode I travel to the Azores, Portugal, on the island of Faial, to race in the Whalers' Great Route Ultra-Trail by Azores Trail Run which was established in 2014. I recorded the conversation post running the 25K race. I spoke with the race director Mário Leal, discussing the race, the experience of running in the Azores. It is a place where the runners run across incredible volcanic craters that formed the island. Plus we dive deeper into the history of the place and the historical passages of the ancient whalers that tell the story of this land and its people. This podcast accompanies the YouTube video which adds an extra layer of depth alongside this conversation. Click the following link to watch it. https://youtu.be/M40HX3vxJ8E Please note this video goes live May 22, 2022 at 12:00 PM BST The YouTube video shows the natural blue of the ocean to the vastness of green from its forests and fields, the black sands of the last volcanic eruption that grew this island, to the pallet of colours of the environment are just some of the great sights you will experience on this journey. The 25K race is called The Trail Ten Volcanoes. As the name indicates, it starts at spectacular volcanic calderas and passes, along 10 of the most important volcanoes of Capelo Peninsula's fissural alignment. Visually the biodiversity and geodiversity are a constant on this course. What was striking was the incredible landscapes of this peninsula, where a great part of the Azores endemic plants can be found in its natural state. This Capelinhos Volcano was last active 57 years old ago (2022) the terrain is formed mainly by volcanic matter. It ends at Porto do Comprido, at the sea level, on the main and largest whaling station of the Azores between 1940 and 1957. Personally I found the change from road to trails challenging mentally and physically, but I felt so rewarded, it is an amazing race that will stay with me for the right reasons, and I am keen to run it again in the future. Runners have the option of running these different distance races on the same event: Whalers' Great Route Ultra Trail: 118k Ultra Blue Island: 65k Marathon Faial Coast to Coast: 45k Ten Volcanoes Trail: 25k Mini Family Trail: 11k - Free for Kids under 16 For the 118K race for runners who complete the race within 26 hours, they will qualify to enter a lottery where the runners for Western States 100 Miler will be selected. This race takes place annually every May, so if you want to enter click this link. www.azorestrailrun.com ————————————————————— Episode 129 of A Runner's Life podcast is sponsored by Tracksmith, who actively represent and support the development of a runner's life in the running community. ————————————————————— Thank you to my patreons your help pays for editing, equipment and much more. If you value the content I deliver, please consider becoming a supporter of my podcast by donating via my patreon page. This helps me provide quality content. https://www.patreon.com/ARunnersLife --- Support this podcast: https://anchor.fm/marcus-brown9/support

We learn from experience. But the benefits of hiring a coach... is you can learn from THEIR experiences, too. This gives you a head start. Listen in to hear the mistakes I made, AND the things I did really well. My goal for you is that you get to SKIP parts of the struggle by learning from my experiences. In this episode, I'm also going to tell you our goals for 2021! Join the 30-day Sales Boot Camp Join our Facebook Community Check out our YouTube Channel Work with Team Uncensored Learn more about the Social Sellers Academy

Dale, Keefe, and Andy Hart are joined by Red Sox President and CEO Sam Kennedy to discuss the return of Alex Cora, how the team needs to improve for 2021, and Sam announces a massive donation from the Boston Red Sox organization to the Jimmy Fund for Giving Tuesday. See omnystudio.com/listener for privacy information.

Whitney Carmen guest co-host...Where's Quacky...Today's headlines...Girls use Taco Bell wifi end up with $118K...Mother-in-law gives grandson haircut and infuriates mom...COVID-19 update...Chart toppers

Transactional real estate engineers can start doing business as long as they get to talk to sellers. As soon as a lead comes in, get hold of the seller. The best way to do it is over the phone. If you let time go by or wait for them to answer a text message, they might not see it, change their mind, or even lose interest. In this episode, Blair and Jeff share their wisdom on different real estate business topics. Learn how to get sellers on the phone. Discover how to estimate the purchase amount for a cash purchase, how to respond to buyers wanting to know what the process of rent-to-own is, and the process and document signatures needed when assigning the deed at closing. Find out what options you have for different deals and their best exit strategies. Gain skills on merging a separate tracking lead document with Mojo so one automatically updates the other. Finally, find different main lead sources for your VA to work on, the meaning of HUD, and a hot deal involving a 3X per month rental property. To listen to the full episode go to MoreDealsLessHustle.com Mentioned Resources: Zillow Propstream Mojo Screen The Tenant Rentown CallRail FRBO FSBO Zbuyer In this episode we covered: 00:00:00 – Start-up and market update 00:05:13 – Trying to figure out why seller has a mortgage for $172K, another for $50K, and a loan for only $118K 00:06:40 – Starting process to do title search when buying subject-to; whether title company orders payoff or we provide a mortgage statement for the assumption amount 00:09:36 – How to estimate the purchase amount for a cash purchase 00:11:13 – About a wholesale deal in Rector, Arkansas and negotiating the purchase price, taking into account the house needs some work done and doesn't have HVAC 00:17:30 – How to approach sellers who are not responding to calls and get them out of the house by using cash for keys 00:21:15 – 05:13 cont.  Trying to figure out why seller has a mortgage for $172K, another for $50K and a loan for only $118K 00:29:15 – A client's good way to get sellers to respond quickly to calls and how to give access to team members to Propstream 00:31:35 – About a subject-to deal in which seller has been asked to complete new loan documents by their bank to fix a home equity line of credit 00:37:29 – How to respond to buyers wanting to know what the process of rent-to-own is and when is it okay to mention down payment assistance 00:39:36 – A way to merge separate tracking lead documents with Mojo so one automatically updates the other and about the importance of having them updated 00:42:29 – About Screen The Tenant, paper application fee, and hold in fee 00:45:18 – A client's successful way to advertise for the proper buyers 00:46:33 – Process and document signatures needed when assigning deed at closing in New Mexico 00:57:24 – About Screen The Tenant and the best way to run credit when buyers send application to validate what they are saying in their scores 01:00:57 – How to approach sellers concerned about the liabilities they hold if their house burns down and they have the loan in their name when doing a subject-to or a carryback and amount to consider when getting an insurance policy 01:05:45 – How to approach sellers when they ask how do we make money 01:06:20 – About HUD 01:08:48 – Whether having water and electricity cut off for six months is an issue or not in a deal in upper Midwest 01:12:17 – How to approach a seller asking for $175K and owes $152K, when comps are between $140K and $160K 01:06:10 – What is the standard purchase agreement doc used for? 01:16:35 – Problems with Facebook messenger video call saying seller wasn't available  01:18:28 – How to approach seller asking $50K for 6-bed 2-bath on 5100 square feet that is worth $200K 01:22:34 – Strategy to work out and exit a deal in which a seller owes $199K for a house that needs repairs and ARV is $230K 01:27:17 – What to do when we find a VA but are not quite sure yet and the main lead source for VA to work on 01:30:45 – Meaning of “request refund” in one of the steps for action plan in inbound seller leads 01:32:11 – How to get sellers on the phone 01:34:46 – How to approach a seller who is open to seller financing for two properties he owns, and one of them in need of a lot of work 01:41:30 – What happens if a seller doesn't pay the mortgage payments even after closing although he is obligated to pay 01:43:38 – About a 3X-per-month rental type property, possible exit strategies, and highest expected taxes 01:48:02 – Wrap-up To listen to the full episode go to MoreDealsLessHustle.com About Blair: Blair is the founder and creator of Dealbot, a motivated seller lead generation company. He has managed nearly $2mm in marketing spend and generated over 100,000 motivated seller leads. He also buys and sells houses himself in the Winston-Salem and Charlotte, NC markets. In the past year, he has acquired nearly $3mm in cash flowing rental properties with zero money out of his pocket. Multimedia: Youtube Apple Podcasts Google Play Facebook Thank you for listening!

Welcome to Season 2 of our StrongLYFE YouTube show & podcast!   If you're new here, our show consists of power players and people living their best life because they chose their path, they are doing what fulfills them. Allie Saleh, the host of our show, always has engaging conversations with the guest. You will be sure to be entertained while also walking away with a few takeaways from each show that will be sure to strengthen your quality of life.   For instance, this episode Allie sits down with Mr. Cody Askins. Cody is a young entrepreneur who has experienced a ton of success already in the Insurance industry. He has multiple companies, he is training sales teams around the country, married to the woman of his dreams, and throwing the most amazing conference you've ever been to this July! https://8percentnation.com/    If you're in the insurance industry yourself, you will want to follow Cody online and get yourself familiar with him as well as check that conference out. Cody made 118K in his 1st 8 months in business. However, even if you're not in the insurance industry yourself, YOU ARE GOING TO LOVE THIS EPISODE! (PS He has a Lead Generation company so if you want the hook up on Leads Email cody@codyaskins.com and tell him the #StrongLYFE show sent you.   Ep 29 is SLAM PACKED full of Solid content that will cause you to raise your thinking to the next level. That's why we titled this episode, "Think BIGGER" ...   Cody shares so much in this episode, it's too much to put in this description.. besides, we know you're ready to listen by now anyway, just go press play... but Cody shares his origin story, a lot about things he does to get his self in the right frame of mind to attack each day and SO much more!   After hearing story after story demonstrating how and why we all can and need to think bigger in our lives, you are guaranteed to want to listen to this episode twice. You are going to literally feel "jacked" like you just left the gym . or finished an expresso do after hearing this show today.    Thank you for tuning in. If you like what you heard, please give us a rating and review in iTunes.   Subscribe to our channel for more content just like this. We release new episodes every Tuesday Morning on all podcast streaming platforms, Apple, Spotify YouTube and more...   Please Like this video, Leave a comment and share this episode with your network.   We look forward to seeing you here next week but in the meantime, we have plenty of episodes for you to go back and enjoy until we release next week's episode with Insurance veteran, Mark Graham! ( We promise we aren't an Insurance podcast but we do run an insurance business so we do know Insurance people :)   Have a STRONG Week!     Find us on Social Media:   http://instagram.com/stronglyfe_stron...   https://www.facebook.com/strongfamily...   http://twitter.com/stronglyfe       Our Guest: Cody Askins Social Handles:   YouTube: https://www.youtube.com/channel/UC0-kUBU0jMYCr65s2PLygbg   Fb:   https://www.facebook.com/profile.php?id=190142481364045&ref=br_rs   Cody's Insurance Lead Generation and Marketing Companies..   https://secureagentleads.com/      YouTube:    https://youtu.be/pSLa9eqCg00     Our Websites:     http://StrongFamilyFinancial.com   For our Insurance Company's Website, Contact us to Apply for your new Career and All your Insurance needs.   http://StrongLyfe.com     Allie Saleh’s Handles     https://www.instagram.com/alliesaleh525/   https://www.facebook.com/allie.saleh.7   https://twitter.com/AllieSaleh525     Love God, Love your Family and Always Go Get What You Want! -Allie Saleh   LYFE BY DESIGN: STRONG LYFE  

You've listened to our strategy behind marketing and promoting events for your business, but in this episode we go even deeper and walk you through the EXACT process and everything we did to help our client make $118,100 in a 4-day CoolSculpting event. Tune in to get all the details and make your next event a success. PLUS, we have a great Black Friday special to help you get started you won't want to miss. -- This episode is being sponsored by PatientGem. Visit gopatientgem.com to get a FREE 2-Week Trial. **LINKS WE DISCUSSED:** https://offer.gopatientgem.com/black-friday - Welcome everyone to the Med Spa Accelerator Podcast! Brought to you by Everable Marketing! We're excited to bring this podcast to you where we'll be discussing the latest hacks and best practices in marketing and running a profitable medspa. **Subscribe & Review in iTunes** Are you subscribed to our podcast? If you're not, we want to encourage you to do that today. We don't want you to miss an episode. Now, if you're loving this content, we would be really grateful if you left us a review over on iTunes. Those reviews help other people find our podcast and they're also fun for us to go in and read. Select “Ratings and Reviews” and “Write a Review” and let us know what your favorite part of the podcast is. Thank you! **LISTEN TO OUR PODCAST:** The Med Spa Accelerator Podcast Are you subscribed to our podcast? If you're not, we want to encourage you to do that today. We don't want you to miss an episode. Check it out below and listen on iTunes: http://bit.ly/MedSpaAcceleratorPodcast or Spotify: https://spoti.fi/2VKE8tk or any other platform: https://subme.to/medspaaccelerator/ **JOIN OUR EXCLUSIVE FB GROUP:** Search for Med Spa Accelerator Podcast. It is a closed group, but all you need to do is request access by answering some quick questions and you are good to go. http://bit.ly/MedSpaAPodcastGroup -- Follow Us On Facebook www.facebook.com/everablellc/ Follow Us On Instagram www.instagram.com/everable.io **ABOUT EVERABLE:** We Partner With You To Create 7 Figure Med Aesthetics Practices My name is Luis Trevino and I've been where you are. I've built and ran a few 7 figure businesses and have been stressed out, overworked, and hanging on by a thread. Despite that, I still love what I do and like you, it was never about the money – it was the passion that drove me towards helping others. However, even if your financials look great, there's something to be said about the number of hours you work each week…and the emotional toll it's taking on your family and loved ones. -- CoolSculpting Marketing Strategies at everable.io Med Spa Accelerator Get a Free Consultation (956) 379-6187

You've listened to our strategy behind marketing and promoting events for your business, but in this episode we go even deeper and walk you through the EXACT process and everything we did to help our client make $118,100 in a 4-day CoolSculpting event. Tune in to get all the details and make your next event a success. PLUS, we have a great Black Friday special to help you get started you won't want to miss. This episode is being sponsored by PatientGem. Visit gopatientgem.com to get a FREE 2-Week Trial. LINKS WE DISCUSSED: https://offer.gopatientgem.com/black-friday - Welcome everyone to the Med Spa Accelerator Podcast! Brought to you by Everable Marketing! We’re excited to bring this podcast to you where we’ll be discussing the latest hacks and best practices in marketing and running a profitable medspa. Subscribe & Review in iTunes Are you subscribed to our podcast? If you’re not, we want to encourage you to do that today. We don’t want you to miss an episode. Now, if you’re loving this content, we would be really grateful if you left us a review over on iTunes. Those reviews help other people find our podcast and they’re also fun for us to go in and read. Select “Ratings and Reviews” and “Write a Review” and let us know what your favorite part of the podcast is. Thank you! LISTEN TO OUR PODCAST: The Med Spa Accelerator Podcast Are you subscribed to our podcast? If you’re not, we want to encourage you to do that today. We don’t want you to miss an episode. Check it out below and listen on iTunes: http://bit.ly/MedSpaAcceleratorPodcast or Spotify: https://spoti.fi/2VKE8tk or any other platform: https://subme.to/medspaaccelerator/ JOIN OUR EXCLUSIVE FB GROUP: Search for Med Spa Accelerator Podcast. It is a closed group, but all you need to do is request access by answering some quick questions and you are good to go. http://bit.ly/MedSpaAPodcastGroup -- Follow Us On Facebook www.facebook.com/everablellc/ Follow Us On Instagram www.instagram.com/everable.io ABOUT EVERABLE: We Partner With You To Create 7 Figure Med Aesthetics Practices My name is Luis Trevino and I’ve been where you are. I’ve built and ran a few 7 figure businesses and have been stressed out, overworked, and hanging on by a thread. Despite that, I still love what I do and like you, it was never about the money – it was the passion that drove me towards helping others. However, even if your financials look great, there’s something to be said about the number of hours you work each week…and the emotional toll it’s taking on your family and loved ones. -- CoolSculpting Marketing Strategies at everable.io Med Spa Accelerator Get a Free Consultation (956) 379-6187

Two big mistakes are: 1) Renting out your former primary residence. 2) Only being invested in one market.  This Beginner’s Real Estate Investing Audio Guide also helps you step-by-step with buying an income property: Credit Scoring Mortgage Pre-Approval Writing An Offer Inspection Vetting A Property Manager Appraisal Insurance Closing LLCs  **The entire audio from this episode is transcribed into words and can be found at the end.** People set up LLCs for asset protection, anonymity, or tax purposes. But there is a lot of administrative work. Is it even worth setting up? Your FICO credit score has five ingredients. Down payment, debt-to-income ratio covered. Mortgage pre-approval is better than pre-qualification. Select income property in: job-growth economies, high rent in proportion to low purchase price. Cash flow = Rent Income minus “VIMTUM”. Why would someone sell you a cash-flowing property? “Turnkey” defined. Should you make a lowball offer to a turnkey provider? Also discussed: Negotiation Strategy, Earnest Money, Purchase Contracts, Management Fees, Management Agreements, Mobile Notary, Title Company, Rent-To-Value Ratio, Collecting Cash Flow. __________________ Want more wealth? 1) Grab my FREE E-book and Newsletter at: GetRichEducation.com/Book 2) Your actionable turnkey real estate investing opportunity: GREturnkey.com 3) Read my best-selling paperback: getbook.at/7moneymyths __________________ Resources mentioned: Mortgage Loans: RidgeLendingGroup.com Find Properties: GREturnkey.com Memphis & Little Rock Property: MidSouthHomeBuyers.com Turnkey Real Estate: NoradaRealEstate.com QRP: TotalControlFinancial.com JWB New Construction Turnkey: NewConstructionTurnkey.com Our Tampa Real Estate Field Trip: RealEstateFieldTrip.com Best Financial Education: GetRichEducation.com Follow us on Instagram: @getricheducation Keith’s personal Instagram: @keithweinhold     Complete Audio Transcript:   Welcome to Get Rich Education. I’m your host Keith Weinhold and I’m here to help Beginning Real Estate Investors Today.  The biggest beginner mistakes to avoid, when you make an offer - can you lowball a turnkey provider, and all those buyer steps like LLCs, mortgage pre-approval, inspection, appraisal, and closing. Today, on Get Rich Education. _____________________ Welcome to GRE. This is Get Rich Education Episode 249 - and this is your Beginner’s Real Estate Investing Audio Guide. Hi, I’m your host Keith Weinhold. We’re talking about how to get into long-term buy & hold RE investing - and that’s because it’s the most generationally-proven way to build wealth. First, let’s talk about a couple of the biggest mistakes that real estate investors make - it’s being invested in only one geographic market. Often, that’s the market that they just happen to live in.  There is more risk with being in only one market than most realize, because you’re now tied to the fortunes or misfortunes of just one area’s economy. Another substantial, common real estate investor mistake is that they continue to hold onto one - I’ll call it - special - property in their portfolio that they usually need to get rid of - but they have either sentimental ties to it - or they just hold onto it for convenience, and do you know what that property is? I’m actually talking about a specific property here. It’s the home that THEY YOU USED TO LIVE IN yourself. Well, what’s wrong with renting out the home that you used to live in yourself?  You might still have the preferable owner-occupied financing locked in on that one - and afterall, that’s a better rate than you could get on a non-owner-occupied rental. The problem is that the property probably doesn’t perform BEST as a rental. But you might be clearing, say $500 per month by using your former primary residence as a rental today.  Look, for you, it’s often about the cash flow - and yes, it is about the cash flow.  But there’s something even more important than cash flow - that’s because nearly any property will cash flow if the loan were paid off. That’s why it’s really more specifically about the rent-to-value ratio of a property. If you’re renting out the home that you used to live in, and it wasn’t strategically bought as a rental, if your rent-to-value ratio (or RV ratio) is 0.6%, meaning that for every $100K in value it has, you’re only getting $600 of monthly rent income, then you’re losing cash flow dollars every year - and every month. Look, let’s give a real life example of the .6% RV ratio. Say that you can get $1,800 rent out of that $300K property that you used to live in.  But instead, three $100K homes bought strategically as rentals can have a combined rent income of $3,000. Yes, you can still find that full 1% rent-to-value ratio. So it’s either one $300K property at $1,800 of rent income. Or three $100K properties at $3,000 of rent income.  So you’re losing $1,200 dollars of cash flow every month - you’re only getting $1,800 rather than $3,000 - by not buying and owning strategically in markets in the Midwest and South where the properties make sense as a RENTAL on the day that you buy it. Your primary residence only made sense as a primary residence on the day that you bought it.  Now you can see that the only reason that you own it, is because you defaulted and “fell” into it. Don’t fall into things. Be intentional.  You are a better investor when you’re intentional rather than emotional. It’s even better for you now. Beyond your $1,200 of additional cash flow with some repositioning, now, with three properties instead of one - now you’ve also taken care of the first real estate investor mistake that I mentioned. WITH three rentals rather than one, now you can be diversified across multiple markets. Two birds are killed with one stone. Now with some re-positioning, you’ve increased your cash flow by $1,200, AND you’re in multiple markets. One property isn’t divisible. We’re talking about real estate investing for beginners today, so let me clearly guide you through step-by-step on just how you go about buying your first property - writing an offer, inspection and vetting your Property Manager which is known as due diligence, appraisal, and onto closing and receiving cash flow from the tenant. As you’ll see, much of today’s show pertains to any investment property at all. But we’re talking mostly about how to buy single-family turnkey homes, especially homes outside your home market - as most of the best deals are not found where you live. Like they say, the best investors live where they want to live, invest where the numbers make sense. Get Rich Education is heard in 188 world nations.  Today’s content is primarily geared toward United States real estate investors - but those that live outside the United States will benefit here too. Here’s a question that you might have - “How do I go about setting up an LLC - a Limited Liability Company - to hold my investment property in?”  I’ll tell you - I don’t think “How do I set up an LLC?” is the best question to ask. The best question to ask is, “Should I set up an LLC?”  The three main reasons people set up an LLC are for either anonymity, tax purposes, or asset protection. Now, if you know that you WANT to set up an LLC - I’ve done three episodes on that topic with Rich Dad Legal Advisor Garrett Sutton. You can go to GetRichEducation.com, type “Garrett Sutton” in the search bar, and those three episode numbers will appear so that you can listen. But the reason that the question is, “Should I even SET up an LLC?” is because: Setup of LLCs complicates your life. Maintaining a registered agent, Articles Of Incorporation, having separate accounts, tracking expenses with separate credit cards, paying annual fees for everything - depending on how many LLCs you have and how you structure your life - it can wear you out.   The second reason you should ask yourself, “Should I even set up an LLC?” is because you might not have many assets for a litigant to go after. Retirement accounts have certain protections already. Equity in a property could be low-hanging fruit for a plaintiff attorney if someone gets a judgement against you. But since the Return From Equity is always zero, what would you have much equity in a property anyway?   The third reason you should ask yourself, “Why should I even set up an LLC?” is that frivolous or slip-and-fall type of lawsuits are rare. Not only have I never been a party to one, I’ve never even heard of any investor friend or associate having one - and I talk to a lot of people. You probably haven’t heard of one either.   Now, note that I’m not saying you can’t get an LLC or shouldn’t get one. I’m saying, prioritize those questions to yourself. First, it’s “Should I get one?”. If that’s a definitive “yes”, only THEN ask: “How do I set one up?” Why do you think you have to? Did some attorney use fear tactics to get you to? If the result of the LLC’s administrative overburden provides a greater reward in the form of asset protection, anonymity, or tax benefit - which is typically a flow-through taxation type anyway, you might then … get an LLC. So, as a beginning real estate investor, understand that real estate is a credit-based asset - meaning it’s usually bought with a loan.  So let’s talk about getting your finances in order before you contact a lender or select an income property.  That begins with you having enough cash liquidated for a 20% down payment on the property - add about 4% for closing costs, depending on the state that you’re buying your property in - and on the lowest-priced property that’s still in a decent area of a low-cost city - which might be a $60,000 property … 24% of that then is about $14,000 that you’ll need. You should have some extra on top of that as reserves.  Now, let’s look at another part of your finances - your DTI - your debt-to-income ratio. It cannot exceed 43% to 45% - maybe up to 50% in some circumstances.  So if your monthly minimum debt payments - everywhere in your life - housing payment, minimum credit card payments, minimum car payment - if that sum is $5,000 and your gross monthly income is $10,000 - that’s a 50% DTI. You can’t exceed that. Of course, before a bank is willing to loan you money, they want to have a reasonable assurance that you aren’t weighed down with debt elsewhere because their fear factor goes up that they won’t get paid back. Next, let’s talk about your credit score. We dedicated an entire episode to this back in Episode 54. If you can remember back that far, Philip Tirone was here with us and you learned more about credit scores that you probably ever thought you would … … and he even went on to call the credit scoring system a total scam. He was quite opinionated - it was interesting and eye-opening, but ...  Playing within the scam here - as it might be.  There are many different credit scoring models, but the FICO Score - F-I-C-O - is a respected one that you’re probably going to see your mortgage lender use. It stands for Fair Isaac Company. Their credit scoring range is 300 - the worst, up to 850. 850 is essentially a perfect score. Importantly, 740 is the highest score that helps you here.  If you have a 782 or an 836, it doesn’t help you qualify for the loan or get you a lower mortgage interest rate or anything else.  740 is where you’re optimized.  Now, just a quick overview of FICO credit scoring ... There are five primary ingredients that make up your credit score. In order of importance, they are your payment history, amounts owed, length of your credit history, new credit, and finally credit mix.  That first one, Payment History, is the most heavily weighted one. It’s 35% of your score. As you might expect, the repayment of past debt is a major factor in the calculation of credit scores. It helps determine your future long-term payment behavior. Both revolving credit (i.e. credit cards) and installment loans (i.e. mortgage) are included in payment history calculations.  Although installment loans like mortgages take a bit more precedence over revolving credit - like credit cards.  This is why one of the best ways to improve or maintain a good score is to make consistent, on-time payments. The next way, your Amounts Owed – 30% This category is basically credit utilization or the percentage of available credit being used - or borrowed against. Credit score formulas “see” borrowers who constantly reach or exceed their credit limit as a potential risk. That is why it’s a good idea to keep low credit card balances and not overextend your credit utilization ratio. So if you’ve got just a $1,000 balance on a credit card with a $10,000 credit limit, that’s seen as a good ratio. You’re staying well within your limits then.  The third FICO credit score ingredient is the Length of your Credit History – 15% This factor is based on the length of time all credit accounts have been open. It also includes the timeframe since an account’s most recent transaction.  Newer credit users could have a more difficult time achieving a high score than those who have a long credit history. That’s because if you have a longer credit history, FICO has more data on which to base their payment history. The fourth of five FICO ingredients is your “Credit Mix” – Now we’re down to an ingredient only comprising 10% of your score. Credit mix just means that it helps your score if you have a combination of credit cards, retail accounts, installment loans, finance company accounts and mortgage loans.  Finally, “New Credit” makes up the last 10% of your FICO score. Don’t open too many new credit accounts in a short period of time. That signifies a greater risk to lenders – and that’s especially true for you if you’re a borrower with a short credit history.  And you sure don’t want to open up any new lines of credit, down the road when you’re in the qualification process for buying a new property unless you check with your Mortgage Loan officer first. Knowing what factors make up your FICO® Credit Score can help you qualify for more loans and get better mortgage interest rates. That’s the bottom line. This helps you get pre-qualifed or pre-approved with your Mortgage Lender. To get prequalified, you just need to provide some financial information to your mortgage lender, such as your income and the amount of savings and investments you have. Your lender will review this information and tell you how much they can lend you.  After pre-qualification, you can seek the higher-level status and that is getting pre-APPROVAL for credit. Pre-approval is better than pre-qualification. If you think about it, it makes sense. Qualifying for anything in life is not as good as getting approved for something - I suppose.  Pre-approval involves providing your more detailed financial documents - like W-2 statements, paycheck stubs, bank account statements, and your previous two years tax returns. This way, your lender can VERIFY your financial status and credit. Now that you’re pre-approved with a lender, you can focus on the market and property that you’re interested in.  RidgeLendingGroup.com is the mortgage lender that we recommend most often because they SPECIALIZE in income property. They don’t have any seasoning requirements. Seasoning means that the person selling YOU the property needs to have held onto it for a certain length of time - or the lender won’t finance the property for you. While you’re in the pre-approval process, you can be learning about a cash-flowing investment market.  You want to pick a geographic metro market that typically has low-cost properties, and high rent incomes in proportion to those low costs.  In fact, the market is more important than the property. Because your income comes from your tenant, and your tenant’s income comes from a job. So you typically don’t want to own much property in a town with 14,000 people that’s an outlying area - not part of a greater metro - where 1/3rd of the employment is tied to one tungsten factory or even one semiconductor manufacturer. Because now, too much of your income stream is tied to just one industry. You also don’t want to buy slummy property. Those tenants often don’t pay the rent. You also don’t want to buy the median-priced home or higher, because the numbers don’t work out. So you want that working class housing that’s just below the median price point for the area. If you’re not already confident about that and familiar with the right provider ...  We have information on the right market, with the right provider, with properties - and they’re typically in the MidWest and South - at GREturnkey.com.  So read a market report there. That’s good, pointed information. Most investors are interested in a property for the production of cash flow. That’s the margin by which your rent income exceeds all expenses. Rent income minus expenses should be a positive number. So that’s your monthly rent minus VIMTUM. V-I-M-T-U-M.  Vacancy, Insurance, Maintenance, Taxes, Utilities, and Management. I like easy ways to remember things and VIMTUM is an easy way to remember. So, you’re listening to the Beginner’s Real Estate Investing Audio Guide here as a regular episode of Get Rich Education. If you’re not a beginner & you’re still listening, it’s either a good review and you might even be learning some new things along the way yourself.  Including, should you ever lowball a turnkey provider and a negotiation approach that I have for that - in a few minutes.  But first, one reasonable beginner question is ...   “Now why would someone would want to sell me a cash-flowing property in the first place? Why would someone sell me a good thing that pays them every month that they could continue to hold onto for cash flow? If a property pays someone every month while they hold onto it - why in the heck would they sell it to me? OK, some seller out there has a golden goose that lays a golden egg every month, so why in the world would they give me an opportunity to buy the goose? Well, there are just so many reasons for selling cash-flowing property - yes, a ton of reasons for selling even a young, healthy goose that lays golden eggs every month & is expected to so for years. Well, a turnkey provider runs out of money too. They can’t buy all the properties themselves.  They’d prefer a lump sum payout when they sell this property, because their business model is to go pay all cash for another distressed property that they can fix up.  And if you think that they snatched up the good ones themselves a while ago - yeah, they probably did do some of that. In fact - I WANT them to have snatched up some good properties from their own market earlier. It shows me that they believe in what they sell. Now, other reasons that the - I guess general public seller might want to sell you a property is ... One reason is moving. Say that a family in City A owns a few mom-and-pop rental homes that they self-manage and they’re moving to City B in another state, they’ll often sell their income properties. Some people want to self-manage their property (often because they never explored their best-and-highest use, but anyway) & if they have to move to City B, they’ll sell the property rather than try to find a Property Manager in City A.  Another reason people sell cash-flowing property is that - even if someone is not moving, that person might be tired of the self-management hassle - but yet they don’t try professional management - because that person has the DIYer mentality - that soooo common do-it-yourself mindset. OK, most people just don’t take a strategic approach to real estate investing. Other reasons for people selling cash-flowing property are death, marriage, divorce, and all kinds of either joyous or tragic life milestones. If a husband-and-wife own rental properties but running & managing them was kind of the husband’s thing & the husband dies … the wife doesn’t know how to run the properties & she’s likely to sell rather than hire a Property Manager. People may sell their cash-flowing property in case of all kinds of emergencies - medical and otherwise - because they may need a quick lump of cash - instead of the steady stream of cash flow over time that just won’t work for them in their new situation. OK, most of those situations involve some sort of external life change for property sellers - a lot of them tragic. Well - here’s a personal one for you...  A few years ago, I sold two cash-flowing apartment buildings at the same time - well, those sales actually closed on consecutive days - so nearly the same time. Both of those cash-flowing apartment buildings that I sold were 100% occupied with tenants, I had competent management in place, and there were no deferred maintenance issues with the buildings. You want to know my reason for selling two nice golden apartment gooses that were steadily laying some nice golden eggs? OK...can you guess why?  Alright, fortunately I didn't have any distress or emergency in my life. ...oh, and also, I wanted to sell them fast too, I couldn’t let these two cash-flowing apartment buildings linger on the market for a while. I really wanted to get rid of them. I had no distress like those situations I mentioned earlier. So can you guess why I wanted to sell these long-producing golden gooses in a good job growth market that produced nice cash flow, nice golden eggs? I’ll tell you why. That's because I knew I could 1031 Exchange those two gooses for two even larger gooses. Now I won’t get into the 1031 here on a beginner episode.  But I replaced the two smaller apartment buildings with two larger apartment buildings that would produce even larger eggs if I did it with a quick timeline - and I could defer any tax on my profitable gain.  I found - I guess - two very fertile egg producers that were going to produce even more cash flow over time. So...I think you get the message here. To the buyers of my smaller apartment buildings, I appeared as a very motivated seller of cash-flowing property, even though I had no external stress in my life.  It was due to internal reasons that I wanted to sell...and it’s the internal drive to expand my income.  No shrinking thinking here at Get Rich Education. Now, when you’ve found a cash-flowing property that you want to buy, should you make a lowball offer to a turnkey provider? My definition of lowball here, is, a 10% discount.  We’ll say, that a provider is offering a property for $120,000 - then you’d make the offer for 10% less, which is $108,000. That’s a lowball. My answer is ...  No. That’s not going to work. In almost every instance, that’s too much of a discount and it’s going to eat their margin too much.  Depending on how it’s presented, a seller might even be less motivated to work with you if they get a lowball offer.  This company has a business to run and with a turnkey property, you’re typically paying for the convenience. You leveraged their systems of them delivering this product to you that’s already renovated, rehabilitated, tenanted, and under management.  Now, can you can knock off $1K-$2K? And say, offer the seller then - $118K or $119K for the $120,000 property. Yeah, that might work.  It sure wouldn’t be deemed some unreasonable request. But it’s good to at least provide a reason - some rationale - in asking for the discount. Let me give you some perspective on this negotiation too.  For every $1,000 less in a mortgage loan that you take out, how much do you think that saves you in a monthly payment? Did you ever figure out how much that saves you? Well, at a 5% interest rate on a 30-year loan, reducing your mortgage loan amount by $1,000 saves you … $5. Five bucks in a reduced payment.  For more perspective, keep in mind too, that once the seller accepts your offer - it’s only the first part of the negotiation. Later, it’s a negotiation with the inspection. We’ll discuss how to navigate THAT shortly. I’m Keith Weinhold. You’re listening to Get Rich Education. ________________   Welcome back to Get Rich Education. This is your Beginner’s Guide to Real Estate Investing. I’m your host, Keith Weinhold and we’re talking about buying an income-producing property.   That may or may not be a TURNKEY property - which just means that it’s already renovated, tenanted, and under management with a tenant on the day that you buy it.    Now, once your offer is accepted by the seller, I want to give you - really just a brief outline of what to expect next.    This isn’t intended to give you every step in exhaustive detail, but this is generally what comes next for United States real estate purchases, and custom varies somewhat from state-to-state.   So with that in mind, once the turnkey provider or seller accepts your purchase offer...   You need to send in your earnest money. Earnest money is not the down payment. It’s a smaller amount that shows good faith that you’re serious about your offer.    It’s often an amount of $5,000 or less and it shows the seller that you’re serious enough about buying the property that the seller has the confidence to take their property OFF the market and not show it to anyone else.   The seller should give you instructions on how to place your Earnest Money.    Now remember, your earnest money deposit is not going directly TO the seller, it is going to a third-party escrow account, and it is refundable to you in accordance with the terms of the contract you signed.   Your contract should have an estimated closing date in there. I want to emphasize that the key word there is “estimated”.    While it is important that all parties work towards closing by this date, between you and me - let’s just be realistic - the reality is that many transactions get delayed beyond the closing date in the contract for a variety of reasons on the seller side, sometimes having to do with construction or renovation delays.    If this happens, it is nothing to be worried about, just remain in touch with the seller and you can simply sign a contract extension if needed when the time comes.   As you are financing your property, be sure to keep getting your lender anything that they ask you for up so that they can keep processing your loan.    As your closing gets near, they will probably ask you for some updated information and have some final stipulations from the underwriter, so just remain in close touch with your lender and try to provide them what they need as swiftly as you can.   During most of this time where you’re under contract & even before you’re in-contract to buy the property, most of your relationship with your lender and seller is just sitting around, waiting for the next stage.    Once construction/renovation is completed on your property, I suggest that you order a professional home inspection before closing.    As the buyer, this is at your expense, but the home inspection is cheap insurance for you and it is an important part of your due diligence. It might cost you about $300 for a single-family turnkey income property.   A four-plex inspection might cost up toward $800.   When seeking an inspector - seek ASHI certification - that is American Society of Home Inspectors.   You’re looking for an inspector with a good reputation, licensed and bonded. It is good to look for a level of experience as well. The choice is really yours as the Buyer.   Your inspector points out deficiencies in what I’ll break into a few categories.    #1 is Major concerns – these are significantly defective, safety issues that require immediate repair. Often times, those things MUST be done in order for your lender to even finance the property so the seller is going to do those things for you. That might be adding a railing to a porch.   The second category are recommended repairs – So they’re recommended but not required. That might be adding some extra insulation in the attic.    The third category is “nice if it were done” - like a kitchen cabinet door that’s a little loose and doesn’t close snugly.   When you get your home inspection report back because the inspector has compiled their findings, the key to remember is that the inspector will ALWAYS return a (usually long) list of items that they recommend be corrected prior to closing.    Now, this even happens on new construction, so expect some findings.   And remember, you are not closing on the property in the condition it was inspected. Rather, the inspection is just part of the process on the path to getting the property to its final condition.    Then you and the seller agree on what will be fixed (at the sellers expense, and verified to your satisfaction), prior to closing.    The seller is anticipating that they will need to make some final repairs (at their own expense) after they get the inspection repair request from you. This is all part of the normal process.   Of course, you can get in a car or hop on a plane and visit the turnkey property yourself and walk the property with your inspector, but I’d say fewer than 10% of turnkey buyers do this.    But going to see the property in person is never a BAD idea.   Today, it’s easier than ever for an inspector or provider to e-mail you a property video. The report that you get from your Home Inspector after he visited the home will have lots of photos and details.   Typically, purchase offers are contingent on a home inspection of the property to check for signs of structural damage or things that may need fixing.  This contingency protects you by giving you a chance to renegotiate your offer or withdraw it without penalty if the inspection reveals significant material damage. Once the seller makes any needed repairs that the third-party inspector found, I suggest having a re-inspection done by that same inspector. This gives you the chance to confirm that any agreed-upon repairs have indeed been made. You might spend another $100 on this re-inspection. Now, if the original inspection showed that a leaky faucet needed to be replaced, and the seller said they’d do it, and the re-inspection finds that that work wasn’t done as promised, then any FURTHER re-inspection costs are often a cost borne by the seller. Which seems pretty fair - they said they’d do work - and the re-inspection that you paid for confirmed that it hadn’t been done in this case. Now, back to the negotiation. If you asked for a reduced Purchase Price, that could lean away from you asking for too much in the inspection.   How do I like to play it? Often times, I make a full price offer for the property - and I might even let the seller know at that time that I’d like to give you your price - it’s a full $120,000 in this case - and since you got your price, I’d like my terms.   My terms are - that I’m more bold in what I request the seller to do from the inspection findings.  Maybe I will ask them to add that extra insulation in the attic as one of those “Recommended buy not Required For Financing” items - or replace a window pane that had condensation inside it.   Then, what’s my justification for asking the seller for that. It’s that I’m paying your full price. Again, financing an extra $1,000 only costs me $5 per month.   Now, let’s talk about the property appraisal.    The appraisal is a tool that the bank uses to verify the quality of their collateral.    Because in your loan paperwork, at closing, the bank will basically tell you that if you don’t make your monthly payments, you’ll be foreclosed upon and the bank will take back the property - that’s their collateral.   So they want to make sure that the property seems to be worth as much or more than you’re in contract for - that $120,000 in our example.   Your lender is the one that orders the property appraisal, not you. In about 90% of U.S. states, you as the buyer pay for the appraisal. It costs up to about $500.    The appraiser is a member of a third-party company and is not directly associated with the lender. It wasn’t always that way.    In fact, one factor that led to the housing downturn of 2007 in the Great Recession is that some lenders & appraisers were “in cahoots”. Haha! That can’t happen anymore.    BTW, the appraisal and some of these other steps are all part of your closing costs. All part of that … about 4% of the property purchase price.   The appraisal is typically done by a certified appraiser physically visiting the home - and these people always seemingly have a tape measure with them.   The appraiser checks out the premises and their job is to use market comparables to make sure that the lender has adequate collateral in case you, the borrower, default.   OK, the bank doesn’t want to lend out more than the property is worth or else they could find themselves underwater if the borrower defaults. The appraisal protects against this.   And don’t confuse this appraisal with an assessment. An assessment is something that a county or municipality uses the measure the amount of property taxes that are paid. It’s really unrelated to this appraisal.   Now, before you select your Property Manager, I’d really like for you to talk with them on the phone or use a free video chat service like Zoom - it’s Zoom.us - it works a lot like Skype but Zoom is easier to use.   I mean, I don’t make many phone calls in my life anymore - much like a lot of people. But I want you to have a phone or video call with your PM because ...   I want you to have a good vibe - a good feeling about your property manager and to vet that manager just like you would vet out a manager for a non-turnkey company.   Just because a property is branded “turnkey” by a company, doesn’t mean that you can dismiss doing your due diligence. Turnkey can be a great system, but there’s nothing magical about that word alone.   Don’t overlook developing a good feeling about your Property Manager, because this is the one long-term relationship that you expect to have. I just can’t emphasize that enough. Your Manager is one of your key team members.   They’ll tell you the character of the current tenant that’s currently in the home. Find out how the manager is going to pay you. Feel them out, know what your communication flow is going to be like.    If they’re part of the same company, a good manager should also connect you with whom renovated your turnkey property in case you have some questions for them.   Now, notice that I haven’t mentioned a real estate agent. Most turnkey providers work in a direct model so that you don’t have to go through agents.   You must sign a written Management Agreement with your Property Manager.    This gives the manager written authority to manage your property for you, it will state their fees, and you’ll have your contact information in that agreement.   There are typically two fees - a leasing fee and a management fee.   A leasing fee is where you’ll spend ½ month’s rent to one month’s rent amount when the Manager screens a new tenant. So hopefully that only happens every 1 or 2 or even 5 years if you’re lucky.    Yes, you can typically approve or reject their selected prospective tenant. You are going to be the owner of the property afterall.   A management fee is often 8-10% of one month’s rent income - and that’s what you pay monthly - ongoing.   You can sign a Management Agreement with the property provider if they have management integrated in-house. If not, you can lean on your provider for some management recommendations.   Now, there’s one blank to fill in on your Management Agreement - it’s a dollar amount up to which the manager can pay for expenses that come up - against your account - without contacting you.    For example, if the number $500 is written in there, that means that if a maintenance or repair expense on your property exceeds $500, they must contact you prior to incurring that expense.   You get to choose that dollar limit. As a beginning real estate investor, go with a lower figure.    Then as you get comfortable and / or you don’t want to be bothered about the property as much, you can increase that dollar limit in which they need to contract you about approving maintenance or repairs.   Basically, if there’s something that has to do with the property & you don’t want to deal with it, then make sure it’s written in the Management Agreement that the manager will perform it.   Typically, it’s going to say that the manager will collect rent, handle tenant relations, respond to repair requests, send you the rent, keep your ledger of income & expenses on the property, post legal notices if a tenant is paying the rent late, and sooo many other associated duties that I personally don’t want to deal with. I just want to live my life.   Get that Management Agreement done - fully executed - signed by both you & the Manager BEFORE you close on the property.    Before you close, you can buy property insurance from any provider you choose.    Your turnkey provider is often happy to recommend some providers that their other clients have used in this market, or you can just Google and find your own.    Be sure to let the insurance provider know that this is a rental property (not a primary residence where you live and not a second home).    Most turnkey buyers purchase both hazard and liability insurance as part of their policy. Like any other insurance policy, you will have choices about deductibles, monthly payments, and coverage amounts.    If you are financing your property, your lender will most likely be able to combine your property taxes and insurance into your monthly payment, so you have one monthly payment for principal, interest, taxes and insurance (PITI) … much like you would on your primary residence.   The financing process typically takes about 30 days from the time you submit your EM.    Remember that YOU are a factor in how fast your property closes. If that lender needs another document, give it to them pretty promptly.   When you have finalized your due diligence, and verified that the seller has made all the agreed upon repairs from the home inspection report, you will be ready to close.    You likely live in a different state than the property and will close remotely. The title company (or its a closing attorney in some states) will prepare your closing documents - including your loan docs...    ...and can arrange for a mobile notary to meet you with the docs wherever you choose (your home, your office, your local coffee shop, etc.) so you can sign the docs in front of a notary who will then overnight the docs back to the Title Company so the transaction can fund.   Your lender will arrange for a title company to handle all of the paperwork and make sure that the seller is the rightful owner of the house you are buying.   It may seem like the closing process is a lot of work, but you’ll really spend most of the time waiting. Most of the time, you'll just be sitting on your hands, waiting for someone else involved in the transaction to come through.    So find something enjoyable to occupy your time and distract you while you wait, and feel secure in the knowledge that you've done your research and know how to make your closing process go smoothly.   When you complete that closing with the mobile notary - I’ve done these closings at my home’s dining room table, or even in my employer’s conference room back when I used to have a day job - then, hey!    You need to congratulate yourself on adding another income property to your portfolio.   You know, the good news is that of all of these stages we’ve discussed - the longest stage of them all is your ownership of the property. You Own & Collect the cash flow.   And hey, this isn’t reason enough alone - but it’s kinda cool that you own property in TN and FL and IN.  You own part of each one of those states.    And with each new turnkey property you buy, you might have just increased your mostly passive cash flow by $311 per month or $118 per month or whatever it is.   If you can swing it, it can be more efficient timewise for you to buy more than one property at a time.   As you buy more income properties, it not only gets easier because you know the process, but you often get quantity discounts.   For example, a management company might charge you a 9% management fee on your first three properties, but once you own four or more, they might charge you 8% on all four rather than 9%.   Insurance companies often have similar discounts for you….so you may very well get a little more profitable as you buy more property.   A rent-to-value ratio of 1% is generally quite desirable, meaning one month’s rent is 1% or more of the purchase price.   For example, a $120,000 property and a rent income of $1,200.    $1,000 rent income on a $120,000 property would probably work fairly well too.   You typically want to avoid properties with RV ratios of less than 7/10ths of 1%, or 0.75.    Let’s keep in mind that the RV ratio is only a rule of thumb. It doesn’t account for a major recurring expense like property taxes.   In high property tax jurisdictions like many Texas markets, you probably want that RV ratio up higher.   Now, as a beginning real estate investor, or even an advanced one, don’t worry about not know it ALL. No one’s ever going to know it all with real estate.   In fact, I’ve been actively investing in real estate since 2002 and just within the steps of ACQUIRING a property, like I carefully discussed today, some incremental half-step will come up in the process that I hadn’t been thinking about previously - like signing a Lead Paint Disclosure Form.   So, you don’t need to commit all of this stuff to memory.   Now, something that novice real estate investors say sometimes is something like: “I would only buy an income property that I would live in myself.”    I contend that that is an awful criterion upon which to found strategic fundamentals on purchasing an income property.   Once one filters property that way, they have let their emotions trump facts.    If the fact that a clean, safe, affordable, and functional property has a good occupancy rate in a sound employment market, decent ENOUGH neighborhood, and the numbers make sense - that’s more important.   OK, you aren’t living there yourself so it’s not a sound criterion.   Shoot, if I moved into any income property that I own, my lifestyle would take a substantial hit. Yet I’m not a slumlord - I provide housing that’s clean, safe, affordable and functional.   But they’re not replete with fantastic amenities, it does not have Corinthian architecture with alabaster columns - OK - but I know there’s a demographic for my rental property type that demands this responsible-but-no-frills housing over time.   It’s about asking yourself a better question, like, “Will this property secure an income stream?”    Alright, would you rather have your property look “cute as a button” - or secure an income stream?   OK, we’re investors here.   Some think that in today’s electronic age, you should be able to complete a property purchase from the time you write an offer until you close on a property in the same-day.    Well, that’s certainly not true. As you witnessed, physical things need to take place because you’re buying a real, physical asset.   We’ve been talking today about how you buy an income property - just simply that - especially as it pertains to buying an out-of-state turnkey income property - from the time that you get a property under contract and submit the earnest money to escrow all the way to closing.   ...because that’s how to generate passive income, which in turn, creates a rich life for you.   Again, this isn’t an all-encompassing guide today with EVERY little detail. But we’ve hit the major milestones in the process & more.   You’ve got a good general guide on the income property-buying structure.    You might have learned something about prioritization - perhaps LLCs matter less than you thought and a communicative Property Manager matters more than you thought.   Today’s show has the type of content that will be about as relevant 5 years from now as it does today.    Now, today is also evidence that real estate does not have the liquidity that some other investments do. It takes longer to get in & get out.   However, that low liquidity actually contributes to relative price stability in real estate. OK, there’s no panic selling in real estate.   Maybe the most important thing for you to keep in mind is that...   You cannot make any money from the property that you don’t own.   Your future depends on what you do today.   To “know” something and not “do” something is to really not know something.   The most important thing you can do is act...because you cannot make any money from the property that you don’t own.   Again, a recommended, specific INCOME property lender is Ridge Lending Group. Our network of income property providers is at GREturnkey.com   And one particular property provider to highlight over there is Memphis, Tennessee’s Mid South Home Buyers. Not only are they great with beginners, but they have profitable properties at lower price points, which some beginners would rather start with.   MidSouth Home Buyers has been rather popular for all those reasons and that’s created a longer wait list. Well, the news is that MidSouth Home Buyers has just expanded into another great investment market - Little Rock, Arkansas.   So that should help shorten their wait list.   If you can’t remember those three resources - Ridge Lending Group for the loan, GREturnkey and MidSouthHomeBuyers for the properties, I’ll be sure that they’re the first three links in the “Resources Mentioned” portion of the Show Notes accompany this episode.   There would be nothing worse than for me to share today’s knowledge with you - then not let you know where to go to act upon that knowledge.     It’s been my pleasure to bring you your Beginner’s Real Estate Investing Audio Guide today. If you got value from today’s show, I’d be grateful if you took a screenshot of the podcast player image here on your podcatcher …   ...and posted it to your Social Media account - your Facebook, Twitter, Instagram, or LinkedIn - and let your social friends know that if they’re ever interested in real estate investing, this episode is a great place to start.    Next week, I’ll talk about how you Retain your tenants at the same time you RAISE the rent.    I’m your host, Keith Weinhold. Don’t Quit Your Daydream!   

In this episode, we feature Paul Trammell reading chapter 1 of Becoming a Sailor, A Singlehand Sailing Adventure. Linus Wilson talks about the latest dismasting (number four) of the solo-nonstop 2018 Golden Globe Race of French sailor Loic Lepage's yacht. Elana from Sailing Kittiwake reads her blog "Cruising Stories: Kittiwake on Having a YouTube Channel". Becoming a Sailor, A Singlehand Sailing Adventure talks about Trammell's purchase and upgrades to Sobrius, a 1972 Dufour Arpege and his single-handed sailing around Florida and the Bahamas. Trammell plans to release his second book of his sailing adventures Journey to the Ragged Islands before Christmas 2018. Becoming a Sailor, A Singlehand Sailing Adventure is available on Amazon and Kobo: https://www.amazon.com/Becoming-Sailor-Singlehand-Sailing-Adventure-ebook/dp/B0785QZDLJ/ https://www.kobo.com/us/en/ebook/becoming-a-sailor-a-singlehand-sailing-adventure Sailing Kittiwake is sailing the Med and making awesome vlogs on YouTube. Check out their channel at  https://www.youtube.com/channel/UCT9U1fPkHj0mJjC4LWGH26g The blog Elana reads is at https://theboatgalley.com/cruising-stories-kittiwake-on-having-a-youtube-channel/ My study on how much YouTube vloggers really make is  Wilson, Linus, A Little Bit of Money Goes a Long Way: Crowdfunding on Patreon by YouTube Sailing Channels (February 17, 2017). Available at SSRN: https://ssrn.com/abstract=2919840 or http://dx.doi.org/10.2139/ssrn.2919840 Abstract This study finds that YouTube channels crowdfunding on Patreon have more frequent video creation. The median YouTube channel that crowdfunded on Patreon produced a video every 7.5 days compared to 105 days for the median comparable channel that did not link to Patreon. Crowdfunders have more views per video, are more likely to link to their Facebook pages, and uploaded videos more frequently. While two channels in the sample, each earned over $150,000 in 2016 from Patreon, the typical crowdfunding sailing channel earned $73 per video, per month, or creation. It appears that a little bit of money was associated with a big increase in new video production. I talked about the study in this video: https://www.youtube.com/watch?v=UJxlW8_eUyw I also talked about the devastation to Panama City Marina in the following video: https://youtu.be/upgYlrp2Ngg "Sailboats WRECKED by Hurricane Michael in Panama City Marinas" Category 4, 155 mph, Hurricane Micheal made landfall on October 10, 2018, in Mexico Beach, Florida. It devastated the marinas, boats, and sailboats in Panama City, Florida. You'll see the rescue of the crew of the sailing vessel Old School abandoned in 8-foot seas near Boca Grande, Florida, as the yacht was experiencing the outer bands of a major hurricane. Photos by Kip and Stacie Snell of Panama City Municipal Marina were reproduced with their permission.https://www.facebook.com/kipnstacie.snellStacie Snell does great portrait and wedding photography athttps://www.facebook.com/staciesnellphotography/They lost their boat in the Panama City Municipal Marina in Hurricane Michael.Sailing La Vagabonde recently asserted boaters have lots of advance warning to get out the way of Hurricane. The experience of Hurricane Michael disputes that claim in"Why we Chose to Sail during Hurricane Season! (Hurricane Gordon & Florence)" at https://www.youtube.com/watch?v=QZRUElJV3yg Some recent blogs and videos about the GGR are  https://youtu.be/yof9BpbasCo https://youtu.be/TAQT3TeC8cU https://youtu.be/GGaL0KdDhXw https://slowboatsailing.wordpress.com/2018/10/25/he-thought-he-would-die-atop-the-mast-in-the-golden-globe-race/ https://slowboatsailing.wordpress.com/2018/10/23/lepages-yacht-sinks-4-5-hours-after-pumps-stop/ The only woman in the race Susie Goodhall is still hanging in there! https://slowboatsailing.wordpress.com/2018/10/22/susie-goodall-knocked-down-3-times-in-the-last-24-hours-in-the-golden-globe-race/   Something happened that I never suspected. The blog surpassed the podcast this year in terms of views v. downloads. The blog at slowboatsailing.wordpress.com has 152K views with 234 posts. The Slow Boat Sailing Podcast has 118K downloads in 52 podcasts. The Slow Boat Sailing YouTube channel has 902K views from 100 public videos. I always expected the YouTube channel to have the greatest growth potential, but I never thought that blog could surpass the podcast. The blog was started as an afterthought, and its traffic was always low until the YouTube channel and thus the blog started focusing on news of interest to cruising sailors in September 2017. Get all your Mantus gear at http://www.mantusanchors.com/?affiliates=15 Mantus Anchors is a title sponsor of this video.Support the videos atwww.Patreon.com/slowboatsailing On the Slow Boat Sailing Podcast Linus Wilson has interviewed the crew of Sailing SV Delos, WhiteSpotPirates (Untie the Lines), Chase the Story Sailing, Gone with the Wynns, MJ Sailing, Sailing Doodles, SV Prism, Sailing Miss Lone Star, and many others.Get Linus Wilson's bestselling sailing books:Slow Boat to the Bahamashttps://www.amazon.com/dp/B018OUI1Q2/Slow Boat to Cubahttps://www.amazon.com/dp/B01MFFX9AGhttps://gumroad.com/l/cubabookand How to Sail Around the World-Part Timehttps://www.amazon.com/dp/B01B0OFYNW/https://gumroad.com/l/sailinghave been #1 sailing bestsellers on Amazon.Associate Producers Anders Colbenson, Larry Wilson, Ted Royer, Sam Balatsias, Kevin Yeager, and Rick Moore (SSL).Sign up for our free newsletter for access to free books and other promotions at www.slowboatsailing.comCopyright Linus Wilson, Vermilion Advisory Services, LLC, 2018

Quin Amorim started selling products online in 1997 DropShipping on eBay. Yes Dropshipping Quin was living in Europe when he first discovered the power of selling online. While working at Daimler Chrysler he walked outside to look at some stores and found wooden hand carved statues that looked like they could sell for more, but people would not find them at that physical location. He then thought he could bring a camera from home the next day and take pictures to try to sell them on eBay even without owning them. The reason for bringing a camera was because back then cell phones didn't have cameras yet, or at least cameras with good quality. He took the camera to work the next day and after taking lots of pictures he went home and uploaded them to the computer and then to eBay, where he created the listings to start "Dropshipping " these items. The term Dropshipping may not have even existed back then, so he just called it "Selling The Picture" because the only thing he had was the picture. After these wooden handmade statues started to sell on eBay, he found a big issue... Each one of the statues was unique, and if someone bought one at the store, he would not have it to dropship. Also, eBay wasn't built for dropshipping at first, so they didn't have software that would automatically calculate shipping fees, and He would have to get the real shipping costs from the post office itself and only in person. eBay dropshipping Quin Amorim   Now, many years later Quin Amorim creates private label products and sells on Amazon with fulfillment by Amazon, Shopify self-fulfilled and on some shelves. He also has a marketing agency, since he created the $57 Facebook advertising campaign that attracted 34 million visitors and generated $118K in sales in less than 5 days. Now he has his own agency where he manages and creates online advertising campaigns for other businesses.   That is all for today. I am Allison and I transcribed this for Quin Enjoy    

‘Defy mediocrity and deliver extraordinary experiences.’ Century 21 has been in business for the past 47 years, and in that time, the branding has remained virtually unchanged. When Nick Bailey took the reins, however, he moved quickly to rebrand the company in a way that reflects the consumer-driven movement in the industry, engenders multi-generational appeal, and inspires his global team to deliver extraordinary experiences. Nick took on the role of CEO and President of Century 21 in August 2017, and he is responsible for the organization’s 8K offices and 118K independent contractors in 80 countries around the world. He has 21 years of experience in the industry, earning his real estate license at the age of 21. Nick served as the VP of Growth and Development at RE/MAX World Headquarters for 12 years and VP of Broker Relations for Zillow Group for five years. He is a leader in franchising, brokerage management and technology, and Nick is known for increasing margins while mitigating the impact of economic change. Today Nick explains how his diverse background allows him to see issues through different lenses, including that of the consumer. He walks us through the Century 21 rebrand, discussing the company’s new motto around delivering extraordinary experiences and the positive response to its new brand identity. Nick speaks to Century 21’s reputation for training, his take on new models like iBuyers, and the consumer-driven movement in real estate. Listen in for Nick’s insight on the necessity for open network, mobile-first technology and the healthy competition between Century 21 and Realogy.   What’s Discussed:    How Nick’s diverse real estate background helps create clarity The consumer-driven movement in the real estate industry Nick’s insight on the core of Century 21’s business Help affiliates grow companies Help agents get closings Century 21’s new motto around delivering extraordinary experiences The positive response to Century 21’s new brand identity Cross-functional (mid-priced AND high-end) Multi-generational appeal How a brand’s design impacts consumer trust Century 21’s reputation for training and education Nick’s take on new models like Redfin and iBuyers How the process of finding buyers and sellers has evolved The difference between home search and home shopper How agents remain essential to consumers despite industry disruption Nick’s preference for integrated, open network technology The healthy competition between Realogy and Century 21 Century 21’s international presence   Connect with Nick Bailey:   Century 21 Century 21 on YouTube Century 21 on Twitter Nick on LinkedIn

How I spent $27 on a Facebook ad and generated $118k and ad a reach of 34 MIllion people. The $27 viral facebook ad campaign that everyone was talking about in June 2017, was created by me. In June 2017, I was working on a new brand of private label products. In order to have a great launch, I had created a new website, and new Facebook page and was trying to create a new following on my Facebook page. After creating the facebook page, I needed to create some content and share some cool pictures. One of the pictures I posted, I liked it, then liked, shared and commented on my other pages. By the time I received 500 impressions, Facebook would have my ad as a 10  in the 1 to 10 scale of likability (relevance score) After this, I had an option by default to boost it for $27, and that is what I did. After carefully selecting the perfect audience I pressed the boost button and there it goes. After 3 days here are the results (see picture below) Facebook ad results Since it is very late, I will leave it at this today. Have a look at the pic and leave me a comment   Thanks QA      

On today’s podcast you’ll learn from an entrepreneur that ran into hidden logistic costs and what he recommends you look out for. In this episode you'll learn: How to approach your personal network to promote your product. Why the hidden costs in logistics are especially dangerous. 3. Why you should figure out how much it costs your manufacturer to produce your products.

Lindsey Carter is the Founder of Set Active, an activewear and lifestyle apparel brand. She is 28 but always knew she wanted to be her own boss. Growing up in Beverly Hills, she remembers feeling like an outsider in her family when her mom passed away at a young age. She knew that feeling a sense of community would be the motivation behind building her own business. The first company she started was a social media marketing agency, but quickly realized she didn’t want to hand her creative ideas over to others. That’s when she decided to launch her own line and market her own product. Being a girl on the go she is always running from meetings to networking lunches to going out with friends with no time to stop at home to change. This is what inspired her activewear line, Set Active which launched in May of 2018. Choosing to focus on the versatility of activewear is what sets her brand apart. This is displayed within the market and on social media, and has earned her over 118K followers on Instagram. She credits her success to surrounding herself with a strong support system and fantastic team. And, as cliché as it sounds, never giving up— even on the toughest days. BIG NEWS: You're invited to the Okay Sis first LIVE event January 31st at The Dream Hollywood Hotel ft. Cassie and Michelle Randolph! RSVP here :) SUBSCRIBE to the new Okay Sis newsletter here - TGIM is about to take on a whole new meaning! Join our SECRET FACEBOOK GROUP: Okay Sis(ters)  Website: www.okaysispodcast.com WANNA GET YOUR CBD ON? www.premiumjane.com - use code OKAYSIS WANNA TAKE CONTROL OF YOUR VITAMIN ROUTINE FOR $1 A DAY?  - visit Ritual.com/okaysis to start your ritual today. That’s 10% off during your first three months :) Current fixations: Lindsey: Leatherology Notebooks, Lux Unfiltered Self-Tanner Scout: Supergoop Translucent Sunscreen Mady: Girlboss Network  Follow us! Set Active: @setactive Lindsey: @lindseycarter Okay Sis: @okaysispodcast Scout: @scoutsobel Mady: @madymaio