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The Real Deal Real Estate Show with Larry Harbolt

The Real Deal Real Estate Show with Larry Harbolt is brought to you by The Real Estate Institute of Advanced Strategies. This show will teach any real estate investor how to buy and sell real estate for long term wealth and prosperity. Listen to real estate investing legends discuss the timeless methods used to acquire real estate. Larry discusses many strategies including but not limited to Seller Financing, Land Trusts, Options, Negotiations, Tax Planning, Asset Protection, Wholesaling, Lease Options, Contract for Deed and many other creative methods that provide a win/win solution for both buyers and sellers.
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The Real Deal Real Estate Show with Larry Harbolt
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Now displaying: April, 2017
Apr 28, 2017

Holding costs are CRITICAL when calculating the total cost of a potential deal. These numbers have to be considered from the day you acquire the property until the day you sell it.

The traveling gurus and flashy seminars that crow about their students’ big checks in the tens of thousands never tell you about how much of that was actually eaten away by holding costs while they held it. Here are a few of the holding costs you need to consider:

  1. The monthly mortgage payment
  2. 1/12 of the annual property taxes put away each month
  3. 1/12 of the annual property insurance costs put away each month
  4. Working utilities — water, electrical, garbage, etc.
  5. Lawn and pool care
  6. Snow removal
  7. Realtor commission if you’re selling with a real estate agent
Apr 21, 2017

Today Larry walks us through the ten essentials to creating a winning real estate deal. The key points he covers are:

  1. Location, location, location — The old saying has some truth to it; location can make or break a good deal
  2. Know what you’re looking for — What problem is this specific property solving today? Why do you want to buy now? What are your long- and short-term goals in real estate?
  3. Work only with motivated sellers — If the seller doesn’t have a pressing need to sell, you’re wasting your time.
  4. Research the rental income and property values — Whether it’s a rental neighborhood or a one where the residents own, make sure you know all the relevant property values.
  5. Make sure the math makes sense — This is critical. Make sure that you carefully analyze the values of the property and the potential deal structures to maximize a win-win scenario for you and the seller.
  6. Communicate with the seller directly — This is another must-do step, and why many deals can’t be found on the MLS or through real estate agents.
  7. Review all of your information — Take everything that you’ve learned about the property and the seller to create a deal structure that will work for the seller and for you.
  8. “Don’t tell me what you won’t do, tell me what you will do” — If a seller rejects your first offer, get them to tell you what they will
  9. Make copies — Once the seller has accepted an offer, make copies of the sale agreement and highlight anything different or unusual in your contract.
  10. Title insurance and title search — NEVER do a deal without these.
Apr 14, 2017

 

A deal isn’t a deal until the repair costs of the property are taken into account. No matter what kind of investing you do, you need to have a quality team of contractors and tradesmen on speed dial before you purchase any asset. You also need to be taking a turn around the property yourself and comparing it to the neighbors, in terms of aesthetics, amenities, and overall condition.

Before you even go inside the house to speak with the owner, take a look at the outside. How does the roof compare to the neighborhood? Is the siding in good condition? Are there any visible foundation weaknesses? Do the windows need to be replaced? Take inventory of this before you step a single step inside that door.

Once you’re inside the house, start taking stock of the interior: What is the condition of the walls? What materials are they constructed from? Is there mold or mildew, indicating a moisture problem coming from the roof? Is the wiring out of date and needs updating?  This is only a small sampling of the many possible repairs and issues that can come up in any home in any area. Make sure you properly vet all the costs to repair and update the house or property to ensure you get top dollar either in rent or when you resell the property down the road.

Where can you find reputable contractors and tradesmen? Ask at your local REIA, your mentor, or other fellow investors. Those in your local market should know who does the best quality work that will bring you the best return on your investment.

Bottom line: Don’t be afraid to ask for help.

Apr 7, 2017

Real Estate Investor Associations (REIAs) seem like the ideal place for beginning investors to learn the fundamentals. However, these associations function more as a networking space where most of the attendees are significantly less successful than they appear. These members are desperately trying to find a deal and not concerned with educating themselves or you. That’s why you’re better off attending quality, specialized training and finding yourself a knowledgeable mentor.

Finding good quality education and mentors is a challenge in itself, however. There are plenty of “drive-through” gurus who come into town like the circus and are just as flamboyant. They promise the pie in the sky and expect you to pay with the stars. Many of these gurus aren’t really training investors; they’re training worker ants to go out and find deals for them to continue to fill their pockets.

Should you pay a mentor? Absolutely; an educator who has been in the field and is giving their time to help you has earned that right to be compensated for that time. However, it certainly shouldn’t cost a small fortune. These mentors, like Larry, are happy to share their time as a way to give back to the investing community. They will teach you by walking you through the process, and you will learn by actually doing. This is your key to success in our industry and our business.

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