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The Five “C’s” of a Perfect Loan Proposal

One of my favorite songs as a child up was “C is For Cookie, It’s Good Enough For Me.”

Yes, I’m talking about the Cookie Monster song from Sesame Street. That song could get stuck in my head for hours, and I would annoy the rest of my family as I ran around the house singing it. “C IS FOR COOKIE, IT’S GOOD ENOUGH FOR ME!”

(You are welcome for getting it stuck in your head for the rest of the day. Carry on.)

But today, although I’m now hungry for a chocolate chip cookie, I don’t want to talk about sweets; I want to talk about loans.

I know, bummer.

But trust me, loans might not be as delicious as cookies, but they’ll serve you better in the long run. When you hear that sweet ‘ol “yes” from the bank, you’ll be able to buy as many cookies as you like.

So today we’re going to sing a new song. C is no longer for “cookie.” C is now for loan acceptance. And we’re not just going to talk about one “C,” we’re going to talk about the “five C’s” of a perfect loan presentation.

Want to hear your lender say yes? Then start incorporating these five C’s in your loan requests.

(click to continue reading on BiggerPockets)

The Five Success Principles of Rental Property Investing

Uncle Ben once said, “With great power comes great responsibility.”

Although he may have been giving Spiderman advice on kicking the backsides of bad guys, the same principle applies to real estate investors.

You stumbled upon something incredibly powerful when you decided to get into real estate investing. Most of your family and friends will never flip the switch in their heads to take control of their financial destiny. In much of the world, even those who know about the power of real estate couldn’t do anything about it.

But you… you are incredibly blessed with great power, which means you’ve got some responsibilities now. Now, maybe you don’t feel you are “successful” yet, but that’s okay. If you cultivate these habits now, they can help you develop into the kind of investor who is successful. Fake it till you make it, right?

The following are the five responsibilities, or principles, that every rental property owner must adhere to for the rest of their investing life to maintain continual success.

(click to continue reading on BiggerPockets)

How to Make $100,000 with Fixer Upper Rental Properties

Some people work so hard to make money in real estate. They flip dozens of homes, deal with hundreds of tenants, and are always trying to put out a fire somewhere.

Sounds exhausting, doesn’t it?

But what if I told you that you that within five years you could be making $100,000 annually from just two real estate transactions per year? Sound too good to be true?

Today I want to teach you about the BRRRR strategy and the power it can have in your real estate investing. I’ll also be walking you through a step by step plan for making $100,000 per year using this powerful investing plan.

What is BRRRR?

BRRRR is an acronymn for a popular investment strategy that, until now, hasn’t been given a name. So, I decided to name it! BRRRR stands for:

(click to continue reading on BiggerPockets)

The 10 Most Common Rental Property Repairs (and How to Deal With Them!)

As much as I wish rental properties stayed in tip top shape forever, this just is not the case.

As a landlord, one of your most important jobs is to maintain the property and fix things when they break. Although this can be expensive and stressful, if you budget and plan for repairs and maintenance, you will have money set aside to handle these issues. If not, you’ll need to come out with the cost from your own pocket.

But either way, the repair must be fixed.

Although repairs tend to scare new landlords, in reality most repair issues are fairly standard and easy to fix. In fact, I’ve found that 95% of the repair issues I must address are the same ten repairs, over and over again. Although you cannot predict when these issues will occur, you can predict that they indeed will.

So I give you: my 10 most common repairs and how to address them (in no particular order!).

The 10 Most Common Tenant Repair Requests

1.

(Click to read on BiggerPockets…)

I Used Portfolio Lending to Transform My Business. Here’s How You Can, Too.

Sorry, Brandon… you are too successful.

Okay, that’s not exactly what they said, but that was sort of the truth. The bank was turning me down for a loan because I had too many properties.

It didn’t matter that I made more money in cash flow than that banker did in his job. It didn’t matter that I had been investing for years and had a sizable net worth. It didn’t matter that the deal I needed financed was incredibly safe from an “LTV” (loan to value) standpoint.

What mattered to them was that I was a square peg, and they had a round hole. I didn’t fit.

This situation happened several years ago to me and happens every day to investors across the world. We don’t fit into their mold for an “ideal borrower.” However, unlike those who say, “I can’t do it” and give up, I asked the question, “How can I do it?” and the quest led me to an awesome solution: portfolio lenders. 

And it completely transformed my business…

(Click to read on BiggerPockets…)

Real Estate Wholesaling Illegal

[Editor’s Note: Please be aware that this material does not serve as legal advice. To safely practice wholesaling, be sure to consult Federal and State laws specific to your area before executing any deals.]

One of the more “hotly debated” topics on BiggerPockets is concerning the legality of wholesaling. In fact, one of the most popular threads on the BiggerPockets Forums right now talks about how wholesalers in Ohio are getting fined by the State for their “illegal practices.”

Scary stuff for any wholesaler!

I am not a lawyer, and laws like this are very state-specific, but allow me to share my opinion on the subject. As with any business transaction, you should consult an attorney before engaging in any kind of real estate activity.

What’s Illegal About Wholesaling?

The essence of the debate on whether wholesaling is illegal revolves around the term “brokering.”

Although each state has its own definition, a broker is someone who helps put a deal together.

(click to continue reading on BiggerPockets)

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