Ron was all over it tonight, tonight’s call is why we love Ron!  Boy, was he on his game.

Ron’s holding a 1 day event in Jacksonville Florida on March 20, 2010 (FREE to FFN Members, all others must pay full price) on his little known and used technique of  selling houses on “Work for Equity” (WFE) program.  I interviewed Ron on the subject for 90 minutes on last month’s Expert Call.  You can catch the archive of the call here.   Ron has also uploaded the agreement he uses.  Download RTF format or HTML format. Ron has paid thousands in legal fees to get this agreement drawn up, not to mention his 30 years of experience is behind this agreement.  This agreement is FREE  for FFN Members only to download here.  It’s the same exact one I use as well. Are you?

Ron told us about a 1 day internet event he’s putting on in my hometown of Atlanta, Georgia on May 15.  He said he was amazed at what he learned at his recent dotcom Summit last month and is excited to be able to do this 1 day Atlanta event, details are forthcoming, watch FFN for all the details coming soon.

I don’t know how Leo from Orlando does it, but he was first yet again on tonight’s call too. He and Ron discuss what properties are the best Short Sale candidates.  Ron goes into great detail with Leo of what to not only look for, but those properties to avoid so as not to waste your time.

I throw a couple of questions to Ron from Members who emailed ahead of time.

Melody from New Mexico has a thorough discussion with Ron on structuring a Free and Clear/High Equity deal that she’s in the middle of.  When Ron’s done with her, the offer she has for her Seller is drastically different than what she handed Ron.  She’s also been a little apprehensive in what paperwork she need’s to get signed from the Seller.  Ron demystifies the needed paperwork for her, telling her exactly what she needs to get signed as well as what she needs to rely on her closing agent to do.  I personally love the fact that Melody is using these calls for exactly what we designed them for so many years ago….it allows her (and you) to have the confidence to get out there in the market place, create a big mess (all messes you create can be fixed as long as you don’t 1) Write big checks, 2) guarantee debt or 3) make promises you can’t keep) tune into 1 of our FFN “Open Line Tuesday”, “Q & A with Ron”, or “10 minutes 1 on 1 calls” to get help in cleaning up the mess and getting to a big check.  Heck, that’s at least once a week, every week (2 times some weeks) that you know with predictability that you’ll be able to get our assistance with whatever you wish.  When’s the last time you used us in this way?  What could be easier?

Toby & Amy from Florida are part of a Ron’s local Jacksonville House buying group that meets a couple of times a month in Ron’s office, I think he said he had a space or 2 left if you’re game.  Amy & Toby drive a couple of hours each way and it looks like their commitment is paying off. (if you’re within driving distance of Atlanta and would be interested in similar get togethers send me an email, exec@goffn.com)  Toby & Amy have just purchased a home at a traditional auction from the efforts of this group.  Amy and Ron give us a lot of insight as to how many properties they had to look at, what happened at the auction and such.  Great job guys, sounds like you bought this one dirt cheap!  I look forward to seeing a Deal of the Month Submission real soon about how this one turned out financially for you.

Melody from New Mexico apparently did not get all of her questions asked the first time and quizzes Ron on Title Companies vs. Closing Attorney’s.  Ron lays it out as to when it’s appropriate to use one over the other.  Just for the record, if you’re in a State like mine (Georgia), we use closing attorney’s exclusively, thus this decision is made even easier for us.  If you operate in a state where it is the norm to use Title Companies, this conversation is VERY enlightening and deserving your time.

We finish up the call with emailed questions covering what kind and how many business cards we investors should have to a detailed conversation on Marketing.  Ron pulls back the covers on what he and Global are doing to generate leads.  I am always amazed that Ron never holds back in the area of telling exactly what he does in his business.  I took lots of notes, you’ll have page after page too.  BTW, Ron gave out the 800# he is using to generate leads (800)670-2209 for all of us to experience his marketing first hand.  You ought to call it, and take good notes, I already have.

 

 

 

 

 

On Tuesday evening February 2nd, I sat in for Ron as the Q & A host and my guest for the evening was Jayme Kahla, one of FFN's favorite money, mortgage and paper experts.   Jayme and I are old friends and she's one of the most knowledgeable folks on the planet about what's going on the in the world of real estate financing.

Several callers posed great questions such as:

Melody in Santa Fe, New Mexico was seeking to understand the specifics of a short sale.  She's a relatively new member and has been out there beating the bushes to find deals.  She'd found one that she felt might be a short sale candidate.  She described the deal to us and instead of it being a viable short sale opportunity (at least based on the current circumstances of the prospective seller) it was (at best) actually a low profit "subject to" opportunity.   Jamie also pointed out the "due on sale clause" and made sure that Melody knew what to look for.  We ended up recommending that she seek a better deal to get started with.

I asked Jayme to update us on the effects of FHA's elimination of the 90 day "seasoning" requirements and her take on that was that while the regulation had changed, lenders were still basically waiting for the new "guidelines" before they relaxed their current lending requirements.

We also discussed the importance of having a "Dream Team" that you could always use as an investor to get your deals done with a minimum of hassle and a minimum of re-education on a deal by deal basis.  This team would include:

• A good "investor friendly" mortgage broker
• An Attorney
• An "investor knowledgeable" title company
• A home inspector that will keep you out of trouble

Having this team in place can can save you many hours of work and many dollars at the closing table.

Jayme also recommended getting deals you can "wrap" by securing financing a low rate and then selling the house to a buyer and offering them financing at a higher rate as well as making a profit on the sale.  That way, you make money on interest and additional principal.

She also discussed credit reporting issues.  She said that when she offers financing and does a wrap loan, she does not report the performance of her buyer to the credit bureaus.  We discussed the reasons why she doesn't do that.

We also discussed methods of attracting private lenders and Jayme shared some great tips about using online ads posted on social media sites such as Craig's List, Kijiji and Back Page.  She said she simply posts ads that offer a joint venture on a real estate project and gets great results.  She recently secured a private lender at 6% interest using that approach.

Sandra in Florida called in with a question regarding a reverse mortgage that had only been in place a few months.  The mortgagees were both now deceased and the families were looking for a quick sale.  Jayme had great advice for handing this and we also recommended probing a bit since the $$$s seemed a bit out of line for a normal reverese mortgage.

These are just a few of the topics we discussed in this very fact-filled hour and half.  Don't miss listening to this call.

Getting down to business, Tim discussed the news information available to our Platinum members when they log into their admin area on the FFN Member Home Page.  Tim shared that the information presented in this area is updated regularly and that FFN places articles relative to real estate and the economy in place to keep members informed.

Delving into technology and your websites, Tim reminds our members that the best way to drive traffic to your websites is to market them through the addition of your website URL on all your marketing efforts including your business cards.  One of the more important steps to be completed - update the content.  He states that it is important to ask yourself :  What does my site look like?  Is it clean and easy to navigate?  Is the content relevant to my business? 

Erven from Atlanta asked Tim about marketing his websites stating that he set up his websites about 3 or 4 months ago.  Tim talked about meta files and how important the Meta Description has become to the search engines.    When Irving inquired about whether he could put audio or video on his website, Tim discussed the use of the Video and Audio Plug In options with the use of Mega Files.   For creating your own personal video Tim recommends the Kodak Z18, a camera that shoots HD at 1080p and provides excellent quality videos and has a built in USB for ease in uploading.  The cost for a camera with these qualities?  Tim has seen the camera on sale for about $149 but generally retails for about $170 - $200.  Erven inquired about pay per click advertising.  Tim states that Google will provide value for services rendered, but it is much more than adding a service like pay per click.  The majority of the traffic driven to your website will be driven there by things the website owner does like a focus on marketing efforts, telling everyone you know about your websites, sharing business cards with the website address included and compelling content on the websites. 

Alfonso from Texas asked about Search Engine Optimization and the use of video on his website, Dixie and Edith inquired about creating property listings stating that they are not very technical but were interested in any words of wisdom Tim could share.  Tim offered FFN members the option to take advantage of the Website Management services available through inetUSA.  The Website Management program offers members the opportunity to turn the technical needs of their business over to those who are best equipped to handle it.  The initial cost of the program is $495 plus an additional $49.95 per month for monthly maintenance to get your website set up and keep it updated. 

Sindi reminded members to check the monthly Newsletters for her Technically Speaking articles each month.  In September Sindi started a series she hopes will help members get started with their websites.  She also stated that since August, 2009 the Technology Tuesday calls and the monthly blog have been focused on the information published in her articles.  She recommends not only reviewing the articles, but listening to the Technology Tuesday calls in the conference call archive area and also to check out the Tech Support category on the FFN blog.  The September issue answered questions on how to get started.  She discussed domain registration, checking out your competition and where to get started.  In October she focused on the importance of incorporating forms into your website stating that they are a great tool to capture information about visitors to your website.  The November article discussed overall website design; and the year was finished off with information on website promotion in December.  For 2010, Sindi has kicked off the year with her article about creating property listings that will help compel visitors to contact you.  She further reminded members that the Tech Support Team is available to answer questions, walk members through the steps to accomplish a task and to assist them with all of their technical needs.   They can be reached by dialing 1.800.FFN.1921. 

William from Canada inquired about the Lead Selling Machine program asking Tim if he had a time line for the release of the new updates for the program.  Tim acknowledged recent partnerships between inetUSA and PSI Gate as the merchant who will be working with our Canadian client base to provide merchant services.  Tim states that the updates for the program were designed to make the program less cumbersome and that he believes updates to current clients will be made some time next week to introduce them to the beta format.    To check out a sample Lead Selling Machine website visit:  http://www.leadsellingmachine.com or call the Tech Support Team at 1.800.FFN.1921 and speak with Sindi. 

As always this “Technology Tuesday” call was recorded. This specific call is available here, as with all of our archived calls you can:

• Listen on line with our media player
• Download and listen on your computer with it’s media player
• Download and transfer to your mp3 player of choice, my favorite is iPhone but it’ll play on anything else that will play an mp3 file…iPod, Zune, Sansa…

All audio archives are available 3 hours after the call is completed.

Should you need assistance with putting a property listing into place or have any questions, call your Tech Support Team at 1-800-FFN-1921.  

Another great call for the books….

Leo from Orlando is cashing out of his 4th deal in the last few months this Friday. Congratulations! He has a question about inserting a Private Money Loan on an all cash offer the bank has accepted and is schedule to close his purchase from the bank this Thursday, while on the surface it seems innocent enough, he has heard me talk about recent issues I have had in doing so. He and I talk thru the potential issues he might encounter so he'll know what his options are should things try go a-rye.

Holly from San Jose is a self professed "Newbie" thats recently moved from Canada. She's been spending enormous amounts of time getting ready to get ready, add to her newbieness (I know it's not a word) the fact that she's a thinker brain and you get paralysis of analysis. I talk thru her fears with her at length and give her a plan to quickly get over her fears. I also give her homework to report back to me next week on, and now that I've let the world know thru this blog that she owes me back a report next Tuesday I bet she'll come thru.

Pamela in California has a question on a rumor she's heard about an SEC ruling, I defang the rumor for her. We also talk at length about Ron's most recent article on obtaining release of liens to clear up a messy over leveraged title. The conversation includes defining the differences in "Release", "Satisfaction" and "Assignment". There are real differences, I show her when it's best to use each.

Alex from Utah applaud's Holly for being so authentic and assures her she's not the only one for whom their fears get in the way. He is reconnecting after an extended time of dealing with fear alone. Alex has questions on building permits as well as when you have to bring a property up to current code and when you don't. My answer is probably going to surprise many of you. He's also dealing with finding ARV on properties in his Non-disclosure sate of Utah. A Realtor has recently tried to use scare tactics on him. I tell him how to handle both the non-disclosure and the Realtor. He runs a "hairy" estate purchase by me where the owners don't want to sell directly to their own relative currently in the property but want Alex to act as the intermediary. I tell him how to structure and what to watch out for.

Dr. Renu from New York checks in with some estate planning questions and how to get out of state properties out of her name and into her appropriate entities.

Tony Severino from Chicago tunes in with several good news items. He just did the ever elusive simultaneous closing and netted $42,000. We talk about the transaction, yet again debunking the myth that Simultaneous Closings are illegal. They are definitely fragile, they can be tough, but definitely not illegal. He also reports in about getting a Free and Clear Seller to give him a 300 month interest free loan with $200 a month payments (market value for rental is $750/month). All that and the house needed ZERO repairs. I get Tony to shed light on how he found the Seller and negotiated the deal (it took him 3 calls/appointments). I've been telling y'all that Free and Clears are a goldmine. He and I talk about how to obtain and use the $8,000 First Time Homebuyer money available here in the States to sell our houses. It ain't what you think, it's even better. Tony has put together a simple manual covering all the details of the process. If you don't know how to navigate this one, you are missing out on real money, it won't be too long and the government will let the whole program expire. You better get while the gettin's good.

Sandra from Florida has followed my direction and used Richard Blockers "Dough for a Day" program to solve her "Proof of Funds" issues. At my direction, she also updated the list she is sending Yellow Letters to to include high equity/free and clear Sellers. "What a difference that has made" she says. Turns out dealing with Sellers that are in default, under water and have more problems than the Job (of the Bible) have tended to weigh on her mood. Turns out Free and Clear Sellers are polar opposites and have been a joy for her to work with.

As always this “Open Line Tuesday” call was recorded. This specific call is available here, as with all of our archived calls you can:
• listen on line with our media player
• download and listen on your computer with it’s media player
• download and transfer to your mp3 player of choice, my favorite is iPhone but it’ll play on anything else that will play an mp3 file…iPod, Zune, Sansa…
All audio archives are available 3 hours after the call is completed.