This was a long one, almost 2 hours!  I just can't bare to leave anyone in the queue nor do I like to give incomplete answers to my callers....thus this 2 hour call.
 

Haynes from Atlanta, checks in with an update on his progress since he left the FFN Summit a couple of days ago.

I answer an emailed question from Alfonso in Texas.  He asks “Dennis, I’m really confused. I signed up for Cameron’s iFlip System which is great. So far I’ve gotten 21 birddogs, but no leads yet. But the problem is that now I feel I have to work double harder in order to drive traffic to the iFlip selling website provided by him where I’m listing my wholesale deals for my wholesale buyers; where as before I would just list them on my FFN selling site. What do you suggest? I’m someone who likes to be organized and centralized. I don’t like having a bunch of websites floating around, where I have to try to drive traffic to all of them. On top of all that, that more per month I have to pay out for other services. Man what do you suggest I do?”....I give him in depth answers to all of his questions.

Cheryl from TN has 6 closings today and has “closing day jitters”.  She’s looking to use me as a 2nd set of eyes just to make sure no stone is left unturned.  We discuss exactly how to take title to each property...it sounds like she’s got a lot of attorney training to do (or needs to find a new one) because her attorney has left lots undone and is on the boarder of “not getting it”.  Yes, we broach the ever confusing and elusive “Land Trust” in our discussion...what paper work to use, what get’s filed, what does NOT get filed, what to name it, who’s gonna be the Trustee.....

Daphne from Houston has followup questions on Cheryl's “Land Trust” discussion.  I get thru her smoke screen and get her pointed in the right direction to get her first deal landed.  This discussion is not politically correct, so if you're easily offended you'll want to fast forward thru this part, I will not take any emails on the analogies I use with this United States Marine.  I have the highest respect for our Military and chose to use graphic analogies here.  Daphne was not offended in the least and was appreciative of our discussion.  Let it be known I'll use what ever means needed to get my point thru.

Melody from NM is having a hard time with Options, we discuss in depth how and when to use them, their pitfalls, how to get paid on the closing statement, what cannot be done with them, do we do a double/simultaneous closing or leave it to chance with an assignment....this discussion throws us about 30 minutes over time taking us to nearly a 2 Hour call.

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'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 24 hours after the call is completed, sometimes sooner.

I am looking forward to hearing from you on a call real soon

Dennis

P.S.  If you just can't be on a call and have a question for me, you can submit your question here.

   

I’ll get to the recap, but first.....I hope you’re having a great summer thus far as today is the 1st official day of Summer! The Quattlebaum’s spent last week at the beach. We are all tanned (red as I am burned), relaxed and energized! A buddy I’ve known since 4th grade invited us down to a great place in Seacrest Beach (just down the road from the famed Sea Side). He’s built a great community here called Magnolia (www.magnoliaresidenceclub.com) If you’re in this part of the country and haven’t been to the beach this Summer give them a call, tell them I sent you and they’ll take good care of you! Luxurious is an understatement! This place makes the Ritz Carlton look like a $29/night roadside motel. I mention this cause that’s where I did our FFN Calls from last week, great weather, great views and great fun. You ought to take some time off real soon to relax, reflect and recharge. We’ll be doing a Summit in a little less than a month to give you a business reason (and potentially tax deductible) trip to the beach. We’re gonna do the Summit in Melbourne, Florida (Atlantic Ocean side, so there’s no chance of the oil spill spoiling our fun). Tim Yandell, FFN’s technology partner has lived in Melbourne for many years now, it’s where most of FFN’s staff is based so I get down there a lot these last 8 years. I love the area, it’s got it’s own airport, though many times I fly into Orlando and drive less than an hour to Melbourne-it all depends on my schedule and airline deals....it’s an easy interstate drive with only 2 turns if Orlando airport works better for you.

This is going to be a tech heavy Summit, there have been lots of break through’s in technology recently and we want to bring you up to speed on them. Doing so requires that we have a lighting fast and reliable internet connection not only for us to demo, but for you to access simultaneously as well. We’ll be working on your sites with you, designs, options, meta tags, search engine optimizations, email marketing....the works. We’ve never attempted to do this in a hotel ballroom environment because it’s way too cost prohibitive and when you combine the spotty, unreliable hotel internet connections you have a real mess.

Short Sale expert Jim Sullivan will be joining us on Friday afternoon to give us a thorough update on the Short Sale front. There’s lots of misinformation out there. Jim, will weed out the fact from fiction, giving you time to interact directly with him too.

We’re planning an secret outing that is part of the Florida landscape and can be done little where else. I’ll have all the details for you next week on the outing as well as the exact Summit Agenda. For now save the date and book your airfare if you’re gonna be flying. The dates are July 16th & 17th. My family will be joining me as we’ll be staying beachfront only a couple of miles from the hotel, bring yours too!

Now for the weekly “Open Line Tuesday” call recap:

Josiah from LA gets us started with questions about a “Subject to” transaction he’s currently working on. It’s got IRS tax liens on it, he’s looking for info on how to get these released.

Bob in New Jersey is looking to buy on a lease option and looking to make sure he’s got all his bases covered.

Leo from FL checks in on his way to family vacation in the Florida Keys. He’s looking for the best available information on learning more about tax liens.

Greg from NC has a great “subject to” deal with a good bit of hair on it. He and I discuss all the ways he can proceed with it. On the surface it has a whooping $100,000+ potential profit (it’s only potential because he has not yet bought it)

David from California tunes in with questions on selling one of his properties with Seller Financing, but has to overcome the fact that the property is currently in the process of a loan modification. This one’s real tricky, he and I talk through his options. He also updates me a $1m+ home he’s been messing around with for more than 2 years!

Keith in Texas is trying to find a way to do a “Subject to” deal that has a great loan, that’s been in place a long time. Again, this one’s got lots of hair on it. The deal is tight on the surface if he were to do the needed repairs. I show him how to sell with “Sweat Equity” to a buyer he’s already found in order to create a no loose situation for he, the buyer and the Seller. That’s the way I like it...everyone wins!
 

Bob from NJ asked about who pays the Taxes and Insurance on the OLT call. Dennis mentioned that he has clauses that he uses under the Special Stipulation Section of his agreements. He asked that I post up a few. I have added them below.

Taxes & Insurance Clause: The monthly payment addressed in (put here where in the agreement the payment is listed) of this document is predicated on the property and casualty insurance premium of $0.00 per year and property taxes of $0.00 per year. Resident understands that their payment will fluctuate to reflect any increases of either of these during the term of this agreement. Management is not implying or expressing in any way that it is creating any sort of escrow account. Management has only used these figures in coming up with Residents monthly payment.

HOA Clause: Property is subject to a mandatory Home Owner's Association. Management will receive and pay each of these invoices directly to the HOA. Your monthly rent payment includes that HOA fees. Management does not add on any fees except those assessed by the HOA itself. Resident is responsible for all fees, assessments & fines associated with said property. Management is responsible for all fees, assessments & fines existing on said property until the date of this Agreement. Management will immediately forward any notices of increased fees to resident. Though Management is paying the annual dues, resident is wholly responsible for these dues, fines, fees and additional assessments. Resident may request documentation of HOA fees, fines and assessments at any time and management will comply in a timely manner. HOA annual dues are currently $0.00. Resident understands that their payment will fluctuate to reflect any increases these during the term of this agreement.  

*Just a side tip, since some clauses vary from sale to sale but generally use the same verbiage, I maintain a Word document with the various clauses on it. Every time I encounter a new one , I add it to the list. You never know when you may need it; time is not wasted writing a new one or looking for it.

Bob from Georgia gets us started with 2 awesome deals he’s working on.  Bob is looking for a second set of eyes (as we all need to do) on his deals.  1 of the deals has over $100k in profit in it, the other about $90k.  The prior is one where the Seller wants to rent it back, but only for a short period of time.  I told him “No Way” as should you in these situations.  Listen in to all the details why.  All is not lost on this deal, I suspect the Seller is not going to stand firm on this request.  I show Bob how to get it done, and quickly.  The latter deal has a high payment that concerns me some, but it’s a 15 year mortgage that’s about half way thru the 15 years.  He’s looking at a negative cash flow each month.  Tune in to hear all my concerns and caveats when taking on these sorts of deals.

Daphne from Houston is looking to buy REO’s but is having a hard time coming up with the earnest money most banks require.  Turn’s out her real question is what to do to generate fast cash in this business in the next 30 days with little to no financial resources.  I tell her lots of ways.  Being she’s a Marine I know she’ll get it done.  Many struggle with the same thing.  Listen to my call with her if this applies to you and just do it.

Alphonso from Texas has similar questions, but veiled in Options, and how to get paid on them without taking title.  I give him several scenarios, including using widely available Transactional Funding.

Melody from New Mexico has found a deal that’s in perfect condition and the Seller is begging her to buy their $189k for $100k.  No kidding.  She’s so excited she was squeaking on the phone.  I tell her what to do to land it.

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'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 24 hours after the call is completed, sometimes sooner.

I am looking forward to hearing from you on a call real soon

Dennis

P.S.  If you just can't be on a call and have a question for me, you can submit your question here.

 

Leo from Orlando is back in the saddle and first again today.  He's working on cashing out his 9th house in his first year in the business, all that and works a full time job way more than 40 hours a week while doing so.  Congratulations to him, his wife, Rikki and his father-in-law Karl.  Leo feels like his closing attorney did a bait and switch, significantly over charging him for a recent owner financing closing.  I talk through normal and customary charges I have seen as well as how to insure future closing costs stay in check.  He also gives some real positive feedback to an audio set I recommended to him in the recent past, Roger Dawson's "Secrets of Power Negotiating".  Roger is one of my Mentors, I was lucky enough to interview him a few years back.  You can catch the call here.

 

Melody from New Mexico is preparing to attend Ron's "Seller FInancing Bootcamp" in Calgary next week.  She asked for an overview of "Seller Financing".  I gave her pretty good overview as well as some of the little known possibilities.  She had an "aha" moment and from the calls that I rec'd from members on the "10 minutes 1 on 1" calls I took immediately proceeding this call there more of you than Melody that are really grasping the power of this technique.  If you have no clue what I am talking about, you ought to listen to the archived call to see if you've been missing out on cashing in on this little known and used technique.  I wish I had more time to go in depth here, but I don't and you can get up to speed by listening to the recording of the call.  Melody just happens to be working with a Seller that could finance for her should she know the right things to say.  She admitted she's been reluctant in following up with him for fear of not saying the right thing, she's got it now and will keep us posted as to what happens.

 

Justin from Texas is looking for an update to a some legislation that he thinks has just passed in Texas.  While I am not familiar with the specific piece of code, I give the steps I use when trying to decipher fact from fiction in these situations.

 

I know 3 callers does not sound like a lot of ground was covered, I think you'll change your mind when you listen to the call.  We had no trouble filling the entire 90 minutes.  I love these types of calls as it gives me plenty of time to make sure my questioner really gets their questions answered so they fully understand the concepts and their options.

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'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 24 hours after the call is completed, sometimes sooner.

I am looking forward to hearing from you on a call real soon

Dennis

P.S.  If you just can't be on a call and have a question for me, you can submit your question here.