Get Rich Education

#59: Learn why buying fully renovated, already rehabbed, already tenanted, cash-flowing property in Memphis, Tennessee can put you on the path to financial freedom with Terry Kerr of MidSouthHomeBuyers.com

Want more wealth? Visit GetRichEducation.com and 1) Subscribe to our free newsletter, and 2) Receive Turnkey RE webinar opportunities.

Listen to this week’s show and learn:

02:18  You want more money with less of your time invested. Today’s episode makes this actionable.

03:58  “Instead of wondering when your next vacation is, maybe you should set up a life you don’t need to escape from.”

04:22  The element of altruism in turnkey real estate investing.

06:10  An advantage of single-family home investing that you’ve likely never thought of.

07:50  Keith joins you from Managua, Nicaragua today.

11:24  Terry Kerr interview begins. He answers “Why Memphis?”

14:34  These $60K-$70K cash-flowing homes are in decent Memphis neighborhoods.

16:07  Advantages of MidSouth having both their renovation and management company under one roof.

18:04  MidSouth now has their own warehouse. This reduces maintenance costs.

21:00  Renovating to “retail standards” vs. “rental standards.”

24:06  Memphis submarkets and neighborhoods.

28:12  Single family homes often work best for Memphis cash flow.

29:17  In Memphis, tenants supply their own appliances!

31:01  In Memphis, one utility company supplies: water, wastewater, gas, and electricity.

32:30  Tenant qualification.

34:08  Occupancy is currently 98%+ in an 1,155-unit management portfolio.

35:35  Warranties and guarantees to investors.

36:30  The vital importance of property management.

38:52  Why the distribution business sector is more durable in supporting cash-flowing real estate income streams.

40:02  You’ll spend about $15K-$19K as a down payment & closing costs to invest in these cash-flowing homes.

Resources:

MidSouthHomeBuyers.com or call (901) 217-4663 for Top-Notch Turnkey Rental Properties.

NoradaRealEstate.com or call (800) 611-3060. Your Premier Source for Nationwide Turnkey Cash-Flow Investment Property.

GetRichEducation.com - that’s where to subscribe to our free newsletter, receive turnkey real estate webinar opportunities, and see all Events.

Download the GRE Android App at Google Play to keep the GRE icon right on your phone’s home screen!

We would be so grateful if you wrote a review! Here’s how to write one at: iTunes, Stitcher, and Android.

To get a free GRE logo decal for your review, send: 1) A screenshot of your review. 2) Your mailing address to: Info@GetRichEducation.com

Direct download: GREepisode59.mp3
Category:general -- posted at: 4:00am EDT

#58: What is “seller financing” of real estate? Why might you want to use it?

David Campbell of Hassle-Free Cash Flow Investing is our guest today.

Want more wealth? Visit GetRichEducation.com and 1) Subscribe to our free newsletter, and 2) Receive Turnkey RE webinar opportunities.

Listen to this week’s show and learn:

01:14  Keith is in coastal San Juan Del Sur, Nicaragua today.

05:18  What is seller financing?

08:06  Why use seller financing?

10:08  Examples of creatively structuring a purchase offer with seller financing.

13:42  When a buyer needs to educate a seller. Hint: talk about the “benefits” to motivate the seller.

21:07  Other names for seller financing are: seller carry, carry-back financing, “subject to,” “carrying paper.”

21:58  The Due-On-Sale Clause.

23:53  What part of the market cycle does seller-financing work best in?

27:58  How do you FIND a seller-financed deal

28:49  Drawing up documents for a seller-financed contract. Use a Letter Of Intent.

30:46  Risks with this technique.

31:58  When you sell your own property, why you should offer seller financing.

Resources:

HassleFreeCashFlowInvesting.com - David Campbell’s website, full of investor educational resources.

MidSouthHomeBuyers.com or call (901) 217-4663 for Top-Notch Turnkey Rental Properties.

NoradaRealEstate.com or call (800) 611-3060. Your Premier Source for Nationwide Turnkey Cash-Flow Investment Property.

GetRichEducation.com - that’s where to subscribe to our free newsletter, receive turnkey real estate webinar opportunities, and see all Events.

Download the GRE Android App at Google Play to keep the GRE icon right on your phone’s home screen!

We would be so grateful if you wrote a review! Here’s how to write one at: iTunes, Stitcher, and Android.

To get a free GRE logo decal for your review, send: 1) A screenshot of your review. 2) Your mailing address to: Info@GetRichEducation.com

Direct download: GREepisode58.mp3
Category:general -- posted at: 4:00am EDT

#57: Keith comes to you from Little Rock, Arkansas today.

Our guest is Old Capital Lending’s Michael Becker of Dallas, TX, to tell us about originating Multifamily Apartment Building loans.

Want more wealth? Visit GetRichEducation.com and 1) Subscribe to our free newsletter. 2) Receive Turnkey RE webinar opportunities.

Listen to this week’s show and learn:

01:05  Keith is in Little Rock, Arkansas this week for an investment real estate tour.

04:53  Michael Becker of Old Capital Lending appears.

06:50  Single Family Homes vs. Multifamily Apartment advantages / disadvantages.

08:57  Recent happenings in this lending space.

10:20  Loans for 5+ unit residential property are called commercial loans.

11:55  Multifamily commercial loans are primarily qualified by the asset, not the borrower.

15:48  Residential 1-4 lending is like a formulaic science; multifamily commercial 5+ is closer to an art.

17:48  Debt Service Coverage Ratio (DSC or DCR). 1.25 minimum is typical.

19:00  How much liquidity do you need for a multifamily loan?

21:12  Borrower credit scores.

24:10  Loan duration.

26:08  Balloon payments, Pre-payment Penalties, Assumable Loans.

29:26  Recourse vs. Non-Recourse Loans. “Bad Boy Carve Outs.”

31:26  Can you buddy up with friends to buy a big apartment building together?

34:38  Qualifying for multifamily property loans out-of-state.

35:49  Higher closing costs for apartment building loans

39:32  How many states does Old Capital lend in?

Resources:

OldCapitalLending.com - Multifamily / commercial lending.

SPIAdvisory.com - Michael Becker’s syndicating company.

MidSouthHomeBuyers.com or call (901) 217-4663 for Top-Notch Turnkey Rental Properties.

NoradaRealEstate.com or call (800) 611-3060. Your Premier Source for Turnkey Cash-Flow Investment Property.

GetRichEducation.com - that’s where to subscribe to our free newsletter, receive turnkey real estate webinar opportunities, and see all Events.

Download the GRE Android App at Google Play to keep the GRE icon right on your phone’s home screen!

We would be so grateful if you wrote a review! Here’s how to write one at: iTunes, Stitcher, and Android.

To get a free GRE logo decal for your review, send: 1) A screenshot of your review. 2) Your mailing address to: Info@GetRichEducation.com

Direct download: GREepisode57.mp3
Category:general -- posted at: 4:00am EDT

#56: Learn today’s financing qualification requirements for investment property with Caeli Ridge, Owner and CEO of Ridge Lending Group.

This pertains to conventional financing of: single family homes, duplexes, triplexes and four-plexes that you do not intend to occupy.

Want more wealth? Visit GetRichEducation.com and 1) Subscribe to our free newsletter, 2) Receive turnkey RE webinar opportunities.

Listen to this week’s show and learn:

00:52  If you want to control more property, you need good loans.

04:50  Compared to last year, are borrower requirements more rigid or more lax?

07:39  Your credit score, debt-to-income ratio, percent down payment, reserve requirement.

12:46  Qualifying for your first 4 properties is different from your 5th through 10th financed properties.

15:47  Qualifying for your 11th through 35th financed properties.

17:13  Can foreign buyers qualify? Also, LIBOR comments.

19:28  Maximizing your cash-on-cash return when structuring a financed offer.

21:21  Buying income property outside the state where you reside.

22:44  Minimum loan amount is $50,000 to $60,000.

26:10  What is a Good Faith Estimate?

27:58  Closing costs - what are they and where do they all come from?

30:58  Why you would want to pay a 2% Origination Fee rather than 1%. It’s by paying 1 Discount Point to “buy down” your interest rate.

32:55  Recording costs, transfer taxes, escrow charges, appraisal fees, processing fees.

36:02  Title Insurance

Resources:

RidgeLendingGroup.com

MidSouthHomeBuyers.com or call (901) 217-4663 for Top-Notch Turnkey Rental Properties.

NoradaRealEstate.com or call (800) 611-3060. Your Premier Source for Turnkey Cash-Flow Investment Property.

GetRichEducation.com - that’s where to subscribe to our free newsletter, receive turnkey real estate webinar opportunities, and see all Events.

Download the GRE Android App at Google Play to keep the GRE icon right on your phone’s home screen!

We would be so grateful if you wrote a review! Here’s how to write one at: iTunes, Stitcher, and Android.

To get a free GRE logo decal for your review, send: 1) A screenshot of your review. 2) Your mailing address to: Info@GetRichEducation.com

Direct download: GREepisode56_1.mp3
Category:general -- posted at: 4:00am EDT

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