March Breakfast Meeting Recap
Today's breakfast meeting hosted by Dave Corsi and Brian Mann was a wealth of information! Around 20+ people attended and we went into in-depth discussions about finding deals, contractors, and setting up business entities.
Just for showing up, all attendees (both members and non-members) were offered the $29 member special to our workshop on March 30th. (Door price for visitors is $89). Learn more about our Finance & Deal Structuring Workshop taught by Dave Corsi.
Find a vacant house where the owners live far away and the house is just sitting there.
Great deals you’ll find that work will be off-market homes via word of mouth.
Door knocking is a tried and true way to find profitable deals in any type of market.
Tax Assessor’s website: Go down the list of properties to find the mailing address for the tax bill that is separate from the subject home.
Use peoplefinders.com to locate the owner's information.
Build rapport by talking to the owners and learn what their needs and goals are for the house.
Lookup people who are late on their taxes or who have code violations.
Talk to local leaders (religious, civic, and business) to see if there are issues in the community. They might know about people interested in selling their homes.
Watch The Quickest, Easiest & Most Affordable Way To Get In Front Of Sellers by Bill Cook.
Check online reviews about local building supply dealers.
Go to Home Depot or Lowes. Contractors there at 6:00am or 8:30pm preparing for the day’s work tend to be more reliable.
Research your local building codes to find out what the minimum requirements are for everything from windows to stairs.
Fill out an open request from on a property with the town clerk to confirm if there are open permits.
BlueHammer.com was a site mentioned that provides construction subcontractor estimates in your local area.
Business entities can be setup online as a DIY project.
Under the new tax bill, there are tax advantages for certain type of entities. Talk to your accountant for details.
Qualified Opportunities Zones
Qualified Opportunity Zones are throughout the nation. The new tax law offers generous benefits for qualified properties in these areas. Talk to your accountant for details.
If there is an illegal or unregistered unit, you could be taken to court and sue you for the entire rent they’ve ever paid.
As an investors, you should have workers compensation and liability insurance policies.
When using subcontractors, they should provide you with a certificate of insurance showing workers' comp and liability coverage naming you as the certificate holder.
Check that the coverage limits are adequate.
Check with their insurance broker to confirm their policies are still in effect.
When fixing and flipping make sure you take out the proper policy for construction projects, namely a Builder's Risk Policy.
MREIA members receive a discount and special benefits through Arcana Insurance. Arcana Insurance can customize a policy to fit your individual needs.
Dealer vs Investor Status
When engaging in fixing and flipping and holding properties long term, make sure to keep both businesses separate. Use separate entities. One for the fix and flip business and one for your long term rental holdings.
To learn more talk to your accountant and attorney.
Real Estate Educators Worth Looking Into
Cash Flow Depot – Jackie Lange (Make sure you mention that MREIA has referred you.)
Videos Recommended by Brian Mann
Subject to: https://www.youtube.com/watch?v=yTUH38xyFlY
Learn Accounting: https://www.youtube.com/watch?v=ii91oi0OpXM
Estimating Rehab Costs Like a Pro: https://www.youtube.com/watch?v=cHnwnCOe1MY
Thank you for attending! We hope to see you again soon.