PLAY DUMB! No matter how the other guy explains what he wants out of the deal, just don't catch on. A real exercise in ego suppression - and one of the most valuable of all skills - is to be able to drop 60 points off your I.Q. and just say 'I don't get it.' 'How could that be?' 'Why are you charging me all that money when you said you only wanted $100,000.?' 'Explain it to me again.'
Four little piggy's. Four different stories and outcomes. This will help you decide which path you want to take and who you want to learn real estate investing training from....
Like Flip Wilson's Geraldine used to say, 'What you sees is what you gets . This is particularly appropriate in any negotiation. If we'd be perfectly honest, the first person we have to negotiate with in any negotiation is ourselves. Be candid. How many times have you started to discuss a purchase of a house with an owner and heard a little voice in your head start to give you reason after reason why he wasn't going to sell to you at a price and on terms that would be attractive. That was your subconscious.....
Continue reading “Setting Negotiating Targets And Short Term Goals”
It seems there are always questions, questions and more questions as we begin to learn new concepts and approaches to making money. Jack Miller's FAQ Manual will bridge the gap between what you know and what you need to know to achieve success as a real estate investor. Learn how to buy, hold, and pyramid houses to build financial independence. Or all you ever wanted to know about single family houses but were afraid to ask . . .
Let's give our opponent every aspect of power. He's knowledgeable, motivated, can prove everything he says, is energetic, resourceful, creative, courageous and ethical. What can we do? The opposite. We can be listless, dull, ignorant, unimaginative, unschooled, afraid and fearful, and exhibit a desperate craftiness. A strange thing then happens. Our opponent becomes benevolent. He shows us things about our position and alternatives. He helps us to understand the scope and advantages of any options we might have. He helps us to make a better deal.
A form of Mortgage or Trust Deed which acts like the Contract-for-Deed described above is the Wrap-Around Mortgage, (or All Inclusive Trust Deed – A.I.T.D.). In effect, these instruments are used to insulate the Buyer from the original loan terms and liabilities while providing the seller a way to stretch out taxes on gain and other tax advantages on mortgaged property. Both mortgages and deeds of trust can be ’wrapped’ by additional liens.
There’s nothing wrong with taking title subject to a loan, assuming a loan, or borrowing money from a bank so long as everything proceeds according to plan. But suppose it doesn’t?
Ownership of real estate confers additional benefits other than use, possession, pride of ownership, tax shelter and leverage. One of the keys to income property is INCOME. Usually, the higher the leverage used to acquire property and to multiply depreciable basis, the lower the cash flow and income from that property. Sometimes a lease on a property can capture income better than fee simple ownership of it. Here's an example:
Continue reading “Lease Strategies Capture Equity And Income . . .”
In so many words, a Land Trust is a legal arrangement whereby title to a property is held by an entity called a Trustee and all the benefits, rights, and powers of ownership are retained by a person called a Beneficiary. The rights and duties of these are spelled out in a duly notarized and signed document called the Trust Agreement. Think of a Land Trust as if it were a politically, economically, and socially powerful ally to whom you have entrusted all your real estate holdings.
First and foremost, the word 'freedom' is a FINANCIAL expression. Only after a person has achieved financial liberty can he or she achieve political freedom.
Continue reading “Freedom At Last – Let’s Celebrate Your Independence Day”
