Foundations of Wealth: Fortune-Building Fundamentals
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Jack Miller presents “THE FOUNDATIONS OF WEALTH” – This seminar will go back to the basics and cover the fundamental principles of building income and financial security with single family houses. It is the ideal seminar for those who are just starting out, for those who are struggling in the business and for those who would appreciate a review of the basics of the fortune building fundamentals.
LEARNING THE LANGUAGE FROM A-Z
Promissory Notes, Recourse and Non-Recourse Debt, Assignment, Lien, Mortgage, Deed of Trust, Wraps, Agreement for Deed, Title, Tenancy, Estates, Sandwich Lease, Rights, Warranty Deed, Quitclaim Deed, Title Insurance, Bill of Sale, Option, Equity, Amortization and Escrow
PLANNING YOUR WORK AND WORKING YOUR PLAN
Eliminating Debt, Budgeting Your Money and Time, Saving and Investing Your Earnings, Who to Get Investment Advice From, Using Every Hour to Get Ahead, Getting Your Money to Work for You, Eliminating Time Wasters
BALANCING LEVERAGE, RISK AND CASH FLOW
Managing Your Income and Expenses, Balancing Your Buy/Sell/Fix Cash flow with Long Term Holdings, How to Measuring Your Annual Progress, Adjusting Your Efforts to Stay on Track, Rewarding Yourself
UNDERSTANDING THE IDEAL BENEFITS OF INCOME PRODUCING REAL ESTATE
Income, Depreciation, Equity Build-Up and Loan Amortization, Appreciation, Leverage/Liquidity
UNDERSTANDING THE PROPERTY
Neighborhood Factors and Trends, Property Site: Size, Zoning, Corners, Setbacks, Surveys, Appraising; Construction Quality and Condition; Age/Obsolescence, Curb Appeal, Deferred Maintenance, Amenities; Detractors: Neighborhood, Access, Crime, Poor Schools
WHY SINGLE FAMILY HOUSES AND MOBILE HOMES?
Availability of Motivated Sellers, Diversity and Safety, Simplicity, Financing Options, Valuations, Ease of Management
UNDERSTANDING CREDIT AND DEBT
Conventional, FHA (HUD), VA Financing; FICO Credit Scoring System; Recourse vs. Non-Recourse; Secured vs. Un-Secured; Promissory Notes, Mortgages and Deeds of Trust; Satisfactions and Re-Conveyances; Private and Hard Money Financing
UNDERSTANDING NON-CONVENTIONAL FINANCING
Lease/Options; Taking Title Subject To vs. Loan Assumptions; Seller Financing vs. Seller Loans; Zero Interest and Single Payment Notes; Sample Note; Sample Assignment of Contract.
DOCUMENTING YOUR DEALS
Sample Contract for Sale of Real Estate, Sample Lease Form, Sample Standard Option Contract, Sample Quit Claim Deed, Warranty Deeds,
PROSPECTING FOR MOTIVATED SELLERS
Selecting the Right Neighborhoods, Understanding Brokerage and Commission Structures, When and How to Use Brokers/Salespeople, Advertising Insights: Publicity vs. Advertising, Cold Canvassing door to door and by telephone, Internet, Direct Mail, Franchise Traps, Using Bird Dogs
BEING PREPARED TO MAKE A DEAL
Knowing Your Market Cold with Research, Cell Phone Techniques to Capture Leads, Getting Buyers and Sellers to Come to You, Qualifying Buyers and Sellers, Sight Unseen Deals and Fail Safe “Quick Kill” Contracts; On-site Negotiations, Curbside Appraisals, Inspecting the House, Verifying Wholesale and Retail Market Values, Verifying Existing Financing, Loan Balances
USING TITLE AND ESCROW COMPANIES
What Title Insurance Companies Do; Fee Simple Title vs. Carved Out Interests; Mineral, Water, Air Rights and Easements; Life Estates, Estates for Term and Remainder Estates; Joint Tenancies and Tenancies in Common; Leaseholds and Options; Estoppel Letters; Releases for Liens, Leases, Liability; Satisfactions; Assignments; Waivers; No Lien Affidavits; Warranties; Bills of Sale
Using Quicken/Safeguard to Know When You’re Losing Money; Setting Up a Chart of Accounts; Loan Repayments; Tax Records and Reports; Balloon Payment Schedule; Rental Collections and Cash Controls; Insurance: Property, Life, Health, Accident, and Mortgage; Buy/Sell/Exchange Transaction Records; Knowing When to Stop Risking What You’ve Accumulated
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Topics: Buying & Selling