Creating Wealth Through Real Estate

Last night, I attended a real estate investment club meeting held by my very good friend Rosie Nieto of Naked Real Estate Investors Club in Los Angeles, "The Bare Truth About Real Estate Investing" It was her ONE Year Anniversary since starting the club (she actually started two, the other is held in Anaheim) and she had a great panel of speakers who sat on stage and answered ALL of the attendees questions! It was a great time, especially since she is a woman after my own heart - she had all the alcohol you could drink there along with food and snacks, plus the Laker Game on the flat screens!What an event! If you are not attending real estate investment clubs, you are not an investor! Especially Rosie's as she is the ANTI-GURU club owner who does not allow the gurus in to pitch there BS! Although a select few of her speakers are considered gurus, they have true and real education they offer and do not use the guru tactics of the up sell which is important to her.Anyways, getting back to the title of this post, that tag line was referred to several times last night and I have heard it many times before over the course of my investing career. The bottom line is this: IT IS TRUE. Same with in Hollywood, it is not necessarily what you know, but WHO YOU KNOW! So get out there and network, network, network. DO it every day. You don't have to physically leave your home to network every time either. You can network right here on BP, on LinkedIn, Facebook, Twitter, and other social networking sites in addition to hitting the streets. Not only do I (and so can you) meet other investors, but I always make great contacts with service providers I use. The more you have under your belt, the better off you are as an investor.

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing, including rehab flips. Join his FREE Membership at www.nationwidepropertyinvestments,com and start or continue on your journey to creating wealth through real estate!

And the candidiates are . . . . .

Not quite yet, the public will have to wait just a bit longer. The selected candidiates are being informed via email as we speak as to their slecetion into our program. They each have a deadline to meet which is Monday at 3 PM. Once we have all of our selected candidates meet their given deadline, I will publically announce who they are. This will take place on Monday, sometime after 3 PM Pacific time.

We are setting up times and dates for our videos to be recorded so that each of you can follow the rehab project as well as follow the progress of our students. We are working on something very special and top secret and it will also be announced in the near future so stay tuned for that as well.

To be continued . . . .

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing, including rehab flips. Join his FREE Membership at www.nationwidepropertyinvestments,com and start or continue on your journey to creating wealth through real estate!

Over the years, I have encountered several situations, problems, and scenarios in the landlording business. As such, my partner and I have created checklists to help guide us and remind us to do certain tasks for certain things. They have become very useful resources for our business.

This morning, I received a call from one of my property managers in San Antonio, TX who informed me that one of my rental homes, which just recently had a tenant move out from (a left it in great condition) had the toilet break and water continued to spill out over a 24 hour period. It flooded the floors into the livingroom and two of the bedrooms! What a mess. I now have him contacting my insurance to file a claim and get it fixed ASAP so the home will be ready for the next tenant.

The moral of this particular story is a reminder to all landlords. The second a tenant moves out, have your property manager (or yourself if you self manage) turn off the water valve to each toilet in the house, or better still, turn off the main valve to the house, so that if anything does break, no water would come out and damage your property. Thi is one item we did not have on the list, it is the first time it has ever happened and it will be the last due to the addition of the task to our checklist.

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing, including rehab flips. Join his FREE Membership and enter the new "Make Me An Investor" program at www.nationwidepropertyinvestments,com and start or continue on your journey to creating wealth through real estate!

I had seven phone interviews today for prospective individuals wanting to enter my new investment program in which I take 4 individuals by the hand and teach them how to buy, rehab and retail flip REO properties right here in Southern California. All the interviews went very well I am happy to say and it will be a very tough decision as to which of the 4 will make it.

I have already locked in one and therefore, only three more will be accepted into this program. I informed each of the candidates today that they will have the unique opportunity to visit one of my actual REO rehab projects and they will see first hand, in a live experience, how it is done. They will be taught which items are of greater importance to spend money on and which are not, resulting in the production of maximum profits.

Each student will learn how to build their team, how to perform proper market analysis, as well as the financial analysis, how to market for private investors and partners, how to deal with real estate agents and contractors, how to negotiate contracts, and much more.

Stay tuned to find out who will be the chosen 4 and to watch their progression right here on my blog.

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing, including rehab flips. Join his FREE Membership at www.nationwidepropertyinvestments,com and start or continue on your journey to creating wealth through real estate!

Tenants - How to Choose Them

A lot of money can be made in real estate with the buy and hold strategy.  The downside is the fact that you have to deal with tenants.  Although this can be a hassle, the benefits of owning real estate far outway the problems associated with tenants, especially if you do it right.

To begin with, you must do your due diligence on all potential tenants.  If you have a property manager, instruct them as to what you expect them to do when qualifying a tenant.  Then all documentation must come to you for your final approval.

Always do a credit and back ground check on each adult that will be living in the property.  Of course most tenants will have less then perfect credit so don’t expect it to be perfect.  Verify that there have been no evictions.  You’ll want to verify their income and expenses to be sure they’ll have enough money each month to pay the rent.  You’ll also want to call their last 2 to 3 landlords.  Many times their current landlord will tell you anything you want to hear just to get the tenant out of their property because they’re lousy tenants.  They’ll lie to you so that their tenant becomes your problem, and no longer theirs.  The landlords before their current landlord will be much more honest with you in most cases.

If I have a property manager, I still usually like to talk to potential tenants.  I introduce myself and ask a few questions.  Of course never give them your full name or the state you live in.  You don’t want them contacting you directly.

·       Ask “why are you moving?” a few times.  Asking this question a number of times over the course of the interview will give you a better chance at the truth.

·       How long did you live in your last residence?  How long in the property before that?

·       Inform them that you will be doing a credit check and a background check.  Ask them “what will I find?”  See if they’re honest.

In my next post on tenants, I will discuss managing the tenants once you have chosen them, so stay tuned.

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing, including rehab flips. Join his FREE Membership at www.nationwidepropertyinvestments,com and start or continue on your journey to creating wealth through real estate!

I am getting ready to close on my Granada Hills, CA property in which I will do a rehab and flip to an end user (retailing). Most of the funds are my own cash and I have lined up a private investor to pick up a small portion of the acquisition (only 23% LTV)

Today, I will speak with my contractors and arrange a schedule of which items get done first, second, and so forth. Scheduling is an important factor as you need to do certain things in sequence. For example, you don't want the carpet guys scheduled to install carpet before the painting is complete. The other important factor is keeping my crew on schedule and not falling behind. I will allow some cushion time in each scheduled task so that if anything does get delayed, it does not push back the entire project due to the cushion time allowed. Many of the items can be done on the same day. For instanc, the exterior stucco work will be one of the first to get started and the intereior bathroom remodels will be started at the same time as both tasks do not interfere with each other.

Once we actually start the rehab, I expect to have some video feeds for you all to watch. Until my next post, happy investing and I look forward to creating wealth through real estate!

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing, including rehab flips. Join his FREE Membership at www.nationwidepropertyinvestments,com and start or continue on your journey to creating wealth through real estate!