I believe when a REI Student is motivated and can get their first deal finished in 90 days, they are off to the races.
Information overload is a big problem, leading to INACTION.
A Confused Mind Says NO!
So I break it down in this syllabus
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REI Education Syllabus
Sections Overview
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Section 1 - GETTING STARTED
Sections Overview
Introduction
Can This Really Be Done?
You Don't Need Money or Credit
Buying Your Own Home
Your Current Job and Becoming Financially Free
Course Materials
What This System Covers
What This System Doesn't Cover
Understanding the Category Success System
What Is The Category Success System?
The Deal Categories
The Action Categories
How the System Works
Why the Category System Is Important
The Deal Categories
Know Your Exit Strategy
Choosing the Right Exit Strategy
Deal Category 1 "Wholesaling"
Getting Started As A Beginner
Types of Properties to Invest In
Advantages of Wholesaling
Disadvantages of Wholesaling
Deal Category 2 "Retailing"
Overview of How to Retail A House
Types of Properties to Invest In
Advantages of Retailing
Disadvantages of Retailing
Deal Category 3 "Seller Financing"
The Deal Is In the Terms
Creating No Qualify Financing
Types of Seller Financing
Why Sellers Will Give Seller Financing
Giving the Seller Debt Relief
Buying a Property "Subject To"
Sellers Who Will Walk Away
Due-On-Sale Clauses
Types of Properties to Invest In
Advantages of Buying "Subject To"
Disadvantages of Buying "Subject To"
Seller Held Mortgages
Second Mortgages
A Wrap around Mortgage
Advantages of a Seller Held Mortgage
Disadvantages of a Seller Held Mortgage
Agreement for Deed
What Is an Agreement for Deed
Buying Under an Agreement for Deed
Selling Under an Agreement for Deed
Types of Property to Invest In
Advantages of an Agreement for Deed
Disadvantages of an Agreement for Deed
Lease Options
What Is A Lease Option?
Why Sellers Will Do A Lease Options
When To Lease Option A Property
Making Money with Sub-Lease Options
Finance Terms Create Value
Get Up To Three Paydays
Types of Properties to Invest In
Lease Option with Repairs
Advantages of Lease Optioning With Repairs
Disadvantages of Lease Optioning With Repairs
Advantages of Lease Options
Advantages to the Tenant/Buyer
Advantages to the Seller
Advantages to the Investor (Sub-Lease Options)
Selling With Lease Options V s. Renting Out Properties
Disadvantages of Lease Options
Standard Options
What Is an Standard Option
Your Objective
Control with Little or No Money, Or Risk to You or the Seller
Types of Property to Invest In
Advantages of Options
Disadvantages of Options
Deal Category 4 "Rentals"
Cash Flow Is King
Let the Government Pay the Rent
Types of Properties to Invest In
Advantages of Owning Rentals
Disadvantages of Owning Rentals
Deal Categories Review
The Action Categories
What Are The Action Categories?
Taking Action in the Right Order
Getting Your Ducks in A Row
Identify Your Weaknesses
Implementing the Category Success System
Step 1 - Learn the System
Step 2 - Decide What You Want To Do and Set Goals
Step 3 - Take Action
Getting Organized and Setting Up Shop
Making a Space to Work
Tools of the Trade
Action Guide Workbook
Setting Goals
Quiz
Quiz Answer Key
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Section 2 - THE MONEY CATEGORY
Introduction
Purpose of This Section
Understanding Creative Finance Strategies
Know the Money Sources
Addressing Credit Issues
The Truth about No Money Down
Introduction to Creative Finance Strategies
1. Investment Strategies Requiring "No Financing"
Flipping Real Estate
Using A Standard Option
2. Structuring Deals around the "Existing Financing"
Buying "Subject To"
Wrap Around Mortgages
Agreement for Deed
Lease Options
3. Investments That Require "New Financing"
When Do You Need New Financing?
Retailing Category
Rentals Category
Determining Which Finance Strategy to Use
Factors That Determine the Deal Category & Financing Strategy
1. The Seller's Needs
2. Any Existing Financing
3. The Property's Condition and Location
4. Your Financial Abilities
5. Your Personal Investment Goals
Creative Home Buying Strategies
Getting Creative
Flexible Bank Loans
The "Short Sale" Strategy
What Is A Short Sale?
When & Why Lenders Will Do A Short Sale?
When Will Lenders Not Do A Short Sale?
Can I Do A Short Sale With No Money Or Credit?
Properties That Are Good Short Sale Candidates
How Much Do I Offer On A Short Sale?
Finance Strategies for Selling
Flipping
Retailing
Lease Options
Strategies Not To Use When Selling & Why
Strategies for Making Money On 100% Fin. Properties
Don't Give The Seller Any Money!
Subject To
Agreement for Deeds & Lease Options
Short Sales
Strategies for Getting Cash Back At Closing
Where Does The Money Come From?
The Seller
Money You Borrow
Your Buyer
Financing Sources
The Seller as a Source of Financing
Simultaneous Financing
Selling Note Payments
Future Discounting
Banks
Important Issues Regarding Conventional Bank Financing
Bank Financing For Investors
Bank Financing For Homebuyers
Mortgage Brokers
What Is A Normal Brokerage Fee?
Pre-Qualifying Your Buyers
Get Pre-Qualified Yourself
Loan Pre-Approval vs. Final Loan Approval
Hard Money Mortgage Brokers
Hard Money Terms
Getting Money For Repairs
Credit Requirements
Hard Money Is Cheap!
Documents Required
Getting Your Wholesale Buyers Financed
Hard Money Private Lenders
Private Lenders Are Not Partners
Partners vs. Lenders
Have Multiple Lenders
The Money Circulates
Finding Private Lenders
Working With Partners
When Not To Partner with Someone
Determining To Partner or To Borrow
Using Your or Someone Else's IRA to Buy Real Estate
"Custodians" And "Self Directing"
You Don't Need Money In Your IRA To Buy Real Estate!
Growing Your IRA without Making Contributions
Allowable Investments
Prohibited Transactions
Choosing the Right TPA
Borrowing or Lending Money Using an IRA Account
Buying Property Using an IRA Account
Buying Discounted Notes
Wholesaling Properties with Your IRA
Retailing Properties with Your IRA
Lease Optioning Properties with Dourer
Rental Properties in Your IRA Account
When Not To Buy Property in Your IRA
Opening an IRA Account
Credit Cards and Lines Of Credit
Supplementing Your Other Financing Sources
Bank Credit Cards
Home Improvement Center Credit Cards
Home Equity Lines Of Credit (HELOC Loans)
Signature Loans
Using Co-Signers
Credit Repair
Credit Repair for Real Estate Investors
Your Personal Credit
Your Buyer's Credit
Understanding Your Credit Report
Getting a Copy of Your Credit Report
Credit Bureau Contact Information
Check All Three Repositories
Contents of a Credit Report
Things That Affect Your Credit Score
Disputing Things off Your Credit
Disputing Inaccuracies
Removing Old Information
Follow Up After 30 Days
Paying Things off Your Credit
Dealing with Charge Offs
Paying Off Overdue Accounts in a Lump-Sum
Making Monthly Payments as Payoff
Things to Know When Negotiating
Past Bankruptcies
Defaulted Student Loans
Building Stronger Credit
Strengthening Your Current Credit References
Adding Information to Your Credit Report
Establishing New Credit
Avoiding Future Credit Problems
Letters to Credit Bureaus
Letter Requesting Copy of Your Credit Report
Letter Dispute Information on Credit Report
Letter Remove Old Information
Letter Remove Spouse's Information
Letter Remove Unauthorized Inquiries
Letter Follow Up 30 Days after Dispute
Letter Add Account Information
Letters to Creditors
Letter Report Spouse's Information
Letter Dispute Credit Card Charge
Letter Dispute Information on Account
Letter Dispute Amount Owed
Letter Negotiate Payment of Charge Off
Letter Payment of Charge off At a Discount
Complaint Letter to Federal or State Agency
Garn-St. Germain Depository Institutions Act of 182
To Do List
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Section 3 - AGREEMENTS CATEGORY
Table of Contents
Table of Contents
Sections Overview
Introduction
Purpose of This Section
Overview of Topics Covered
Using the Term "Contract"
How we’ll Go over the Agreements and Forms
Purchase and Sale Agreements
Using Your State Approved Sales Agreement
When to Right Up A Sales Agreement
Filling Out A Purchase and Sale Agreement
The Purchase Price
Binder Deposits
Closing Costs
Time for Closing
Making Offers on Bank Properties
Using Weasel Clauses
Seller's Attorney Review
Documents to Include With Your Offer
Include Your Contact Information
Memorandum of Agreement
Required Lead Based Paint Disclosure
Purchase and Sale Agreement
Memorandum of Agreement
Seller’s Landlord’s Disclosure - Lead-Based Paint Hazards
Wholesaling Category Agreements
Assigning Your Purchase Contract
Setting Up A Double Closing
Double Closings on Bank Owned Property
Assignment of Agreement
Double Closing1 - Purchase HUD1
Double Closing1 - Sale HUD1
Double Closing2 - Purchase of Bank Property HUD1
Double Closing2 - Hard Money HUD1 Closed Separately
Authorization to Release Loan Application Status
Retailing Category Agreements
The Contractor Agreement
Listing Agreements
Once you’ve Sold the Property Yourself
Lead Based Paint Disclosure
Authorization to Release Loan Application Status
Contractor Agreement
Addendum to Listing Agreement
Authorization to Release Loan Application Status
Seller Financing Category Agreements
"Subject To"
The Purchase and Sale Agreement
Seller's Due-On-Sale Acknowledgement
The Quit Claim Deed to Trustee
Get an Authorization to Release Mortgage Information
Get A Limited Power Of Attorney
Updating the Insurance Coverage
Controlling the Escrow Account
If The Mortgage Company Calls the Loan Due
Addendum to Purchase and Sale Agreement
Quit Claim Deed to Trustee
Authorization to Release Mortgage Information
Limited Power Of Attorney Regarding Real Estate
Insurance Letter (Adding Additionally Insured)
Escrow Letter
Letter to Mortgage Company
Seller Held Mortgages ("Wraps" - AITDs)
Drawing up Mortgage Documents
Terms to Consider
A Wrap around Mortgage
Mortgage
Mortgage Note
Wrap around Mortgage Rider
Agreement for Deed
The Agreement for Deed Document
Making Sure the Payments Are Made On the Seller's Mortgage
Adding Yourself as Additionally Insured
Checking the Title
Recording the Agreement
Don't Sell Under an Agreement for Deed
Agreement for Deed
Authorization to Release Mortgage Information
Collection Account Agreement
nsurance Letter (Adding Additionally Insured)
Lease Options
Lease Option When Buying
Agreements Used
Setting Up A Lease Option Agreement When Buying
The Purchase Price
The Payment Amount
Getting Rent Credits
The Deposit Amount Down
The Term
Preparing For A Sandwich Lease Option
Protecting Yourself
Lease Option Agreement
Collection Account Agreement
Lease Option Deposit Receipt
Insurance Letter (Adding Additionally Insured).
Notice to Renew Lease Option
Notice to Exercise Purchase Option
Lease Options When Selling
Two Separate Agreements
Factors to Consider When Doing Sub-Lease Options
Agreements Used
The Lease Agreement
The Lease Payment
The Term
The Lease Deposit
The Tenant's Purchase Option Agreement
The Option Sales Price
The Option Fee
Giving Rent Credits
Required Disclosures
Sub-Lease Optioning With Repairs
Advantages of Lease Optioning With Repairs
Disadvantages of Lease Optioning With Repairs
How Much Work Is Too Much?
Drawing Up the Repair Addendum Agreement
Paying For Materials
Protecting Yourself
Avoiding Lease Option Pitfalls
Common Mistakes
Tenant/Buyer "What Ifs"
Lease Agreement
Tenant's Purchase Option
Repair Addendum (Includes Loan for Materials)
Repair Addendum (Tenant's Responsibility)
Tenant's Lease Deposit Receipt
Receipt for Tenant's Non Refundable Option Fee
Authorization to Release Loan Application Status
Master Lease Options on Small Multi's - Apartments
NOI - What is It?
Cap Rate - What is that?
Marketing to Sellers - Owners
Negotiating with Sellers - Owners
Standard Options
The Option Fee
The Term
Seller's Right to Continue Marketing
Exercising the Option
Standard Option Agreement
Notice to Exercise Option to Purchase Real Estate
Rentals Category Agreements
Tenant's Application
Denial Letters
The Standard Lease Agreement
Section 8 Documentation
Moving Tenants In and Out
Itemized Security Deposit Deductions
Offering a Rent Discount
Giving Notice of Past Due Rent
Rental Application
Application Denial Letter
Standard Lease Agreement
Standard Lease Deposit Receipt
Move In-Out Form
Itemized Security Deposit Deductions
Pre-Payment Rent Discount
Notice of Past Due Rent
Short Sale Agreements
Setting Up the Purchase with the Seller
Short Sale Disclosure Form
Get A Quit Claim Deed
Two Different Purchase and Sale Agreements
Giving the Seller Money as Part of the Sale
The Escrow Letter
Seller's Hardship Letter
Authorization to Release Mortgage Information
Limited Power Of Attorney
Going Over the Documents with the Seller
Doing the Short Sale
Contacting the Lender
What Not To Say
What to Say
Dealing With Second Mortgages & Junior Lien Holders
The Short Sale Package
What to Include In the Short Sale Package
What Not To Include In the Short Sale Package
Your Cover Letter
Authorization to Release Mortgage Information
The Initial HUDI
Provide Proof of Funds
Seller's Pay Stubs, Bank Statements and Tax Returns
Listing Agreement
Financing Denial Letter
Repair Estimates
Supplying Comparable Sales
Ordering A BPO
Submitting the Package
Waiting For A Response
What If The Bank Says No?
Short Sale Disclosure
Quit Claim Deed
Bill Of Sale for Personal Property
Sample Hardship Letter
Authorization to Release Mortgage Information
Limited Power Of Attorney Regarding Real Estate
Sample Short Sale Letter from Lender
Sample Cover Letter to Lender
Sample Counter Offer Fax
Land Trust Agreements
What Is A Land Trust?
Purpose of Using Land Trusts
Benefits of Using Land Trusts
Disadvantages of Using Land Trusts
The Documents Involved
Filling Out the Trust Agreement
Preparing the Deed
About The Trustee
About Being a Beneficiary
The Beneficiaries Agreement
Operating a Land Trust
Selling the Trust Property
Using A Land Trust as an Investor
Using A Land Trust as A Home Owner
Trust Agreement
Warrantee Deed to Trustee
Beneficiaries Agreement
Assignment of Beneficial Interest
Letter of Direction to Trustee
Resignation of Trustee
Notice of Termination of Trustee
Affidavit of Resignation & Appt. Of Successor Trustee
Trustee's Affidavit
Partnership Agreements
The Definition of A Partnership
Forming A Partnership
Partnering Under A Land Trust
Joint Ventures
Limited Partnerships
What about General Partnerships?
Joint Venture Agreement
Limited Partnership Agreement
Action Guide Workbook
To Do List
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SECTION 4 - THE CONTACTS CATEGORY
Sections Overview
Introduction
Purpose of This Section
Building A "Contact Team"
Business Contacts
Title Companies
Title Companies That Understand Investors
Title Companies as A Source of Contacts
Questions to Ask Title Companies
Real Estate Agents
A Real Estate Agent vs. A Realtor®
A Buyer's Broker vs. A Seller's Broker
Understanding Brokerage Commissions
What Is the MLS
Identifying the Right Real Estate Agents
Things to Say When Talking To Agents
Things Not To Say When Talking To Agents
Questions to Ask
Appraisers
"Subject To" Appraisals
Finding the Right "Subject To" Appraiser 1
Standard Appraisals
Contractors
Types of Repairmen You'll Need
Using Unlicensed Repairmen
Finding Quality Repairmen Drawing Up an Agreement
Other Business Contacts
Insurance Agent
Accountants
Attorneys
A Termite Man
Surveyors
Money Contacts
Local Bank Lenders
Local Banks Can Have Great Rates and Fees
Locating the Right Banks
Questions to Ask
Mortgage Brokers
Regular Mortgage Brokers
Questions to Ask Mortgage Brokers
Hard Money Brokers
Questions To Ask Hard Money Brokers
Private Lenders
Finding Private Lenders Who Are Already Doing Loans
Questions to Ask Private Lenders
Finding Potential New Lenders
Answering a New Lender's Questions
Sample Letter "Private lender with a loan in foreclosure”
Sample Letter "Private lender whose loan was recorded"
Partners
Finding Partners
How Many Partners Or Lenders Should You Find?
One Partner or Lender per Deal
Investor Contacts
Investor Associations
Other Investors
Working With Other Investors
Creating Buyers Lists
Locating Other Investors
Questions to Ask Investors
Action Guide Workbook
Building Business Contacts
Building Money Contacts
Building Investor Contacts
Quiz
Quiz Answer Key
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SECTION 5 - REAL ESTATE CATEGORY
Introduction
Staying Focused On the Category Success System
Overview of Topics Covered
Learning Your Local Market
Wholesale Deal Category
Retailing Deal Category
Seller Financing & Lease Options Deal Category
Rentals Deal Category
Study Other Investors
Finding Deals
Getting Started
What Makes A Good Investment?
It's A Numbers Game
Business Cards
What Should Your Card Say?
What to Do With Your Card
Other Investors
There Is Money in It for Everyone
Locating Other Investors
FSBO Ads
Identify All Your Local Papers
Newspapers Online
Become A Subscriber
When, Where, & What to Look For
Placing "I Buy Houses" Ads
Ad Suggestions
What Days to Run Your Ad
Answering Ad Calls
MLS Listings
What to Use a Real Estate Agent For?
U sing The Right Agents
Getting Access to the MLS
What to Search For
Expired MLS Listings
Foreclosures
Understanding the Foreclosure Process
Phase 1 - Pre-Foreclosure
Phase 2 - The Foreclosure Auction
Phase 3 - Bank Owned REO's, Post Foreclosures
VA & HUD Foreclosures
Vacant Houses
You Have No Competition
Looking For Vacant Houses
Once At A Property
Tracking Down the Owner
Hard To Find Owners
You've found the Owner, Now What?
Condemned Properties
Why Does A Property Get Condemned?
Getting A List of Condemned Properties
Contacting the Owner
Tax Sales
What Is A Tax Sale?
Buying Tax Certificates
Pre- Tax Sale Deals
The Tax Sale Auction
Auctions
Auction Notices
Getting On Mailing Lists
Going To an Auction
Probate
What Is Probate?
Searching the Probate Legal Notices
Looking At the Probate Records
Contacting the Estate
Buying Property from the Estate
Eviction Listings
Why Eviction Listings?
Legal Newspapers
Checking the Courthouse
Civil Process Servers
Making Contact
Buying Properties While Tenants Are Being Evicted
Using the Internet
The BrianGibbonsREICoach.com Website
Real Estate Agent Websites
Investor Websites
Local Resources Online
Bandit Signs
What Is A Bandit Sign?
Should You Use Bandit Signs?
Car Signs
Is A Car Sign For You?
What Should A Car Sign Say?
Bird Dogs
What Is A Bird Dog?
Hiring a Bird Dog
How Much Should You Pay A Bird Dog?
Pre-Qualifying Sellers Over the Phone
What Is A Motivated Seller?
Flexible Sellers
Deal Only With Motivated Sellers
Your Objective
Identifying the Sellers Needs
Create A Solution Based On the Sellers Needs
Pre-Qualifying Sellers Over the Phone
Can You Steal It?
Can You Create No Qualify Financing?
Starting At the Top
Assume the Property "Subject To"
Seller Held Mortgage
Offering a Lease Option
Option the Property
Is The Seller Ready To Sign?
Viewing Property
Meeting Private Sellers
Viewing Listed Property
Viewing Bank Owned Property
Seeing Past the Needed Repairs
Estimating Repairs
Different Types of Rehabs
Estimating Repairs Properly
Estimating Exterior Repairs
Estimating Interior Repairs
Drawing Up an Estimate
Estimating the Property's Value
Estimate the "After Repaired" Value
Methods of Estimating Value
Getting Comp's
Running the Numbers
Calculating Deals
Determining the Exit Strategy First
Calculating Wholesale Deals
Calculating Retail Deals
Calculating Seller Financed Deals
Calculating Rental Deals
Submitting the Offer
Submitting Offers to Private Sellers
Submitting Offers To Banks
It's A Numbers Game
Don't Sit Around Waiting
Have A Follow-Up System
Executing Your Exit Strategy
Executing a Wholesale Category Deal
Knowing What to Flip For
Lining Up Hard Money for Your Buyer
Calling Your Buyers List
Running an Ad
Showing Flip Properties
You Found A Buyer!
Closing the Deal
What If A Can't Flip The Deal?
Executing a Retail Category Deal
Getting the House Ready To Sell
Putting Up Signs
Running Newspaper Ads
Answering Calls
Meeting Buyers and Showing Houses
You Found A Buyer
Getting the Buyer to the Closing Table
Executing a Seller Financing Category Deal
Finding Seller Finance Buyers
Pre-Qualifying Seller Finance Buyers
Getting the Tenant buyer To Exercise Their Option
Building A Rental Portfolio
Rehabbing Rentals Properly
Finding Tenants
Screening Tenants
Processing A Rental Application
Managing Your Rental Properties
In Closing
You Can Do It!
Take Action and Put This System to Work
Continue Learning
Let Us Know Of Your Success
Forms and Tools
Sample Business Cards
Letter to Expired Listings
Letter to Pre-Foreclosures
Vacant Property Worksheet
Vacant Property Notice
Vacant Property Door Hanger Flier
Vacant Property Letter
Vacant Property Letter to Out Of Town Owner
Condemned Property Letter
Tax Sale Letter
Probate File Worksheet
Personal Representative Letter
Probate Attorney Letter
Eviction Listing Worksheet
Eviction Listing Letter
Property Information Worksheet
Motivated Seller Questionnaire Checklist
Repair Estimate Worksheet
Property Value Worksheet
Offer Calculation Worksheet
Cash Flow Analysis Worksheet
Sample Fax Offer Letter
Property Marketing Log
Buyer Pre-Qualification Worksheet
Action Guide Workbook
To Do List
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Check my references on BiggerPockets,
http://www.biggerpockets.com/users/REISkills/refer...
I give you 1 on 1 coaching for 12 months, 2 hours on the phone every week
I set goals for you that you can reach fast
I help you with websites for buyers, sellers and JV Partners
You do NOT get overwhelmed or confused
I help you find a contract attorney for seller financing
I help you get a RMLO for seller financing and be SAFE Act and Dodd Frank Compliant
If you are interested, click here for a free phone call.
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I have many people who have been BURNED before, I am so sorry about that, I do not burn my students.
I give a conditional guarantee:
Whatever you pay me in coaching fees, I will REFUND YOUR MONEY IN FULL under the condition you actually follow the advice and WORK HARD for 12 months. You can not give up. You must talk to sellers and buyers and agents as I teach you. You can have more coaching time if you get sick or injured. I reserve the right to cap my coaching with you over 100 hours 1 on 1. You can buy more hours.
RE: Deal Splits, many coaches split deals up to $500,000.00,
I do not.
You pay me, you get the coaching, You keep 100% of your profits.
If you are broke, I can not help you.
You need $10K to start, some for coaching, some for marketing. It depends on the split.
Read my blog http://www.biggerpockets.com/blogs/3-reiskills-and...
Read my posts http://www.biggerpockets.com/posts/user/REISkills
Best Wishes,
Brian Gibbons
31 Years Experience in REI