Welcome Testimonial results are not typical, as each student’s success depends upon the unique skills, time commitment, and individual effort of each student. The students sharing their stories have taken various advanced trainings, each at a cost of approximately $4,990, to achieve these results. Discounts are offered for courses purchased as a package. The students may have been reimbursed for travel and lodging expenses but not otherwise compensated. Our curriculum is a vocational in nature and is intended for the purpose of the accumulation of wealth by, and the personal enrichment, development and enjoyment of, our students. The company’s products (including but not limited to training and coaching materials, and newsletters) are for educational and/or illustration purposes only, and are provided with the understanding that the company is not engaged in rendering legal, accounting, or other professional opinions. Please note that investing involves risks. Any decision to invest in either the real estate or stock markets is a personal decision that should be made after thorough research, including a personal risk and financial assessment.
Disclosure for Foreclosure and Equity Sharing Techniques The Foreclosure Training course or foreclosure content presented in other Company trainings, products and services are intended to provide broad-based experiential real estate foreclosure and pre-foreclosure training techniques that are applicable in the majority of geographic regions where we conduct our classes. This information is in no way intended to provide legal advice or detailed guidance on how to properly conduct foreclosure and/or pre-foreclosure activity in your state. As with any regulated activity, we strongly recommend that you consult with an attorney. There is currently a growing group of states* which have enacted legislation that could impact how you participate in foreclosure and/or pre-foreclosure activities in those states. Generally speaking, such legislation may regulate both consulting/marketing activities and activities where you in fact purchase the property and/or re-convey it back to the owner. The laws tend to impose detailed contractual requirements and disclaimers along with a right of cancellation for a mandated time period. It is not uncommon for these laws to curtail certain conduct and limit the compensation/profit you may receive in connection with foreclosure and/or pre-foreclosure activities. Finally, many of these laws could be interpreted to prohibit you from taking an interest in a property under certain circumstances, and as such, could hinder techniques we teach to protect the investor. Violations of these laws typically result in both civil and criminal penalties, including multiple damages, fines and terms of imprisonment.
* As of June 6, 2008 we are aware of 23 states which have enacted legislation: CA, CO, District of Columbia, FL, GA, HI, IA, ID, IL, IN, MA, MD, ME, MO, MN, NE, NH, NV, NY, OR, RI, VA and WA.
The Mechanics of a Webinar • Navigating the tool bar
• Asking questions of the trainer • Taking notes & copying slides • Sidebar comments
Rich Dad Education RICH DAD GAMES • Buy Assets • Cash Flow • General • Basic Concepts RICH DAD LIBRARY • Buy Assets • Cash Flow • General • Basic Concepts
Session One Training Agenda • Fundamental Principles of Real Estate
• The Mindset of the Wealthy • Systematic Wealth Accumulation in Real Estate Investing • Market Analysis • Building A RE Database • Creating a Power Team • Wholesale Buying
Why Real Estate is IDEAL? • Income (Cash Flow) • Depreciation (Tax Advantages) • Equity Buildup (Increases Net Worth)
• Appreciation (Increases Value) • Leverage (Increases ROI)
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Styles of Income
Earned Passive
Portfolio
Multiple Sources of Wealth Through Real Estate Investments • Wholesale Buying • Probate Properties • Foreclosures • Lease Options • Commercial & • Multi-unit Properties • Property Management
• Discount Notes & Mortgages • Mobile Homes & RV Parks • Rehabbing Properties • Tax Liens • Land Development
Systematic Wealth Accumulation
Education
Portfolio Income Capital Gains Via Appreciation
Passive Residual Income
Creative Finance Skills
Start-up, Market Analysis, & Asset Protection
Earned Income
Wealth Builders’ Rules of Business • I ALWAYS buy using the 75/25% Rule of Investing.
• I will learn to exploit the market cycles. • If the numbers work, I do the deal. • I make my money when I buy—and the bigger I buy, the more money I make. • I focus on Financial Freedom, in contrast to Short-term Security.
What Will It Take? • Specialized Knowledge
• Mentorship • Tools of a Pro • Money • Database • Burning Desire
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Building Your Power Team • Non-conventional, LTV Lenders
• Mortgage Brokers • Realtor • Property Manager
• Real Estate Investment Attorney • Real Estate Investment Certified Public Accountant
Wealth Builders’ Rules of Business • I will have 3 non-conventional (LTV) lenders on my power team.
• I will have a PROFESSIONAL REALTOR on my power team—someone who also thinks and acts like an investor. • I will have a minimum of 10 private investors on my power team • I will begin my database with 350 names. • I will do one deal a month, every month, for 24 months, beginning with wholesale, foreclosure, and lease options.
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2000-03 2004-07
2007-10
2011-14 2015-18
2019-22 Seller’s Emerging Market
Seller’s Market Buyer’s Market
Buyer’s Market
The Cycle of Events
To stop the cycle, change the event!
Analyzing A Real Estate Market: Chicago • • • • • • • •
Population: 2,896,000 % Owner Occupied 40.33% % Renter Occupied 51.78% % Vacant 7.89% Median Home Value $265,496 Median Rental Price $868 25 to 34 18.24% 35 to 54 26.72%
When Opportunity Knocks… When opportunity knocks on your door, will you be at home?
The greatest losses of all are those that come from missed opportunities!
Wealth Builders’ Rules of Business • I Buy & Hold in neighborhoods that are TRENDING UP at 5% or more. • I will never depend on only one source of cash flow.
• I will collapse the time frame as I build my wealth. • I must have 3-5 exit strategies for every property.
Always Know Your Exit Strategy
What is the BEST strategy for EACH property given your current place in the market cycle? 1. Wholesale 2. Retail Sale 3. Rent 4. Lease Option
Determining Value
Fair Market Value • Recent comparable sales • Wholesale versus Retail After Repair Value Cost of rehab work
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Wishing for Riches Nearly everyone WISHES FOR RICHES and a secure retirement, but ONLY A FEW know that A DEFINITE PLAN PLUS A BURNING DESIRE are the only dependable means of accumulating
WEALTH!
Robert Says…
“Understanding the differences in attitudes between the rich and the middle class is essential to taking the first steps to financial freedom.” - Robert Kiyosaki
Which Quadrant Are You In? BUSINESS SYSTEM EMPLOYEE You have a job.
You own a system and people work for you.
INVESTOR SELF-EMPLOYED You own a job.
Money works for you.
Henry Ford once said…
“Those who know HOW, work for those who know WHY.”
Wealth Builders’ Rules of Business • I no longer take advice from people who are not in the portion of the CASHFLOW Quadrant® I want to operate in. • Education comes before the money comes. • I will treat this training as if my financial future depends upon it. • I invest in the right things—assets that produce cash flow, knowledge, & mentors.
You Are Always At Choice!
All of us have the power of choice. I choose to be rich and I make that choice everyday.
What Are You Thinking?
Robert tells us…
“There is no obstacle like a thought!”
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©2007 Rich Dad Education, LLC. All Rights Reserved.
Step-By-Step Plan • Find the Property • Bird Dogs
• Run the Numbers • Determining MAO
• Negotiate the Contract • Find Your Buyer
• Assign or Simultaneous Close? • Drive to Bank
And/or Assigns
• Mechanics: Robert W. Miller, and/or assigns, • You have a new last name!
Wealth Builders’ Rules of Business • I will have at least 25 rehabbers in my database. • I must seek out and find motivated and/or distressed sellers.
• I will develop four streams of income within the next twelve months. • I will turn my mind into a wealthbuilding accelerator.
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Your 350 Database The 350 People They Know
The 350 People You Know
14 Second Introduction • “Hi, my name is ___________ and I am a real estate investor. I work for a _______ real estate investment corporation. Over the next 18-24 months we plan to buy $3-4 million dollars worth of real estate, right here in this area. • If you or anyone you know has a question about or a problem with their real estate, don’t hesitate to give me a call. Here’s my card.”
Tapping Into The Hidden Market • The 100/30/10/6/3/1 Rule of 1% Investors • Generate 100 leads • Identify the most profitable 30 • Make offers on the best 10 • Wholesale 6 • Quick turn 3
• Buy & hold the best one!
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Session Two Training Agenda • Contract Strategies
• Creative Financing • Foreclosure Properties
Whoever controls the paper, CONTROLS THE DEAL; Whoever controls the deal, CONTROLS THE MONEY AND THE OUTCOME.
MULTIPLE OFFER STRATEGY
Contract for Sale and Purchase
Major Contract Strategy
Financial Freedom Begins With A NO-RISK STRATEGY
Use of the Addendum Addenda Provide: • Protection • Negotiation • Limited Liability
Contract Building—Negotiable Items • Right to Assign
• Inspection/Condition • Escrow/Earnest Money • Sole Remedy • First Right of Refusal
Contract Building—Addenda • Personal Property
• Right to Show • Right to Obtain Bids
• Suitable End User • Cash Back at Closing
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Foreclosure Triangle
Courthouse Auction
Identifying Foreclosure Properties Foreclosure Timeline 1. Pre-foreclosure 2. Foreclosure Sale 3. Bank Owned
How Much Is Left?
MAXIMUM DEBT DELINQUENCIES ATTORNEY FEES CARRYING COSTS JR. LIENS OWNER’S EQUITY
The Sequence of Events In Foreclosures • Delinquency Notice • Notice Of Default • Reinstatement Period • Date Of Publication • Date Of Sale • Deficiency Judgment • Redemption Period
How Would You Do This Deal? • Pre-foreclosure deal with a FMV of $130K. • Primary mtg. is $75,000 • CHALLENGE: – Increase equity by $30K without touching the property – Purchase the property and pay no interest or payments for three months – Make $10K before you sell the property – Get a buyer lined up with 100% financing
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A Wrap Around Mortgage Note: Many conventional lenders insert a clause which may accelerate the loan if you let someone assume your loan. A Contract For Deed does not protect the buyer
The Garn-St. Germain Depository Institutions Act Of 1982
I Am Not An Attorney.
The material presented in this section is to provide an overview of possibility for you. This material is legally technical and I strongly suggest that you obtain additional training in the area of asset protection in order to insure that you properly set up transactions of this type.
How The Land Trust Could Work For Us LEVEL ONE EXAMPLE FMV:
$200,000
Seller Owes:
$160,000 @ 8%
I Buy House for:
$160,000 @ 8%
Wrap Mortgages LEVEL TWO EXAMPLE FMV
$200,000
1st Mortgage-Qualifying
$60,000
Owner is Motivated: Lost job, Moved Still has good credit
The Numbers You pay Home Owner A Monthly Payment For The $160K You Owe Him Home Owner Is Paying His Monthly Payment On The $60K He Owes His Mortgage Company $ 399.18 Positive Cash Flow For Him Is The Difference Of What You Pay Him Versus The Amount He Owes For His Mortgage Payment$ 665.30
$1,064.48
Advantages Of Seller Financing • Top Dollar Value
• No Management
• Quick Sale
• Control
• High Yield
• Liquidity
• Predictable Cash Flows
• Deferral of Capital Gains
• Security
Mortgage Calculator
Seller Finance Letter Dear Mr. Smith,
The attached offer to purchase your property represents a total wealth accumulation of $454,325.82. The total interest to be paid to you is $269,325.82. Thank you for your consideration in this matter.
Sincerely, (Your Signature)
Later, Mr. Smith Needs the Money • Discount Note Buyer • Memorandum to the contract—buyer has the right of first refusal to buy note & mortgage under the same terms and conditions that would be accepted by third party. • You then go to your community bank and refinance, and walk away with money, PLUS, you discounted the note by $20k.
Beyond The Brick & Mortar • Buying and selling of RE notes & other paper. • Fanniemae, Freddiemac, etc. • Takes you out of the landlord trap… You no longer are running the buildings and tenants, you’re now running the profits through paper.
The History • Jimmy Carter’s presidency, high inflation, and 21% interest. • Savings and Loan scandals in Reagan’s administration.
• Seller Financing was created out of necessity.
Any Promise To Pay Can Be BOUGHT or SOLD
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Two Year Refinance Technique • Original FMV: • New Offer: • FMV Year #1 @ 10%:
$225,000 $168,750 $247,500
• FMV Year #2 @ 10%:
$272,250
• • • •
80% Refinance: Pay off 1st mtg.: Cash @ Closing: Remaining Equity:
$216,800 $161,425 $ 55,375 $ 55,450
Do ten of these and what would your cash out number be???
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Session Three Training Agenda • Lease Option Techniques • Asset Protection • Higher & Better Use • Commercial Investing • Putting It All Together
Conversion to a Lease Option General principles of Lease Options are presented in this training, and it is the responsibility of each student to meet with a licensed real estate attorney to learn laws for your state, as lease option laws vary widely across the U.S.
Structure of a Deal • Use 75/25 rule; remodel • Calculate today’s sales price • Calculate future sales price (+ at least 8% annually) • Calculate min. and max. option price (3-7%) • Calculate lease price (amortize at today’s purchase price) • Market the property • Show and choose best tenant • Negotiate provisions for repairs and maintenance against stabilized lease payments
Is This A Deal? • Pre-foreclosure deal with FMV of $250K • Primary mortgage is $235K • $15,000 to cure default
LENDER WILL NOT NEGOTIATE A SHORT SALE!
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Dealers vs. Investors
• No 1031 Exchanges
• No depreciation write-offs • All deals taxed at short term capital gain rates
Internal Revenue Code Section 162(a) Business Deductions
“There shall be allowed as a deduction, all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.”
The 1031 Exchange
The 1031 Exchange • The 1031 Exchange, written into law in 1921, challenged in the 1970s by T. J. Starker, and rewritten in 1991, allows investors to defer taxes if they are reinvesting ALL of the proceeds from the old property into a new property. • The 1031 Exchange is available only for property held for investment or used in a trade or business.
1031 Exchange Guidelines • Investment Property—366 Days or More • 45 Day Identification Period • 180 Day Reinvestment Period
• Qualified Intermediary • Title Requirements • Like Kind • Equal or Great Value
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Seek Professional Guidance Seek Professional Guidance on Tax and Legal Issues! Seek professional advice regarding asset protection! I am not an attorney or a certified public accountant and this module is designed to illustrate your need to seek professional guidance, NOT to offer either general or specific advice.
Warren Buffett Says… “Spend whatever it takes to be the safest and most secure. Then, spend whatever it takes to stay that way.” -Warren E. Buffett Chairman Berkshire Hathaway Inc. http://www.gqmagazine.co.uk/features/travel/, April 2008
Rich Dad Says . . .
“Utilizing the corporation is one of the secrets of the rich; own nothing, but control everything.”
One Possible Scenario: C Corp
LLC
Dealership Status Quick Turns
Property Mgmt 10% /90% Expenses
Expenses
Marketing Bus
HOLDING & MANAGEMENT COMPANY (LLC) BUY & HOLD LLC’S
X Buy & Hold
X Buy & Hold
X Buy & Hold
(Land Trusts)
(Land Trusts)
(Land Trusts)
X
X
X
Buy & Hold
Buy & Hold
(Land Trusts)
(Land Trusts)
Buy & Hold
(Land Trusts)
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Classifying Property Types CLASS A HOUSING CLASS B HOUSING CLASS C HOUSING CLASS D HOUSING
Evaluating Multi-Unit Deals • Neighborhood Market Saturation
• Floor Plan Ratios • Vacancies Rates/Comparables • Pendulum effect • Certified pro-formas • Leverage/Interest Rates/Cash Flow
Ways to Add Value • Increase rent
• Sub-meter
• Offer cable and/or satellite service
• Add vending
• Sell space on roof tops to cellular companies • Create storage units rentals in wasted space
• Improve property management • Convert excess storage to livable space • Remodel or update apartments
Multifamily Ownership • Divestiture/Liquidity
• Predictable Retirement Income • Management & Maintenance Efficiency • Transaction Costs • Concentration of Units
• Tax and Record Keeping
Multiple Sources of Wealth Through Real Estate Investments • Wholesale Buying • Probate Properties • Foreclosures • Lease Options
• Commercial & Multi-unit Properties • Property Management
• Discount Notes & Mortgages
• Mobile Homes & RV Parks • Rehabbing Properties • Tax Liens • Land Development
Building Your Business • Creative Finance Skills
• Asset Protection • Contracts & Negotiation • Property Analysis & Cash Flow • Property Management Knowledge
Market Analysis
Passive Residual Income Streams Tools of a Pro
Power Team & Database
Lease Options
Earned Income Streams
Wholesale
Remodels
Probate
Foreclosures
8-10 Unit Apartment Complex
1031 Exchanges
20-100 Unit Apartment Complexes
FINANCIAL FREEDOM!
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