Here's our First Podcast!

We're a little rusty in the technical department, but here's our first podcast.  Enjoy!

Here's our First Podcast!

We're a little rusty in the technical department, but here's our first podcast.  Enjoy!

Here's our First Podcast!

We're a little rusty in the technical department, but here's our first podcast.  Enjoy!

Our First Flip is Over - and Profitable

I am proud to say that Chapter 1 of our real estate flip is now completed. After the emotional ups and downs, the pride and the challenges, we can finally say our little house at 5679 Challen is now in the hands of a California family that never before thought they could ever afford a home in California.





We sold the property to a nice couple with 2 kids. They will enjoy that pool, the huge picture window we installed so they can watch the kids play while working in the new kitchen with granite countertops, or just relaxing in their living room. The fruit trees will be a delight to that family as the peach tree ripens in the spring, the fig tree in the summer and the grapefruit in the winter. It makes us feel good that we were able to make this possible, but we feel even better that we walked away with a nice profit.



As we bring this event to closure, we are even more excited to do more. We’re making offers and will keep you posted.

Our First Flip is Over - and Profitable

I am proud to say that Chapter 1 of our real estate flip is now completed. After the emotional ups and downs, the pride and the challenges, we can finally say our little house at 5679 Challen is now in the hands of a California family that never before thought they could ever afford a home in California.





We sold the property to a nice couple with 2 kids. They will enjoy that pool, the huge picture window we installed so they can watch the kids play while working in the new kitchen with granite countertops, or just relaxing in their living room. The fruit trees will be a delight to that family as the peach tree ripens in the spring, the fig tree in the summer and the grapefruit in the winter. It makes us feel good that we were able to make this possible, but we feel even better that we walked away with a nice profit.



As we bring this event to closure, we are even more excited to do more. We’re making offers and will keep you posted.

Our First Flip is Over - and Profitable

I am proud to say that Chapter 1 of our real estate flip is now completed. After the emotional ups and downs, the pride and the challenges, we can finally say our little house at 5679 Challen is now in the hands of a California family that never before thought they could ever afford a home in California.





We sold the property to a nice couple with 2 kids. They will enjoy that pool, the huge picture window we installed so they can watch the kids play while working in the new kitchen with granite countertops, or just relaxing in their living room. The fruit trees will be a delight to that family as the peach tree ripens in the spring, the fig tree in the summer and the grapefruit in the winter. It makes us feel good that we were able to make this possible, but we feel even better that we walked away with a nice profit.



As we bring this event to closure, we are even more excited to do more. We’re making offers and will keep you posted.

They're killin' me...We closed, it's funded, but where's our money?

OK, the property closed and was supposedly "funded" yesterday.  So I woke up early today, excited to see a big balance in our bank account. As I logged in with anticipation, I saw the same low balance that was there yesterday.  UGH!.



So, I don't get it.  The buyers are moving in this weekend, and as it turns out, wires won't go out until "probably Monday".



How can we celebrate with no money?

They're killin' me...We closed, it's funded, but where's our money?

OK, the property closed and was supposedly "funded" yesterday.  So I woke up early today, excited to see a big balance in our bank account. As I logged in with anticipation, I saw the same low balance that was there yesterday.  UGH!.



So, I don't get it.  The buyers are moving in this weekend, and as it turns out, wires won't go out until "probably Monday".



How can we celebrate with no money?

They're killin' me...We closed, it's funded, but where's our money?

OK, the property closed and was supposedly "funded" yesterday.  So I woke up early today, excited to see a big balance in our bank account. As I logged in with anticipation, I saw the same low balance that was there yesterday.  UGH!.



So, I don't get it.  The buyers are moving in this weekend, and as it turns out, wires won't go out until "probably Monday".



How can we celebrate with no money?

Sometimes Closings Take the Longest Time

We knew when we negotiated with the bank to raise the extremely low appraisal estimate that we would risk delaying the closing, but I didn't realize how much! Now, we got a $14k advantage by doing the negotiations, so, the extra time it's taking is worth the wait, but not having any cash is a problem too.



But that's not the only reason we are experience delays. When the appraiser went out to the property, the heater wasn't working. If you remember, this appraiser came in from Long Beach - like an hour's drive away. This was a brand new heater so it was frustrating to have to get our contractor to check it out. And then there was Thanksgiving. Our contractor couldn't get out there until after Thanksgiving. UGH!



OK, so now we have the heater fixed, and the appraiser, the one from Long Beach, has to verify that the heater actually works. No, we can't get someone closer or have a witness and notory claim the heater works, only this one appraiser. And of course she's booked for days. After she verifies and communicates to the bank that the heater now works, then we will get a closing date. Let's hope it's before the holidays.

Sometimes Closings Take the Longest Time

We knew when we negotiated with the bank to raise the extremely low appraisal estimate that we would risk delaying the closing, but I didn't realize how much! Now, we got a $14k advantage by doing the negotiations, so, the extra time it's taking is worth the wait, but not having any cash is a problem too.



But that's not the only reason we are experience delays. When the appraiser went out to the property, the heater wasn't working. If you remember, this appraiser came in from Long Beach - like an hour's drive away. This was a brand new heater so it was frustrating to have to get our contractor to check it out. And then there was Thanksgiving. Our contractor couldn't get out there until after Thanksgiving. UGH!



OK, so now we have the heater fixed, and the appraiser, the one from Long Beach, has to verify that the heater actually works. No, we can't get someone closer or have a witness and notory claim the heater works, only this one appraiser. And of course she's booked for days. After she verifies and communicates to the bank that the heater now works, then we will get a closing date. Let's hope it's before the holidays.

Sometimes Closings Take the Longest Time

We knew when we negotiated with the bank to raise the extremely low appraisal estimate that we would risk delaying the closing, but I didn't realize how much! Now, we got a $14k advantage by doing the negotiations, so, the extra time it's taking is worth the wait, but not having any cash is a problem too.



But that's not the only reason we are experience delays. When the appraiser went out to the property, the heater wasn't working. If you remember, this appraiser came in from Long Beach - like an hour's drive away. This was a brand new heater so it was frustrating to have to get our contractor to check it out. And then there was Thanksgiving. Our contractor couldn't get out there until after Thanksgiving. UGH!



OK, so now we have the heater fixed, and the appraiser, the one from Long Beach, has to verify that the heater actually works. No, we can't get someone closer or have a witness and notory claim the heater works, only this one appraiser. And of course she's booked for days. After she verifies and communicates to the bank that the heater now works, then we will get a closing date. Let's hope it's before the holidays.

Whoa! Our FHA Appraisal was $22,000 BELOW Contract Price - What Can be Done?

This as been a stressful week for Eileen and me. As we last left off, we had a signed contract for our cute property on Challen for $10k higher than our asking price (minus $5k in closing costs). This was a good thing. Our only concern was how the FHA appraiser would value our property.





As luck would have it, we had some appraiser from another town (an hour's drive away) appraise our cute little property a full $22,000 below what our buyer (and other buyers) said the property is worth. Yes, you read it right, a full twenty-two THOUSAND BELOW the contract price.





We thought we could be at risk for maybe $5 or $10 thousand, but $22,000. OUCH - that is a major hit to our profits!

Here were our choices:

1. Reduce our sales price and take the hit on our profits.


2. Get the buyer to allow a second mortgage and pay us over time (not allowed according to FHA).


3. Let the deal fall through, rent the property out for 6 months and try again.


4. Sell it "owner finance".


5. Contest the appraisal.

After a sleepless night, a lot of research, reading all of the fine print on the appraisal, and reaching out to mentors, I decided to ask the bank to reconsider the loan amount.





I wrote a very respectful and compelling letter to the loan officer with several undisputable data items that supported my case. After a seemingly LONG 48 hours (which is a lot when a weekend falls in those 48 hours), the bank approved a $10,000 increase to the appraisal amount - yahoo!





But that's not all, they allowed changes to the loan so the closing costs were only $1,000 (down from $5,000). Overall, our $22k hit got raised $14k. OK, the FHA world made us reduce our sales price by $8,000 but that's a lot better than just going along with the FHA rules.





The moral of this story? If you don't ask, you won't get.  

Whoa! Our FHA Appraisal was $22,000 BELOW Contract Price - What Can be Done?

This as been a stressful week for Eileen and me. As we last left off, we had a signed contract for our cute property on Challen for $10k higher than our asking price (minus $5k in closing costs). This was a good thing. Our only concern was how the FHA appraiser would value our property.





As luck would have it, we had some appraiser from another town (an hour's drive away) appraise our cute little property a full $22,000 below what our buyer (and other buyers) said the property is worth. Yes, you read it right, a full twenty-two THOUSAND BELOW the contract price.





We thought we could be at risk for maybe $5 or $10 thousand, but $22,000. OUCH - that is a major hit to our profits!

Here were our choices:

1. Reduce our sales price and take the hit on our profits.


2. Get the buyer to allow a second mortgage and pay us over time (not allowed according to FHA).


3. Let the deal fall through, rent the property out for 6 months and try again.


4. Sell it "owner finance".


5. Contest the appraisal.

After a sleepless night, a lot of research, reading all of the fine print on the appraisal, and reaching out to mentors, I decided to ask the bank to reconsider the loan amount.





I wrote a very respectful and compelling letter to the loan officer with several undisputable data items that supported my case. After a seemingly LONG 48 hours (which is a lot when a weekend falls in those 48 hours), the bank approved a $10,000 increase to the appraisal amount - yahoo!





But that's not all, they allowed changes to the loan so the closing costs were only $1,000 (down from $5,000). Overall, our $22k hit got raised $14k. OK, the FHA world made us reduce our sales price by $8,000 but that's a lot better than just going along with the FHA rules.





The moral of this story? If you don't ask, you won't get.  

Whoa! Our FHA Appraisal was $22,000 BELOW Contract Price - What Can be Done?

This as been a stressful week for Eileen and me. As we last left off, we had a signed contract for our cute property on Challen for $10k higher than our asking price (minus $5k in closing costs). This was a good thing. Our only concern was how the FHA appraiser would value our property.





As luck would have it, we had some appraiser from another town (an hour's drive away) appraise our cute little property a full $22,000 below what our buyer (and other buyers) said the property is worth. Yes, you read it right, a full twenty-two THOUSAND BELOW the contract price.





We thought we could be at risk for maybe $5 or $10 thousand, but $22,000. OUCH - that is a major hit to our profits!

Here were our choices:

1. Reduce our sales price and take the hit on our profits.


2. Get the buyer to allow a second mortgage and pay us over time (not allowed according to FHA).


3. Let the deal fall through, rent the property out for 6 months and try again.


4. Sell it "owner finance".


5. Contest the appraisal.

After a sleepless night, a lot of research, reading all of the fine print on the appraisal, and reaching out to mentors, I decided to ask the bank to reconsider the loan amount.





I wrote a very respectful and compelling letter to the loan officer with several undisputable data items that supported my case. After a seemingly LONG 48 hours (which is a lot when a weekend falls in those 48 hours), the bank approved a $10,000 increase to the appraisal amount - yahoo!





But that's not all, they allowed changes to the loan so the closing costs were only $1,000 (down from $5,000). Overall, our $22k hit got raised $14k. OK, the FHA world made us reduce our sales price by $8,000 but that's a lot better than just going along with the FHA rules.





The moral of this story? If you don't ask, you won't get.  

About Cash Flow

Online Product Review - Armando's Cash Flow 2700

After watching the e-course, Cash Flow 2700 by Armando Montelongo, I am struck by the simplicity of the strategies he outlines, yet I understand why some people just don't "get it".





When in the midst of a financial crisis, it's hard to "see the forest through the trees". He pulls you out of that crisis mode and provides you with undisputable financial savings by teaching solid strategies.





The Good:





Armando tells you straight up how to prioritize your bill paying. He also gives you solid strategies on how to negotiate with your landlord, your mortgage company and your credit card companies so you WILL save money on your monthly expenses. It doesn't matter if you're in a cheap apartment or in a mansion, the techniques outlined in Cash Flow 2700 will work for (almost) everyone.





Armando has a very effective way of reaching out to every level - the poor and the not-so-poor - and reduces complicated issues into simple step by step strategies.







I personally used one of Armando's techniques outlined in the course to negotiate my existing mortgage to a lower interest rate. To my surprise it was extremely easy. Now I will save over $300 per month on my mortgage and it didn't cost me a dime.





That one technique gave me immediate payback on the information packed $47 e-course.





What to Expect:





Armando tells it like it is. He shares these great strategies with you because they work. But if you are meek, shy, or a person of inaction, then Cash Flow 2700 will be a waste of your money. The bottom line is, if you won't take advantage of his strategies, then don't buy the e-course.





The Bonus:





Armando also takes you one step further and gives you some hints on how to make some money fairly quickly without having to take that second job. He charts a course of action where you can put 2 people together to solve 2 real estate problems, and YOU get paid at least $3,000 for those efforts.





Conclusion:





There's a lot packed in this 30 minute e-course, so keep it around to watch again. The human brain can only take in so much in one sitting. The good thing about these strategies is that it is part of your lifetime learning - use these strategies for the rest of your life to trim your bills, or to help another when they are in a crisis. Cash Flow 2700is a "must-have" for any budget conscience person.

About Cash Flow

Online Product Review - Armando's Cash Flow 2700

After watching the e-course, Cash Flow 2700 by Armando Montelongo, I am struck by the simplicity of the strategies he outlines, yet I understand why some people just don't "get it".





When in the midst of a financial crisis, it's hard to "see the forest through the trees". He pulls you out of that crisis mode and provides you with undisputable financial savings by teaching solid strategies.





The Good:





Armando tells you straight up how to prioritize your bill paying. He also gives you solid strategies on how to negotiate with your landlord, your mortgage company and your credit card companies so you WILL save money on your monthly expenses. It doesn't matter if you're in a cheap apartment or in a mansion, the techniques outlined in Cash Flow 2700 will work for (almost) everyone.





Armando has a very effective way of reaching out to every level - the poor and the not-so-poor - and reduces complicated issues into simple step by step strategies.







I personally used one of Armando's techniques outlined in the course to negotiate my existing mortgage to a lower interest rate. To my surprise it was extremely easy. Now I will save over $300 per month on my mortgage and it didn't cost me a dime.





That one technique gave me immediate payback on the information packed $47 e-course.





What to Expect:





Armando tells it like it is. He shares these great strategies with you because they work. But if you are meek, shy, or a person of inaction, then Cash Flow 2700 will be a waste of your money. The bottom line is, if you won't take advantage of his strategies, then don't buy the e-course.





The Bonus:





Armando also takes you one step further and gives you some hints on how to make some money fairly quickly without having to take that second job. He charts a course of action where you can put 2 people together to solve 2 real estate problems, and YOU get paid at least $3,000 for those efforts.





Conclusion:





There's a lot packed in this 30 minute e-course, so keep it around to watch again. The human brain can only take in so much in one sitting. The good thing about these strategies is that it is part of your lifetime learning - use these strategies for the rest of your life to trim your bills, or to help another when they are in a crisis. Cash Flow 2700is a "must-have" for any budget conscience person.

About Cash Flow

Online Product Review - Armando's Cash Flow 2700

After watching the e-course, Cash Flow 2700 by Armando Montelongo, I am struck by the simplicity of the strategies he outlines, yet I understand why some people just don't "get it".





When in the midst of a financial crisis, it's hard to "see the forest through the trees". He pulls you out of that crisis mode and provides you with undisputable financial savings by teaching solid strategies.





The Good:





Armando tells you straight up how to prioritize your bill paying. He also gives you solid strategies on how to negotiate with your landlord, your mortgage company and your credit card companies so you WILL save money on your monthly expenses. It doesn't matter if you're in a cheap apartment or in a mansion, the techniques outlined in Cash Flow 2700 will work for (almost) everyone.





Armando has a very effective way of reaching out to every level - the poor and the not-so-poor - and reduces complicated issues into simple step by step strategies.







I personally used one of Armando's techniques outlined in the course to negotiate my existing mortgage to a lower interest rate. To my surprise it was extremely easy. Now I will save over $300 per month on my mortgage and it didn't cost me a dime.





That one technique gave me immediate payback on the information packed $47 e-course.





What to Expect:





Armando tells it like it is. He shares these great strategies with you because they work. But if you are meek, shy, or a person of inaction, then Cash Flow 2700 will be a waste of your money. The bottom line is, if you won't take advantage of his strategies, then don't buy the e-course.





The Bonus:





Armando also takes you one step further and gives you some hints on how to make some money fairly quickly without having to take that second job. He charts a course of action where you can put 2 people together to solve 2 real estate problems, and YOU get paid at least $3,000 for those efforts.





Conclusion:





There's a lot packed in this 30 minute e-course, so keep it around to watch again. The human brain can only take in so much in one sitting. The good thing about these strategies is that it is part of your lifetime learning - use these strategies for the rest of your life to trim your bills, or to help another when they are in a crisis. Cash Flow 2700is a "must-have" for any budget conscience person.

You Find Investors Where You Least Expect it

I am pleased to say that Eileen and I have caught the attention of yet another all-cash investor!





I had a rather depressing phone conversation with another Armando student that hadn't had any luck finding the funds to do the program. She admitted that her husband took the "Sea Urchin" personality to an extreme, which was part of the problem. But then she said rather frankly, that what she was taught just isn't true. That you do need money to flip houses. I understand why she thinks that way, but I will soon prove her wrong.





The very next day I attended an annual alumni seminar (I have a very expensive Master's degree in Technology Commercialization - and no job). At lunch I mentioned my frustration of being unemployed and made the bold statement that I was now in real estate flipping houses.





This caught the attention of a fellow alum, a Chinese national that brokers technologies for use in China. He said "ME TOO! I flip houses too".







We had a nice discussion about house flipping and he said he wants me to flip houses for him - that money is not a problem, that he doesn't have time. He said "You no more look for job. I pay, you fix, we share the profits." His only concern is that he wants the properties to be in our state. That sounds good to me since all these investors are raising the prices in California.





I'm starting to make offers this week in Texas. I'll keep you posted!

You Find Investors Where You Least Expect it

I am pleased to say that Eileen and I have caught the attention of yet another all-cash investor!





I had a rather depressing phone conversation with another Armando student that hadn't had any luck finding the funds to do the program. She admitted that her husband took the "Sea Urchin" personality to an extreme, which was part of the problem. But then she said rather frankly, that what she was taught just isn't true. That you do need money to flip houses. I understand why she thinks that way, but I will soon prove her wrong.





The very next day I attended an annual alumni seminar (I have a very expensive Master's degree in Technology Commercialization - and no job). At lunch I mentioned my frustration of being unemployed and made the bold statement that I was now in real estate flipping houses.





This caught the attention of a fellow alum, a Chinese national that brokers technologies for use in China. He said "ME TOO! I flip houses too".







We had a nice discussion about house flipping and he said he wants me to flip houses for him - that money is not a problem, that he doesn't have time. He said "You no more look for job. I pay, you fix, we share the profits." His only concern is that he wants the properties to be in our state. That sounds good to me since all these investors are raising the prices in California.





I'm starting to make offers this week in Texas. I'll keep you posted!

You Find Investors Where You Least Expect it

I am pleased to say that Eileen and I have caught the attention of yet another all-cash investor!





I had a rather depressing phone conversation with another Armando student that hadn't had any luck finding the funds to do the program. She admitted that her husband took the "Sea Urchin" personality to an extreme, which was part of the problem. But then she said rather frankly, that what she was taught just isn't true. That you do need money to flip houses. I understand why she thinks that way, but I will soon prove her wrong.





The very next day I attended an annual alumni seminar (I have a very expensive Master's degree in Technology Commercialization - and no job). At lunch I mentioned my frustration of being unemployed and made the bold statement that I was now in real estate flipping houses.





This caught the attention of a fellow alum, a Chinese national that brokers technologies for use in China. He said "ME TOO! I flip houses too".







We had a nice discussion about house flipping and he said he wants me to flip houses for him - that money is not a problem, that he doesn't have time. He said "You no more look for job. I pay, you fix, we share the profits." His only concern is that he wants the properties to be in our state. That sounds good to me since all these investors are raising the prices in California.





I'm starting to make offers this week in Texas. I'll keep you posted!

Somethin is Awry in California

I've been making offers left and right and contually get outbid! There's something awry in California.





I've seen prices of these same foreclosed properties appreciate 30-50% in just 3 months! I'm talking about boarded up, skanky properties with the toilets half way off the floor and rotting wood creating an aroma that's as torturous as water-boarding.





I spoke with a representative from The Norris Group about this activity and this is what I got out of the conversation:

• There seems to be a sense of "hysteria going on in the market right now".


• Many investors believe that prices always go up in California


• If you're holding for 5 years, your probably OK


• The real question is "what will happen in the next 3 months?"

Being the conservative "sea urchin" that I am, I think it's time to just sit and watch what happens in California. 

If you remember, the first thing we heard when going into this program was Warren Buffet's words: "Be fearful when others are greedy and be greedy only when others are fearful". 







I'm not seeing a lot of fear in California right now as investors are sweeping up properties right and left.

Have you seen this book yet?

I finished reading The Real Book of Real Estate: Real Experts. Real Stories. Real Life by Robert T. Kiyosaki and totally enjoyed hearing real estate investors discuss their experiences and their expertise. I highly recommend adding this to your collection.

Somethin is Awry in California

I've been making offers left and right and contually get outbid! There's something awry in California.





I've seen prices of these same foreclosed properties appreciate 30-50% in just 3 months! I'm talking about boarded up, skanky properties with the toilets half way off the floor and rotting wood creating an aroma that's as torturous as water-boarding.





I spoke with a representative from The Norris Group about this activity and this is what I got out of the conversation:

• There seems to be a sense of "hysteria going on in the market right now".


• Many investors believe that prices always go up in California


• If you're holding for 5 years, your probably OK


• The real question is "what will happen in the next 3 months?"

Being the conservative "sea urchin" that I am, I think it's time to just sit and watch what happens in California. 

If you remember, the first thing we heard when going into this program was Warren Buffet's words: "Be fearful when others are greedy and be greedy only when others are fearful". 







I'm not seeing a lot of fear in California right now as investors are sweeping up properties right and left.

Have you seen this book yet?

I finished reading The Real Book of Real Estate: Real Experts. Real Stories. Real Life by Robert T. Kiyosaki and totally enjoyed hearing real estate investors discuss their experiences and their expertise. I highly recommend adding this to your collection.

Somethin is Awry in California

I've been making offers left and right and contually get outbid! There's something awry in California.





I've seen prices of these same foreclosed properties appreciate 30-50% in just 3 months! I'm talking about boarded up, skanky properties with the toilets half way off the floor and rotting wood creating an aroma that's as torturous as water-boarding.





I spoke with a representative from The Norris Group about this activity and this is what I got out of the conversation:

• There seems to be a sense of "hysteria going on in the market right now".


• Many investors believe that prices always go up in California


• If you're holding for 5 years, your probably OK


• The real question is "what will happen in the next 3 months?"

Being the conservative "sea urchin" that I am, I think it's time to just sit and watch what happens in California. 

If you remember, the first thing we heard when going into this program was Warren Buffet's words: "Be fearful when others are greedy and be greedy only when others are fearful". 







I'm not seeing a lot of fear in California right now as investors are sweeping up properties right and left.

Have you seen this book yet?

I finished reading The Real Book of Real Estate: Real Experts. Real Stories. Real Life by Robert T. Kiyosaki and totally enjoyed hearing real estate investors discuss their experiences and their expertise. I highly recommend adding this to your collection.

Lots of Good News!

Good News #1 - The Bus Trip





Eileen and I were fortunate enough to attend our 3rd bus trip! This was the most successful bus trip we've been on. Having multiple offers on our house helped, as the new students could see and hear of our experiences step by step, plus we connected with some really great people!





Here's the REAL GOOD NEWS - Armando realized that having people like you follow our story is of great benefit for his Platinum members (you are a platinum member if you were on a bus tour). So we are creating this type of blog/newsletter to a newly created, password protected, exclusive blog site called ArmandoPlatinum.com. You should receive an invitation soon if you haven't already ( check your junk folder).





There are a lot of surprises in store for the Platinum group - tele-classes, how-tos, and I've even heard there may be a "Flip this House" never shown on the air that may be privy to Platinums only!





Good News #2 - We accepted an FHA offer!





It was hard to decide which offer to take amongst all of the offers, but being FHA offers, we chose the one that promised to close the quickest. The property is in escrow right now and it is being inspected, appraised, and all we can do now is wait.

Lots of Good News!

Good News #1 - The Bus Trip





Eileen and I were fortunate enough to attend our 3rd bus trip! This was the most successful bus trip we've been on. Having multiple offers on our house helped, as the new students could see and hear of our experiences step by step, plus we connected with some really great people!





Here's the REAL GOOD NEWS - Armando realized that having people like you follow our story is of great benefit for his Platinum members (you are a platinum member if you were on a bus tour). So we are creating this type of blog/newsletter to a newly created, password protected, exclusive blog site called ArmandoPlatinum.com. You should receive an invitation soon if you haven't already ( check your junk folder).





There are a lot of surprises in store for the Platinum group - tele-classes, how-tos, and I've even heard there may be a "Flip this House" never shown on the air that may be privy to Platinums only!





Good News #2 - We accepted an FHA offer!





It was hard to decide which offer to take amongst all of the offers, but being FHA offers, we chose the one that promised to close the quickest. The property is in escrow right now and it is being inspected, appraised, and all we can do now is wait.

Lots of Good News!

Good News #1 - The Bus Trip





Eileen and I were fortunate enough to attend our 3rd bus trip! This was the most successful bus trip we've been on. Having multiple offers on our house helped, as the new students could see and hear of our experiences step by step, plus we connected with some really great people!





Here's the REAL GOOD NEWS - Armando realized that having people like you follow our story is of great benefit for his Platinum members (you are a platinum member if you were on a bus tour). So we are creating this type of blog/newsletter to a newly created, password protected, exclusive blog site called ArmandoPlatinum.com. You should receive an invitation soon if you haven't already ( check your junk folder).





There are a lot of surprises in store for the Platinum group - tele-classes, how-tos, and I've even heard there may be a "Flip this House" never shown on the air that may be privy to Platinums only!





Good News #2 - We accepted an FHA offer!





It was hard to decide which offer to take amongst all of the offers, but being FHA offers, we chose the one that promised to close the quickest. The property is in escrow right now and it is being inspected, appraised, and all we can do now is wait.

FHA Offers are Pouring in!

Our property on Challen seasoned on Monday (we owned it more than 90 days) and the FHA offers started pouring in. We have offers from the asking price to $25,000 above the asking price! Our first thought was to take the highest offer. However, being the sea urchins that we are, we decided to analyze all aspects of the offers.





All of the FHA offers we received insist we pay anywhere between $6,000 and $7,300 in closing costs, plus they want us to pay other fees. As it turns out FHA will not allow us to carry a second mortgage for the price difference. So how should we determine the actual best offer?





This is what will happen. The FHA appraiser will dictate the selling price. We must lower our price to what the appraiser dictates. Given that, we are countering on all the offers to include no more than $3,000 in closing costs.  The reality is with FHA, the offer price has nothing to do with the actual selling price. The price will be what FHA says. Someone could offer $100,000 more than the asking price and it will have no relevance to our actual selling price.





A fellow investor decided to base his decision on one that offered a 21 day closing. I think that is a very smart choice. The price will be the price. He selected the offer that will get him his money the fastest.

Series LLC?

We just learned about a new asset protection strategy called a Series LLC. The jury is still out whether to have multiple LLC's to hold your properties or to make use of this Series LLC.





The Series LLC allows you to hold all your properties in one entity so you only have 1 tax report, while protecting your assets as if each property is in it's own LLC.





This is on our list to research, so be on the lookout for our opinion.

FHA Offers are Pouring in!

Our property on Challen seasoned on Monday (we owned it more than 90 days) and the FHA offers started pouring in. We have offers from the asking price to $25,000 above the asking price! Our first thought was to take the highest offer. However, being the sea urchins that we are, we decided to analyze all aspects of the offers.





All of the FHA offers we received insist we pay anywhere between $6,000 and $7,300 in closing costs, plus they want us to pay other fees. As it turns out FHA will not allow us to carry a second mortgage for the price difference. So how should we determine the actual best offer?





This is what will happen. The FHA appraiser will dictate the selling price. We must lower our price to what the appraiser dictates. Given that, we are countering on all the offers to include no more than $3,000 in closing costs.  The reality is with FHA, the offer price has nothing to do with the actual selling price. The price will be what FHA says. Someone could offer $100,000 more than the asking price and it will have no relevance to our actual selling price.





A fellow investor decided to base his decision on one that offered a 21 day closing. I think that is a very smart choice. The price will be the price. He selected the offer that will get him his money the fastest.

Series LLC?

We just learned about a new asset protection strategy called a Series LLC. The jury is still out whether to have multiple LLC's to hold your properties or to make use of this Series LLC.





The Series LLC allows you to hold all your properties in one entity so you only have 1 tax report, while protecting your assets as if each property is in it's own LLC.





This is on our list to research, so be on the lookout for our opinion.

FHA Offers are Pouring in!

Our property on Challen seasoned on Monday (we owned it more than 90 days) and the FHA offers started pouring in. We have offers from the asking price to $25,000 above the asking price! Our first thought was to take the highest offer. However, being the sea urchins that we are, we decided to analyze all aspects of the offers.





All of the FHA offers we received insist we pay anywhere between $6,000 and $7,300 in closing costs, plus they want us to pay other fees. As it turns out FHA will not allow us to carry a second mortgage for the price difference. So how should we determine the actual best offer?





This is what will happen. The FHA appraiser will dictate the selling price. We must lower our price to what the appraiser dictates. Given that, we are countering on all the offers to include no more than $3,000 in closing costs.  The reality is with FHA, the offer price has nothing to do with the actual selling price. The price will be what FHA says. Someone could offer $100,000 more than the asking price and it will have no relevance to our actual selling price.





A fellow investor decided to base his decision on one that offered a 21 day closing. I think that is a very smart choice. The price will be the price. He selected the offer that will get him his money the fastest.

Series LLC?

We just learned about a new asset protection strategy called a Series LLC. The jury is still out whether to have multiple LLC's to hold your properties or to make use of this Series LLC.





The Series LLC allows you to hold all your properties in one entity so you only have 1 tax report, while protecting your assets as if each property is in it's own LLC.





This is on our list to research, so be on the lookout for our opinion.

Septic Tanks in Rialto?

Did you know that there are a lot of houses in San Bernardino County that have their own septic tank? I had no idea until I heard of a fellow investor that purchased, rehabbed, and tried to sell a property in Rialto at a nice little profit. However the appraiser mentioned there was a septic tank on the property and it must be inspected. SURPRISE, SURPRISE.

Unfortunately the septic inspection failed and this investor now has to face a big expense that will have a devasting affect on the bottom line.





Even with the best real estate investment training and coaches, we can't predict everything that can happen with a property. As new investors, it may be well worth the little extra money to spring for a home inspection - even when the bank refuses to allow you that time.

Have you seen this book yet?

I finished reading The Real Book of Real Estate: Real Experts. Real Stories. Real Life. by Robert T. Kiyosaki and totally enjoyed hearing real estate investors discuss their experiences and their expertise. I highly recommend adding this to your collection.

Septic Tanks in Rialto?

Did you know that there are a lot of houses in San Bernardino County that have their own septic tank? I had no idea until I heard of a fellow investor that purchased, rehabbed, and tried to sell a property in Rialto at a nice little profit. However the appraiser mentioned there was a septic tank on the property and it must be inspected. SURPRISE, SURPRISE.

Unfortunately the septic inspection failed and this investor now has to face a big expense that will have a devasting affect on the bottom line.





Even with the best real estate investment training and coaches, we can't predict everything that can happen with a property. As new investors, it may be well worth the little extra money to spring for a home inspection - even when the bank refuses to allow you that time.

Have you seen this book yet?

I finished reading The Real Book of Real Estate: Real Experts. Real Stories. Real Life. by Robert T. Kiyosaki and totally enjoyed hearing real estate investors discuss their experiences and their expertise. I highly recommend adding this to your collection.

Septic Tanks in Rialto?

Did you know that there are a lot of houses in San Bernardino County that have their own septic tank? I had no idea until I heard of a fellow investor that purchased, rehabbed, and tried to sell a property in Rialto at a nice little profit. However the appraiser mentioned there was a septic tank on the property and it must be inspected. SURPRISE, SURPRISE.

Unfortunately the septic inspection failed and this investor now has to face a big expense that will have a devasting affect on the bottom line.





Even with the best real estate investment training and coaches, we can't predict everything that can happen with a property. As new investors, it may be well worth the little extra money to spring for a home inspection - even when the bank refuses to allow you that time.

Have you seen this book yet?

I finished reading The Real Book of Real Estate: Real Experts. Real Stories. Real Life. by Robert T. Kiyosaki and totally enjoyed hearing real estate investors discuss their experiences and their expertise. I highly recommend adding this to your collection.

Our Buyer Cancelled!

Last week was filled with real life lessons in Real Estate. Our "too good to be true" cash buyer backed out, leaving us shocked and even hurt - but one thing to remember - this IS a business. There are people out there that have a lot more experience than we have, and that's why we need to rely on others to tell us when something isn't quite right.





First we thought we would be able to keep that generous earnest money - but NOOOOOO. This guy cancelled within the California's RPA 17 day period. The purchase contract gives the buyer 17 days to change their mind! And they get their deposit back.





Learned Lesson #1: All cash buyers don't need 17 days to change their mind. The next time I'm approached with an all cash buyer, I will have paragraph 14b changed to 3 days.







The other odd thing about this purchase contract is the buyer wanted to choose the escrow company. According to my realtor, it is standard practice that they seller chooses the escrow company. I should have listened to her because sure enough, this buyer never put up a down payment, and we were scrambling and signing every disclosure document that came our way.





Learned Lesson #2: Seller chooses the Escrow company. When you have your rehab on the market, it's easy to accept your first offer. Listen to your realtor when they express concerns. We were so desperate to have this deal go through, we simply accepted the offer. Had we countered with our realtor's recommendations, we wouldn't have lost precious time while our house was not on the market.

Our Buyer Cancelled!

Last week was filled with real life lessons in Real Estate. Our "too good to be true" cash buyer backed out, leaving us shocked and even hurt - but one thing to remember - this IS a business. There are people out there that have a lot more experience than we have, and that's why we need to rely on others to tell us when something isn't quite right.





First we thought we would be able to keep that generous earnest money - but NOOOOOO. This guy cancelled within the California's RPA 17 day period. The purchase contract gives the buyer 17 days to change their mind! And they get their deposit back.





Learned Lesson #1: All cash buyers don't need 17 days to change their mind. The next time I'm approached with an all cash buyer, I will have paragraph 14b changed to 3 days.







The other odd thing about this purchase contract is the buyer wanted to choose the escrow company. According to my realtor, it is standard practice that they seller chooses the escrow company. I should have listened to her because sure enough, this buyer never put up a down payment, and we were scrambling and signing every disclosure document that came our way.





Learned Lesson #2: Seller chooses the Escrow company. When you have your rehab on the market, it's easy to accept your first offer. Listen to your realtor when they express concerns. We were so desperate to have this deal go through, we simply accepted the offer. Had we countered with our realtor's recommendations, we wouldn't have lost precious time while our house was not on the market.

Our Buyer Cancelled!

Last week was filled with real life lessons in Real Estate. Our "too good to be true" cash buyer backed out, leaving us shocked and even hurt - but one thing to remember - this IS a business. There are people out there that have a lot more experience than we have, and that's why we need to rely on others to tell us when something isn't quite right.





First we thought we would be able to keep that generous earnest money - but NOOOOOO. This guy cancelled within the California's RPA 17 day period. The purchase contract gives the buyer 17 days to change their mind! And they get their deposit back.





Learned Lesson #1: All cash buyers don't need 17 days to change their mind. The next time I'm approached with an all cash buyer, I will have paragraph 14b changed to 3 days.







The other odd thing about this purchase contract is the buyer wanted to choose the escrow company. According to my realtor, it is standard practice that they seller chooses the escrow company. I should have listened to her because sure enough, this buyer never put up a down payment, and we were scrambling and signing every disclosure document that came our way.





Learned Lesson #2: Seller chooses the Escrow company. When you have your rehab on the market, it's easy to accept your first offer. Listen to your realtor when they express concerns. We were so desperate to have this deal go through, we simply accepted the offer. Had we countered with our realtor's recommendations, we wouldn't have lost precious time while our house was not on the market.

About Owner Finance

*Owner Finance as an Exit Strategy*

Owner Financing, if you remember, is a pretty neat strategy. In forming our owner finance deal, we raised our price, and structured a possible note with 20% down and a variable interest rate depending on the applicant. If you remember, you can hold that note for 6 months and then sell it to a note-broker for a discount.





I'm glad I went on the 2nd bus trip because I had forgotten that you can have hard money attached to the property and still owner finance. If you remember, you do the deal, but don't file the paperwork with the County until you sell the note. Then, if they don't pay you for any reason, you merely evict them and YOU get to keep that down payment.  What a deal!

Next time we'll keep you up-to-date on our escrow process and notify you on our next flip.

About Owner Finance

*Owner Finance as an Exit Strategy*

Owner Financing, if you remember, is a pretty neat strategy. In forming our owner finance deal, we raised our price, and structured a possible note with 20% down and a variable interest rate depending on the applicant. If you remember, you can hold that note for 6 months and then sell it to a note-broker for a discount.





I'm glad I went on the 2nd bus trip because I had forgotten that you can have hard money attached to the property and still owner finance. If you remember, you do the deal, but don't file the paperwork with the County until you sell the note. Then, if they don't pay you for any reason, you merely evict them and YOU get to keep that down payment.  What a deal!

Next time we'll keep you up-to-date on our escrow process and notify you on our next flip.

About Owner Finance

*Owner Finance as an Exit Strategy*

Owner Financing, if you remember, is a pretty neat strategy. In forming our owner finance deal, we raised our price, and structured a possible note with 20% down and a variable interest rate depending on the applicant. If you remember, you can hold that note for 6 months and then sell it to a note-broker for a discount.





I'm glad I went on the 2nd bus trip because I had forgotten that you can have hard money attached to the property and still owner finance. If you remember, you do the deal, but don't file the paperwork with the County until you sell the note. Then, if they don't pay you for any reason, you merely evict them and YOU get to keep that down payment.  What a deal!

Next time we'll keep you up-to-date on our escrow process and notify you on our next flip.

We Accepted an Offer!

OK, I admit I was a little nervous. Our house hasn't gone through the 90 day seasoning and I was concerned about the looming November 30th tax credit deadline. Our house would be seasoned the end of October - which was cutting it a little close to have a deal done before November 30th.





But, I remembered one of the strategies we learned in both the 3 day seminar and on the bus tour - owner finance. So I started advertising on craigslist, backpage, and all the other free sites I could find regarding the house for sale with owner financing. I started to get some inquiries. But then, on Friday afternoon, Eileen had just come over to my house for a gloom and doom pick me up attitude adjustment and then, "THE PHONE RANG".





It was my agent, Shirley DeHart (from Caldwell Banker in Riverside), telling me I had an "ALL CASH OFFER" for my house. My jaw hit the ground. Poor Eileen just waited patiently as I pulled my jaw off the floor and struggled to re-engage my voice box. Since we are BOTH unemployed, this news couldn't have come at a better time.





OK, so the offer was a little less than we wanted, but with an all cash offer, that totally eliminates a lot of risks in the transaction and lowers the closing costs involved.  





So Eileen and I talked about it for a little while, and Eileen jokingly said "I want $20k in escrow," - then I looked at the paper work - they offered 10% in escrow - not the measly $2k or $5k we learned about in class. How did we get so lucky our first time around?





So we are now entering escrow and signing another hundred or so legal documents. We'll keep you posted on our progress!

We Accepted an Offer!

OK, I admit I was a little nervous. Our house hasn't gone through the 90 day seasoning and I was concerned about the looming November 30th tax credit deadline. Our house would be seasoned the end of October - which was cutting it a little close to have a deal done before November 30th.





But, I remembered one of the strategies we learned in both the 3 day seminar and on the bus tour - owner finance. So I started advertising on craigslist, backpage, and all the other free sites I could find regarding the house for sale with owner financing. I started to get some inquiries. But then, on Friday afternoon, Eileen had just come over to my house for a gloom and doom pick me up attitude adjustment and then, "THE PHONE RANG".





It was my agent, Shirley DeHart (from Caldwell Banker in Riverside), telling me I had an "ALL CASH OFFER" for my house. My jaw hit the ground. Poor Eileen just waited patiently as I pulled my jaw off the floor and struggled to re-engage my voice box. Since we are BOTH unemployed, this news couldn't have come at a better time.





OK, so the offer was a little less than we wanted, but with an all cash offer, that totally eliminates a lot of risks in the transaction and lowers the closing costs involved.  





So Eileen and I talked about it for a little while, and Eileen jokingly said "I want $20k in escrow," - then I looked at the paper work - they offered 10% in escrow - not the measly $2k or $5k we learned about in class. How did we get so lucky our first time around?





So we are now entering escrow and signing another hundred or so legal documents. We'll keep you posted on our progress!

We Accepted an Offer!

OK, I admit I was a little nervous. Our house hasn't gone through the 90 day seasoning and I was concerned about the looming November 30th tax credit deadline. Our house would be seasoned the end of October - which was cutting it a little close to have a deal done before November 30th.





But, I remembered one of the strategies we learned in both the 3 day seminar and on the bus tour - owner finance. So I started advertising on craigslist, backpage, and all the other free sites I could find regarding the house for sale with owner financing. I started to get some inquiries. But then, on Friday afternoon, Eileen had just come over to my house for a gloom and doom pick me up attitude adjustment and then, "THE PHONE RANG".





It was my agent, Shirley DeHart (from Caldwell Banker in Riverside), telling me I had an "ALL CASH OFFER" for my house. My jaw hit the ground. Poor Eileen just waited patiently as I pulled my jaw off the floor and struggled to re-engage my voice box. Since we are BOTH unemployed, this news couldn't have come at a better time.





OK, so the offer was a little less than we wanted, but with an all cash offer, that totally eliminates a lot of risks in the transaction and lowers the closing costs involved.  





So Eileen and I talked about it for a little while, and Eileen jokingly said "I want $20k in escrow," - then I looked at the paper work - they offered 10% in escrow - not the measly $2k or $5k we learned about in class. How did we get so lucky our first time around?





So we are now entering escrow and signing another hundred or so legal documents. We'll keep you posted on our progress!

Multiple Exit Strategies

*Never go into a deal without an exit strategy*

 

It's obvious that real estate investment can be full of surprises, which is why you need to have multiple exit strategies.

 

Although we are still waiting through our FHA mandated 90 day seasoning period, we know that if the FHA appraiser claims the price to be lower than the offer/accepted price, then we must sell it at that price.

 

Next time, we will discuss our exit strategies and the reasons we chose those strategies.

Multiple Exit Strategies

*Never go into a deal without an exit strategy*

 

It's obvious that real estate investment can be full of surprises, which is why you need to have multiple exit strategies.

 

Although we are still waiting through our FHA mandated 90 day seasoning period, we know that if the FHA appraiser claims the price to be lower than the offer/accepted price, then we must sell it at that price.

 

Next time, we will discuss our exit strategies and the reasons we chose those strategies.

Multiple Exit Strategies

*Never go into a deal without an exit strategy*

 

It's obvious that real estate investment can be full of surprises, which is why you need to have multiple exit strategies.

 

Although we are still waiting through our FHA mandated 90 day seasoning period, we know that if the FHA appraiser claims the price to be lower than the offer/accepted price, then we must sell it at that price.

 

Next time, we will discuss our exit strategies and the reasons we chose those strategies.

Appraisers in CA

As you may know, we've succeeded in acquiring a property, fixed it up and it is now on the market.  However we need to tell you about our experiences with appraisers and what we've heard about dealing with appraisers in California.

Appraisers can be the biggest thorn in your side when it comes to getting hard money or even getting a good sales price for your  home.  The reason?  Appraisers are blamed for the real estate crisis that exists today.  Most appraisers are afraid and consistently appraise at lower prices - even though the natural economics of supply and demand show differently.

We had 2 appraisers from investors come out to our little house.  The first appraiser came out before the rehab started and appraised it at $20,000 OVER what we paid for it.  That made us feel really good - we got a good deal!

Then, once the rehab was almost finished, a second appraiser came out and appriased it for only $5,000 more than the previous appraiser.  Now that made us sick since we put over $30k into the property.  This reduced the amount of hard money we could get out of the property.

In addtion, we've seen other investors sell properties in California where the appraisal came in much lower than the agreed upon asking price, thus reducing the anticpated profit significantly.

Appraisers in CA

As you may know, we've succeeded in acquiring a property, fixed it up and it is now on the market.  However we need to tell you about our experiences with appraisers and what we've heard about dealing with appraisers in California.

Appraisers can be the biggest thorn in your side when it comes to getting hard money or even getting a good sales price for your  home.  The reason?  Appraisers are blamed for the real estate crisis that exists today.  Most appraisers are afraid and consistently appraise at lower prices - even though the natural economics of supply and demand show differently.

We had 2 appraisers from investors come out to our little house.  The first appraiser came out before the rehab started and appraised it at $20,000 OVER what we paid for it.  That made us feel really good - we got a good deal!

Then, once the rehab was almost finished, a second appraiser came out and appriased it for only $5,000 more than the previous appraiser.  Now that made us sick since we put over $30k into the property.  This reduced the amount of hard money we could get out of the property.

In addtion, we've seen other investors sell properties in California where the appraisal came in much lower than the agreed upon asking price, thus reducing the anticpated profit significantly.

Appraisers in CA

As you may know, we've succeeded in acquiring a property, fixed it up and it is now on the market.  However we need to tell you about our experiences with appraisers and what we've heard about dealing with appraisers in California.

Appraisers can be the biggest thorn in your side when it comes to getting hard money or even getting a good sales price for your  home.  The reason?  Appraisers are blamed for the real estate crisis that exists today.  Most appraisers are afraid and consistently appraise at lower prices - even though the natural economics of supply and demand show differently.

We had 2 appraisers from investors come out to our little house.  The first appraiser came out before the rehab started and appraised it at $20,000 OVER what we paid for it.  That made us feel really good - we got a good deal!

Then, once the rehab was almost finished, a second appraiser came out and appriased it for only $5,000 more than the previous appraiser.  Now that made us sick since we put over $30k into the property.  This reduced the amount of hard money we could get out of the property.

In addtion, we've seen other investors sell properties in California where the appraisal came in much lower than the agreed upon asking price, thus reducing the anticpated profit significantly.