Welcome to show number 300! Today marks a milestone for us with the Flipping America show. Thanks to all of our sponsors for making it possible and thank you to YOU for making the show a big hit! It’s not a college football game coming down to the last few seconds, but for a real estate show, it’s pretty exciting! Making money YAY! Financial freedom YAY! Purpose, meaning, legacy, YAY! Wait, isn’t it just a bit odd that sporting events seem to get us a LOT more enthusiastic than these other things that actually are the warp and woof of our lives.
Speaking of woof, I had a rough afternoon Saturday, like a lot of you Dawg fans out there. I had to go outside and sit by myself for awhile. One of the many thoughts I was thinking while pondering Georgia’s unbelievable upset loss is “why does this matter so much to me?” I came close to an answer when I decided that I just really want to root for a team that wins a championship. I’m not much of a baseball fan but was delighted to be in the area when the Braves had their moment in the early 90’s. I know we are the soccer champs, but honestly, I didn’t realize we were any good until I heard on the news that we were playing for the championship. And I really don’t mean any disrespect, but it’s just difficult for guys my age to get excited about soccer. We didn’t grow up with it. Anyway — this was going to be the year for Georgia. We have elite talent, expectations were high – and then dashed. I know a championship is possible, but have you seen LSU and Alabama play? South Carolina barely whimpered as Alabama rolled over them. And I’m not sure they can beat LSU this year.
But here’s how to eventually get out of this mental mire – you just have to say – “hey – it’s just a game. It won’t be important in 100 years and it doesn’t affect my life, my destiny, or my future any more than I allow it to.” Now THAT’s a word of wisdom for everyone here. We have to get some perspective on our lives and think about what really matters. Sports. Yay. LIFE. YAY!
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Citibank is fined $30 million for holding onto foreclosures for too long.
Rent To Own – Nope – not in PA, NY or WI
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Your Questions: Send emails to firstname.lastname@example.org
- Arlene, Milwaukee, WI. “How do you find your contractors?
- Brandon, Atlanta, GA “My new contractor wants money up front for materials. I know you say ‘no money up front’ but we have this trust thing going on. He doesn’t know me and I don’t know him. What do I do?”
- William, Macon, GA “I keep hearing about the foreclosure auctions at the courthouse steps. I think I might want to do that, but why not just buy foreclosures my agent is showing me from the listings? Are the deals any better at the auctions? How do you go about buying at the courthouse?”
- Adnon, Long Beach CA, “Do you always hire a GC? What it the repairs are minor?”
- Brenda, Elizabethtown, KY “Do you ever just do the work yourself? My husband and I kinda like doing the work and he’s good at everything.”
- Ellen, Milwaukee, WI. “My husband and I just sold our home to downsize and we are trying to figure out what to do with the money — over $200,000. He’s semi-retired, bored, and handy. We’ve thought about flipping some houses. What advice would you give us?”
- Kandra, Las Vegas, NV “I recently attended a seminar here put on by [a TV personality]. I felt like it was just a sales pitch for a $20,000 course. But I was here for a course and really didn’t learn anything. I’m concerned that if I paid the $20,000 I might not learn anything there either. And I don’t have $20,000 anyway. So I didn’t do it. But I’m back to square one. I really want to learn this business! I don’t have any money and my credit has a few dings. Is there any hope for me?”
- D’Wayne, Louisville, KY “How do you decide whether you are going to fix and property and flip it, fix it and keep it, or just wholesale it? I figure there must be a way to figure out the best thing to do with a property. I have a deal under contract for 72,000. It needs updating and paint and carpet. I think I’ll get $150,000 for it if I flip it. Or I could rent it out for $900 per month. But another investor just offered me $10,000 for my contract. What would you do?
- James, Lancaster, PA “I’ve been researching various REITs and crowdfunding platforms. REITs seem like less involvement from me, which I prefer, but the returns I’m seeing are at best around 6%. With crowdfunding I can get closer to 10% on my money but I have to be a bit more involved. While I’m thinking about it, do you have other options you would recommend?”
- Ellen, Villages of Ocala, FL, “We are trying to maximize the returns on our self-directed IRA. We started a little late in the game and don’t really have enough money in there to buy and flip a house. Any suggestions?”
- Karenza, Long Beach, CA “I want to dive into buying rental properties here in southern california. My question is, am I too late?”
- Britney, Penn Hills, PA “My husband and I are finishing up our first flip — so exciting! We are having a discussion about interior paint colors. Our property is in an area that has a lot of investor activity with trendy styles and colors. I want a bold color scheme, but my husband wants builder’s beige. Can you settle the debate?”
Comment Line calls and Questions
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Motivational Thoughts for the day
- “Blessed are those who can give without remembering and take without forgetting” –Anonymous
Expected Air Date: Thursday 10/17/19