This week in Summary
Investing Tip of the week
Verbal agreements are enforceable in the United States. The loan exception is real estate. When you do any type of real estate deal, make sure you have your agreement in writing, signed by both parties and duly authenticated by the rules in your state (notarized, for example). This goes double for doing deals with family and friends.
Joke of the Week
I just invented a new word: plagiarism! (Some politicians won’t get that one.)
Blessing of the week
and may you always have someone to squeeze!
The Flipping America Show
August 8, 2022
Death and taxes – Life’s twin unavoidable realities. We are not going to talk about death today and not even taxes so much. But we are going to talk about something that will help you at tax time – better records. Learn how to use Quickbooks Online today with Nick Baldo. Nick Baldo is a cool guy with quite a portfolio of real estate in Buffalo NY. He is comfortable with a lot of the tech we use in our businesses and has developed informative courses about using them. His website is incomedigs.com and today he’s going to talk to us about using Quickbooks Online.
No one knows everything, and no one knows what they don’t know. Fortunately, success in real estate doesn’t require you to KNOW that much. Today on Flipping America we will talk about what you MUST KNOW to be successful in this business. Look around online for training and education in real estate investing. You’ll see a combination of complexity, jargon, and pseudo-intellect mixed with a healthy dose of hype. Let’s cut through that. I’ve boiled this entire business down to 5 things you MUST know. There is a lot more to learn, but you have to nail down these items first. Without any one of them, your business will suffer.
If you’re going to be in the real estate investing business you need an accountant who knows real estate. I have one for you today, on Flipping America. Matt Lents is a CPA from Jacksonville, FL and 40% of his clients are not in Jacksonville. Wherever you are, Matt can probably help you. We will talk to him in a few minutes, but first, we have some questions from you we need to answer.
Flipping America News
When you see the green light, GO! How much simpler can it get? Head to FlippingAmericaGO.com, create your free trial account, add a property, and watch the program tell you whether this house would make a good flip, rental, short-term, and more. You can adjust the criteria, drill down into the data, subtract and add comps as needed, create a pro forma, and even apply for lending through the app. When you see the green light, GO.
Submit your deals for review, your jokes, and your real estate stories to firstname.lastname@example.org.
Flipping America REIA News
There are no meetings for two weeks. We will resume on Aug 31 and go until the day before Thanksgiving.
We are planning to do deal reviews each week. Deadline is noon Tuesday for consideration. Send in your potential deal – perhaps someone will buy it from you right there on the call!
Do you have a real estate story to share? It can be funny, poignant, heartwarming, or heroic, or some combination of that. Keep your submission short – maybe 2 paragraphs. If our editors see potential, we will get with you for more details.
30 yr Fixed rate loans: 6.033%
YoY home price increase: 18.3% (May-May)
New home construction: Down 17% (June-June)
Foreclosure rate: 2022 so far, 3rd lowest since 2008. Still historically low
What’s this mean? There is NO imminent housing crash.