#56: How To Start A Residential Assisted Living Facility with Gene Guarino

podcast May 27, 2020

Gene is the founder of the Residential Assisted Living Academy. The RAL Academy is the premier source for education in owning, operating, and investing in Residential Assisted Living and senior housing. Gene has trained thousands of people from across the country how to turn single-family homes into cash flow machines. RAL Academy’s motto is Do Good and Do Well. Gene has written 4 books and hosted 3 radio shows and has spoken in 5 countries and over 50 cities in the last year alone!

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How To Start A Residential Assisted Living Facility with Gene Guarino 

Gene had his first real estate transaction when he was 18 and has been on the ground running ever since. Fast forward a couple of decades, Gene's mother's health issues started to kickup and he vowed to create a residential assisted living. Since having...

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Understanding Multifamily Lingo : “ALTA Survey”

blog May 22, 2020
This is among the provisions found in a Purchase and Sale Agreement. You need to ask for the gold standard - The ALTA Survey! This is in Article 5 of the Purchase and Sale Contract - this will become important when doing your Title Insurance search.

The ALTA survey is what you find in Article V of the Purchase and Sale Contract. You have to understand how important this survey is. But before we get into the details, let me show you that ALTA means “American Land Title Association”. 

If you go down to Texas, they don't use the ALTA. They use the TLTA or the “Texas Land Title Association”. You need to understand what is the gold standard in different markets predominantly across the country. The gold standard for the serving is the ALTA survey. And, the other thing that you have to understand is that not all surveys are the same. So when you see an ALTA survey, you could see another one called a Boundary Survey. 

A Boundary Survey is inadequate for...

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#55: Former NFL Player Turned Real Estate Investor with Logan Freeman

Uncategorized May 20, 2020

Logan Freeman began LiveFree Investments in early 2018 after the corporate world had let him down one too many times. Real estate has always been his passion and got kicked into full gear after completing his first live-in flip in 2013. Today, with over 80 successful real estate transactions and $13 million completed for investors annually, he has created a proven track record to provide his investment clients the confidence and security they desire.

Logan feels there are two things that set him apart from other investor agents; his never-ending hustle and is proactive communication. He is continually investing in himself so he can provide great value to his investors; making sure to pivot and listening to what the market is providing. A driving philosophy is, “What got you here, won’t get you there.”

Listen to all our episodes and leave a review: HERE

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Understanding Multifamily Lingo : “RUBS”

blog May 15, 2020
What is a Ratio Utility Billing System?

What is RUBS? It's called the Ratio Utility Billing System. It's not a company. 

There are several companies that have this service or have created their own service but the general generic term is a RUBS system. And so, if you have a property that is an all bills paid property and you want to get away from it, you go online and you find a company that does RUBS and then you give them the information about your property and they'll give you a quote. They'll tell you what they can do for you. 

So, it's a method of allocating utility costs in apartments and other multi-family properties or multi-unit. The actual utility bill for the property is distributed to each resident based on an allocation of their usage, an allocation formula. Factors in the formula combine like the number of occupants. 

You see, this a lot especially with water. Water gets a lot of RUBS type of situations. If it's a one-bedroom, the water is going to be...

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#54: Setting Up Your Entity Like A Professional with Garrett Sutton

podcast May 13, 2020

I had the pleasure of speaking with Attorney Garrett Sutton regarding setting up your entity the RIGHT WAY! Boy was this call a lot of fun. I had a Baker's Dozen of questions for Garrett and he hit them all out of the park (except for one)... If you have ever wondered how to do it the right way and you don't want to spend all that money on people's courses telling you essentially the same thing, then listen to this podcast and enjoy!

Listen to all our episodes and leave a review: HERE

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Setting Up Your Entity Like A Professional with Garrett Sutton

Garrett Sutton, Esq. is a Rich Dad Advisor, a nationally acclaimed corporate attorney, and asset protection expert who has worked with real estate investors for +30 years to help them structure their entities.

In this episode you'll learn: 

  • Why Garrett likes LLC's to hold real estate and brokerage accounts
  • The...
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Understanding Multifamily Lingo : “HVAC is ABP”

blog May 08, 2020
This one can be seen in a property package, which says HVAC is ABP. But what does that mean?

Well, HVAC is ABP means Heating, Ventilation, and Air Conditioning is All Bills Paid. This is versus tenant-paid. 

As we all know, we don't like to do all-bills paid. There are things that you need to know what to do when you're looking at the financial statement. 

If you see utility income on that statement or on the income section, that means that the tenants are paying up for a portion of the utility. You need to take your finger right down to the expense line item for what the utility expenses are. If you see the utility income is $60,000 you follow your finger down to the utility expenses. I can almost guarantee you, it's not going to be 60,000 bucks for the expenses. It's probably going to be closer to 100,000. 

In any type of a situation where you're billing back the utilities to the tenants, you’re never going to get a dollar for dollar payoff. Usually about...

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#53: The Science of Flipping with Justin Colby

podcast May 06, 2020

Justin Colby is a real estate investor, public speaker, podcast host, and coach. He is the Co-Founder of Phoenix Wealth Builders, a real estate solutions company, specializing in providing opportunities in a variety of areas within the Phoenix real estate market. Justin and I discuss how he got started flipping houses and how he's been able to expand his business to flipping and wholesaling over 1400 properties. 

 

Listen to all our episodes and leave a review: HERE

Download Podcast: HERE

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The Science of Flipping with Justin Colby

Justin had been running a real estate brokerage company in Northern California at 26 when he lost everything. He decided he wasn't going to let this moment define him and decided he was going to go all in. Justin moved to Scottsdale, AZ and has been wholesaling and flipping properties there since 2007. 

While Justin has wholesaled and flipped...

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Understanding Multifamily Lingo : “Rent Concessions”

blog May 01, 2020
Rent Concessions are an example of an "income reducer". Here are examples of Rent Concessions and why they are income reducers!

Rent concessions are what we call an income reducer. Income reducers are those things that bring your report from the gross potential income down to the gross collected rent. Everything in between is what we call an income reducer. Rent concessions are an example of an income reducer. Typically you don't like rent concessions. 

There are properties that offer rent concessions but don't report it. I caught somebody doing this one time when I just did a Google search on the address of the property. A Craigslist listing popped up, showing that they're giving away $200 free rent for the first month. I went to the seller, I said, "Hey, you're giving away 200 bucks." He goes, "Yeah, yeah." I said, "It's not showing up in your books." "Oh, it just started doing that. It hasn't caught on yet." But he never disclosed that they were doing rent...

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#52: Owning Your Own Property Management Company with Colin Douthit

podcast Apr 29, 2020

Colin Douthit started as an investor and spent 24 months purchasing and managing his own assets. Then he started the management and construction companies to help in servicing their out of state investors. He now manages over 300 doors and has multiple multifamily renovations and repositioning projects in process for investors. Colin and I discuss how you can create your own property management company.

Listen to all our episodes and leave a review: HERE

Download Podcast: HERE

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Owning Your Own Property Management Company with Colin Douthit 

Colin had the entrepreneurial bug and after working 7 years in the Engineering field he decided he wanted to do his own thing. Colin quickly had a 7-unit property under contract... but not before he was fired from his job. With a will to win, Colin did what was necessary to make sure he closed on his first property. 

From his first...

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Understanding Multifamily Lingo : “Net Operating Income VS. Net Ordinary Income”

blog Apr 24, 2020
What's the difference between Net Operating Income and a Net Operating Income?

What's the difference between the net operating income and the net ordinary income? 

Well, technically, nothing, but you have to understand what you're defining here. When you say net operating income, you're talking about a multifamily property - NOI. When you're talking about a net ordinary income, you're talking about every other business. 

So, a net operating income is unique to multifamily. And net ordinary income is not - it talks about every other company. What happens is, when you become experts in multifamily financial statements and when a broker sends you the documentation, you're going to be able to look at it right away and know whether you've got a good report or something that is one step above a cocktail napkin. 

And the easiest way to do it, is to look at the income, the expenses and the line that says net ordinary income. If the financial statement that they're giving you...

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