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BRAG!…Be Rich And Generous with HUD Homes

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By Larry Goins

BRAG is all about investing in real estate to Be Rich And Generous! In his new book author and BRAG radio show host Larry Goins breaks down how you do that by buying HUD homes at 50% discounts.

He has shared the stage with experts including; Suze Orman, Donald Trump, Robert Kiyosaki, and Tony Robbins. In the forward that New York Times bestselling author Michael Gerber wrote for Larry Goins’ book he likened his entrepreneurial genius to that of Michael Dell, Ray Kroc, and Bill Gates. Now, following the great success of ‘Getting Started in Real Estate Day Trading’ Larry has launched a new book – ‘HUD Homes Half Off’. Keep reading and we’ll tell you how Realty411 readers can get their hands on a FREE copy.

Who is Larry?

Larry Goins in a visionary, educator, and an active real estate investor. He has been in the industry for over 30 years. He has hands on experience on the frontlines of just about every facet of real estate; from commercial properties, to development, financing, and residential investment.

More importantly, Larry’s organization is one of the few which isn’t afraid to lead by its values, and to put principles and people before profits. The firm is active in giving, volunteering, launching new nonprofits, and empowering a new generation of social entrepreneurs. If this resonates with you, then you won’t want to miss the weekly BRAG radio show on WBT or iHeart Radio where you’ll hear more about using real estate to become rich and generous.

Today you’ll find Larry is perhaps best known as one of the biggest buyers of HUD homes in the Carolinas. Over the last three years his team has been active in at least 12 states, with students and apprentices flying in from as far away as Australia and Sweden.

‘Filthy Riches’

Goins coined the term “filthy riches” to apply to making great money from distressed properties In fact, he says his system can enable investors to make more money from dirt cheap homes than others make flipping higher end properties.

HUD homes are a big focus of this. Larry says “you can still make great money on HUD homes today,” and that “there are plenty of HUD homes for investors, at discounts.”

In his new book he shows how to make as many as 7 offers per minute, and reveals both the best time of day, and best days to make winning bids on HUD auctions. Yet, Larry says there are two things he doesn’t like in real estate; “renters and rehabs.” So how does he turn these deals into cash?

In an exclusive interview the author told Realty411 that there are options for both active and passive real estate investors. Those strategies may include ‘day trading’ real estate, acquiring notes, or private lending. You’ll want to check out more about this and the specific examples given at PrivateInvestorsOnly.com.

What’s Unique?

Larry was the first to admit “anyone can teach you how to invest in real estate, or to flip houses.” However, there are clearly some differences in this method and firm than others.

In his own words Goins describes where he sees the uniqueness as:

  1. Being approachable and accessible, always
  2. Doing what we teach
  3. A commitment to helping you achieve your definition of success

This company has an open invite to its offices near Charlotte, NC, which is certainly unique. Larry’s team is still investing daily and offers a variety of ways to participate in those deals. Though what is really cool is the attention to aiding investors in honing in on their why, and getting them setup to achieve it. For most investors the first why that comes to mind may be the money. Larry says it’s highly unlikely you’ll be laying on your death bed wishing you had done just one more flip. He says your only job security may be your ability to make money, but he is passionate about getting you on the fast track to get the money challenges out of the way, so then you can work on your passions and purpose. After all; what are you going to work on after you are at the level where you are making $10,000 a month or are wholesaling 10 deals a month. “What are you going to do with your blessings?” For some of his protégés it has been a mission to giveaway a million bibles, or to go build houses in Kenya.

 

Larry Goins certainly continues to be generous with his gifts. Some might prefer to keep these types of wealth building secrets to themselves. Not Larry. He publishes and broadcasts them. When it comes to his model for investing you’ll also find him investing in neighborhoods and offering seller financing in small town USA. Places where people have community values, where families are born and raised and want to raise their own families.

Get the Book

Whether you are looking for cash now, or cash flow for the long term you’ll enjoy checking out LarryGoins.com where you can grab a free copy of the book HUD Homes Half Off for yourself, or for someone you care about.

Don’t Leave Thousands on the Table at Closing

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By Kathy Kennebrook (The Marketing Magic Lady)

One of the things that never ceases to amaze me in the real estate business is how many investors leave hundreds or thousands of dollars on the table at closing due to errors in the closing documents. This is an area where many investors need to be educated. Many times investors get excited about the bottom line and forget to check the figures on the documents.

It is a mistake to assume that the HUD or closing statement is correct or that the closing documents are correct. The person preparing the closing statement can make mistakes. In addition, the person preparing the closing statement and documents is using figures that they have acquired from other people who could also make mistakes, such as the insurance company, the Realtors, the lender, home inspection service, or the surveyor.

You need to take the time to read all the documents carefully before closing on any deal. I have personally seen errors on the HUD at almost every closing I have ever been part of. Many investors only look at the bottom line and think “yes that’s enough money” but they fail to look at the whole closing statement, and in doing so possibly leave thousands at the table. I just had a closing take place recently where there was a mistake of a thousand dollars on the HUD. They put one of the buyer’s expenses on my side of the closing statement. I don’t know about you, but I think a thousand dollars is a lot of money to leave behind when you are entitled to it.

If you are looking at a closing statement and you aren’t sure why a figure is there, ASK the closing agent or attorney what it is and why it’s on the closing statement. It’s their job to make sure things are done correctly and all the figures are on the right side of the statements at a closing. Until I thoroughly learned the real estate business, I questioned every closing statement I looked at to make sure there were no mistakes.

There are some areas in particular that should be checked thoroughly. If there is a Realtor fee, make sure the percentages are correct and the payment amount to each Realtor is correct if more than one Realtor was involved in the deal.

Make sure you check the per diem interest to make sure this figure is calculated correctly. There are programs online that can help you with these calculations. I recently had a deal where I was the lender and my borrower was paying me off with the sale of the property to a buyer. When I received my check for the payoff on my note, I had been overpaid by $750.00. The per diem interest and pre-payment penalty had been calculated incorrectly. Had I not caught the error and written a check to my borrower, he would never have known there was an error. His mind was on nothing but the bottom line and he left at least $750.00 at the closing table. Compared to big checks, these may seem like small amounts, but multiply these amounts by how many closings you will do over a period of just a year and it adds up quickly! If it’s your money, you are entitled to it.

Make sure that the figures on the HUD from the insurance company, termite inspection, home inspection, survey, realtors or any other fee that should be carried to the HUD are correct. There have been many times when these figures were either incorrect or there were fees on the HUD that I had already paid out of pocket before the closing. If there are home owner association fees, make sure the pro-rated amounts on these are correct. If there is a home warranty to be paid for the buyer, make sure it shows up on the closing statement. These are all errors I have personally experienced on closing statements.

Check to make sure that the pro-rated property tax figures are correct on the HUD and appear on the correct side of the HUD. If you are due pro-rated taxes from your seller, make sure they show up as a credit on your side of the HUD. If you owe pro-rated taxes to a buyer, make sure these show up as a credit on the buyer’s side of the HUD. If there is a new loan amount or a payoff figure from a lender make sure these figures are correct. Make sure that any pre-payment penalties have been properly credited or charged. If you are paying off a mortgage, also make sure you are not charged a pre-payment penalty when none is due. This is another error I recently encountered on a closing statement.

There are other areas where I have frequently found errors so make sure you check your documents carefully before the closing. It’s much easier to deal with problems at the closing table than have them show up later and have to be corrected. If you are assisting a buyer with closing costs, make sure they don’t charge you more money in closing costs than they are entitled to. If you are assisting a buyer with closing costs and you see a big pay day on their side of the HUD, you need to open your mouth and protest it. Most lenders will not allow a buyer to take any more than 500.00 away from the closing table, especially when it is your money. If there is money left over from seller assisted closing costs, it should be credited to the seller who assisted with closing costs. It shouldn’t result in a big payday for the buyer.

Make sure you also check loan documents carefully. Check the interest rate, the balloon date and amount, and the amount of the note. I had a note and mortgage just recently where I was funding the deal for the buyer and the payee of the note and mortgage was the seller instead of me. They also had the balloon date wrong on the note. It showed a ten year balloon instead of a one year balloon because someone accidentally added a zero.

If there is an interest only payment to be made each month, make sure this is clearly stated in the note and mortgage. Also make sure that terms for late fees are clearly stated if you are the person holding a note for your buyer. Make sure names and addresses are correct and spelled correctly. Make sure you get an amortization schedule whether you are the mortgagor or the mortgagee. This is the best way to track a loan.

All of these are important points to check before any closing occurs. Don’t assume the title agent or attorney will catch the errors. They do many closings each day and they usually are unable to catch every mistake. In addition, very often the title agent or attorney is transferring figures they got from other people such as the Realtor, the lender or the insurance agent so they my not be aware that these figures are incorrect. It’s your deal and your closing, make sure the documents are correct so you don’t leave thousands at the closing table or create title problems later that could have been solved at the time of the closing of the deal.

Make sure all the documents that are to be signed and notarized are done properly. Make sure social security numbers or Tax ID numbers are correct on the 1099 so you are taxed correctly. I just recently had a closing where they put my social security number on the 1099 instead of the corporation that was supposed to absorb the income from the sale of the property. These are all real errors that occur all the time. Make sure you protect your interests when closing on properties whether you are buying or selling or simply holding a note so you don’t leave thousands on the table at the closing.

For more information on all the tools you need to find deals and automate your real estate investing business, visit my website at www.marketingmagiclady.com. While you are there be sure and sign up for my free monthly newsletter.

 

An Industry Leader Discusses His Deals

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By Hannah Ash

Larry Goins doesn’t know it all. “When it comes to real estate, the learning never stops,” he tell me. When one of the country’s leading investors pauses for a moment of self-reflection, it’s worth a listen.

“You can learn something from everybody you meet,” he tells me. It’s one of the secrets to his success in real estate; he’s always on the hunt for a way to do it better. “Just this week, I attended two webinars,” he casually remarks. I must admit: I’m taken aback.

For someone who has been engaged in all aspects of real estate since the 1980’s, Larry Goins isn’t full of the slam-dunk advice one might expect; instead, his advice is to ask questions and keep an open mind. That’s what he does, he says. He wants to know how he can do better and wants to meet people who can teach him how; he is full of stories of things he’s learned this week and this month.

For a man who once served as president of the Metrolina ReIA and is a mortgage lender, real estate broker, agent and licensed general contractor, one would think he might just want to rest. Mr. Goins, however, is one of those rare breeds who love what they do so much, it doesn’t feel like he’s working a job. Goins’s work is stacking up success after success and helping others find their own successes along the way.

Mr. Goins has a motto, “People and principles before profits.” When he’s not working, he’s with his family. I ask if they share his interest for real estate. His 17 year old daughter loves equestrianism, he says, “and she regularly takes to the ring, riding in shows”. Goins also has a son and wife. “My 9 year old son is already a hard money lender,” he laughs. When it comes to his wife, it’s not much different, “Pam is a hard money lender too. She also gives of her time generously by leading her church’s food pantry organization.” Both altruistic and driven to succeed, it should come as no surprise that he’s found a way to marry his two loves together; family and success. Following in suit, Goins has seamlessly merged his love of successful real estate investing and his love of educating into a dream job. He works with a large team of professionals who are all as excited about real estate as he is. Based in his scenic hometown of Lake Wylie, South Carolina, The Goins Group focuses on education while his Investors Rehab is all about actively buying and selling a lot of real estate.

A published author, his first book, Real Estate Day Trading, is available in bookstores everywhere. HUD Homes Half Off, his newest release, is available on Amazon and through his website. In his free time, Goins regularly hosts seminars, webinars and gives interviews as a way to motivate other investors to get serious about their money. Goins’ real estate blog is full of well-crafted tips for new and seasoned investors.

An apprenticeship in real estate investment is the best way to describe what Goins and his team offer students. You can’t get a college degree in real estate investing, but, Goins says, “you can latch onto someone experienced whom you trust to start learning.” He and his team, in many ways, operate like a trade school. There are books to read, active mentors, seminars and real-world investing experience through Investors Rehab.

For investors looking to get started or looking for a new edge, The Goins Group aims to serve. Each week, the business advisors Larry trusts to work alongside him in his office, check in with students to touch base, answer questions and provide some motivation. Goins says he too gets on the phone and talks to his students whenever necessary.

The skills his investors learn, Goins says, can change lives. “Real estate is what you make of it”, Goins explains, and his programs work for everyone; his clients come from all walks of life. One of his students, Alon, a pediatrician currently living in New York City, is working with Larry to diversify his investments and bring in some extra cash flow. Another client is a former prisoner who was able to change the direction of his life forever. “Do your techniques work?”, I ask. The proof is in the pudding: the hundreds and hundreds of letters and video testimonials that Goins and his team proudly receive each year say it all. As an active real estate investor, Goins has a simple approach to buying real estate; his philosophy is one that most investors can rally behind, “I buy houses. I don’t get sold houses.” Goins says people often say to him, “Wow! That’s a great deal. Where’d you find it?” goins explains, “I tell them: it wasn’t a good deal when I found it. We created the deal.” Investors Rehab, the investing arm of his business, attracts all types of investors. Whether it’s an investor looking for a great deal or someone he’s mentored, Investors Rehab has no shortage of buyers.

To create such good deals, Goins and his devoted team are always on the hunt for property to buy. He estimates they make a jaw-dropping 2,000 to 3,000 offers a week; they purchase 10-15 properties a month through their office. Once an offer has been accepted, his dedicated team gets three repair estimates and conducts a comparative market analysis. The properties Goins buys and sells aren’t “turn-key,” he says, they are what he has dubbed, “learn-key.”

Learn key? “That’s right,” Goins tells me, “Learn-key means you learn as you earn.” Investors buy properties for great prices that need a bit of work, and thanks to the research the Goins team does beforehand, they know about how much work will be needed before a property is rental-ready or can be flipped. The legwork goins’ team does takes away some of the risk for new investors and is a great help to seasoned investors. “Learn-key properties come with instant equity while turn-key properties come with instant cash flow”, goins explains. He wants investors to get the most equity they can out of a deal. Simply stated, learn key teaches investors to fish whereas turn key gives investors the fish.

Larry Goins, and his career in real estate, stand apart from the rest. His continuous drive to perfect his craft, learn better ways of doing things and new challenges to win is both inspirational and rare. Though his son and wife have an obvious interest in real estate, perhaps his daughter’s interest in horseback riding indicates that she too hasn’t fallen far from the Goins tree either; in both real estate and riding, there are always different horses to tame, new challenges to tackle and techniques that can be improved upon.

“Keep Learning. Take action.” Goins says. Just as in horseback riding, in real estate you can’t go far unless you saddle up and start riding. Since this is an article about a man driven to help others, it should come as no surprise that he’s decided to offer our readers his book about buying HUD Homes Half Off free of charge to our readers. Think of it as a nudge to take action from Larry himself.

To receive your copy, simply visit Amazon or get your free copy via this website: http://freehudbook.com/