The following is the checklist to be used primarily by a real estate agent after an investor meeting. It is based on what I use as our checklist for preparing for our investor classes in Fort Collins.
So, we've talked about the different types of real estate investors, what they're typically looking for, and how you might work with them as a real estate agent running a real estate investor group. Now, I'll get right to it: why start and run a real estate investor group.
I think there are 4 compelling reasons for starting and running a real estate investor group.
- Toll Bridge
- Saleable, Appreciating Asset
- Attract Great Clients
- Simplified, Value Adding Stay In Touch Tool
“In an inflationary world, a toll bridge (like company) would be a great thing to own because you've laid out the capital costs. You built it in old dollars and you don't have to keep replacing it.” – Warren Buffett
Once you take the time to setup your real estate investor group, it continues to produce for you over time. When we talk about ways to monetize your real estate investor group, you will also see that you can get paid for access to your group or profit directly from the group by offering your services as a real estate agent to some of the members.
Saleable, Appreciating Asset
Last year in our local market, one of the investor clubs sold. While I do not have inside information as to the sale price, my best guess is that it sold for just under $100,000.
Investing in growing your own investor group is investing in a saleable, appreciating asset. The longer you own and grow your group, the more it is worth.
A real estate agent coming into my market could buy my real estate investor group from me and start generating commissions from it right away. It is like buying an established, up-and-running, highly profitable, lead-generating machine.
Attract Great Clients
I consider the first two reasons for starting and running an investor group as bonus reasons. The next two reasons for starting and running an investor group are the best reasons of all.
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If you're a candidate for the Save For College Nomad model, you're probably short on sleep so I'll try to keep this short. It is just one of the five types of Nomads.
Save For College Nomads
The Save For College Nomad is typically a strategic thinking parent of young children with a good to great job who realizes that they need to be planning now to be able to pay for college for their kids while they're still relatively young. The sooner you start, the easier (and less expensive) it will be.
In the most vanilla of versions (and there are lots of variations), you would be buying a property, moving in and living there for one year before converting it to a rental property. You'll repeat this 10 times.
In an ideal world, you start this plan the year your first child is born (or earlier). I'll show you the math if you start a little later below (towards the end).
Save For College Nomad Model Assumptions
I've made some assumptions to create this model for you and I'll be explaining what my assumptions are. We can evaluate the Save For College Nomad model with other assumptions to see how that affects it as well and I will do that in the future for you.
I will tell you that I believe, deep down, that the assumptions I use are very conservative but let me know if you'd like me to run it with different assumptions.
I've modeled buying 10 houses over 10 years in this example. I am using an actual property that is currently for sale in Northern Colorado as of July, 2015. So, yes, these numbers are real.
You'll be buying the first property for $238,875. That price would include 2% in closing costs in the form of Seller Concessions.
After buying a Nomad property, you should remember to change your address with various companies. We’ve integrated the following list right into the Ultimate Nomad … Read more
Thank you for your interest in volunteering to help run one of our local chapters of the Nomad Investor Clubs on Meetup. We appreciate your … Read more
When we teach the Tenant Screening class, we strongly encourage you to use a written Rental Application Evaluation Worksheet when processing each applicant. This is that form.
A special thank you to Brian Williams who shared his Rental Application Evaluation Worksheet with our local investor club. The Rental Application Evaluation Worksheet below is from him. Thank you Brian!
Here are images showing the newest version of the single page Rental Application Evaluation Worksheet.
When we teach the Tenant Screening class, we strongly encourage you to use written Rental Application Evaluation Criteria when processing each applicant to make sure you are compliant with Fair Housing Laws. This is a sample of written Rental Application Evaluation Criteria for you to edit and use—with the help of your own attorney—in your business.
A special thank you to Brian Williams who shared his Rental Application Evaluation Criteria with our local investor club. The Rental Application Evaluation Criteria below is from him. Thank you Brian!
Here are images showing the newest version of a sample Rental Application Evaluation Criteria.
In this class, I go over what Seller's Property Disclosures are, the dates and deadlines associated with them, how and when we might object to them and then go over several examples of what you might expect to find in a Seller's Property Disclosure.
I just finished what was supposed to be the Mock Tenant Screening class on June 20, 2017. However, for a number of reasons including that … Read more