Dr. Larry Litman's a “classic” success story. Not just him, but his entire family! Sons David, Michael and wonderful wife Gail all share in the glory of their family real estate investing business.
In fact, I see the day in the not-so-distant future when Larry will sell his Champaign, IL dental practice and do real estate full-time. I mean, why not?
It all started back in December 2005 (sounds like a long time ago, but in reality, just 19 months back!), Larry and Gail attended my first Real Estate Boot Camp for Busy Dentists. I remember them well. They sat in the back of the room which, for 3-days, held about 200 people.
I have to admit: 3-days in a chair CAN give you a numb butt. But, what Larry and Gail walked away with changed the course of their lives forever. So much so, that BOTH sons, both highly educated off-spring, are now working with them to build an incredible real estate empire.
David – Has his MBA. QUIT a $200+ grand a year J.O.B. to get involved.
Michael – Ph.D. in Computer Science. Teacher at an IL university. Hasn’t quit his job, but what he did do was create the most incredible deal tracking system I’ve seen for operating a business in the foreclosure niche. Learn more here: www.trackyourdreams.com.
OK, so now on to Larry & David’s trip that wraps up today in Juneau, AK courtesy of my company (for winning the 2006 Deal Contest) and my brother’s, www.ThunderMountainAnglers.com.
Here’s the email I picked up just a day or so ago…
Jerry,
Dave and I got into Juneau last night. We meet Brian, Andy, and Jason at the Travelodge. Yes, Brian is better looking than you! We plan on meeting Brian later today. Fishing early tomorrow and just maybe we will see whales. We went to Mendenhall Glacier today and had a blast. The weather was great and we had a free private tour with a young lady named Amy who works for the national park. We saw bears, salmon, and all sorts of plants while we did our private hike. On the way to the Glacier we stopped at your brother’s house to see the boat. We did notice your boat was for sale. If we paid all cash and could close quickly what would you be willing to sell your boat for? Jerry, if you want to sell that boat quickly you might consider a real ugly sign with every other word misspelled or something. Just a thought. We will keep you posted on our great adventure. Larry
Just to clarify, Larry, I think I am better looking than MY brother… But hey, that’s my opinion.
It’s crazy where Real Estate can take you!!
And to prove just how much fun Larry and David are having:
Jerry,
Today is my last full day in Juneau. The weather was beautiful the last 3 days but a little rainy today. Dave plans to walk the old man (me) until I drop. I think he wants me to hike up Mt. Roberts because there is no way Dave is paying $25 for the tram ride. Also, we are going to visit all the sites downtown as well. Brian was great and the experience is something that I will remember forever. We caught a load of fish, saw Whales, Eagles, Bears, and even a [famous, local] shipwreck! Brian put on a show when he bit the head off a live herring (I have pictures). Brian's knowledge of the area is unbelievable and the dinner he prepared for us last night was awesome. Of course I needed to pick up mass quantities of Beef to go along with the fish. Surf and Turf! Brian is preparing all the fish for us to take back home and I'm bringing over a wet box tonight for him to pack This adventure was the best, so thanks again for everything. Larry
I have to give you some background on why Brian, MY brother is biting the heads off fish. No, he’s not Ozzy Osbourne.
Brian’s hard-core. Everything he does and goes after well, is done full-tilt. He’s passionate, enjoys entertaining and if he can be on a boat fishing, there’s nothing better. So his charter and eco-tour business is a perfect fit for everything that is BRIAN.
Back when we were kids – he was probably 15 and I was 11 or 12 – we’d just returned from a trip to the Columbia River where we dipped (netted) a couple of 5-gallon buckets of a small, migratory bait fish called smelt.
Brian’s friend Mark bet him: “I bet you too scared to bite the head off that fish.”
Brian’s not afraid of anything the last time I checked…So, guess what? Yeah, he bit the head off the smelt (it was long since expired).
So I am sure one of his friends in Juneau was telling that story and Larry or David…well, bet him he wouldn’t do it.
So there’s the background.
Now, on to business – I’d like YOU to be the next guy I sent to Juneau fishing on board Thunder Mountain Anglers. But you can’t go on my dime unless you submit a real estate deal and meet the other various contest qualifications. If you’d like info, send me an email (jerry@jerryjonesdirect.com) and I’ll post the rules for ya.
Meanwhile…The MALL DEAL may just very well be coming back alive. I will update you soon, likely in the next 7 days.
Now…Go Make an Offer™! ~Jerry
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
Monday, July 30, 2007
Wednesday, July 25, 2007
Watch those JV/LLC-type Agreements!
At some point in time you will enter into an agreement via Joint Venture or perhaps and LLC. What you need to know your lawyer will tell you, but, there is no better teacher than experience. I ignored my wife (she's not an atty, but there's not one that could ever win an argument with her!) and it's cost me dearly.
I can't share many details, in fact, none, but for now, I have 2 suggestions, and at some later point, perhaps I'll go into more detail on what to avoid.
#1: When you enter into business with someone, whether through a Joint Venture or perhaps an LLC, make DARN sure you understand WHO you are dealing with in every way - in short, you're going to be legally married without the benefits and with all the hardships that can come with marriage. Again, I will give examples some day, but not here, now. Suffice it to say that this lesson, in 2007, will cost me close to $80,000 on one deal and I don't know, we'll see, but perhaps close to $1,250,000 on another. Ok, Ok, I got it!
#2: When you HIRE a broker or real estate agent, make sure you are comfortable with them, their abilities and make sure you keep and stick to deadlines and they do the same. A contract is a contract for a reason. They are not meant to be broken by either side. If it is, it's null/void. Period.
OK...Like any business, real estate has its warts. I've said that once and I'll say it many more times - BUT, you get paid very well to handle them and deal with them.
That part I like. More to come in a few days.
Now, Go Make an Offer(TM)!
~Jerry
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
I can't share many details, in fact, none, but for now, I have 2 suggestions, and at some later point, perhaps I'll go into more detail on what to avoid.
#1: When you enter into business with someone, whether through a Joint Venture or perhaps an LLC, make DARN sure you understand WHO you are dealing with in every way - in short, you're going to be legally married without the benefits and with all the hardships that can come with marriage. Again, I will give examples some day, but not here, now. Suffice it to say that this lesson, in 2007, will cost me close to $80,000 on one deal and I don't know, we'll see, but perhaps close to $1,250,000 on another. Ok, Ok, I got it!
#2: When you HIRE a broker or real estate agent, make sure you are comfortable with them, their abilities and make sure you keep and stick to deadlines and they do the same. A contract is a contract for a reason. They are not meant to be broken by either side. If it is, it's null/void. Period.
OK...Like any business, real estate has its warts. I've said that once and I'll say it many more times - BUT, you get paid very well to handle them and deal with them.
That part I like. More to come in a few days.
Now, Go Make an Offer(TM)!
~Jerry
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
Sunday, July 8, 2007
Contracts...and what to watch out for!
I was reviewing a contract earlier this evening for a purchase on a 6-unit apartment building.
As I was plugging through each single sentence carefully weighing each word, I was reminded how the very definition of words really come into play in contracts. What I mean by that is simply this: You have to understand not just the definition of each word IN a legal contract, you also have to understand the complexities of context and the inter-relationships each paragraph and sentence can have to subsequent or previous paragraphs.
Sometimes you can find yourself weaving through a real tough mess.
This is precisely why it is valuable and worth the few hundred bucks you'll pay an expert real estate attorney to review a contract and give suggestions for changes in your better interest prior to signing.
Some cheap advice I learned via the ol' school of hard knocks: Hire an atty to review your contracts. Hire an atty to prepare contracts specifically for YOUR use if and when you are the seller. Typically, you won't get a seller to agree to use your contract. And, if that is the case, use a standard form real estate agency contract specifically for the type of transaction you are doing.
In Oregon for instance, they have a standard form for Raw/Bare Land and it differs greatly from a Commercial Property Sales contract.
If you're a subscriber/member of my Look-Over-The-Shoulder Program, you'll be getting copies this month of this 6-unit apartment contract with my notes and cautions to look out for when reviewing contracts.
Anyway, time to hit the sack...Long day tomorrow and still recovering from the hot sunshine, cold water and over indulgence in rib-eye steaks and a real nice beer from Mexico - perhaps you've heard of it? Pacifico with a slice of lime? It's ALMOST as good as my all-time fav Alaskan IPA from the Alaskan Brewery in Juneau...
I digress.
Have a good one..Now, GO make an OFFER!
~Jerry
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
As I was plugging through each single sentence carefully weighing each word, I was reminded how the very definition of words really come into play in contracts. What I mean by that is simply this: You have to understand not just the definition of each word IN a legal contract, you also have to understand the complexities of context and the inter-relationships each paragraph and sentence can have to subsequent or previous paragraphs.
Sometimes you can find yourself weaving through a real tough mess.
This is precisely why it is valuable and worth the few hundred bucks you'll pay an expert real estate attorney to review a contract and give suggestions for changes in your better interest prior to signing.
Some cheap advice I learned via the ol' school of hard knocks: Hire an atty to review your contracts. Hire an atty to prepare contracts specifically for YOUR use if and when you are the seller. Typically, you won't get a seller to agree to use your contract. And, if that is the case, use a standard form real estate agency contract specifically for the type of transaction you are doing.
In Oregon for instance, they have a standard form for Raw/Bare Land and it differs greatly from a Commercial Property Sales contract.
If you're a subscriber/member of my Look-Over-The-Shoulder Program, you'll be getting copies this month of this 6-unit apartment contract with my notes and cautions to look out for when reviewing contracts.
Anyway, time to hit the sack...Long day tomorrow and still recovering from the hot sunshine, cold water and over indulgence in rib-eye steaks and a real nice beer from Mexico - perhaps you've heard of it? Pacifico with a slice of lime? It's ALMOST as good as my all-time fav Alaskan IPA from the Alaskan Brewery in Juneau...
I digress.
Have a good one..Now, GO make an OFFER!
~Jerry
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
Thursday, July 5, 2007
The Mall Part II
Hope your 4th ROCKED! Had a great time with the wife and kids in the h20 and 90 degree sunshine (yes, we get some damn hot days here in Salem).
My last post was about a potential "mall" purchase. Things are already getting interesting. Here's the latest I sent out to those interested in the property and the call coming up next week:
"...Just got off the phone with my Broker. Essentially, there's a potential buyer making a move on this property THIS week. And, that's OK. So, we're going to re-schedule this call for a later time. They've done this before and they screwed it up b/c their offer was a mess from what I heard via the grapevine, and you wouldn't believe how twisted this vine is!! I don't anticipate it being too different this time, and if there's one thing I learned, DO NOT act in haste b/c you perceive another potential Buyer is going to take your prize!! It is NOT worth it!!! SO...We're going to sit back and see how things materialize for the next 2 weeks. You'll hear from me when the time's right and I'll do my best to give everyone at least a 7 day notice for the re-scheduling of this Mall Call."
So, for now, we're holding and we'll wait and see what happens. It's a gut instinct thing I guess. I asked my broker if I should hang tight or get involved, with my gut telling me to wait. He agreed.
I'll keep you posted. Meanwhile, I've re-directed my efforts to a 6-unit apartment building. It got my attention with a No-Money Down headline. There's value there - from the Buyer's perspective and from the Seller's. They got my attention by offering clever terms (oh, and a 1-year tax abatement which I figure is worth close to $5,000 based on other properties I have in the area) and of course, upside on rents.
Hope you have a great weekend - I'm headed to the lake with the kids, wife, dog and the travel trailer. Yup, even I love to camp! Nothing like the smell of a campfire, burnt marshmellows, Hershey's chocolate and of course, Honey Maid Graham Crackers...Oh, and an ice cold adult beverage to boot (or multiples).
Adios, Stay Cool. Jerry
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
My last post was about a potential "mall" purchase. Things are already getting interesting. Here's the latest I sent out to those interested in the property and the call coming up next week:
"...Just got off the phone with my Broker. Essentially, there's a potential buyer making a move on this property THIS week. And, that's OK. So, we're going to re-schedule this call for a later time. They've done this before and they screwed it up b/c their offer was a mess from what I heard via the grapevine, and you wouldn't believe how twisted this vine is!! I don't anticipate it being too different this time, and if there's one thing I learned, DO NOT act in haste b/c you perceive another potential Buyer is going to take your prize!! It is NOT worth it!!! SO...We're going to sit back and see how things materialize for the next 2 weeks. You'll hear from me when the time's right and I'll do my best to give everyone at least a 7 day notice for the re-scheduling of this Mall Call."
So, for now, we're holding and we'll wait and see what happens. It's a gut instinct thing I guess. I asked my broker if I should hang tight or get involved, with my gut telling me to wait. He agreed.
I'll keep you posted. Meanwhile, I've re-directed my efforts to a 6-unit apartment building. It got my attention with a No-Money Down headline. There's value there - from the Buyer's perspective and from the Seller's. They got my attention by offering clever terms (oh, and a 1-year tax abatement which I figure is worth close to $5,000 based on other properties I have in the area) and of course, upside on rents.
Hope you have a great weekend - I'm headed to the lake with the kids, wife, dog and the travel trailer. Yup, even I love to camp! Nothing like the smell of a campfire, burnt marshmellows, Hershey's chocolate and of course, Honey Maid Graham Crackers...Oh, and an ice cold adult beverage to boot (or multiples).
Adios, Stay Cool. Jerry
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
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