The last VIDEO Post of 2007!

Hi Everyone, I just posted a short video blog post.
More to come in 2008.
Project 'X' is right around the corner...watch for the
unveiling on January 2!!
I hope 2007 was a great year for you and your family and that 2008 will be even better and more rewarding in every aspect. MY BEST TO YOU AND YOURS!
~Jerry

Project X - Burning Question....

Hopefully you are all getting geared up for next week. Me? Well, I'm in Sunriver right now with the wife and kids and since it's nap time for the youngster, I can get some work done...

So...let me answer another BURNING QUESTION ...

"Jerry, How do I find and ID raw land deals?"

OK, this is a great question and one from LOS Member Dr. Lewis Richardson in Salinas...

Actually, it's 2 questions, so I'll do my best to hit both.

1) FINDING RAW LAND DEALS: Try www.loopnet.com and search for "raw land" in your state. Another place? Brokers. Tell them to send you a list of raw land that is for sale. Another? Send a letter to owners of raw land where you want to buy telling them you are interested in buying.

2) How do you ID them? This won't be complete answer, like #1 above, but, give enough to get you moving in the right direction. I look for properties in the path of progress, neglected properties (overgrown, junk, etc.), properties with past due property taxes (the country generally can give you info), and I ID them by taking the above in consideration and if they are listed or I know what they theoretically might be worth, I can get a quick idea if they are potential DEALS or not.

OK...until next time, and, have a VERY happy holiday season.

Best, Jerry


Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com

Cont'd from Last Post...

Yeah, got trigger happy here to get that post up.

One thing I forgot to mention...

If you, the BLOG supporter/reader, do NOT have an educational base down...

Stay tuned to this BLOG.

Having a good, fundamental understanding of basic real estate terminology is key.

Here's a great resource available from Amazon.com:

http://www.amazon.com/Dictionary-Estate-Barrons-Business-Dictionaries/dp/0764124463/ref=pd_bbs_sr_1?ie=UTF8&s=books&qid=1197515782&sr=8-1

This bad boy is a great tool and will keep you informed on terms, etc.

A shameless plug (and why to stay tuned): My new A to Z CDs and Basic Training Program will be available in a matter of days...Watch for that. It's is THE best training for any newbie or someone that thinks they know it all...I guarantee it'll be an education NOT available anywhere else...

OK, that's it for tonight. Promise.

Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com

Project 'X' - Burning Question: Where do I start, Dude?

OK, so I continue to get questions from the AskJerryJones.com website.

Today's ?:

"Dude, where heck do I start? I've got a ton of great information, but like you said at your event...Education without implementation is just entertainment...Screw the entertainment, I want some dough!"

Good. First, you have the right attitude. That's impt point numero uno.

So, for this guy, that asked a slight variation of this question, Willie is his name, he's been to Ron LeGrand's(R) Quick-Turn 5-day event. He's got a good BASE.

So, what next?

Easy...Get potential sellers calling you.

Marketing is what this boils down to.

I mean, you know how to make an offer (you write down what you want and put it into a Purchase and Sales agreement, right? do this AFTER having a conversation with your seller), you know who to call when you have an offer accepted. You know you need to SELL soon after you buy since at this point, it's all about quick-turning the properties and getting cash in the bank.

So...the missing link, SELLERS that are ready, willing and able to sell.

Willie, one of the members and BLOG readers that asked this question, KNOWS what to do for marketing...there are choices:

1) run an ad in the daily newspaper - I like Richard Roop's ad. It starts out, "Sell Your House As-Is..." That's the headline. Best one I've ever read. It beats the hell out of, "We Buy Houses." So. What's in it for me (if I am the seller)? You HAVE to answer that question if you want someone to respond to your ad, right?

2) send out letters, saying you can HELP them out of their problem by BUYING their house as-is, on the date of their choice. You can mail to out of town owners (see your county tax assessor's office for the list), pre NODs (notice of defaults), to people that own their homes free and clear, etc.

3) go to a local REIA meeting and talk to other investors that may have a house they can't close on (no money or they are doing it wrong), or need/want to sell. You'll be amazed what you find at these meetings.

The bottom line is this: GET Started. GET sellers calling you (your PATLive line - more info available at http://www.patlive.comm/signup/jjd ) and start sifting and sorting based on how good the deals look and how motivated the sellers are.

DO NOT deal with unmotivated sellers. Period. DO NOT.

Anyway...enough for one evening...More to follow!

If you have not submitted your question for me, go to: http://www.AskJerryJones.com

Best, Jerry

P.S. Project 'X' is moving along...Let me tell you, I just added an entirely new killer segment to it today that will BLOW your socks off and reveal a strategy that would make your spouse very happy when it comes to building your Nest Egg...More to come. I can't wait - My partner on this was up until 2:00AM last night working to meet the deadline I have given him...

P.S. #2 Some of you checked out the Dan Doran/Richard Roop $37 offer. If you didn't jump on this, you're either insane, on vacation or well, insane. Check it out!

Here's the link: http://m176.infusionsoft.com/go/bd/medgrp/

Adios!

Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com

Another Burning Question Answered...

I am sitting downtown right now, Salem, waiting for my daughter to finish up with her Church's Christmas Play practice.

This groovy little dig I'm at is the Governor's Cup.

If you're ever in Salem, cool place. They roast their own coffee, it's a retro-atmosphere, etc. And, great coffee. It's sort of Bohemian, which for a non-Bohemian like me, it's good to go hang out where I am not normally...

Anyway, enough about me...Another Burning Question...

Here's a question from Dr. Bill:

"What do you do about cash flow when you can't sell?"

Bill, there's a couple ways I can answer this question:

1) the way I buy, cash flow is covered. Richard Roop and Dan Doran call a way to do this, even in areas of higher priced homes where rent is not covering the monthly pymt, The "California Secret." In a later post, I will get into the gist of this.

2) i teach folks to buy houses or other properties using OPTIONS so you have no risk whatsoever, until your exit strategy is clear. Rather than taking the house under contract with a Standard Purchase and Sales Agreement, I use an Option Agreement. I have no monthly cash flow needs...only MARKETING.

The other issue here is you should NOT ignore formulas when you buy. And, if you don't make promises you can't possibly keep in a "worst case scenario" then you have nothing to worry about.

If you don't write BIG CHECK, you can't LOSE BIG CHECK (Famous words of my mentor Ron LeGrand(R).)

Lastly, when using a formula such as MAO=ARVx70%-Repairs. ARV = after repaired value. MAO = maximum allowable offer (ALL courtesy of Ron LeGrand(R).)

So, if you are buying a house at 70 cents on the dollar of it's current value LESS repairs, you are in at price that allows you to sell quickly, no matter the market (you're the lowest priced house out there - who's going to get the attention?). And, by offering owner carry or owner financing of some kind, you'll sell even faster.

I don't target a lot of homes in the upper end of the market. They are more difficult to sell in my area since there are not a lot of fish in that pond (upper end homes in Salem could be anything above $300,000...). I like mid-market or lower-end market homes...NOT junkers, but just properties that are easier for the average person to get into.

Plus, this of course all depends on your exit strategy!

Bill, get to a training event as soon as you can. You'll quickly realize that your question is a good one, but easily answered with the right approach (as low of risk as possible going in on a property) and with the right exit strategy in mind.

Have a good rest of the weekend everyone...

Project 'X' is getting closer to being done by the day!

Best, Jerry


Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com

Burning Question, Project 'X'

It hasn't taken much prompting; I've been inundated with great questions from BLOG readers...THANK YOU!

Here's one from N. Montgomery:

"How can I invest when I don't even have the time to XXXXXX?"

Great question.

At the last-ever event in Orlando in November, I covered this in great depth.

Here's the short answer:

If you don't have the time available to invest, you REALLY need to invest in real estate and carve out the time, no matter where it's at, and do it now.

If you claim you don't have enough time, therefore you don't have enough money or knowledge to control your time to carve out the time to GET the education to GET it (whatever IT is) done.

Let me exhibit my point with a story:

Last night I was leaving my local Karate class (my daughter Mady is one belt from Black and I am 2 - it's a great sport for parents and kids to work together in!) and I happened to see my eye doctor there, picking up his kids. I said, "Why don't we get you out here...I mean, if I CAN do it, you can!"

His reply, "I need 5 more hours in a day! I just don't have the time."

I am not saying THIS is his case, but...for most folks, if they had all the money they needed, TIME is not the issue - So...is TIME really the issue or an excuse?

If this is you, and TIME really IS the reason, you're in the spot you're in not "having enough time to invest" because you're working too hard swapping hours for dollars and you have to switch around two things: 1) your thinking; 2) your time management skills.

For instance, it's 9:46 PM on a Friday. My kids are in bed and my wife and I have a "date" at 10PM to catch one of our favorite Friday night shows so I have another 14 minutes to finish this, and it WILL get done.

I have my weekend's and many weekdays for leisure; but when I am working, time is scheduled tight, to the minute and NO ONE interupts my schedule unless they are bleeding or dying.

If you need time mgmt skills or want to get more out of every hour, get Dan Kennedy's book, NO B.S. Time Management for Entrepreneurs. Get it at Amazon.com.

I would hazard a guess that most folks that say they don't have enough time use that as a crutch to keep from having to take action.

I'm not bragging at all but just to give you an idea of what my life is like:

-I sit on the boards of 2 companies.
-I own 6 major businesses and oversee their operations most days of the week when I am working (I have professionals doing the bulk of the work, including my dental assisting school! I spend no more than 1 to max, 2 hours per week working ON that business - so therefore I DELEGATE AND AM NOT AFRAID OF DOING IT...Ron LeGrand(r) says, "The Less I Do The More I Make(TM).") And this IS completely true.
-I have 2 kids - one in 3rd grade and one in diapers still.
-I vacation 4 to 5 weekdays per month (It gets boring and I'm not wired to take vacations. And, I don't like golf.)
-I write 3 to 4 newsletters each month for different personal businesses.
-I do the marketing for 4 to 6 businesses each month, depending on the month.
-I can go on and on.

I AM busy, by choice. AND, I MAKE TIME to do my real estate investing.

It's impt. In fact, no business I run TODAY will have the impact my real estate investing will have on my future. I am building a multi, multi-millionaire nest egg that can't be built in any other business, PERIOD.

Bottom line: it's all about managing time and your life.

I've never found a successful person who used lack of time as an excuse for getting to the next level...no matter how high that next one might be.

Anyway...Keep the questions coming and thanks for asking Dr. Montgomery!

Go to: http://www.AskJerryJones.com

Best, Jerry



Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com

A Quick Thanks!

Many of you have already submitted questions for me at AskJerryJones.com and I appreciate it!

One question was "Jerry, where do you find your deals?"

I'll give you an excellent source to sift and sort deals - and when you think you've found one, get a member of your dream team - namely a commercial broker with KNOWLEDGE of the area (property knowledge is even better) and have them help you analyze it to see if it has the makings of a deal.

Here are a couple indicators I use to initially screen a property:

1) cost per sq foot (if raw land) compared to like properties (COMPS are SOLD properties, not listed - listed means squat to me. DEALS DONE are the true measure)

2) cost per "door" or "unit" on apartment rentals/multi-family properties compared to COMPS (ask your dream team member for a CMA - a comparative market analysis - or, just have them give you a ballpark number for what a "door" in like condition usually goes for on the market...It could be $30,000 per door or less in Iowa and here in Oregon, $60,000! So...you have to *know* your market which means asking questions and learning it!

Enough for now...Gotta run. The rain just keeps falling here in the Northwest. My hometown of Centralia, WA has been on national news from the flooding since a dike broke and flooded half the town and put an Applebees and Wal-Marche under water! That's just one of many reasons I left that place!

My best to you and talk to you next week...~Jerry

PS One last thing: We keep getting closer to getting Project "X" done. It's a HUGE amount of work and we have a literal team working on it. I can't wait and YOU are going to LOVE IT!

PS Tell me your burning question about Real Estate Investing... Go to: http://www.AskJerryJones.com


Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com

I need your help!

Listen/Watch my most recent Video BLOG post.

I would like you to then visit:

http://www.AskJerryJones.com

Have a killer weekend! Best, Jerry