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I am attending this seminar in Cleveland Ohio; and would like to share some of its points with everyone.
It's Friday through Sunday, though, so I've only been through Day 1 as it stands. Once we got past the obvious basics in the morning, however, there were a few very good tips for the day. I should note, that this is intended to be a Real Estate course, which is why it's in the Real Estate section of the forums
Day 1 Highlights
Hard Money Lenders - I'm sure most here know what these are. The interesting point that was made was that it's possible to get a loan from them, in which the entire collateral is the home with which you're buying, in the form of a lien. In fact, if anyone could explain how this can be possible, I would be fascinated to know; because it seems as though that would mean there is literally no downside if you fail (Because you don't have to have your credit involved at all with Hard Money, if it's done correctly).
They also spoke about getting homes under contract, and then selling the contract to others. In fact, they almost quoted word for word UtahInvestor (Was that his name? Can't recall exactly at the moment.) from the RichDad forums on that subject. But, of course, it was still good information.
One of the wonderful little gems he pointed out, also, was that you can delay your first mortgage payment by almost a month after you buy a house, by electing to pay it on a day of the month that happens to be less than 30 days away from the one you're closing on. And, if you put a right to show clause in the contract, you can also show prospective tenants or buyers the property for up to 60 days before you even have to purchase a property! So, you can delay paying anything while looking for tenants/buyers for almost 4 months if done correctly; and collect the first month's rent basically before any expenses; and the second month's will cover the first mortgage payment.
I'm not sure if this works with Commercial property, but if it does, then it would potentially be possible to get a few thousand dollars basically right off the bat if you purchased the property correctly.
(Sorry if that doesn't make sense... I can elaborate if anyone would like me to.)
I'm fairly certain that those were all of the main points of usefulness for day one. Everything else was just going over the basics; and some math that was extremely idealistic... Tomorrow, we'll be playing Cashflow though, and that should be fun, and I'll update this with any new gems of info!
It's Friday through Sunday, though, so I've only been through Day 1 as it stands. Once we got past the obvious basics in the morning, however, there were a few very good tips for the day. I should note, that this is intended to be a Real Estate course, which is why it's in the Real Estate section of the forums
Day 1 Highlights
Hard Money Lenders - I'm sure most here know what these are. The interesting point that was made was that it's possible to get a loan from them, in which the entire collateral is the home with which you're buying, in the form of a lien. In fact, if anyone could explain how this can be possible, I would be fascinated to know; because it seems as though that would mean there is literally no downside if you fail (Because you don't have to have your credit involved at all with Hard Money, if it's done correctly).
They also spoke about getting homes under contract, and then selling the contract to others. In fact, they almost quoted word for word UtahInvestor (Was that his name? Can't recall exactly at the moment.) from the RichDad forums on that subject. But, of course, it was still good information.
One of the wonderful little gems he pointed out, also, was that you can delay your first mortgage payment by almost a month after you buy a house, by electing to pay it on a day of the month that happens to be less than 30 days away from the one you're closing on. And, if you put a right to show clause in the contract, you can also show prospective tenants or buyers the property for up to 60 days before you even have to purchase a property! So, you can delay paying anything while looking for tenants/buyers for almost 4 months if done correctly; and collect the first month's rent basically before any expenses; and the second month's will cover the first mortgage payment.
I'm not sure if this works with Commercial property, but if it does, then it would potentially be possible to get a few thousand dollars basically right off the bat if you purchased the property correctly.
(Sorry if that doesn't make sense... I can elaborate if anyone would like me to.)
I'm fairly certain that those were all of the main points of usefulness for day one. Everything else was just going over the basics; and some math that was extremely idealistic... Tomorrow, we'll be playing Cashflow though, and that should be fun, and I'll update this with any new gems of info!
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