For starters I have something really freakin’ awesome to share: Part two of my “grilling” interview with “Mr. Six-Figures-A-Month”.

I’m also hereby inviting you to toss your entry in the hat for a big contest this week, and the prize is a brand new Flip Mino video camera (NO real estate investor should be without one of these babies IMHO).

To understand how this is gonna work, please watch this short video I made at Starbucks with my 7 year old Alyssa (No, I don’t let her drink coffee, and yes, that’s one GIANT Rice Krispy Treat)……

Yep. Norton Kills It. Again.

If you were able to eavesdrop in on our pre-holiday expose’ (“6 Figures-A-Month Investor Reveals New Secret Profits Formula”) then you already know it was a powerful impressive couple of hours.

Clearly a nerve was struck with more than a few folks who really appreciated the eye-opening excursion through Bob’s current biz model.  We can tell…cause frankly the emails just keep coming.

We tried hard to get through as many questions as possible, but ended up closing out with a number still in queue.  So we promised to answer the rest of them in a follow-up session - which we just finished.

And…eh…WOW! I honestly think session 2 might be better than session 1. At least in my opinion. You can tell me if you agree.

A Few Tasty Morsels From Part 2…

It’s really too much to list, but here’s a partial smattering of what we talked about…

• Another look at his “new formula” for buying in today’s market
• What exactly is a “clean REO”?
• How to understand the mindset of today’s “wholetale” buyers
• How Bob feels about properties with mold
• How his formula changes for higher-end markets Vs. medium-range markets
• A closer look at his Utah Vs. Detroit flips
• How he’s best testing verbal offers with FDIC properties
• How to effectively “shop” a bank’s counter offer (takes your risk to zero)
• What type of market does this model work best in?
• Investor/agents: How to find an “investor friendly” Broker
• Is Bob still lending private money? If so, on what terms?
• Right/wrong ways to approach people for private money
• Story of a guy who tracked him down (from LA) and showed up on his doorstep for advice
• Can/can’t you assign contracts with this model?
• And a whole bunch more…

Guys, this is killer stuff. I really hope you get how powerful it is what Bob’s sharing.

How to Win the Flip Cam…

Step 0: Watch the “Starbucks” video (top of this post) if you haven’t already.

Step 1: Listen to Bob’s 2 “Secret Profits” sessions (below).

Step 2: Take written, ACTION-ORIENTED notes.

Step 3: Post your action-oriented notes in the blog comments below.

Deadline: Conest runs from Mon. 1/5/09 thru Fri. 1/9/09

After Friday, Bob and I will select a winner from everyone who’s posted some GOOD action points in the comments below.

How to Listen to the Free Replays…

Easy as pie.  The whole thing’s pasted for you below.  I broke it into 4 easy-to-digest chunks which you can listen to right here from this page, or download MP3s and stick ‘em on your iPod or burn CDs if you prefer.

Please keep in mind that since this is “Part Duex” (2), you should really make a point to hear part 1 first if you haven’t already.  To make it super-easy, I pasted that below for you also.

“Norton’s Secret Profits Formula” - Part 2 of 2

Part 2-A (36m:46s)
Press “play” to listen or right-click here to download MP3…
Download audio file (norton_followup_A.mp3)

Part 2-B (25m:24s)
Press “play” to listen or right-click here to download MP3…
Download audio file (norton_followup_B.mp3)

Part 2-C (27m:09s)
Press “play” to listen or right-click here to download MP3…
Download audio file (norton_followup_C.mp3)

Part 2-D (31m:12s)
Press “play” to listen or right-click here to download MP3…
Download audio file (norton_followup_D.mp3)

“Norton’s Secret Profits Formula” - Part 1 of 2

If you missed this one, start here (or don’t come crying to me if you’re confused).

Part 1 (entire original session - approx 2hrs)
Press “play” to listen or right-click here to download MP3…
Download audio file (16141196226988-001.mp3)

A Quicky Tip: Taken the survey yet? (mentioned in the audio) If not, do it here. (opens in a fancy new window)

Another Quicky Tip: Want to speed up the above audios so you can listen in half the time? Try the free MySpeed plugin for Windows.  (Honestly, I don’t know how the heck I ever got along without this thing.)

Ok, so enjoy, and I look thoroughly forward to your riveting, action-packed comments!

a

“Norton’s Secret Profits Formula, Part Duex (Plus, Win a Flip Cam)”

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He’s a 24+yr house veteran of flipping houses who’s always seemed a pretty straight shooter to me. He’s also like, the most laid back guy I’ve ever met (I practically fall asleep shaking hands with him.

So why’s he smashing a TV with a hammer in this video?…

Maybe Mr. Mild Mannered’s got a Mr. Hyde side?

And honestly…can you even still trust a guy who takes his gray-haired guru rage out on his office staff like this?

The truth is, it’s an obviously staged clip, but a fun way to kick off a couple hours worth of freebie video content from Mike’s last “no pitch” event.

I’m sure those videos will be great content, so I signed up to receive them. But this first one just makes me chuckle at Mike. If you know Mike, I think you’ll chuckle too, but you may as well also sign up for the other videos while you’re there.

Enjoy Mike’s “smashing” video…

Happy New Year and have a great weekend,

a

Gray Haired Guru Rage (Can Mike Collins Still Be Trusted?)

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Video 1: “How to Become an REO Insider (Bribe)”  [7m:52s]

• How to zero in on the big REO brokers in your area
• How to approach them correctly (and how not to do it)
• And how to basically convince them to be your “bird dog” and give you an early, inside scoop on deals you’re looking for.

Video 2: “Assessing Rehab Costs Quickly in Any Area” [2m:35s]

• How to quickly estimate average costs to rehab a house in any area
• Whether a “gut rehab” or a “lipstick and mascara” job

These are both pure content I took myself with my flip at a live event, and each concisely lays out several very specific, actionable tips you can put to use right away.

But there is one catch…

In order to see it, I need you to do two quick things for me please.

Call it an “ethical bribe”, but I really need your help/feedback.  So…I came up with this nice, enticing little carrot to dangle.

Step 1: Listen to this short audio from me…

Download audio file (546494UKONSE.mp3)

(If you missed session 1 w/Bob Norton re: his “Secret Profits” REI model, you can listen to/download it free here…)

Step 2: Answer these two questions for me…

Thanks, and see you on the other side!

a

2 Video Tips: Becoming an REO Insider & Estimating Average Rehab Costs Quickly

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Please listen to this short message…
Download audio file (12-15-08_norton_interview_final.mp3)

Remember Bob Norton?

He’s the former janitor-turned-investor from Detroit I interviewed during my Saturday Workshop Sessions.

He was the one bringing in six figures a month as a “full service wholesaler”, in one of the worst U.S. real estate markets.

Impressive to say the least, this guy’s not a guru — just an REI profit-machine.

Ever wonder what he might be up to these days, since the market turned? Well this Wednesday night is your chance to find out…

Quick Summary:

• What: “What is Norton’s New Secret-Profits Formula?”
• How: 60-90 minute interview + Q&A (via teleconference)
• When: Wednesday 9pm EST / 6pm PST
• Cost: FREE ($0)

UPDATE: You can listen to the entire session below, or right-click here to download the MP3 for listening offline.

Download audio file (16141196226988-001.mp3)

Other Stuff:

• This is not a sales call. No products to pitch or anything.
• It’s a step-by-step walk through of a little-known, under-the-radar niche opportunity for real estate investors that’s just recently opened up, and Bob Norton has been quietly doing very, very well with it.
• This will be a content-rich, educational and entertaining interview. I’m going to ask Bob everything I can think of to understand what he’s doing and how he’s doing it, then I’ll turn it over to you for your own questions as well.
• Consider it my Christmas gift to you. Merry Christmas.

About Bob Norton:

• Part of my original “Nada Guru” and “Saturday Workshop” Interview Series
• Formerly 24yr old janitor turned 6-fig/mo full svs wholesaler in one of the nation’s worst markets in only 4 short years.
• Has an uncanny ability to see  real estate trends in advance and position himself to capitalize on them
• Known rep for being very simple and straight forward in his approach to REI

About Bob’s “Secret Profits Formula?”:

• A little-known opportunity, with sparse competition
• Should work in almost any U.S. market
• So profitable that Bob’s turned almost his full attention to it
• Requires ZERO marketing
• A very straight-forward profit model
• Exploits today’s market dynamics
• The window is still wide open for others to profit from, but won’t last forever
• Not short sales, REOs, Land, Tax Deeds, luxury homes, Virtual wholesaling, preforeclosure, Web 2.0 or other popular “buzz” topics

I look forward to grilling Bob with you. 

UPDATE: You can listen to the entire session below, or right-click here to download the MP3 for listening offline.

Download audio file (16141196226988-001.mp3)

a

6 Figures-A-Month Investor Reveals New “Secret Profits Formula”

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(No, that’s not really him in the picture.  We’re all fans of old-school Batman, right?  I mean, who isn’t?…)

Our interview is a case study of two of his deals at 3015 Morningdale and 1972 Teakwood…each with a little different flavor, some great takeaway lessons and nice profits to sport.

We dig into…

• exactly how the leads were acquired,
• the seller’s motivation for selling,
• specifically how the deals were structured, and
• chosen exit strategies.

And in the midst of it all, we extract some important lessons every investor should be mindful of.

I think you’ll really enjoy listening in…

Download audio file (09_08_patrick_riddle_final.mp3)

In addition to his real estate investing endeavors, Patrick runs another great REI blog.  Please pay him a visit and tell him I said “hi” when you do. 

Pictures and Comments from Patrick

To the right is a picture of 3015 Morningdale, and here’s what Patrick says about it in his own blog post…

“…we only had to do some cosmetic work to the property. This consisted of repainting the interior, putting new carpet throughout, cleaning up the landscaping, and knocking out the punch list. It cost us between $7K and $8K if I remember correctly.”

“One of the great things about the partner that we brought in to finance this property was that he had experience doing renovations himself. Since we were pretty green being newbies ourselves, he stepped in and managed the repairs that were needed. And a great long term relationship was created with him. I’ve borrowed money from him, lent him money, wholesaled deals to him, and partnered on a few other deals over the years.”

“As I mentioned in the interview, the net profit on the deal for our portion (75% of the profit) was right over $23K. Here’s the check…”

And here’s some “after” pics of 1972 Teakwood, along with his blog comments…

“We knocked out walls, reorganized the entire kitchen, uncovered hardwoods under the carpet, added a half bath, and put in tons of upgrades (crown molding, chair rails, picture frame molding, tile, etc).  Oh yeah, we added the sidewalk too, and it made a big difference in the curb appeal.”

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Riddle Me Profits, Batman! (Audio Case Study)

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Yay!

In case you missed the others, you can back track ‘em here.

Today’s installment brings you my Assignment Agreement, which is in my opinion one of the most important core forms any real estate investor should have handy and ready to whip out at a moment’s notice.

Three Things You Should Do Next:

1) Start by downloading a copy of the form for yourself…

To do this, right-click here and select “Save Target As…” from the Windows menu that pops up.

Easy as A-B-C:

A) If you’re still unsure of how to download the form above, please click here to watch a short screen-capture video I made for you

B) If you’re a Mac user, then you’re on your own.  Just do whatever it is you Mac folks do to download stuff.

C) The form is in MS Word (.doc) format.  If you don’t already have MS Word on your computer, then Open Office should do the trick for you, and the price is right (free).

As always, I’m giving you a personal license to use this document in your own real estate business.  But please don’t sell it or give it away yourself. If you’d like to share it with someone please send them to this page to get it.

Why?  Because I’d like to give them the chance to become an REI Tips subscriber…just like you.

2) Enjoy these two “how to” videos…

Here’s my short, 2-part video walking through this form, how to fill it out and how I use it specifically.

I hope you find it useful, and I’d really appreciate hearing any comments you may have if you could please share them below.

Thanks.

Click here to view the embedded video. Click here to view the embedded video.

3) Tell me what you think!

Enjoy the videos?  Got some feedback?  Please leave a comment, below…

a

Carving Up The Real Estate Contract Assignment (Free Form, Plus Video)

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It’s one I’ve heard a lot before, so I’d say the answer’s worth a dedicated post.

Mark asks…

“…you’ve said on one of the audios that you are licensed in real estate.  Do you disclose to sellers/buyers that you are a licensed agent when you are doing deals, making offers, selling, etc. Thanks and keep the instructional videos coming!”  -mark

Well OK, fair enough question.  So here’s the deal…

Many investors who are also licensed agents tend to be concerned about disclosing the fact that they’re licensed.They’re afraid that the other guy (or gal…don’t mean to be sexist here) might suddenly feel defensive or “on guard” against you now that he/she knows your a……trained real estate professional! (enter music from Psycho shower scene.)

Let’s start with what’s required…

The fact is, here in Tennessee agents are legally required to disclose they are licensed for any real estate transaction in which they play any part, whether officially wearing their “agent” hat or not.

So even if I’m a rehabber or a wholesaler or whatever…if I’m a principal in the transaction (buyer or seller) I’m still legally duty-bound to disclose my licensed status.

The reason being, it’s assumed you have “superior knowledge” you can wield like a loaded weapon against some Average Joe who innocently mistakes you for just another Shmoe like him.

The law dogs says it’s only fair that as early as practical you make him clearly aware of your superior knowledge, market prowess, powerful telekinetic abilities and cat-like reflexes.

Now admittedly it’s been a while since I first got my license, but I believe the board of Realtor’s code of ethics makes it even more specific, saying we should immediately notify any seller or buyer during “first contact” that we are licensed agents, and that “resistance is futile”.

They even provide us with a handy dandy form to do it all in writing.  Yay!

So how do I manage all this disclosure as an investor/agent without scaring folks off or putting them on the defensive?

Well, the answer’s pretty simple.  I just tell ‘em.  Just tell ‘em, don’t make a big deal of it, and don’t worry about it.

The fact is, contrary to popular belief most folks just don’t care in the least if you’re licensed or not.  And some folks actually seem to feel even better about it.

As in…

“Hey, you’ve got some fancy  Realtor trainin’, so you must be awesomer than those other shady investors out there!”

Here’s what I say…

…And usually in my very first conversation with a prospective client (i.e. motivated seller whose house I’m scoping out)…

“By the way, I want to let you know that I am a licensed Realtor.  So you know I’ve got a little formal training.

But also just to make sure we’re on the same page here I”m not here to try and list your house or anything like that… (smiling a little at this point) …I’m not here as your agent or anyone else’s other than my own.  I’m here looking as a possible BUYER.  Make sense?”

I usually say the whole thing with a little smile on my face, and I’ve never had anyone so much as raise an eyebrow.  They usually just smile back and say,

“Oh yeah - sure, I know that.”

I also make sure the same kind of thing is clearly stated in any paperwork we put together.  Sometimes I write it on the contract and have them initial it, and sometimes it’s included in my “Best Darn Sellers Disclosure CYA” document I use, which is based off an old form Joe Kaiser put out years ago.

The bottom line is…

…the rules for this may vary a little in different states.  But probably not much.

Just play it safe and disclose it, verbally in your first conversation, and again in writing as a part of your paperwork.

Don’t make it a big deal, and it won’t be.  It shouldn’t be.  It’s nothing to be embarrassed by, and like I said, can even give them a little warm and fuzzy knowing you’ve got some kind of “real training” under your belt and didn’t just learn all this from that crazy late night infomercial guy.

(To any/all minions, groupies and cronies of the great and mighty Carlton, no disrespect intended.  Please don’t hurt me.)

Hope that helps!  What are your thoughts?  Please share them in the comments below.  I’d love to hear ‘em.

How to Find Motivated Home Buyers in Today’s Market
Video: Advice to Investors Who Need Help Selling Houses Fast…

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Investor/Agent Hybrids…Should You Disclose?

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Today it’s my “Quick N’ Dirty” buying contract — specifically the one I use for wholesale/quick flip deals…and even more specifically when going “belly to belly” with an individual seller (i.e. non-listed property)

I think you’ll be glad to see it’s about as simple, plain-English and non-threatening as you can get.

Granted, it may not be the most comprehensive real estate contract around — but for that you can go to your local board of Realtors.  And from time to time you probably will.

But I like this one a lot because it’s notably lacking in bloat, but I find it gets the job done real nice for me.

1) Start by downloading a copy of the contract for yourself…

To do this, right-click here and select “Save Target As…” from your Windows menu.

3 quick things:

1) Here’s a quick screen-capture video I made demonstrating how to download the doc in Internet Explorer on a Windows computer.

2) If you’re a Mac user, then instead do whatever it is you Mac folks do to download stuff.

3) The form is in MS Word (.doc) format.  If you don’t already have MS Word on your computer, then Open Office should do the trick for you (and it’s open-source freeware).

Oh, and I’m giving you a personal license to use this document in your own real estate business.  But please don’t sell it or give it away yourself.  If you know of someone else who would benefit from this, please send them a link to this page so they can come here and get it themselves.

Why?  Because I’d like to give them the chance to become an REI Tips subscriber…just like you. 

2) Then watch the “how to” videos…

Here’s my short, 2-part video walking through this form, how to fill it out and how I use it specifically.

I hope you find it useful, and I’d really appreciate hearing any comments you may have if you could please share them below.

Thanks.

Click here to view the embedded video. Click here to view the embedded video.

Technorati: Real Estate Investing, Free Real Estate Purchase Contract

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Real Estate Purchase Contract…Undressed (Free Download, Plus Video)

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If you participated in these workshops with me, then you’ll probably remember my candid conversation with subject-to guy William Tingle.

This segment is a real eye opener with him in which he answers off the cuff…

• In a snapshot of your business right now, specifically what marketing are you doing, who are you targeting, what’s working, and why?
• How much are you spending each month for marketing? And how much per deal?
• How would you contrast that to what you did in your first year as an investor?
• How realistic might a similar approach be for a newer investor?
• For a newbie, what are your top ideas for most effective marketing to focus on with a shoestring budget?

Honestly I forgot I even asked him these questions, until I re-listened to the whole workshop myself recently.

And getting a glimpse inside what this guy’s really doing to make it happen is darn near priceless. It’s not mythical, magical or miraculous.  It just works.  Well.

Technorati: Real Estate Marketing System, William Tingle, real estate investing tips

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Revealing Look Inside an Expert’s Real Estate Marketing System

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What if you took a very successful real estate wholesaler (let’s say, someone earning 6 figures a month or better) you plucked him out of his “home turf”, took away all his backing, cash, contacts, etc…

…then plopped him right down in the middle of anywhere’s-ville (any place he knows little-to-nothing about) with nothing more than his accumulated knowledge and wisdom to start with.

What would this guy — let’s call him “Bob” — EXACTLY what would “Bob” do in order to make it all back again as fast as humanly possible, and once again become a dominant wholesaling force in the local real estate landscape?

That’s exactly what was asked of my friend Bob (yes, his real name) in a private conversation — one of the closed-door Saturday Workshop bonus sessions.

Bob has, in fact, been crankin’ 6-figures-a-month as as a “full service wholesaler” in one of the nation’s worst real estate markets (Detroit) for a while now.  And frankly, I think he’s got one of the most fascinating and successful business models I’ve ever seen.

He’s also got this uncanny ability to predict local and national trends that’ll be effecting the real estate investing game…and then adjusting himself strategically in advance to be able to take advantage of them.

For example, he’s just recently started capitalizing BIG on a niche’ “FHA Flipping” model.  And he’s KILLING IT!

Hang a burlap robe on him, and I’d call him a prophet.

Anyways, let me tell you, Bob’s answer to the above question about starting all over again in a new market is PURE, POLISHED GOLD!

Some of what we talked about:

• Exactly how he’d quickly locate the “major players” in the area
• How he’d approach them - what he’d say,
• Shortcuts that’ll help you get a read on the local market fast - rents, values, good areas, bad areas, farm areas, etc. - and find your “sweet spot” to focus on.
• Why being the “real estate cupid” in your area is so important (and how to do it)
• Which comes first - wholesale deals or a wholesale buyers list?
• A whole bunch more.

I suggest you make time to listen to it (around 20-ish minutes) and take notes…

Any comments on this audio tip?  Please share your thoughts in the blog comments below.

And if you want to hear more from this interview (or any of the Saturday Workshop sessions) you can get details on that right here (for a limited time…and opens in new window)

Enjoy,

a

How a 6-Figure-A-Month Wholesaler Would Start All Over Again

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