How to get out of a credit card equipment lease

A leasing nightmare

Leasing can be a very frustrating experience. I once called a merchant who had 3 different leases and wasn’t even sure what they were for. By examining your business checking account statement, I can help you identify who the leases were and what they were linked to.

Turns out he had a lease for his terminal, another separate lease for a keypad, and a third lease for $ 89 a month that he had been paying for 6 years and wasn’t even sure what it was for. This particular lease had expired after 5 years, but he still couldn’t get the leasing company to stop taking money out of his checking account.

How can that be, you ask?

That’s a good question, one that you will be able to answer when you’ve read this entire post.

Your processor is not your leasing company

Many merchants are surprised to learn that the credit card processor and the leasing company that owns the lease that a merchant signs are two completely different business entities.

This means that you can switch processor at any time (unless your card processor has locked you into one of those manipulative “early termination fee” contracts that I often object to), and it will not affect anything at all. your credit card terminal. Your new processor will simply download new software to your existing terminal.

Why is it so difficult to get out of leases

One thing merchants don’t stop to consider when signing a business agreement (especially for the first time) is that the lease they are signing cannot be canceled, with very few exceptions. What this means is that YOU will make payments for the full amount of the installment, unless you violate the contract or negotiate your departure.

Why?

One reason is because the leasing company has already paid an upfront commission, which can be up to $ 1,000 +, to the seller who got you to sign a lease. So they will definitely get back what they paid for. But it goes beyond that.

Another reason it is so difficult is because they have a recording of your voice over the phone agreeing to the terms of the contract, before you can get the equipment.

I hate leases. Yes, I would make a big commission up front. But if I did that, I would also be forcing my dealer to pay up to 10 times the value of the equipment by the time the lease expires. Forget it. I still want to be friends with my clients in 5 years.

The eternal lease

Not only will you pay for the full term you agreed to for your lease, but most leases will never end unless YOU STOP THEM. This is true even after the initial term of the lease has Timed out.

How can this be?

Simple.

The contract generally states that it will remain in effect for ____ years, and will continue beyond that until stopped by either party. Often they will insert a clause stating that it will automatically renew in 1 year increments, unless stopped by the merchant, in writing, at least 30 days before the expiration date. Which means that the contract will be perpetually renewed, until terminated by the merchant.

This means that unless you have read your agreement and noted when it ends, you can become “eternally bound” to it. (What an ugly way to do business).

How to legally get out of the lease

To end the lease, you will need to know the terms and exactly what is written in the lease. Here are 4 ways that most of the leases I have come across are structured to relieve you of additional obligations, from “good” to worse.

  1. A $ 1.00 purchase. This means that when the lease expires, you can get out of it by paying $ 1.00 and now you own the equipment. As far as leases go, this is the fairest (aside from owning it directly, which some rare contracts allow)
  2. Fair market value This means that at the end of the lease term, the leasing company will determine the current market value and ask you to pay it to keep the equipment and end the lease.
  3. Return it. I find this particularly disgusting. After paying possibly 10 times the value of the machine over a 4-5 year period, the leasing company requires you to return the equipment or they will continue to debit your checking account – “forever.”
  4. Lease purchase This is where they want you to pay for the remaining months of the lease and then the lease ends. I’ve listed this as the worst, but it’s only the worst if you’ve just started the lease, which means it can potentially cost thousands of dollars, and again, up to 10x (or more) the value of the terminal. .

In summary

With options like the ones listed above, it’s no wonder they make sure to record your voice over the phone and agree to the terms they set out before getting the gear. Unfortunately, they don’t reveal all the facts. If they did, you probably wouldn’t.

Basically, they just get you to verbally commit to a “non-cancellable” lease, in “X“dollar amount, per”X“number of months.

My suggestion? If I were required to rent equipment, I would cancel my contract immediately and do the following:

  • Please understand the terms to finish it … i.e $ 1 purchase ?, fair market value ?, return team? etc.
  • You would find the exact month the lease was scheduled to expire, and
  • I would pull out my calendar and mark it 60 days before the due date, at which point …
  • Send a certified letter stating that I want to exit the lease on the expiration date.

NOTE: Something that most merchants don’t understand is that, in most cases, the lease WILL NOT END UNLESS YOU TAKE ACTION. That means that even if it’s called a “36 month” or “5 year” lease, the schedule is only to indicate when you are eligible to end it, not when it will end.

Just writing about how these companies do business is almost enough to make my blood boil. And it should be enough for you to proceed with caution when renting credit card equipment!

How to Drain Your Pool – Step by Step Guide

Experts say that you should drain your pool every 3 years at most. Although you can put chemicals in your pool to make it safe for swimming, pool water will lose its effectiveness in working with chemicals over time.

If the idea of ​​draining your pool seems like a big task, don’t worry.

It may seem like there is a lot of water to move around, but you won’t have to sit there and monitor it all the time.

All you need is something called a submersible sump pump. This is a device that you can rent from your local hardware store. By draining the pool yourself, you will save at least $ 100 by not hiring a pool service company.

Once you have a pump, connect the pump to the sewage drain hole. There should be several places where you can find these openings. Sewer ports are covered by a round plastic cap and are usually located next to your home.

Connect the hose that came with the pump sump pump to the sewer port. Next, lower the pump to the deepest section of your pool and turn it on. The pump will immediately begin pumping water into the hose and into the sewer port, where the city can reuse it.

It should take several hours to empty the pool. Our pool is 10,500 gallons and took 7 hours. Do not let the pump run overnight because you will want to turn it off when the pool is empty. You don’t want to fry the thing.

When the pool is empty, be sure to fill it as soon as possible. An empty swimming pool could be distorted by the pressure of the surrounding groundwater.

That’s pretty much it. Pretty easy, right?

Book Summary – The Total Money Makeover – A Proven Plan for Financial Fitness – By Dave Ramsey

Bottom line: buy this book. Financial stress is the biggest threat to our nation right now. People run scared every day as unemployment rises, the value of a dollar declines, and high-paying jobs disappear. Dave describes everything you need to do to move from bankruptcy to financial situation. If you haven’t read or heard of Dave, you’ll like him because he brings southern common sense to your work. My grandmother was from Georgia with a fifth grade education and had more southern common sense than anyone I have ever met. Dave is the same.

Why is this important to me? Take a look at this and you will see why it is essential to control your money and finances. Divorce rates in this country are above 50% and the number one cause is financial stress. Dave talks about women having a security gland and the need for secure finances. When the future is uncertain in terms of life, education and family, women tend to be more affected than men. This inherent difference in the cases emphasizes and, therefore, divorces. Dave discusses how to handle this a bit in this book and in much more detail at Financial Peace University. What happened to the WORD of the people? There were 1,593,081 bankruptcy cases in 2010.

I think my grandparents are happy to be in the other world because SOME people in this country have lost respect for themselves and have huge rights issues. I do not like to make radical judgments and I understand that some bankruptcies are unavoidable due to medical problems or trauma. I have no problem with that, but there are a lot of lazy people who think they can clean the board and start over. Worse than that, they have done it more than once. This is like a part-time Catholic who cheats on his wife but asks for forgiveness at Sunday Mass every week. He imagines that he can start over. This is wrong.

This book is packed with excellent information that, if followed, is designed to help you get out of debt and stay in good financial shape. For the sake of time, I will highlight certain sections and the myths that Dave describes.

1. Financial fitness is 20% how and 80% behavior. The concepts are really simple but it is the behavior that is difficult. I can outline a diet and fitness plan for anyone in 5 minutes that will produce results. The question is will it produce results for you, that is, will YOU do the work ??????? Shocking statistics: 90% of Americans buy things they CAN’T afford.

2. Emergency Fund – How many people have funds available for 3 to 6 months in case of an emergency? I was very lucky to grow up with a financially astute father. I thought I was 5 years old again reading Dave’s book because all the things that are taught in the book were taught to me at a young age. I realize that not everyone is so lucky. The terrible statistic is that most Americans are within two weeks of financial collapse.

3. Dave describes a myth that is very real. The myth is that if you lend money to a friend or family member, you are helping them. In reality, if you lend them money, the relationship will be strained or destroyed. The only relationship that would be improved is the one that results from one party being the master and the other being the servant.

4. Golden rule: the borrower is always the slave of the lender.

Dave has a mindset that says: You must be intense Gazelle when it comes to your financial fitness. You must recognize that it is your behavior and your approach that will determine whether you become financially fit. If you are in financial trouble, then the “how-to” steps outlined in the book – they work.

1. Create an emergency fund.

2. Face your debt.

3. Save 15% of your money

4. Delete all payments

5. Give

6. Imagining a life without payment and with all the income ……. Victory !!!

These 6 easy steps are easy to understand but difficult to follow. As you know, most people will not follow these steps. That is why people play and play the lottery. One of Dave’s spiel that I agree with is: “The lottery is a tax on the poor and people who can’t do math.”

Remember: “Where the focus goes, the energy flows” If you find yourself in financial trouble, I recommend that you start with this book and change your mind to fix the problem.

Live like nobody and then live like nobody is a brilliant saying. This basically means that you need to be disciplined and sacrifice now in order to have financial freedom and security later in life. Remember that if you are nervous about your finances now, it will only get worse as you get older. Most people don’t think about their health and energy until they start to lose it. If you HAVE to work until 70 because you don’t have money, then that’s a horrible thing. If you work in your 70s because you love it and you DO NOT have to, then it is a blessing. Which one do you want?

I hope this short video summary has been helpful to you. The key to any new idea is to incorporate it into your daily routine until it becomes a habit. Habits are formed in just 21 days. One thing you can take away from this book is looking in the mirror. Denial affects you like poison. If you have financial problems, admit it and commit to doing something about it NOW. Schedule 15 minutes every day for your financial education to fix the problem NOW.

Wood Floor Refinishing Tips That Work Wonders

Hardwood is one of the most efficient and cosmopolitan flooring materials for the home. It emits a very classic yet elegant finish that can last for decades. While hardwood floors are reminiscent of ancient palaces in Europe and early American homes in the South, they still fit very well in modern homes.

But one small downside to having hardwood floors is that it wears out over time. While hardwood flooring can last a lifetime, its polished finish can become dull and damaged as a result of overuse. This wear can be seen largely on hardwood floors located in parts of the home with heavy foot traffic.

Worn and shabby hardwood floors are not only unsightly, they are also difficult to clean. This is particularly true for wood floors that have peeling polishes or coatings. In short, the preservation of the beauty and shine of hardwood floors depends on periodic maintenance or repainting.

However, it’s good to note that not all of your wood floor’s lack of shine or chipping would require a total renovation job. Sometimes all you need is plain water and a cloth to restore the shine to your hardwood floor. Fortunately, there is a way to check if it’s time for you to stand up and use the mop or start moving your furniture and get down on your knees.

The first thing to do is go to the wooden floor that is used most often. Then wet this part with water, maybe a tablespoon or two. Then watch.

If the water suddenly forms into small droplets, this means that your wood floor protective polish is still working and does not need a large-scale repaint; a damp cloth or stain remover is all it takes to restore shine. However, if the water seeped onto the floor and caused it to darken, the siding is already ruined and it’s time for you to do the wood floor repaint.

Repainting hardwood floors is not a walk in the park. It is always best to enlist the services of flooring professionals who have the knowledge gained from real experience and power tools to renovate your worn hardwood floor. However, if you want to renovate your floor yourself, you can start by reviewing the following tips.

First, measure the area of ​​the wood floor that you would like to repaint. Generally, floors that are less than or equal to fifty square feet can be sanded by hand. Sanding paper and a good pair of knee pads will help you finish the job. However, if the floor you are about to repair is more than fifty square feet; You will definitely need a power sander unless you want to sacrifice your kneecaps and joints.

Second, after removing all the furniture and accessories that are likely to obstruct the repainting work area, remove the old floor covering, which is usually made of wax, varnish, or paint. The wax coating can be easily removed using an ordinary wax stripper; while varnish or petroleum-based flooring laminate can be removed with acetone or lacquer thinner. Removing the hardwood siding will prepare the floor for sanding.

Third, never forget to remove carpet nails and tacks sticking out of the floor surface. Nails and tacks not only ruin sandpaper and power sander, they can also damage your hands. Additionally, nails and tacks that are not dislodged properly can seriously ruin your hardwood refinish designs. After removing these, remember to fill the holes that were left with commercial wood filler of the same color.

Fourth, after sanding the entire wood surface, wipe it off with a damp rag or floor rag. It is best if you can purchase a resin coated cloth, which is available at your nearest hardware store; This special material can easily remove microscopic bits of dust better than vacuum cleaners.

Finally, after the floor has dried, you can start applying a new coat of wax, varnish, or paint. For example, three coats of varnish are recommended. Allow the coating to dry and sand the floor lightly after each of the three applications. Before finishing, don’t forget to re-clean the newly restored hardwood floor with a damp or resin-coated cloth to bring out the shine.

Top Reasons to Choose Online Rental Collection

Landlords who have not realized the benefits of online rent collection miss out on a lot and the following will help them understand the benefits they can get.

Saves them time

They usually go to the post office to see if the payment is already at their PO box. Once it is, they will think about when and where they will deposit it. By collecting payments online, the rent is deposited directly into your bank account, which is convenient and stress-free. Online rent collection is crucial to the success of a property management business.

Keeps confidential information safe

Important tenant information is written on a check, such as their bank account and routing numbers plus their personal details, which sometimes include their phone number. Scraps of paper with this type of information are risk prone and can be held liable as long as they are in possession of your tenant’s check.

Reduce stress

They do not need to collect the rent personally. They don’t even have to call their tenants, knock on their doors, or send them a monthly bill. The rental payment will be deposited into your bank account every month. Online rent collection is critical, but especially for homeowners who have to collect more than $ 1 million worth of rent each year.

Helps them maintain a stable cash flow

They are notified each time their tenant’s payment is processed. Therefore, they know the date the rent will be deposited into your account.

It informs them about the tenants who pay the rent.

Landlords in most parts of the country must know who paid the rent, as the payments determine who is a tenant by law. They will know the name of the tenant who paid and the amount.

Makes the celebration happy

Right now, many tenants are already paying their bills online. They will appreciate if you do not use a check. They will think of it as a benefit of being your tenant.

Get organized

By collecting rent online, they can easily transfer your income information to a spreadsheet, making tax preparation easier.

Facilitates the collection of other payments

When they’re set up, it’s easy to collect other payments like one-time utility fees, late fees, pets, and security deposits, among others.

It allows them to easily solve payment problems.

They will know immediately when tenants fail to pay due to lack of funds. There are other online applications that allow tenants to make other payments using another bank account or card to get paid immediately.

It allows them to be flexible with their finances.

Some apps allow them to arrange for payments to be deposited into different bank accounts so that the business can run smoothly.

Realtors vs. Cash Home Buying Businesses

When deciding to sell your home you have two options. You can use the services of a real estate broker or you can sell it yourself to a “We Buy Homes for Cash” company. Each scenario has its pros and cons, which are described below. Every situation is different and we want to make sure you make the best decision possible. We’ve also outlined some key questions to ask yourself before making this big decision.

Real estate agents. Real estate agents are the best source for selling your property. It is a proven fact that real estate agents will get at least 10-20% more for your property than you would if you sold it yourself. It is also a proven fact that you will sell it 50% faster using the services of a local real estate agent. Since most agents are up to date with up-to-date trends, they will be able to guide you on what items need to be addressed to get the maximum price for your home. With an agent who specializes in your neighborhood, they may have connections with buyers through colleagues and past clients that you don’t have access to. An agent network is a very powerful tool for selling your home quickly. I recommend using larger cooperative brokers like Berkshire Hathaway or Coldwell Banker Gundaker.

With any service provider, this represents a cost to do business. The average expense of a real estate agent is 6-7% of the sale price of your home. For example, if you sell your home for $ 200,000, it will cost you between $ 12,000 and $ 14,000 at closing. If you decide to use a real estate professional to sell your property, you are most likely dealing with financed buyers, which means you may have to pay the seller commissions ranging from $ 3,000 to $ 5,000. Selling to a financed buyer also means that once you sign a purchase contract, you will generally have to wait 30 to 60 days to close. Let’s not forget the cost of inspections, either. Most cities require the home to pass an occupancy inspection. When the city dispatches an inspector, there may be items that do not meet the city’s requirements and may be expensive to repair. The potential buyer will also hire a private inspector due to their own due diligence to see what the home may need. This can also be costly if the buyer has high demands before deciding to go ahead with the purchase. The extra money you earn by hiring a real estate professional can be written off at the expense of broker fees and inspection expenses.

We Buy Houses Companies Cash. These companies often have a bad reputation in the area. They are often seen as scammers or dishonest people when in reality these companies can be of great use to people. Like everything, there are pros and cons to taking this route. Since these ugly home buyers are investors, they won’t give you the full price for your home. They typically buy properties for between 50 and 60 cents on the dollar.

But before you kick these guys out of your house, take a moment to think about the benefits of selling to a cash investor. Easy money! In most cases, these buyers have the cash to buy the property right away. Not only will it be a cash sale, but you won’t have to worry about paying any concessions to the seller. Often times, they will even cover your closing costs, saving you additional money. These cash buyers will also save you those high commission from real estate agents. Since your property is for sale by the owner, there will be no brokers involved. No broker = NO COMMISSIONS! Did I mention that no inspections will be done? Since this is most likely a cash sale AS IS, the buyer will not bring in a city or private inspector, which means they will not have to make any repairs to the property. So even if you don’t get the full price for what you think your home is worth, you will save tens of thousands of dollars in fees and repairs. It makes the deal even sweeter knowing that they can be closed in as little as 7-10 days if necessary. The best part about selling to a cash investor is that you can leave unwanted items at the property so you can save even more money on moving expenses.

This is a great decision that should not be taken lightly. There are some questions to ask yourself before deciding which route to take.

1. Does the house need repairs?

2. Is the house out of date by current standards and what do other similar houses look like?

3. Do I need to sell immediately?

4. Is the repair list too much for me right now?

5. Will a quick sale take the burden off me from dealing with this property?

If you answered yes to any of the questions above, you probably want to consider selling to a local real estate investor who has the cash to close immediately. A quick cash offer with no real estate agent fees, closing costs, or large moving expenses may be the best option for you. If the house has held up fairly well over the years and you can afford to sit in it for a while, your local real estate agent will be the best option for you and your bank account.

Click the following to learn more about Berkshire Hathaway or Coldwell Banker Gundaker.

Cloud Computing: The Pros and Cons

Cloud computing has gained significant popularity in recent years due to its self-service capabilities, flexibility, affordability, scalability, and its pay-as-you-go service model. You may have also heard cloud computing referred to as cloud, cloud hosting, cloud server hosting, etc. These terms have gotten around a lot and most don’t even know exactly what it means. So what is cloud computing?

Cloud computing is different from traditional hosting alternatives that use a single dedicated server, as cloud computing uses virtualization technology to pool or share resources from an underlying network of physical servers. In other words, a group of physical servers acts as one large server to provide you with the resources you need on demand. Cloud computing offers shared computing resources, data, or software over the Internet; which is the most common way to access the cloud. However, dedicated networks and intranets are also used. The resources provided by the cloud include: networks, servers, storage, platforms, applications and other services. And these resources are shared between people and organizations, and accessed by applications or users.

The top five characteristics of cloud computing

In cloud computing, there are five fundamental characteristics that differentiate it from traditional hosting alternatives, including fast elasticity, broad network access, on-demand self-service, resource pooling, and metered service.

· On demand self service

With cloud computing’s on-demand self-service, you can access email, applications, network, or server services without human interaction. Just set up an account with the seller, create billing and security credentials, and select the cloud computing resources you’ll need. Generally, this is all done using an easy-to-use and easy-to-use web-based self-service portal.

· Wide network access

Cloud computing services are available over a network, either through a dedicated network, the Internet, or an Intranet. Anyone can access these services, anywhere and anytime on any device or workstation, with the proper credentials, of course.

· Pooling resources

Cloud computing provides multiple clients with the same physical resources, however, with a separate environment for each client. And the resources of these physical servers can be pooled from multiple servers, in multiple data centers, in multiple locations. And if a server on your network goes offline, your virtual server will pool the resources of another server on your physical network. Even if an entire data center on your network is down, your resources are pooled from multiple data centers in multiple locations. This structure reduces the risk in case of failure.

· Fast elasticity

Perhaps one of the essential benefits of cloud computing is the flexibility it provides to users, as cloud resources can be provisioned quickly and elastically to rapidly scale and expand to meet demand. In other words, you get the resources you need when you need them.

· Measured service

Cloud computing leverages metering capabilities to measure your resource usage, allowing you to pay only for what you are using. In other words, just like a utility bill, you will only be charged for what you use, no more, no less.

Top 3 Models of Cloud Computing Services

In cloud computing, there are three main service models. They are Software as a Service (SaaS), Infrastructure as a Service (IaaS) and Platform as a Service (PaaS).

· Software as a service (SaaS) it is the most widely used cloud computing service model. SaaS enables developers and organizations to use specific business applications developed by third parties. In a SaaS model, the provider hosts both the application and the data, and the end user is free to use the services from anywhere. SaaS is not your average local software, as it is implemented on a network, usually the web, accessible through the browser or the program interface. The services can be anything from email to inventory control to database processing. Some examples include: Salesforce.com, Zoho, and Netsuite. The service level coverage provided includes: application uptime and performance.

· Platform as a service (PaaS) is a type of cloud computing that provides users with software development tools that are hosted on the infrastructure of a cloud provider. In a PaaS environment, developers can take advantage of the resources of a cloud provider to create and host applications on their platforms over the Internet. The biggest benefit derived from PaaS is that users can run existing applications or develop new ones without worrying about maintenance of server hardware, operating systems, load balancing, or compute capacity. In other words, you can offload the responsibility for ownership, management, and software and hardware for operating systems to your service provider. The types of services provided can be anything from RunTime scenario, cloud storage, integration, etc. Some examples of PaaS are Google App Engine, Windows Azure, and Force.com. The service level coverage provided includes: environment availability, environment performance, and no application coverage.

· Infrastructure as a service (IaaS) is a form of cloud computing that provides users with networks, storage, virtualized servers, and systems software that provide all the functionality of a complete data center. In other words, you can use computers that your service provider owns, manages, and operates. Resources must span servers, storage, vendor-managed networks, and virtualization layers so that your network architect can run your applications and data. In the meantime, you will have control over the operating systems and applications deployed. Types of services provided: cloud storage and virtual server. Some examples: Amazon Web Services, RackSpace Cloud, and Go Grid. The service level coverage provided includes: virtual server availability, provisioning time, and no platform or application coverage.

The top three cloud solutions

There are many types of cloud strategies to employ. There are three main types of cloud solutions, including: public, private, and hybrid cloud solutions.

· Public cloud

When people think of the term cloud, most of the time they are referring to the public cloud. A public cloud solution is shared by thousands of customers around the world and is available to anyone on the Internet. This is the easiest and most profitable cloud strategy to employ. However, because you share the cloud with the public, you do not want to keep confidential information here.

· Private cloud

When your organization has sensitive data, privacy fears are a major problem. This is where a private cloud will be used. A private cloud is a proprietary network or data center that provides hosted services to a single customer. In a private cloud configuration, you must lease or supply the hardware to be used. Not to mention, you can manage some or all of your IT resources internally or managed externally. For companies in highly regulated industries where security is paramount, a private cloud solution is the only alternative. The benefits of a private cloud solution include: absence of network bandwidth restrictions, security vulnerabilities, and legal concerns that using a public cloud could encompass. It can also have improved security, accountability, and resilience than a public cloud because its use can be contained and managed. Some downsides are that it requires a large capital investment, time to market can average 6-36 months to establish, and the learning curve is excellent.

· Hybrid cloud

A hybrid cloud is a combination of a public and a private cloud and is considered the best of both worlds. A hybrid cloud solution allows you to keep all your data safe in a private cloud environment, while gaining high usability from web-based and mobile access to corporate applications. In most cases, a hybrid cloud solution that combines the benefits of public and private clouds works quite well for most companies. Some of the benefits of a hybrid cloud solution include: no vendor lock-in, minimizes the risk of data loss and / or downtime, saves the added cost of purchasing dedicated server hardware, and you get fairly reliable connectivity, even on case of interruptions. A big downside is that a hybrid cloud solution is very expensive.

Three "Rs" real estate investment

Savvy real estate investors, Rick McKinnon and Leslie Quinsay, have a portfolio of properties that shows that anyone can make a fortune investing in real estate. McKinnon and Quinsay’s new book, R3: Real People with Real Strategies for Real-Estate Investing: Developing the Mindset for Success, explains their strategy in words even a layman can understand and shows you how their proprietary strategies can work even in the Today’s unstable economy. .

The three “Rs” of real estate investing include real people (with the right attitudes), real strategies (for investing in this or any other real estate market), and the basics of smart investing (how to make the real decisions that will build your power. ). Rick and Leslie’s book is fascinating read, peppered with personal trivia and incredible ideas that will change the way you think about buying real estate to ensure your financial success.

Rick and Leslie are friends, business partners, and co-authors who inspire each other to succeed. Together, they have written R3: Real People with Real Real Estate Investing Strategies in an effort to help others achieve what they know is possible from their own successes. Rick is president of Real Estate Investment Solutions, a consulting firm that focuses on helping others identify real estate investment opportunities. Leslie is president of Meridian Commercial Investments Inc. and her expertise is acquiring, managing, and developing real estate and turning it into excellent investments.

Together, McKinnon and Quinsay have written a unique and informative “how-to” book that can teach anyone the strategies for developing a winning mindset necessary for a successful real estate investment. Unlike most instruction books, A3: Real People with Real Real Estate Investing Strategies does not read like a textbook. Rather, it is a book that not only focuses on the successes that can be made, but also the mistakes that can occur and how you can learn from them.

When it comes to any type of investment, the more knowledge you have access to, the better your chances of success. In Quinsay and McKinnon’s book, you will learn the advantages of “passion for property”, how to develop a mindset that will bring you success, how to build your portfolio, and where the best investment bargains can be found.

Rick and Leslie also include chapters in R3: Real People With Real Real Estate Investing Strategies on how to appraise property and what to look for in financing and joint ventures. Property and tenant management are important aspects of real estate investing, and McKinnon and Quinsay provide you with a clear plan for success in those areas.

You’ll also learn how to build a team of success-oriented people to help you achieve your dreams of financial success. And A3: Real People With Real Real Estate Investing Strategies: Developing the mindset for success doesn’t leave you there. Rick McKinnon and Leslie Quinsay provide clear directions in their book that will put you on the path to growing wealth beyond your dreams.

Fractional Owned Ranches

Fractional ownership, also known as tenant in common (TIC), is a form of possession of real property title. Under this co-ownership structure, individuals will own an undivided fractional interest in an entire property and will share their share of the net income, tax benefits, and appreciation. In addition, they will receive a separate deed and title insurance for their percentage of ownership in the property and will have the same rights as a single owner.

Fractional ownership is not a new concept. In fact, it has been successfully applied to various industries, including yachts, airplanes, tourist condos, and luxurious second homes. The resort industry is entering a period of explosive growth, and luxury fractional resort products are becoming a more important and recognized component of this industry. According to Omni Brokerage, Inc, TIC real estate investments topped $ 4 billion in 2005. Additionally, it has become the preferred investment vehicle for real estate investors who want to defer capital gains through a 1031 exchange and own property. real estate without the headaches of management. .

Fractional ownership typically ranges from 1/4 to 1/13 of shares. The abundance of the location and the length of the season determine the size of the action. Most of the recently completed fractionals are located in the Rocky Mountain ski areas, but the concept is spreading rapidly to other popular domestic tourist destinations in the United States, the Caribbean and Mexico and other international vacation spots. The price of fractional ownership shares varies widely and can be influenced by various market factors, including unit size, number of owners, location, amenities, and available supply. Typical share prices range from $ 100,000 to $ 500,000, but can easily exceed $ 1.0M for high-end Private Residence Clubs (PRC).

Fractional ownership of the ranch

Ranch Partners, LLC is bringing the concept of fractional ownership to the ranch real estate industry. We have found that the price and liability for total ranch ownership are beyond most of our clients’ wishes and expectations. By packaging the ranches into fractional ownership, we are able to serve a significantly larger pool of investors and provide a luxury resort experience, while continuing to preserve the western cattle heritage. All owners will have access to the ranch for 4 seasons, 8-12 weeks of luxury accommodations and unlimited use of the ranch facilities and recreational amenities.

While all fractional ranches have access to exceptional recreational activities such as hunting, fishing, hiking, and horseback riding, individual ranch properties can be developed to suit a variety of homeowner lifestyles. Some ranch properties can suit the luxury resort owner, with high-end accommodations, full-service management, and a variety of amenities similar to private residence clubs. Other fractional programs can be designed around ranch operations. These programs give the owner the opportunity to live and play on a working ranch. Accommodations are much more conservative, the lifestyle is more rural, and activities are related to ranch operations, including horses, cattle, agriculture, and ranching.

Quick sale of real estate by owner when quick cash is needed

The good old days were refreshing. You can put up a sign in your yard and get quick responses from interested potential buyers, or hire a listing agent and not worry about your commissions eating up your cash. The time has changed.

The real estate sector has become competitive. In some areas, it is a sellers market. In others, the buyer takes the kidneys. However, whatever happens, there are many thousands more people in real estate now than there were then. With investment seminars and flipping programs becoming more common, the real estate group is growing by the day.

But what if you’re in a rush to sell? Does that mean you are motivated? Let’s take a look at what constitutes a motivated salesperson and whether or not some of these salesperson techniques will work for your situation …

Motivations:

  • You are facing foreclosure

Times can be tough. You may have been fired from that job and were unable to replace the earnings on time. The bank sent you a letter notifying you of a Lis Pendens (the beginning of foreclosure, also known as pre-foreclosure) You have no options and you don’t want foreclosure to end up destroying your credit.

  • You’re behind on taxes

As before, this is an immediate situation that can destroy your credit. Taxes will be charged no matter what, so there’s no need to add bad credit to the mix. Back taxes will not only consume your capital, but will also be attached to your future wages.

  • You have bad tenants

He constantly receives complaints about the tenants of one of his properties. The police are becoming a normal sight in front of the property. Perhaps the tenants are converting their planned investment into a drug house. You don’t want to deal with the situation and prefer to take cash out of the investment and walk away.

  • You are getting divorced

Let’s be honest. Not many are fair in divorce proceedings. Who gets the house? None of you? So, you have no choice but to sell quickly so you can avoid your ex like the plague and get some cash to start over.

  • You are retiring

Whether you’re a retiring business owner or a couple with a home you’ve owned for years, you just want some cash for your equity so you can move to warmer climates and bingo.

  • You inherited real estate

You have just inherited a home or multi-unit property, but prefer to have cash instead. You want a quick sale and you don’t want maintenance to bother you.

  • You are a landlord from another state

He thought he could manage investment property in California while relaxing at his home in Maine. Unfortunately, good help is hard to come by and all property managers turn out to be drunk. The grass is tall and you’re getting letters. It’s causing more headaches than it’s worth.

  • You just want some extra money

You do not need the property in question and simply want to refill your bank account.

These are all valid reasons that would make you a motivated salesperson. The only question I have for you in this case is … are you greedy?

A number one killer of real estate sales is a homeowner who takes too much pride in accepting that the market will not support his outrageous property valuations. Fair market value may be high, but no one bites. How are you doing with that quick sale? The first step to selling your home quickly is recognizing that you need to be open-minded. If you can be open-minded about the selling price or terms, selling fast will be a breeze.

Where are my target buyers?

You have quite a few options. Some will take longer than others. Probably the number one way to sell quickly is to find a wholesaler. A wholesaler is a real estate investor who searches for discounted properties, writes an offer, and then assigns the contract to one of his many cash buyers. Often times, the wholesaler will have hundreds or even thousands of investors on their contact list who are ready to buy right away. Your investment partners have been rated by the wholesaler with proof of funds, and will have shown the wholesaler multiple deals they have closed in the past.

There are wholesalers who buy properties in multiple states, while other wholesalers are limited to a single state. Some of them even stick to a specific city or regional area. They are known for the use of phrases like “we buy houses, any area, any condition”. While many wholesalers stick to deeply discounted properties, others work with low-capital deals in which Subject2 and seller financing can be put into play. These are some of the techniques that require you to be an open-minded and truly “motivated” salesperson.

Another option for a quick sale is Craigslist and other classified websites. If you’re going the classifieds route, you need to be prepared for “tire kicker” responses. There can be a lot of newbie investors, and people who are just looking for that will take a long time to filter before finding a true buyer. When including a classified ad for your home, be sure to include as much detail as possible in the ad. Leaving out rooms, bathrooms, parking, and other features will only mean that you will have to spend time discussing these things when you take the multitude of calls you will receive.

If classifieds aren’t your thing, you’ll want to find buyers through a more direct route. Go where they hang out. There are forums like EquityPaper and BiggerPockets that have premium subscription options for real estate listings and other networking tools. These are forums where investors meet to discuss real estate issues on a daily basis. If you list your home in these professional member areas, or markets, you can get pretty quick responses from interested buyers.

Determining the value of the property for an investor

When listing your property, there are a few things potential buyers will want to know in addition to the standard property details. ARV (after repair value) is one of them. To find your ARV, go to Zillow, Trulia, and Redfin. On each of those websites, search for your property and write down the estimated value of each one. Add the 3 values ​​and then divide the sum by 3. The result will be your ARV.

Once you have your ARV, you will want to determine what the new buyer will have to put into the property for repairs. If your home is in excellent condition, you just need to consider simple things like paint, appliances, and other things related to the buyer’s tastes. You would multiply your square footage by $ 10 to get the full credit the buyer will want. If the property needs some updates, like floors, new toilet, etc., it will multiply the SF by $ 15. Windows, doors, etc. Broken will cost $ 20. If the house is a disaster and a complete rehab, then the multiplication is $ 30. Now subtract that number from the ARV.

Whether the buyer is a wholesaler or a flipper, they need to get something out of the deal. This can range from $ 2,000 to $ 50,000 or more, depending on the location, value, and other factors of your property. However, many good wholesalers will stick to or come close to the $ 10,000 price. So, take your new ARV and subtract the buyer’s earnings by an expectation of how much money you will be offered for the property.

Creative financing for a quick sale

Assuming the final number of calculations listed above doesn’t even come close to covering what you owe on the property, then you need to learn to be creative. Some wholesalers and fins will continue to acquire property with little or no equity.

Topic 2 Financing

Topic 2 is a technique that allows new buyers to take over their mortgage payments and take control of the property. Sub2 investors are looking for leverage so as not to pin their credit, but they can get a rental property at the same time.

A seller may have a concern when it comes to a sub2 offer. For example, what if the buyer defaults on the mortgage and it ends up as a bad credit item for the seller? Well, there are protections for sellers during subject 2’s existing financing arrangements.

  • A single late payment can be a deal breaker. It can be done so that, in this case, the buyer is in default and loses the property to the seller. This only possibility is ratio n. 1 for which this is a rare scenario. Most of Subject 2’s investors are experienced. They have been doing it for years and have made millions through rentals with such deals.

  • Limitation clauses, such as the one requiring the buyer to refinance the property in their own name within a set period of time, further reduce risk. Let’s say that in 2 years, the buyer must refinance. By then, you will have built up enough equity by paying off your loan for this to be a possibility through traditional lending methods. Even in the worst case, they can secure hard money after that time to take advantage of additional time to change ownership or obtain other financing.

Deed or lease option

If you’re not in a rush to get a ton of cash, you can sell with a deed or lease option. This will ensure that the buyer is responsible for maintenance, insurance, taxes and everything else, while providing a monthly income stream with little risk. With either technique, you will get a quick sale. The best part is that it keeps the deed to the house until the buyer’s obligations are fulfilled. If they default, you can simply evict them and start over with a new buyer. The best part is that you are earning interest on your principal at the rate you agreed to on the sale.

FSBO (for sale by owner) doesn’t have to be difficult. It can be quite lucrative and surprisingly fast when you learn to be creative and open-minded.