Posted by Ed C (SoCal) on April 02, 2006 at 23:45:58:
At 65 years old, I have never had “Good News” come by Certified Mail. So I can wait for “Bad News” still later!!
wise old sayings - Posted by Steve-WA
Posted by Steve-WA on April 02, 2006 at 21:56:28:
although purloined from another guru, and a straight SFH guru at that, these nuggets hold lots of wisdom; thought I’d share:
Cxxx’s Rules of Acquisiton
“So let it be written. So let it be done.”
CRA #1: Never Call Sellers who have property for sale. Do things so they call you.
CRA #2: Never Look at Property Before You Make a Written Offer.
CRA #3: Always, Always, ALWAYS Make a Written Offer (either by mail or in person) on EVERY Conversation You Have.
CRA #4: Use the Buy/Sell Agreement To Reduce all “Conversations” To Writing.
CRA #5: For All Cash Offers Follow the 30/50/60 Formula.
~For Houses With Lots of BAD HOUSE Problems…Offer = 30% x FMV.
~For Houses With 1, 2 or maybe 3 BAD HOUSE Problems…Offer = 50% x FMV.
~For Houses With No BAD HOUSE Problems: Offer = 60% x FMV
CRA #6: For Full Price Offers: Monthly Payment = Equity Divided By 100
CRA #7: Who cares least wins. Be ready to walk from ANY deal. Don’t even look back. Be chillingly cool and watch what happens.
CRA #8: Record All Your Calls, Then Listen To Your Tapes.
CRA #9: There Is NO Bad Real Estate…only uncomfortable circumstances around which the ownership revolves. In the beginning, consider everything and anything as a potential “good deal.” Sign it up, then let the marketplace determine the outcome.
CRA #10: Follow the E.L.F. Principal. Everything you do in business should be Easy, Lucrative and Fun. (You should be having lots of phone conversations, recording your calls; learning your art and having fun on a DAILY basis.)
CRA #11: Stick to Bad HOUSES because house are easy to buy, easy to sell, easy to manage, easy to maintain, easy to finance.
CRA #12: Buy only BAD SFH HOUSES from MOTIVATED sellers. BAD SFH HOUSES are (but are NOT limited to) single family houses where the owner is truly motivated and has a REASON to sell. Reasons/Motivation includes: Their house is Vacant, Vandalized, Need Work, Is Hard To Sell, Can’t Sell, Been on the Market a Long Time. They are Houses Where the Owner Is Truly Motivated Because of a Divorce, a Death in the Family, Relocation. They are Houses That Have Liens, Judgments, Back, Taxes, or Bad Tenants and/or the Owner Is Tired of Landlording. They are houses where the owner needs money, is in foreclosure, bankruptcy or is behind on payments.
CRA #13: DO NOT Consider Houses that Are NOT BAD SFH HOUSES. BAD HOUSES are NOT limited to PHYSICALLY Distressed or “Cheapo” Houses.) BAD HOUSES are NOT apartment buildings, NOT raw land, NOT hotels, NOT commercial buildings and NOT offices buildings. BAD HOUSES are NOT condos and NOT timeshares and they certainly are NOT Vacation Properties.
CRA #14: Always ask yourself, what did I learn? Failure Is Not the Opposite of Success…it is part of the process. There is no failure with us…only learning.
CRA #15: Do What You Fear Most and You Will Cease to Fear It.
CRA #16: DO NOT BORROW from banks, institutions or the government. They ARE NOT the solution. They are part of the problem.
CRA #17: ACCEPT NOTHING FROM ANY GOVERMENT. “I do not choose to be a common man. It is my right to be uncommon, if I can. I choose freedom, not security…” --From the Entrepreneurs Credo
CRA #18: You have two ears and one mouth. Listen twice as much as you talk.
CRA #19: If you want to learn a thing, do it.
CRA #20: Have a Copy of, and read all documents relative to the transaction.
CRA #21: Make a lot of money on a lot of little deals.
CRA #22: When Collecting Payments: More is better than less; sooner is better than later and more sooner is best.
CRA #23: When Making Payments: Less is better than more; later is better than sooner and less later is best.
CRA #24: Always ask for a discount.
CRA #25: Always go the extra mile.
CRA #26: Always do more than you are paid to do.
CRA #27: Always do more than what is expected of you.
CRA #28: Always under promise and over deliver.
CRA #29: Empty the coins from your purse into your mind, and your mind will fill your purse with coins.
CRA #30: Start?you don’t have to be good to start; but you do have to start to be good.
Asset Protection and Privacy
CRA #31: Don’t put anything in writing you wouldn’t want read in court…or used to hurt you.
CRA #32: Keep a low profile.
CRA #33: Don’t get sued.
CRA #34: Don’t get served.
CRA #35: Don’t get married.
CRA #36: Don’t get divorced.
CRA #37: Don’t drive your nice car when you are going to visit your tenants or “the looters.”
CRA #38: Don’t put assets in your personal name.
CRA #39: Don’t keep all your cash in one bank.
CRA #40: Don’t keep all in your cash in the bank period.
CRA #41: Don’t put all your eggs in one basket."
CRA #42: Don’t create patterns in what you do.
CRA #43: Don’t make waves.
CRA #44: Don’t make huge cash deposits." (Deposits over $10,000 are reported to the IRS. )
CRA #45: Don’t bounce checks.
CRA #46: Don’t make late payments.
CRA #47: Do’t accept certified mail. Don’t refuse certified mail either. After 2-3 attempts, it will go back to its sender “unclaimed.”
CRA #48: When you are trying to think of the “highest and best use” of real estate ask:
How do I make it bigger? (buy more, lease more, option more, plant trees, fill, build)
How do I make it smaller? (sudivide, sell timber, sell other rights, sell options, tear down, fence it)
How do I change its use? (raw land-to-subdivision, house-to-personal care facility, school-to-apartments)
How do I change its image? (remodel, update facade, any of the above)
Re: wise old sayings #47 - Posted by Bill (in GA)
Posted by Bill (in GA) on April 02, 2006 at 22:16:14:
I love #17.
I am understanding #2, 3, and 4 to mean “subject to plausible weasel clauses etc…” Doesn’t seem to fit the Lonnie mold, but what do I know?
I’m okay until #47. Here I’m confused. What am I missing regarding certified mail?
Thanks,
- Bill (in GA)
Re: wise old sayings #47 - Posted by Lyal
Posted by Lyal on April 03, 2006 at 08:06:00:
Bill,
Certified mail is one way for someone to serve you legal notice that they’re is not happy with you…
In my area, if they can’t serve you, they can’t haul you into court (well, they can but it’s a much harder process). Also, each time they try to serve you and fail, it costs them $75.00.
Add to that that unless it’s the Reader’s Digest people trying to find you, there is nothing bad that can come of not accepting certified mail (not refusing it, just not accepting it)
Lyal.