Tag Archives: investments

Mastermind, a tool in your toolbox to achieve your goal.

Mastermind, a tool in your toolbox to achieve your goal.
Mastermind, a tool in your toolbox to achieve your goal.

A mastermind group can be an effective tool to help you accomplish your goal, virtually any goal. It does not matter if it is a business or personal goal.

Many of the Mastermind Groups consist of two or more people, who work together in perfect harmony, to help each other to attain a specific goal. If two heads are better than one, five or six can kick it into high gear.

Members are committed to each other

The key to a great Mastermind Group is that members are committed to each other and are willing to hold each other accountable. Meaning that you will do what you commit yourself to do and that you are attending the scheduled mastermind group meetings. Depending on the group, a meeting could be in person, video, or a phone conference call, monthly or quarterly.

The group members need to be committed to meet. Less than that will be a waste of everyone’s time and effort. One of the main goals for all the mastermind group attendees is to help each other to get things done.

Attending a mastermind group can be a time commitment depending on the group size.

Each of the members should be given 15-20 minutes of time to discuss challenges, progress, or goals. They should have another 10-15 minutes to give their feedback, thoughts, and possible discussions about the given information. The larger the group, the more diverse the discussions or exchange of ideas could take. Due to that it is good to keep the group small. Maybe 5-10 members.

It is all about accountability and trust

To keep the flow going, make one of the members a facilitator. Make certain that no one member gets stuck in the facilitator role. Have the facilitator role rotate between members.  The facilitator will keep everybody on track and make certain that no one member dominates the conversation.

When a Mastermind group is formed or new members are added, the facilitator also gives everyone the ground rules the group will work under. This should include attendance, format of the meeting, confidentiality, making decisions, and dealing/settling conflicts. When needed, outline grounds for dismissal from the group, such as after missing a certain number of meetings or violating confidentiality.

You also should meet in an area where outside distractions are limited.

Chemistry of a Mastermind Group

Many times a mastermind group is formed without it actually being called a Mastermind group. This happens through casual networking or you happen to bond and feel comfortable and great around or with certain individuals. When you are looking for a mastermind group, look for groups who give you that exact feeling and when you cannot find a group like that start your own.

You might start with one person that fits the criteria you are looking for in an individual and together build your group.

Potential Meth Lab Homes now complicate the buying process even more

Buying a home sometimes can be a roller coaster ride. You now have to watch out for meth labs when buying any home. Not only the production, but also casual smoking of tenants or seller will contaminate the house, Continue reading Potential Meth Lab Homes now complicate the buying process even more

Paying for your investment properties

Since the mortgage meltdown, it has become harder and harder for Real Estate investors to receive financing through a traditional lending company and many of them have to find additional means to finance their investment properties. Continue reading Paying for your investment properties

Settles Report for 9/1/2014 to 9/8/2014

Last week we did not publish the Settles Report. We questioned some of the reported numbers that where subsequently corrected, but too late for us to publish the report during that week.

Continue reading Settles Report for 9/1/2014 to 9/8/2014

Buying a home in a College town

movingMany families have High School Seniors who graduated and are now leaving for their first year to college. To save money on room and board some of the parents decided to buy a second home for their student to live in and later to use as potential rental.

Continue reading Buying a home in a College town

Settles Report for 7/21 to 7/28/2014

stock investmentDuring this week Marion County Indiana has picked up steam with their active listings. They had 418 new listings that were made available to the public compared to Hamilton County who slowed down and only had 145 properties that were made available. Compared to last week Hamilton County had a drop in new listings of over 50%. Johnson County had 82 new listings that were made available to the public which was about the same number as last week.

Continue reading Settles Report for 7/21 to 7/28/2014

Marion County Indiana new rental proposals

gavelBe aware Proposal 195 which is being introduced to create a Marion County Indiana landlord registry. Landlords have to re-resister themselves on an annual basis as a landlord. The reason given for this registry is that many properties in disrepair and vacant are owned by investors. About 50% or more of them are owned by owner occupants who no longer can pay for their mortgage.

Continue reading Marion County Indiana new rental proposals

FHA flipping rule waiver still in affect


I am finding a lot of confusion and different interpretations when it comes to flipping homes using HUD/FHA loans. The last time I heard and read on the Federal Registrar website, was that HUD still has a waiver in place until the end of December 2014 that is applicable to all single family properties being resold after the 90-day holding period after acquisition.

There are some stipulations that are still in place even with the flipping rule waiver.

  • The property was openly marketed and was available for any type of buyer.
  • The property was not repeatedly flipped over the last 12 months
  • The transition needs to be an arms-lengths transition.

When a property is marketed for more than 20% of the current sellers purchase price there will be additional stipulations before the property can close with an FHA loan.

  • Property will need a second appraisal and the buyer is not allowed to pay for the additional appraisal. It has to be paid for by the investor.
  • Investor has to justify and prove the value of the increase in pricing by the additional appraisal and supporting documents.
  • An FHA approved inspector has to inspect the property and any needed repairs or updates need to be completed prior to closing by the investor and those repairs have to satisfy the FHA inspector.

From what I can see on my end, you still can flip a property within the 90 day period and have a FHA buyer. Just when the property is priced 20% above your original purchase price you have to jump though some extra hoops to get the property approved for the FHA.

Attached is the FHA flipping waiver ruling for your review.

When you have any questions about this or any additional Real Estate questions, feel free to contact the Settles Team.

 

PLANNING TO START TO INVEST IN REAL ESTATE?

stock investmentGetting started in Real Estate acquisition could be a scary and daunting undertaking. When you break it down into small action steps the elephant in the room can get smaller and smaller.

Before considering any Real Estate acquisition, especially for investment purposes, consider first building your real estate advisory investment team. On our Settles Team website we have some great information listed for experienced or first time Real Estate investors.

After you have your advisory team in place you need to make some crucial decisions.

For example:

  • How to pay for the investment?
  • Are you planning on holding or turning the investments?
  • When you hold the investments who will manage them?
  • How to take title of the property.

 

There are many more questions you should consider before looking and buying any investment property.

You need to take real estate investing serious and you should consider it as a full time job and not a hobby. Make a business plan with goals, action steps, and an exit strategy.

When you are planning to get into Real Estate acquisition for investment purposes contact the Settles Team. We will be happy to help.