Ron LeGrand - Just the Beginning!

[tonypeters]

Most of you may already be aware of the fact that I am a HUGE fan of Ron LeGrand! WHY? My wife (Jo-Ann) and I had the good fortune of attending a number of his seminars back in 2003. Since that time we have been implementing many of the "creative" and "unique" (quick turn) real estate investing strategies that he teaches, as well as a few of our own. With the exposure to these types of strategies, it helped us to "diversify" our real estate investing portfolio and we got to… Enjoy the Journey!With our past (Ron LeGrand seminar) experiences in mind, and based on some of the positive feedback that I have already received from fellow REIN members, it looks as though Ron LeGrand did NOT disappoint! No SURPRISE there!Unfortunately, I came down with a severe case of the flu on Wednesday and was unable to make it to the event personally. This was extremely disappointing for me, as I have never missed anything in my life before, let alone the opportunity to spend four "quality" days with one of the BEST (quick-turn) real estate educators and 400 (plus) "like minded" individuals!The purpose of this POST is not to dwell on my own personal misfortune, but to take the time to "contribute" to this forum by providing REIN members with a "Ron LeGrand seminar debriefing". So you are probably asking yourself this question right about now; "What do you mean by… Ron LeGrand seminar debriefing"?

FACT is; Attending one of Ron LeGrand`s seminars is only a SMALL step, because it`s… "What you do with the information and the education that really counts!".

I can almost GUARANTEE you that there are a whole lot of (Ron LeGrand) seminar graduates out there that are all "fired up" right about now, and they are ready to get out there and put things into IMMEDIATE ACTION! While this is a "good" thing, I cannot stress the importance of taking the necessary time to absorb what it is you have just learned… before you dive in head first!

WHY? Because you have just been exposed to some extremely "creative" and "unique" real estate investing strategies, and your mind will most likely be on "information overload"? Not to mention the fact that Ron has most likely confused some of you, as some of the (real estate) terminology that he uses is really quite different than what you may already be familiar with?

With this in mind, I would strongly encourage fellow REIN members to…"take a step back", as it is IMPERATIVE that you take the necessary time to "fully" understand what it is you have just learned, before you head off on a path that you are unfamiliar with, and a path that can potentially be "loaded" with mine fields!

How do you THINK I know this?

For some of you, you may feel extremely confident that you have already learned enough to "charge" ahead. A word of CAUTION here… four days at a seminar is NOT that much time in the grand scheme of things! While EDUCATION is an extremely important component, receiving and acting upon a "small" amount of education can have the potential to be an extremely "DANGEROUS" and "DEVASTATING" thing!

So what should you do next?

Take the necessary time to let the EMOTIONS and HYPE of the seminar wind down. Then you need to put some "serious" THOUGHT into what (creative) strategy, or combination of strategies you would like to implement. These strategies should "compliment" your existing goals or objectives. I would strongly encourage you to revisit the workbook materials that you received at the event, as well as your seminar notes and the notes of someone that may have attended the event with you. You should also listen to the CD`s at least one more time. You then need to develop a detailed list of all of the questions you have. And there WILL and SHOULD be questions! Your questions should be categorized into different groups. Groups such as; legal, marketing and accounting etc. The next step is to seek the answers to your questions. While doing this you will need to develop a list of "go-forward" action items or "things to do". Items such as; developing a solid business plan, establishing a marketing budget, developing your marketing materials and obtaining pricing quotations for services or products etc. Once you have completed this process, then and only then will you be in a position to take…MASSIVE ACTION!
Last but not least… no matter what you do, ALWAYS make sure that EVERYBODY WINS!

GOOD LUCK!!

 

[mcilroy]

Tony,
Thank you for the wonderful words of advice. I know for myself and my husband we are excited to implement some of the ideas we learned over the last four days but also feel that it is important to give ourselves time to digest the information (thinker brains!). I feel so exhausted today - Its hard to even form a coherent sentence. So thank you again for reinforcing what I was feeling.

Kelly McIlroy
Kelroy Real Estate Investing

 

[tonypeters]

You`re welcome Kelly! I thought that it was important for me to "do my part", as I remember feeling exactly the same way as you have just described. It is much better to take some time and do it...The RIGHT way!

The BEST of luck to you and your husband!

QUOTE (mcilroy @ Oct 19 2009, 02:13 PM) Tony,
Thank you for the wonderful words of advice. I know for myself and my husband we are excited to implement some of the ideas we learned over the last four days but also feel that it is important to give ourselves time to digest the information (thinker brains!). I feel so exhausted today - Its hard to even form a coherent sentence. So thank you again for reinforcing what I was feeling.

Kelly McIlroy
Kelroy Real Estate Investing

 

[ZanderRobertson]

Some of my go forward actions: 1. Get a success partner. 2. Find a coach to guide myself through this endeavor. 3. Take action everyday 4. Take a follow up course to re-iterate knowledge gained. 5. Review notes, materials, and CD`s

Thanks for your insight Tony.

I`d like to add my $0.02. I think it`s true we need to temper our "seminar grad" side, because that`s a recipe for getting oneself into a whole lot of trouble; just blindly jumping into the fray without a plan is dangerous. However, I know for myself, and I assume many others, that the original thrust of energy is a great tool to produce results. If we never take the leap, we never succeed, and being fresh out of the learning mindset, we are able to override those little voices that might otherwise stop us from taking action.

There has to be a middle ground.

Thanks again Tony,
Zander

 

[vandriani]

Tony,

All the talk about Ron LeGrand on this site got me curious. So, I went to his website. I find it rather confusing and cluttered. In this case more IS less. Since, you are very familiar with his teaching I thought I would pose these questions.

Scenario:

We are in the infancy of developing our REI careers. We currently own 3 properties of which we prescribe to the long term hold philosophy. We expect to grow our investments with JV partners for the next 5 years. I`m interested in learning about Ron`s system but do not expect to implement anything new for a few years. I just like to learn new things.

Question:

Which product do you recommend we start with? Which products would you suggest we supplement with afterwords?

We look forward to hearing your comments

 

[tonypeters]

Zander,

I could not agree with you comments more. I think it ultimately boils down to "where you may be at with your own real estate investing career". This question is not specifically targeted at you, as it is targeted at everyone who will read this post.

You are obviously a lot farther along than some, and with this in mind, you are more likely to be in more of an "educated" position to take action. For someone that may have just joined REIN, or is relatively "new" to real estate investing, I would caution them against taking too much action until they have mastered the "basics" or "ABC`s`" of real estate investing.

Thanks for taking the time to respond.

QUOTE (ZanderRobertson @ Oct 19 2009, 03:03 PM) Some of my go forward actions: 1. Get a success partner. 2. Find a coach to guide myself through this endeavor. 3. Take action everyday 4. Take a follow up course to re-iterate knowledge gained. 5. Review notes, materials, and CD`s

Thanks for your insight Tony.

I`d like to add my $0.02. I think it`s true we need to temper our "seminar grad" side, because that`s a recipe for getting oneself into a whole lot of trouble; just blindly jumping into the fray without a plan is dangerous. However, I know for myself, and I assume many others, that the original thrust of energy is a great tool to produce results. If we never take the leap, we never succeed, and being fresh out of the learning mindset, we are able to override those little voices that might otherwise stop us from taking action.

There has to be a middle ground.

Thanks again Tony,
Zander

 

[tonypeters]

Vince,I am glad to hear that you are already… TAKING ACTION! CONGRATULATIONS!!
To answer your questions;

There is no "right" or "wrong" system, course or real estate investing strategy that I would recommend to you at this particular point in time. In my opinion, what it ultimately comes down to is your "own personal interests" and your "own personal goals and or objectives" that you have set for yourself and your family.

For me; I had already purchased a significant number of (Buy & Hold) properties, but I was not generating enough "cash flow" in order for me to "give up my day job" and devote my full attention to my "real passion" which was real estate! With this in mind, I was already looking for "alternative" and "creative" strategies that would help me to achieve this objective when I had the good fortune of being introduced to Ron LeGrand.

Since that time, we have and we continue to implement many "creative" and "unique" real estate investing strategies. As we have travelled along this interesting and rewarding path, we came to realize that one of the key components to creating true success, was to build businesses and implement systems that would generate…"Multiple Streams of Income". You have probably heard of the old saying that goes something like this… Do not put all of your eggs in one basket. Through our own personal "real life" experiences, and the many "expensive" seminars that we have attended over the years, we can personally relate to the true meaning behind this age old saying and these truly great words of wisdom.

During our own real estate journey we personally elected to devote a lot of our focus and attention to "perfecting" and becoming "experts" in the field of "Lease To Own". We did this for a number of reasons;

1. A way to increase our "passive" income.

2. A vehicle that would enable me to "give up my day job" and "stop swapping my hours for dollars".

3. A system that would enable us to "help other people realize the ultimate dream of home ownership" .

4. A way for us to… Enjoy the Journey!

Like anything in life, nothing is for FREE, and if you want to be truly successful you have to be committed, willing and fully prepared to… PAY the PRICE! The price can come in MANY different forms. It can be EMOTIONAL. It can be PHISYCAL and it can be FINANCIAL! But what I do know is this, you do HAVE to be committed, willing and fully prepared to… PAY the PRICE!

There are NO "short cuts" to the top of the SUCCESS ladder!

How do you think I know this?

What I would recommend you do in your particular case is continue on the (Buy & Hold) path that you have already chosen. While you are doing this you should continue to "educate" yourself. You can obviously do this by reading books and by attending seminars and workshops. I do have one Caveat here; do NOT focus your education or your attention strictly on real estate.

I have a saying that goes... "it`s not just about the real estate, it`s about all that other stuff". REIN are always introducing their members to… "that other stuff"!

Real estate has obviously played a positive and major influence on our own personal lives, but we contribute a lot of the success that we have achieved to "all that other stuff". Stuff like; educational and motivational books and CD`s. We continue to attend seminars and workshops that promote the "power of POSITIVE thinking", and how we can continuously "improve our own MARKETING skills". There is NO substitute for EDUCATION, and it is a "continuous" thing!My own personal motto: Educate, Take Action, Educate More, Take More Action...

Now there will come a time when you will WANT, NEED or SHOULD implement some of the things that you have learned. If not, your education will be wasted. When that time comes, you will be able to tap into everything that you have learned. As a result of the education and knowledge that you have obtained along the way, you will be in a much better position to make an "educated" and more "informed" decision on what path or combination of paths you would like to take.

You probably got more than you bargained for here? So please accept my apologies if I rambled on.

I hope my feedback will be of benefit to you and your family?

Wishing You Life Success!


QUOTE (vandriani @ Oct 19 2009, 03:30 PM) Tony,

All the talk about Ron LeGrand on this site got me curious. So, I went to his website. I find it rather confusing and cluttered. In this case more IS less. Since, you are very familiar with his teaching I thought I would pose these questions.

Scenario:

We are in the infancy of developing our REI careers. We currently own 3 properties of which we prescribe to the long term hold philosophy. We expect to grow our investments with JV partners for the next 5 years. I`m interested in learning about Ron`s system but do not expect to implement anything new for a few years. I just like to learn new things.

Question:

Which product do you recommend we start with? Which products would you suggest we supplement with afterwords?

We look forward to hearing your comments

 

[EdRenkema]

Tony thanks for your note of temperance, well said.
I tend to agree with Zander, huge energy from the 4 days, why waste that?
I think I know what Ron would do, or say: what is the worst that can happen, and if you can live with that or have an alternative plan then move forward.
Having the ability to make mistakes and learn from them is just as valuable.
Just my thoughts and really appreciate your input.

I`ve only been home half a day and already I`m feeling the same old, same old, I want to make some changes and I need some serious personal cashflow, I`m going to make it happen.

 

[tonypeters]

Ed,

I respect and can appreciate your enthusiasm, as I am also BIG promoter of TAKING ACTION!

However, depending on where people are at with respect to their own real estate investing careers, it does make a HUGE difference on how they should move forward. I am not sure if you had the opportunity to review my response to Zander, if not, I covered this subject in a little bit more detail.

Thanks for your contribution and the BEST of luck to you!

QUOTE (EdRenkema @ Oct 19 2009, 08:56 PM) Tony thanks for your note of temperance, well said.
I tend to agree with Zander, huge energy from the 4 days, why waste that?
I think I know what Ron would do, or say: what is the worst that can happen, and if you can live with that or have an alternative plan then move forward.
Having the ability to make mistakes and learn from them is just as valuable.
Just my thoughts and really appreciate your input.

I`ve only been home half a day and already I`m feeling the same old, same old, I want to make some changes and I need some serious personal cashflow, I`m going to make it happen.

 

[vandriani]

Tony,

Thanks for your detailed and well thought out response to my question.

I have been on a huge self improvement kick in the last 6 month and I am fully committed to confute that track.

Real estate is only one of my newly discovered passions that I have also fully committed to developing. As stated earlier, we have purchased 3 properties to date and I feel now that we need to step back and refine/solidify our systems/procedures/goals.

In regards to my original request. I was viewing Ron`s website and I find it confusing to plan an order to follow his multitude of products. For example, within REIN, it is recommended that you read Don`s books (ACRES System, 99 Tips and Success stories) then check out this site, attend an ACRES weekend, join the group and then get into the more detailed products (JV Secrets).

I was hoping you could provide some guidance towards a similar track for Ron`s products.

Regards
Vince

 

[ZanderRobertson]

Vince,

If I may offer my own 2 cents on this: Do whatever you can to get to Legrand`s next Canadian Seminar. I know there is one coming up in Toronto in March. When you register (I don`t believe they`ve opened registration for that yet) you will receive about 17 CDs, or a download for the 17 CDs. These CDs are a great introduction, but will not substitute the course.

Good Luck,
Zander

PS See you there. I`m going again.

QUOTE (vandriani @ Oct 20 2009, 08:18 AM) Tony,

Thanks for your detailed and well thought out response to my question.

I have been on a huge self improvement kick in the last 6 month and I am fully committed to confute that track.

Real estate is only one of my newly discovered passions that I have also fully committed to developing. As stated earlier, we have purchased 3 properties to date and I feel now that we need to step back and refine/solidify our systems/procedures/goals.

In regards to my original request. I was viewing Ron`s website and I find it confusing to plan an order to follow his multitude of products. For example, within REIN, it is recommended that you read Don`s books (ACRES System, 99 Tips and Success stories) then check out this site, attend an ACRES weekend, join the group and then get into the more detailed products (JV Secrets).

I was hoping you could provide some guidance towards a similar track for Ron`s products.

Regards
Vince

 

[tonypeters]

Vince,

I would personally start by ordering a copy of his book titled; "How To Be A Quick Turn Real Estate Millionaire". You can order a copy by visiting his website at Tony,

Thanks for your detailed and well thought out response to my question.

I have been on a huge self improvement kick in the last 6 month and I am fully committed to confute that track.

Real estate is only one of my newly discovered passions that I have also fully committed to developing. As stated earlier, we have purchased 3 properties to date and I feel now that we need to step back and refine/solidify our systems/procedures/goals.

In regards to my original request. I was viewing Ron`s website and I find it confusing to plan an order to follow his multitude of products. For example, within REIN, it is recommended that you read Don`s books (ACRES System, 99 Tips and Success stories) then check out this site, attend an ACRES weekend, join the group and then get into the more detailed products (JV Secrets).

I was hoping you could provide some guidance towards a similar track for Ron`s products.

Regards
Vince

 

[saskbrian]

QUOTE (tonypeters @ Oct 19 2009, 01:54 PM) Most of you may already be aware of the fact that I am a HUGE fan of Ron LeGrand! WHY? My wife (Jo-Ann) and I had the good fortune of attending a number of his seminars back in 2003. Since that time we have been implementing many of the "creative" and "unique" (quick turn) real estate investing strategies that he teaches, as well as a few of our own. With the exposure to these types of strategies, it helped us to "diversify" our real estate investing portfolio and we got to… Enjoy the Journey!With our past (Ron LeGrand seminar) experiences in mind, and based on some of the positive feedback that I have already received from fellow REIN members, it looks as though Ron LeGrand did NOT disappoint! No SURPRISE there!Unfortunately, I came down with a severe case of the flu on Wednesday and was unable to make it to the event personally. This was extremely disappointing for me, as I have never missed anything in my life before, let alone the opportunity to spend four "quality" days with one of the BEST (quick-turn) real estate educators and 400 (plus) "like minded" individuals!The purpose of this POST is not to dwell on my own personal misfortune, but to take the time to "contribute" to this forum by providing REIN members with a "Ron LeGrand seminar debriefing".

So you are probably asking yourself this question right about now; "What do you mean by… Ron LeGrand seminar debriefing"?

FACT is; Attending one of Ron LeGrand`s seminars is only a SMALL step, because it`s… "What you do with the information and the education that really counts!".

I can almost GUARANTEE you that there are a whole lot of (Ron LeGrand) seminar graduates out there that are all "fired up" right about now, and they are ready to get out there and put things into IMMEDIATE ACTION! While this is a "good" thing, I cannot stress the importance of taking the necessary time to absorb what it is you have just learned… before you dive in head first!

WHY? Because you have just been exposed to some extremely "creative" and "unique" real estate investing strategies, and your mind will most likely be on "information overload"? Not to mention the fact that Ron has most likely confused some of you, as some of the (real estate) terminology that he uses is really quite different than what you may already be familiar with?

With this in mind, I would strongly encourage fellow REIN members to…"take a step back", as it is IMPERATIVE that you take the necessary time to "fully" understand what it is you have just learned, before you head off on a path that you are unfamiliar with, and a path that can potentially be "loaded" with mine fields!

How do you THINK I know this?

For some of you, you may feel extremely confident that you have already learned enough to "charge" ahead. A word of CAUTION here… four days at a seminar is NOT that much time in the grand scheme of things! While EDUCATION is an extremely important component, receiving and acting upon a "small" amount of education can have the potential to be an extremely "DANGEROUS" and "DEVASTATING"/b> thing! So what should you do next? Take the necessary time to let the EMOTIONS and HYPE of the seminar wind down. Then you need to put some "serious" THOUGHT into what (creative) strategy, or combination of strategies you would like to implement. These strategies should "compliment" your existing goals or objectives. I would strongly encourage you to revisit the workbook materials that you received at the event, as well as your seminar notes and the notes of someone that may have attended the event with you. You should also listen to the CD`s at least one more time. You then need to develop a detailed list of all of the questions you have. And there WILL and SHOULD be questions! Your questions should be categorized into different groups. Groups such as; legal, marketing and accounting etc. The next step is to seek the answers to your questions. While doing this you will need to develop a list of "go-forward" action items or "things to do". Items such as; developing a solid business plan, establishing a marketing budget, developing your marketing materials and obtaining pricing quotations for services or products etc. Once you have completed this process, then and only then will you be in a position to take…MASSIVE ACTION!

Last but not least… no matter what you do, ALWAYS make sure that EVERYBODY WINS!

GOOD LUCK!!


Hello Tony,

I was looking for you through out the seminar and now I know why you were not there. Sorry you missed it

Beverley and I really enjoyed the seminar. We are taking a few days to digest the information, make some plans, get our questions answered and then, SASKATOON, look out!

Thank you for your sound advice to us "seminar grads" To assist us, we signed up for the Canadian Master`s Program. This includes 6 months of mentoring by one of Ron`s top students. We felt this would give us a huge advantage as we begin this new journey. We are very excited to be involved.


saskbrian

 

[tonypeters]

I am glad to hear that my post was of value to you.
You are doing the "smart" thing by taking a step back, digesting everything that you have learned and planning your next course of action.

My wife (Jo-Ann) and I did exactly the same thing back in 2003. We came out of the Ron LeGrand seminar "all fired up", but we took the necessary time to digest everything that we had learned and planned our next course of action. This strategy obviously paid off, because initially there were many people that started to implement Ron`s strategies in and around the Edmonton area, but over time they pretty much all disappeared.

I am also glad to see that you have made the decision to continue with your "education" with additional coaching from a "quick turn" real estate specialist. I elected to title this post "Just the Beginning!", because the four day event will provide some people with just enough information to become "dangerous"! How do you think I know this?

Taking ACTION is extremely important, and I am a BIG promoter of it, but action comes in many different forms. In my mind, taking a step back and making solid long term plans falls into the same category, and should NOT be a step that is overlooked.

If you follow your plan, I have no doubt that you will place yourself in a solid position to create major success for not only yourself, but everybody you do business with.

Remember, no matter what you do, it is extremely important that…EVERYBODY WINS!

I wish you every success in your new venture!

QUOTE (saskbrian @ Oct 20 2009, 08:51 PM) Hello Tony,

I was looking for you through out the seminar and now I know why you were not there. Sorry you missed it

Beverley and I really enjoyed the seminar. We are taking a few days to digest the information, make some plans, get our questions answered and then, SASKATOON, look out!

Thank you for your sound advice to us "seminar grads" To assist us, we signed up for the Canadian Master`s Program. This includes 6 months of mentoring by one of Ron`s top students. We felt this would give us a huge advantage as we begin this new journey. We are very excited to be involved.


saskbrian

 

[Sherilyn]

Thanks for your advice Tony. We also attended the Ron LeGrand event and are getting things together to start this side of our investing. I was doing some research and checked with our mortgage broker about the seller`s ability to qualify for a loan when the original mortgage is still in their name and we have taken over the payments (wrap). Our broker said that even though we took over the payments (even with documentation) the seller would have trouble as the loan is still in their name. Have you or anyone else had any experiance with this? We don`t want to negatively affect a seller`s future options. We want it to be a win-win situation that helps them too.

Thank you,
Sherilyn

 

[MelanieDriedger]

QUOTE (tonypeters @ Oct 19 2009, 01:54 PM) Most of you may already be aware of the fact that I am a HUGE fan of Ron LeGrand! WHY? My wife (Jo-Ann) and I had the good fortune of attending a number of his seminars back in 2003. Since that time we have been implementing many of the "creative" and "unique" (quick turn) real estate investing strategies that he teaches, as well as a few of our own. With the exposure to these types of strategies, it helped us to "diversify" our real estate investing portfolio and we got to… Enjoy the Journey!With our past (Ron LeGrand seminar) experiences in mind, and based on some of the positive feedback that I have already received from fellow REIN members, it looks as though Ron LeGrand did NOT disappoint! No SURPRISE there!Unfortunately, I came down with a severe case of the flu on Wednesday and was unable to make it to the event personally. This was extremely disappointing for me, as I have never missed anything in my life before, let alone the opportunity to spend four "quality" days with one of the BEST (quick-turn) real estate educators and 400 (plus) "like minded" individuals!The purpose of this POST is not to dwell on my own personal misfortune, but to take the time to "contribute" to this forum by providing REIN members with a "Ron LeGrand seminar debriefing".

So you are probably asking yourself this question right about now; "What do you mean by… Ron LeGrand seminar debriefing"?

FACT is; Attending one of Ron LeGrand`s seminars is only a SMALL step, because it`s… "What you do with the information and the education that really counts!".

I can almost GUARANTEE you that there are a whole lot of (Ron LeGrand) seminar graduates out there that are all "fired up" right about now, and they are ready to get out there and put things into IMMEDIATE ACTION! While this is a "good" thing, I cannot stress the importance of taking the necessary time to absorb what it is you have just learned… before you dive in head first!

WHY? Because you have just been exposed to some extremely "creative" and "unique" real estate investing strategies, and your mind will most likely be on "information overload"? Not to mention the fact that Ron has most likely confused some of you, as some of the (real estate) terminology that he uses is really quite different than what you may already be familiar with?

With this in mind, I would strongly encourage fellow REIN members to…"take a step back", as it is IMPERATIVE that you take the necessary time to "fully" understand what it is you have just learned, before you head off on a path that you are unfamiliar with, and a path that can potentially be "loaded" with mine fields!

How do you THINK I know this?

For some of you, you may feel extremely confident that you have already learned enough to "charge" ahead. A word of CAUTION here… four days at a seminar is NOT that much time in the grand scheme of things! While EDUCATION is an extremely important component, receiving and acting upon a "small" amount of education can have the potential to be an extremely "DANGEROUS" and "DEVASTATING"/b> thing! So what should you do next? Take the necessary time to let the EMOTIONS and HYPE of the seminar wind down. Then you need to put some "serious" THOUGHT into what (creative) strategy, or combination of strategies you would like to implement. These strategies should "compliment" your existing goals or objectives. I would strongly encourage you to revisit the workbook materials that you received at the event, as well as your seminar notes and the notes of someone that may have attended the event with you. You should also listen to the CD`s at least one more time. You then need to develop a detailed list of all of the questions you have. And there WILL and SHOULD be questions! Your questions should be categorized into different groups. Groups such as; legal, marketing and accounting etc. The next step is to seek the answers to your questions. While doing this you will need to develop a list of "go-forward" action items or "things to do". Items such as; developing a solid business plan, establishing a marketing budget, developing your marketing materials and obtaining pricing quotations for services or products etc. Once you have completed this process, then and only then will you be in a position to take…MASSIVE ACTION!

Last but not least… no matter what you do, ALWAYS make sure that EVERYBODY WINS!

GOOD LUCK!!

 

[MelanieDriedger]

Hi Tony,
Thank you so much for your wise words. I appreciate that you are speaking from the voice of experience and are sharing this with those of us who are new to some of these concepts. It is reassuring to know there are those in our Alberta REIN who are successfully using some of these creative strategies in this market. I`m in the process of reviewing and absorbing and am looking forward to navigating the journey ahead.

Melanie

 

[tonypeters]

Sherilyn,

Your mortgage broker is correct. It does have the potential to affect the Sellers ability to obtain additional financing down the road, as the loan will remain in their name. This is something that I ALWAYS disclose with the Seller. It may be a "deal breaker", but it is far better to lay it on the table "BEFORE" you structure a deal. However, on the flip side, if you are working with a "truly" MOTIVATED seller, this may be the LAST thing they are worried about!

Please don`t get the term "wrap" mixed up in this type of "creative" real estate structure, as all you are doing is agreeing to take over the monthly payments with a "delayed" sale (closing date), you are not creating a "mortgage". From some of the comments that I have seen, it would appear that there is a fair bit of confusion out there with respect to what a "mortgage wrap" really is. A "true" mortgage wrap is where you are creating a (new) mortgage with a "purchaser", and you are "wrapping" it around the existing mortgage that is already registered on title. This is where the term "Mortgage Wrap" comes from.

I trust that I have answered your question, and that this information will be of assistance to you?

QUOTE (Sherilyn @ Oct 23 2009, 02:54 PM) Thanks for your advice Tony. We also attended the Ron LeGrand event and are getting things together to start this side of our investing. I was doing some research and checked with our mortgage broker about the seller`s ability to qualify for a loan when the original mortgage is still in their name and we have taken over the payments (wrap). Our broker said that even though we took over the payments (even with documentation) the seller would have trouble as the loan is still in their name. Have you or anyone else had any experiance with this? We don`t want to negatively affect a seller`s future options. We want it to be a win-win situation that helps them too.

Thank you,
Sherilyn

 

[tonypeters]

Melanie,
I am glad to hear that my words of wisdom are of assistance to you. I am also glad to hear that you are taking the necessary time to plan, as this is a "critical" step. The "creative" real estate investing strategies that Ron teaches have the potential to make you a LOT OF MONEY, but if you don`t educate yourself properly and plan ahead, they can have a reverse affect and COST YOU A LOT OF MONEY, as well as create disconnects for others in the process! As Ron LeGrand would say...How do you think I know this?

The BEST of Luck to You!

QUOTE (MelanieDriedger @ Oct 23 2009, 05:17 PM) Hi Tony,
Thank you so much for your wise words. I appreciate that you are speaking from the voice of experience and are sharing this with those of us who are new to some of these concepts. It is reassuring to know there are those in our Alberta REIN who are successfully using some of these creative strategies in this market. I`m in the process of reviewing and absorbing and am looking forward to navigating the journey ahead.

Melanie

 

[ctang]

Thanks to everyone who shared their thoughts and advices. It`s helping me pave my stepping stones to true success.

As I`m new to RL`s Quickturn strategies and REIN`s Buy and Hold, I`m a little confused as to which one I should focus my efforts on. I want to implement both of these strategies but I feel some what overwhelmed even with a detailed plan/goals written out. Has anyone felt this way and what did you do to decide which method to focus on: Quickturn for today`s cashflow or buy and hold for future wealth? I know Ron had said to take care of today`s cashflow needs first before we try and create wealth for tomorrow...does that mean I should focus on implementing the Quickturn strategies first while educating myself on buy and holds? or implement/focus on buy and holds and educated self on Quickturn strategies like Tony suggested to Vince in the early posts.

Thanks,
Chung