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Copyrighted Material Trim Size: 7.375in x 9.25in Esajian bindex.tex V1 - 09/10/2014 1:15pm Page 263 Index A Attorney/escrow fees, in selling costs, 230 Absentee/out-of-state homeowner lists, 38 Attorneys, 26, 40 Absentee owners, 40–41 Auctions, in-person networking and, 30 Accent lights, 222 Accounting: B post-rehab, 228–230 Backpage, 206 for rehab, 230–232 Backup Purchase and Sale agreement, 80 step-by-step for rehab, 235–239 Balance sheet, 230 Acquisition: Bandit signs, 204 analysis of, 232 Bankers, networking with, 28–29 of property, recording, 236 Bankruptcy, 37, 39, 169 Adjusted gross income (AGI), 256 Banks: Advanced investors, 24–25 authorization to release information, 80 Advertising: lending money and, 28–29 call to action in, 66 lending on second mortgage, 86–87 “Coming Soon” post, 206 Bathrooms: costs of, 231 estimating repair of, 132 online, 209–210 scope of work, 153–158 social media and, 214 sizzle features in, 223 using classified websites to create, 214 Beginner investors, 23–24 Affidavit of Purchase and Sale agreement, 80 Benefactor, 256 After-repair value (ARV), 99, 119, 120 Beware of Dog sign, as thief prevention system, Agents: 219 pocket-listing flyers to, 204–205 Bidclerk.com, 165 websites, 206 Bid package, creating, 160–162 working with, 210–212 Bids, evaluating, 173–174 AGI. See Adjusted gross income (AGI) Big-box supply stores, for finding contractors, Alarms, as thief prevention system, 219 166 Alexa, 62 Bird dogs, 29 Amiable personality, asCOPYRIGHTED trait for networking, Blogs, MATERIAL 34, 61–62, 204 32 Bluebook.com, 165 Anderson, Jeff, 8 Bookkeeping system, 229 Anderson, Joanna, 8 Borrowing hard money, fees for, 90 Angieslist.com, 165, 211 Budget: Arbitration, in independent contractor direct mail campaign and, 39 agreement, 178 project, contractor bid and, 170 ARV. See After-repair value (ARV) staying within, 144 Asset protection, 254–259 Builder’s risk and vacant dwelling insurance, 180 263 Trim Size: 7.375in x 9.25in Esajian bindex.tex V1 - 09/10/2014 1:15pm Page 264 264 INDEX Building Department: City officials, networking with, 27 for finding contractors, 166 Cleaning the property professionally, 193 residential redevelopers and, 183, 184–185 Cleanup, in independent contractor agreement, Building permit, 182 177 Built-in bookcase, as sizzle feature, 224 Client approval, in independent contractor Business cards, 32 agreement, 177 Business ownership, three stages of, 18–19 Closeout system, financial, 232–235 Buyer list building, 206–209 CMS. See Content management system (CMS) email blasts, 207 CO. See Final certificate of occupancy (CO) initial phone call, 208–209 Commonality/empathy statement, in direct mail networking and, 207 piece, 46–47 prescreening retail buyers, 207–208 Communication: Buyers: with attorneys, 26 first-time, 211 contractor kickoff meeting and, 187–188 initial phone call with, 208–209 contractor system and, 170 prescreening retail, 207–208 Community(ies): Buying appointment, 81–82 giving back to, 260 Buying-appointment folder, creating, 79–80 networking with, 28 Buying criteria, 198–199 as private moneylenders, 87 Company brochure website, 56 C Consistency: Call center, using, 48 direct mail marketing and, 38–39 Calls, presale, 210 online presence and, 59 Call to action (CTA), in ads, 66 Constant Contact, 207 Call to action statement, in direct mail piece, 47 Consumers, focus of, 17–19 Camera, need for, 145 Contact information: Campaigns: in direct mail piece, 48 during presale phase, 203–205 realtor’s, 70 for a reason, 38 seller’s, 70 Camtasia software, 243, 244 Content, as website component, 55 Cancellation: Content management system (CMS), 54 in independent contractor agreement, 177 Contract closeout and final payment, 191–192 Capital, for residential redevelopment, 83–84 Contractor elevator pitch, 163 Captive insurance, 253–258 Contractors: Captive insurance company, 255 credibility packet, 163–164 Carrying costs, 230–231, 237 final payment to, 191, 192 Cash reserves, building, 84 importance of, 143–144 C-Corp., 247 job sites for finding, 166–167 Certificate of occupancy (CO), final, 191 kickoff meeting and communication, 187–188 Change orders, in independent contractor meeting and prescreening, 168–169 agreement, 177 meeting interview sheet, 169 Charts of accounts, in QuickBooks, 229 meeting outline, sample introductory, 171–174 “Choose Your Neighbor” flyer, 204 networking with, 27 Trim Size: 7.375in x 9.25in Esajian bindex.tex V1 - 09/10/2014 1:15pm Page 265 INDEX 265 putting appliances before showing property, handling problems, 172–173 219 jobs to bids on with, 173 quality, finding, 164–174 pictures and scope of work for three past jobs, websites, 206 172 Contracts. See also Purchase and sale agreement way of conducting business, 172 in buying-appointment folder, 80 Customer relationship manager program (CRM), owner financing, 80 22 write-up, presale and, 209 Conversion rate, increasing, 60–61 D Conveyance taxes, in selling costs, 231 Daily living, allocating profits into, 248 Copy of buying HUD-1 Statement, 232 Deal(s). See also Financial analysis of potential Copy of selling HUD-1 Statement, 232 deal Costs: finding money to fund, 22 of advertising, 231 first, making profit on, 7–13 bathroom materials breakdown and, 156–157 locating, 245 buying transaction, 75 searching for, 64–65 carrying, 237 Debris, failing to remove, 221 debt service, 231 Debt negotiation, assistance with, 104 financial, 74, 233 Debt service costs, 231 holding, 74 Decisions needed, 144–145 inspections, 231 Defined benefit (DB) plan, 254, 255 kitchen materials breakdown and, 151–154 Delinquent tax/tax lien list, 44 of real estate sales commissions, 212 Demo and cleanout milestone, 188, 189 rehab, 237 Demolition and dumpsters, estimating cost of, selling transaction, 75 137 of sending direct mail, 38 Deposit collection, presale and, 208 of websites, 56, 58 Desktop analysis: County Recorder’s office, 42 classifying and following up leads, 77–78 Craigslist, 206, 214. See also Craigslist marketing creating buying-appointment folder, 79–80 Craigslist marketing: creating comparable package, 78–79 creating ads, 65–67 financial areas in, 74–75 searching for deals, 64–65 multiple listing service listing, 76 Credibility, 62 preparing meeting with the seller, 79 establishing, 60–61 property tax card, 75 as website advantage, 54, 56 in rehab deal evaluation process, 73–89 Credibility packet, 33 valuation sites, 76–77 CRM. See Customer relationship manager Dialing for dollars, 10 program (CRM) Direct mail: CTA. See Call to action (CTA) budget for, 39 CT Homes, LLC, 55, 56, 170, 191 defined, 37 benefits of the company, 171 drip marketing campaign, 44–48 benefits of working with, 172–173 fulfilling campaigns, 49 company description, 171 identifying target market, 39–44 Trim Size: 7.375in x 9.25in Esajian bindex.tex V1 - 09/10/2014 1:15pm Page 266 266 INDEX Direct mail (continued) Exterior, estimating repair of: not so urgent mailing list, 37–38 fence, 128 piece, components of, 46–48 garage repair, 126 sending, 38–39 gutters, 123–124 setting up inbound system, 48–48 landscaping, 127 tracking mailings, 49–50 paint, 125 urgent mailing list, 37–38 pool, 127–128 Discretionary and fun money, allocating money roof, 122–123 to, 248 siding/stucco, 124 Divorce, 39 windows, 124–125 Documents: final and unconditional lien waiver, 176, 181, F 182 Facebook, 34, 58, 62, 63, 214 final scope of work, 176, 178 Facebook Real Estate Groups, 31 independent contractor agreement, 176–178 Failure, of investors, 15 insurance indemnification form, 176, 180–181 Family: payment schedule, 176, 178–180 networking with, 28 timeline and order of executing, 182–183 as private moneylenders, 87 W-9, 176, 181 FAU. See Forced-air unit (FAU) Doing it yourself mentality, 15–19 Faux cameras, as thief prevention system, 219 Don’ts of staging, 195–196 Fax blasts, 210 Do’s of staging, 195 Fear: Drip marketing campaign, 44–45 changing perception of, 9 Drop-stair scuttle into attic, as sizzle feature, initiating negotiation and, 101 224 as obstacle in achieving goals, 8–9 Due-on-sale clause, 93 Fees: for borrowing hard money, 90 E private lenders, 86 Electricals, estimating repair cost of, 135–136 referral, bird dog and, 29 Electrical supply houses, 165 referral, incentivizing attorneys and, 26 Elevator pitch, 32–33 Fence, estimating cost repair of, 129 Email blasts, 207, 210 Filing system, organizing, 226–228 Enthusiastic personality, as trait for networking, Final certificate of occupancy (CO), 191 32 Final lien waiver executed, 191, 192 Entity structure, 247–248, 254–259 Final payment to contractor, 191, 192 Entrepreneurs, in business ownership, 18 Final punch list, 191, 292 Esajian, Paul: Final scope of work, 176, 178 background of, 9–12 Final touches and home staging, 193–199 first rehab property of, 10–11 art of staging, 194–196 Eviction lists, 39 buyer’s eye walkthrough, 197–198 Eviction marshals, networking with, 28 buying criteria of potential buyer, 198–199 Exit strategy, 100, 220 cleaning the property, 193 Expired listings, 38, 40, 43 taking professional pictures, 196–197 Trim Size: 7.375in x 9.25in Esajian bindex.tex V1 - 09/10/2014 1:15pm Page 267 INDEX 267 Financial analysis of potential deal: Fortune builders website, 7 buying transaction costs, 75 401(k), 254, 255 financial costs, 74 Four Question Test, 148–149 holding costs, 74–75 Frame out milestone, 188, 189 selling transaction costs, 75 Free-and-clear lists, 38 values and pricing, 74 Free and clear properties, 40 Financial closeout system, 232–235 Friends: Financing rehabs: networking with, 28
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