Real Estate Investment Training - Real Estate Investors
Be the Manager, Not the Owner - 101 Street Smart Cash Flow Accelerators #62
Sep 13 2019
Hi, it's Lou Brown and I am back with more education for you to train you to be a professional property manager, help you succeed. And the world of buy, hold and sell. By the way, that's the name of my upcoming new book, buy, hold and sell. And one of the great things is that we discovered that when we are in the field, so to speak, when we're face to face with residents, you know some people are going through a world of different drama, different situations within their life. And what happens is that sometimes they don't do what they agreed to do and when that happens, sometimes they go bonkers. I don't, I know you've heard the term going postal, right? And it's like the post office worker that works there for 30 years and has always been mild mannered and never had any upset. But every day they were getting more and more like a powder keg.
And then one day they just blow up and have random, let's just say violence in the workplace. So we want to avoid any kind of violence, upsets, breakdowns. And one of the things we discovered is when you are the manager and you're not the owner and you're not the one that has all of the answers and you're not the one that can make all of this decisions, it's a far better place to be. It's similar to what you do at your job when you are just, let's say putting forth a policy with a customer or another coworker and you're saying, listen, I just work here. I'm just dilute. Don't kill the messenger. Don't be upset. I'm just delivering to you what we do. Now, one of the things that we've done all throughout our entire career is we've always gone back to the paper work.
What is it that was agreed to between the parties? So whenever you can keep the emotion out, keep the drama out, don't get in. Sometimes they're trying to pull you and do all they can do. Get you into their world, right, so that there can be an upset, there can be a fight, there can be backbiting, there can be negative talks between one another. Listen, always bring yourself out of that. Always only refer back to what was agreed to. No other discussions and one of the ways we found that works best is to not own the property. Now, this is an absolute truth and we're not lying to anyone. In fact, one of the things that I teach you is to hold title to your property in trust, and so I became an expert years ago on these things called land trusts and land trusts are phenomenal at being able to get the property out of your name and put the property into this thing called a trust.
And listen, there's about 30 different trusts out there. Land trusts have their own unique properties and their own unique requirements and innocence as well about 30 different benefits that you can get from land trusts. You cannot get from any other entity. So what I have you do is transfer your property that's maybe in your name or in an LLC name. Have you transferred that to a trust? And then there's a letter in the land trust system where you send that to the residents. I no longer owned the property. However, I'm going to remain on as the manager for an indefinite period of time. The new owners have some new paperwork they want me to go over with you. That's how you can get out of potentially that agreement that you currently have in place because now there's a new owner and the new owner wants new paperwork.
You go over your new standard rental agreement that you learned about that's provided by volume eight and then you can realize that there is a way that you can truthfully and with confidence say to the resident that you are not known owner. You are the manager of the property. Why? Because there is a management agreement that the trustee of the trust hires you to be the manager. And so therefore the truth is you do not own the property. The truth is the trust owns the property. The trust hires you to manage the property and you're the one that, that, uh, advertises the property. You're the one that manages the property. You're the one that collects them rent. You're the one that deposits the rent. You're the one that hires people to do work on the property and you keep yourself out of the line of fire, so to speak. I hope that's been a value to you. Do like it, love it. Share it with others and do subscribe. Thank you so much for joining us. Thank you so much for enjoying this series. Let other people know about it and I will see you soon.
Lou Brown has been buying, selling and holding property for 40 years and you are about to discover what a lot of so called gurus are missing.
* How to buy all the property you want without ever visiting a single bank or needing to qualify for a loan…
* How to have a buyer or renter before you even buy property…
* How to have them already pay you money before you sold them anything…
These are exactly the kinds of deals he does day in and day out. Most 'investors' are getting it wrong. It's not about the property, it's about the buyer. Buying right and buying cheap is what you'll do after you have the buyer.
Real Estate investors in all fifty states across Canada and fifteen foreign countries including as far away as Australia and New Zealand, have long regarded the training, systems and forms created by Louis Brown as the best in the industry, Quoted as an expert by many publications and authors, “Lou” draws from a wide and varied background as a real estate investor having been buying property since 1976.
He's invested in single-family homes, apartments, hotels, developed subdivisions and built and renovated homes and apartments. Each of these experiences has given him a proving ground for the most cutting edge concepts in real estate today. He's widely known as a creative financing genius with his deal structuring concepts.
Being a teacher at heart he enjoys sharing his discoveries with others. He has served the industry in many volunteer positions such as past President and designated lifetime member of the Georgia Real Estate Investors Association, the world's largest real estate investor group.
He is also founding President of the National Real Estate Investors Association, which serves as the umbrella association of local investor groups.
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