Bill Bronchick
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Zero In On Motivated Sellers
When investing in real estate, you want to focus your efforts on motivated sellers. This is true especially if you are just starting out. Dealing with motivated sellers makes the process go even faster, which means cash in your pocket sooner rather than later.Motivated sellers are people who MUST sell their homes. So…what motivates a seller to have to sell his home? Financial distress for one. Maybe he is behind on payments. Maybe he is facing foreclosure. Maybe even bankruptcy. Maybe he is facing a huge medical bill. Or a divorce settlement is looming on the horizon.Positive reasons can force…
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You Have to Sell a House to Get it Sold
The market is slowing and investors are drowning in house payments. Is there an end in sight? Probably not. But, is there something you can do about it? Certainly dropping the price until you get it sold it one way to do it. I’ve got a better solution – sell the house.What amazes me is that most sellers don’t sell their houses. They advertise houses, they list houses, but they don’t sell houses. In a good market you can rest on your laurels, but in a soft market you have to be willing to do something different. Stop whining about…
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Where to Incorporate: The Answer May Surprise You!
A question often asked when incorporating is, “where do I incorporate?” There are many promoters of various jurisdictions, such as Delaware and Nevada and even offshore.Nevada and Delaware have favorable corporate laws which limited the liability of Directors. As you may know, corporate directors are often sued for breach of fiduciary duty. Since the law applied in the case of a lawsuit involving the internal workings of a corporation is the state of formation, DE and NV offer maximum protection from director liability. Nevada is a particularly favorable jurisdiction because it has no personal or corporate state income tax. Shareholder…
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What You Need to Ask Before Joining a Coaching Program
So you’ve decided to take your real estate investing to the next level by joining a coaching or mentoring program with a real estate guru. Having mentored people for over 10 years, I have a few suggestions on what you should ask before joining any real estate coaching program.01. Are you coaching with the guru himself, or is the program farmed out to someone out of Utah?Believe it or not, many gurus just license their name to a company out of Utah who then markets to customers and fulfills the coaching program. There is no direct contact at all with…
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What to Do if a Tenant Abandons the Property
Have you ever had a tenant leave in the middle of the night or the middle of an eviction? Did you ever wonder what to do? Basically when a tenant abandons the property, you do not need to file an eviction or wait for the sheriff. You can change the locks. As for the tenant’s stuff, in most states you can simply toss it. You should check your state or local law to see what your legal obligation is to store the items for the tenant.However…If you are not certain whether the tenant has abandoned the property, you should not…
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What Every Landlord Should Know About Discrimination
The Fair Housing Act of 1968, as amended, prohibits discrimination on the basis of race, color, religion, nationality, familial status, age, and gender. Many state and local laws also forbid discrimination on the basis of sexuality or source of income, and the Americans with Disabilities Act makes it illegal to discriminate against the disabled. If you harbor any such prejudices and would allow them to come into play when renting a housing unit, then you’re probably not cut out to be a landlord. However, many sincere real estate investors make honest mistakes that result in discrimination lawsuits. The best way…
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Using Trusts for Personal & Business Privacy
Trusts have been used for hundreds of years for tax savings and estate planning, but few people realize the enormous potential for using trusts for privacy. In this information age where records of your assets can be accessed via computer, fax and even telephone, you have to take active steps to protect your privacy.What is a Trust?A trust is a private contractual arrangement between several parties for holding, managing and investing assets. The parties to the trust are the grantor (the person creating the trust, also known the “settlor”or “trustor”), the trustee (the person or entity holding title to the…
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Using Facebook as a Real Estate Investor
Social media marketing is an incredibly powerful tool and these days it is one of the single best ways to find deals as a real estate investor. Having a website is good, but if you don’t drive any people to it, it’s basically no more than an electronic business card. Using Facebook as a real estate investor is an effective way to leverage social media to gather leads, make connections, and network with other investors.Facebook is the proverbial 100-pound gorilla in the social media realm. Having an account with a few dozen strangers you call “friends” isn’t going to be…
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Using a LLC IRA for Real Estate Investing
By now I am sure you’ve heard that it is legal, permissible, and profitable to invest in real estate using your self-directed IRA, SEP, or Roth IRA. If you’ve been using this technique, you know the drawbacks – delays in funding, fees from your custodian, potential lawsuits against your IRA.Well, There’s A Solution… The LLC-IRA.Instead of investing directly from your IRA, we set up a single-member Limited Liability Company (LLC) that is owned by your IRA. Your IRA account is the MEMBER of the LLC. The LLC is a legal entity that has powers and protections that are not possessed…
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Using A Home Equity Line Of Credit To Buy Properties
A home equity line of credit (“HELOC”) can be an excellent financing tool, if it is used properly. A HELOC is basically a credit card secured by a mortgage or deed of trust on your property. You only pay interest on the amounts you borrow on the HELOC. If you don’t use the line of credit, you don’t have any monthly payments to make. You can access the HELOC by writing checks provided by the lender. In most cases, it will be a second lien on your property.HELOCs are being advertised on television as a way to consolidate debt, but…
Bill Bronchick's Articles
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Fix And Flips From An Attorney’s Perspective
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The Big Picture Of Real Estate Investing
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Understanding Liens
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Logistics Of Hard Money Lending
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How To Negotiate Owner Financing
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Determining ARV
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Dodd Frank Overview For Seller Financing
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The Art Of Networking
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5 Tricks You Didn’t Know Your Self-Directed IRA Could Do
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3 Step Analysis for Analyzing ANY Deal
