TurnKey Investor Show – Episode 4 (Matthew Chan & Wes Weaver)
Matthew Chan and Wes Weaver discuss The Investors Roundtable Project. Guest Host Tony Centavo discusses his experience within The Investors Roundtable.
TurnKey Investor Series
Articles related to The TurnKey Investor series
New TurnKey Investor’s Seller-Financing Seminar Recorded
Two weeks ago, during my blog hiatus, my friend Tony Calloway and my business partner Wes Weaver joined me in hosting and conducting a brand-new seminar, “The Turnkey Investor’s Seller-Financing Short Seminar”.
Essentially, this is a more advanced seminar that builds upon and expands the content of “The TurnKey Investor’s ‘Subject-To’ Mortgage Crash Course”. The “subject to” mortgage is only one form of seller-financing. While it is a great way of financing investment property, there are many instances that technique is simply not practical, nor desired in some transactions.
Wrap-around mortgages, land contracts, contracts for deed, and lease-options are also legitimate ways of financing investment properties. Each of these financing techniques have their own pros and cons as well as the circumstances of when you should use them.
Wes Weaver and I share our real life experiences and comments on the other forms of seller-financing techniques that we have used (and those we have chosen NOT to use!).
Originally conceived as an additional “audio crash course” in the spirit of “The TurnKey Investor’s ‘Subject To’ Mortgage Crash Course, Tony talked me into making the Seller-financing presentation into a seminar in front of a live and experienced real estate investor audience.
Essentially, the raw unedited recordings come to over 4 hours of audio content. I expect to edit it down to less than 3 hours however that is a very rough estimate. I am trying to pare it down to a 2-CD audio course set but it may end up being a full 3-CD audio course set.
Once the audio course has been completed, I plan on taking that content and creating an all-new manual called “The TurnKey Investor’s Seller-Financing Handbook” which will be similar in format and a companion manual to the “The TurnKey Investor’s ‘Subject To’ Mortgage Handbook”.
There is no precise timeline for when the Seller-Financing products will be available except that I expect it will be released in 2008.
I will be putting a warning label on the products that beginning investors or students should not buy either of these products. The discussions were advanced level. The one beginning student we had was a bright person but clearly did not have the background to keep pace with the seminar presentation. She served as a barometer for me to warn off beginning investors and students.
I would like to comment that all the students in the audience (with one exception) were prior students of ours and had actually done at least a couple of real estate transactions. Gauging from the feedback from students, they greatly appreciated the fact much of material that Wes and I presented had not presented in such depth and sophistication.
As I get more news on the progress of the Seller-Financing products, I will post them here.
Customized Education and Modular Learning
In my prior article, I wrote about my larger role and responsibilities as a Publisher for Ascend Beyond Publishing. I continue on that article by sharing the educational model I am employing in my publishing business.
Many years ago, when I was a Technical Trainer and Technical Instructor of advanced networking, technologies, and network operating systems, I became indoctrinated to the idea of customized education and modular learning.
For those of you unfamiliar with the concept of modular learning, it is simply the concept of giving the student the ability to custom create and design their own learning curriculum no matter what the subject matter is.
The fact of the matter is, we live in a society where time is precious and adult education is something we pay for. It takes time and costs money to learn any new subject but each of us have a different view of what we should learn and how much time we should take. The determination of success from our learning comes from the results that come from the execution of our action plans. If we execute and manage our affairs well, we should yield successful results. If we don’t, we have poor results. In other words, we no longer get grades as we did in school. We simply measure results.
As a publisher, I believe in providing tight, singular topics my readership and students can choose from. Comprehensive learners prefer to buy “an entire set”, many others prefer to buy their educational materials “a la carte” or “piecemeal”.
In the TurnKey Investor Series, readers and students can immerse themselves in the TurnKey Investing Philosophy that we created and practice ourselves. Or they can simply pick the individual pieces they want to learn about. Either way, the customer comes away happy.
I have had customers that I have never heard from and swoop in buy entire learning sets in one purchase. I have had many more customers who bought one or two titles and come back to purchase a few more. Clearly, repeat customers are a sign they are happy with what they have read or heard.
There is this myth that most readers or students want a monolothic approach to their learning. I believe that represents a small minority of readers and students. This is why encyclopedias, tomes, and other thick reference books don’t sell as well as smaller, tightly-focused titles. This is why Audio Titles have gained so much ground in recent years co-existing with their print versions.
Outside of the walls of Academia, people want to choose to learn in their own way at their own pace. And so, unlike so many of my fellow authors and educators, I don’t try to create a high-priced “monster master course” that tries to cover everything and anything regarding a subject.
I say to my readers and students, “Choose and create your own education” from our suggested set of offerings.
Customized education and modular learning is the new paradigm. Publishers, authors, and educators had best understand this new learning paradigm.
Why I Regard Myself a Publisher More Than an Author
This article is one I have long thought I needed to write and clearly express my “official position” as to why I regard and identify myself as a Publisher more than I do as an Author.
First off, I have no negative feelings attached to the title of being an Author because it is something I have done many times. In fact, I am quite proud that I can include the title “Author” on my resume (or CV). I have obviously written, co-written, and edited many books and audio programs with several more in various stages of development.
However, I identify myself more as a Publisher because it is a larger scope of responsibility I take on than “simply” authoring books. In some ways, the Publisher title is less glamorous. I have to oversee the creation of a body of work whether or not I am the primary author or not. Up to this point, it so happens that I am the most prolific author in my publishing company simply because I have a lot to say and communicate, not because I am not willing to accept more titles from other authors.
I believe it is my responsibility to ensure that the body of work I bring into reality fit in consistently and congruently to the greater whole that represents Ascend Beyond Publishing. Every title must be congruent and synergistic to the greater whole. There is a “greater message and theme” that Ascend Beyond Publishing (ABP) represents. Ascend Beyond Publishing represents optimism, independence, entrepreneurism, strength, decisiveness, unedited truth, and personal responsibility.
Any author or work that does not fit in congruently with these attributes will not be able to be published under the ABP banner.
In the last 4.5 years Ascend Beyond Publishing has been in existence, 19 titles were created and developed. I expect the the number of titles will double in lesser time. As each title comes out, the body of work ABP stands for will continue to evolve and updated with the times.
My responsibility will continue to grow as Publisher. If I do my job well, I hope to make a larger positive impact in the world we live by serving my readership and students well.
“TurnKey Investor” Book Series at 2007 NAR Convention
In an earlier post, I said that Matt Lombardi (Managing Director of Marketing & Sales) was going to do something “extra special” for me since he knew Wes and I was attending the 2007 NAR Convention.
Matt placed and displayed 4 of the “TurnKey Investor” book titles in the Main NAR Exhibit Booth at the center of the Expo: 3 paperback books and 1 audiobook.
I have to admit I was a bit stoked that the books would get some good exposure at the NAR Expo.
Wes Weaver (a leading contributor of the “TurnKey Investor” book series) and I managed a pose next to the books on the display area.
“Incredible Discoveries” Makes First Contact
After the last post, I felt a bit stupid not knowing what my phone call with “Incredible Discoveries” was going to about. All I knew was that it was going to be real estate information and infomercial related. Not exactly a mix I was overly excited about.
Having seen many education product infomercials over the years, I found most of them sleazy, unrealistic, and simply pandering to what people want to hear. And most people associated with an infomercial came out the other side with their reputation and credibility somewhat bruised.
In fact, I tried to contact the person who called me and wanted clarification before speaking to the Senior Director. And if I couldn’t get some clarity or an answer, I certainly wasn’t going to waste their time or my time having a discussion. I didn’t hear anything, so I simply canceled the call.
Well, I have to give “Incredible Discoveries” credit for persistence. The Senior Director of New Product Development called me on my cell phone anyway while I was with Wes Weaver, my biz partner, and Nathan, our intern, touring our vacant properties and handling various issues. And so, I had to politely put him off since I was in no position to concentrate and talk with him at that moment. I told him I would try to call him back before the day ended.
Around 4:30pm, it was clear my day was not going to end early and would continue into the evening. However, I wanted to keep my promise so I called the Director back and asked him for a basic overview of what he was interested in and, most importantly, why.
I have to give him credit. He was not at all the person I had expected. He was careful in his words and the expectations he was setting with me. I think he had a hint, my approach is very matter-of-fact and not always talking about sunshine. I tell both the good side and bad side. None of the pie-in-the-sky nonsense that is so common in the real estate courses and seminar circuit.
I made a point to politely let him know my biases against most infomercials and many of the real estate education materials I see today. Surprisingly, he took it well and acknowledged my concerns.
He made a reference that he knew of my involvement with The Investors Roundtable. He mentioned how I seemed to focus on “independent-minded investors” (which indicates he visited my real estate investing publication website, TurnKeyInvesting.com. He remembered that I had left Corporate America and wrote a book on it (The Intrepid Way).
I have to admit, he impressed me with those 4 references. It showed me that he had done some research on me and what I do. He did enough homework to let me know he was paying attention to details.
In any case, I still have many questions. However, my questions are moot at this point. The biggest thing on my mind right now is that infomercials have to cater to the general public. That generally means a presentation has to be hyped up and dumbed down a bit to cater to the masses. I tend to believe (from a marketing point of view) when you try to please everyone, you please no one. With every project I launch, I am careful to think about who I want to target, not simply pop out a generic product that excites no one.
We are supposed to get back together by phone next week. I have to admit I was not very interested to the point I canceled the first phone appointment. But now, I am intrigued to find out more what is on their mind.
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The latest information can be found on The Incredible Discoveries Information Page.
“Incredible Discoveries” Sets Up Phone Appointment
I unexpectedly received a call from Incredible Discoveries. They want to set up an appointment with me to discuss some “possibilities”.
It is strictly an initial first-contact, exploratory call. The conversation went quickly where the purpose was to set up an appointment to discuss further with a “Senior Director of New Product Development”.
I am certainly intrigued with what they have in mind. However, at this point, I am unclear. The call was a bit of a blur and I think they mentioned something about “lease-options”.
I am guessing they noticed some of my lease-option books and they want to explore the idea of a new lease-options product and see if it is feasible for an infomercial.
I am not overwhelmingly optimistic because I think most infomercials don’t really tell it like it is and it is overwhelmingly salesy. I really don’t want or need the “ick” factor attached to my name.
Update: You can read my impression of the subsequent phone calls. Basically, Incredible Discoveries wanted $75,000 from me to “get started”. I got very suspicious and quickly said, “No thank you”.
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The latest information can be found on The Incredible Discoveries Information Page.
Bettie Corbin Tucker’s Review of “The TurnKey Investor’s Rental Property Repossession”
Bettie Corbin Tucker has once again taken the time to review one of my newest audio programs, “The TurnKey Investor’s Rental Property Repossession”.
If you have deadbeat tenants who aren’t paying the rent on time or perhaps driving you out of your mind with lease violations, The TurnKey Investor”s Rental Property Repossession by Matthew S. Chan is exactly what you need. My husband and I, as landlords, have experienced some very strange happenings with our tenants: one tried to grow marijuana on the property and another kept an alligator in the basement.
Evicting tenants via the court system can be a lengthy and costly procedure one most property managers and landlords would like to avoid; however, many of them have been brainwashed into believing that eviction is their only option. Matthew Chan, a real estate investor and property manager, personally convinced me in this audio program that there are other legal, as well as quicker, ways to get tenants to move out. Listen with an open mind and learn from this excellent teacher.
Although Mr. Chan specializes in lease options, his intent is to keep many properties without losing money because of non-paying tenants. As a teen he gained much expertise in regard to leases, agreements, and business letters since his mother owned rental property. This gave him a head start when he began building his own investment portfolio in 2000. With the help of a partner, he continued to expand his business, and today, he is recognized as an expert in the field of real estate investing.
This audio program came into being because Mr. Chan saw a definite need for property managers and landlords to have information on “unconventional” ways to deal with deadbeat tenants stressing that sometimes diplomacy is easier and less expensive than the bureaucracy of the legal system. When posting to a real estate message board on this subject, he had some very negative reactions. One responder said the author was presenting a theory as opposed to fact. However, the individual was wrong as Mr. Chan based his information on personal experience and an astounding decrease in his eviction rate by 80 percent. With proven results, this is fact and not theory!
Admittedly, there are times that an eviction may prove to be the only way to go; however, this should not be the first course of action. The author lists the many glitches that property managers and landlords encounter with the eviction system glitches that result in loss of money and time. He also acknowledges to landlords that there are benefits to evicting, such as having the power of the law and state government on their side. It is obvious that a decision has to be made, and Mr. Chan provides common-sense advice on how to determine whether or not to evict. He also reminds students that they must know landlord/tenant laws in their state.
The author stresses that if tenants are respectful, cooperative, and communicative, it is best not to evict. In talking with tenants, he strives for a personal talk and not a personal attack, using negotiating skills with firmness and a clear approach. In most cases he believes that tenants aren’t trying to steal but simply can”t budget their money or control their lives.
Mr. Chan lists three alternatives to eviction: classifying property as abandoned, paying off or bribing tenants, and getting a signed release. Although he has classified property as being abandoned, he has never paid a tenant off to vacate property even though, in some situations, he suggests it might be financially advisable. However, he personally believes in serving the greater good via eviction as opposed to rewarding bad behavior.
Matthew Chan likes to recommend the “Signed Release System” calling this a clean process that has the cooperation of tenants. He lists the requirements for being willing to accept a signed release as well as the terms and rights of the agreement. Mr. Chan points out the importance of not stressing collections while trying to get an agreement, reminding listeners that plans for scheduled payments will be made down the line. One aspect of this agreement that tenants will find favorable is that they will have no eviction record to haunt them when trying to find housing in the future. There is a four-step policy for release that, when carried out successfully, will save property managers and landlords much time and expense. It bears repeating that by obtaining signed releases, the author has eliminated 80% of his evictions. That is money in the bank!
It is worthwhile to note that the author presents case study experiences to demonstrate some of the procedures he outlines in this audio program. He is forthright in sharing mistakes that he has made as well as success stories. Matthew Chan is real, honest, wise and a great instructor.
At the end of the CD, there is a bonus section in which the author discusses when and how to use collection agencies to collect lost rents and bad debts. Again, he backs up his words with statistics from personal experiences.
This audio program provides much valuable data that is long overdue. Perhaps property owners and landlords will rethink their position on routine evictions and opt for a system that results in less frustration and faster results.
I recommend The TurnKey Investor”s Rental Property Repossession as a “must-own resource” not only as a long-time publisher and nationally published author, but as a landlord who intends to follow Matthew Chan”s advice in the future.
Bettie Corbin Tucker
For Independent Professional Reviewers
G.A. Bixler’s Book Review of “The TurnKey Investor’s “Subject To” Mortgage Handbook”
G.A. Bixler recently submitted her latest book review of one of my consistent selling books, “The TurnKey Investor’s “Subject To” Mortgage Handbook”.
Matthew Chan”s latest book for TurnKey Investors is for experienced investors who “wish to expand their financial repertoire by utilizing the ‘subject to” mortgage” (p.5) This review is based upon that guiding principle inasmuch as I, myself, am not one of those experienced investors, though my background was in directing lease management for a major educational institution. I therefore have a basic understanding of the logic behind and in real estate activities.
I believe this is an important point to emphasize. Why? Because as I began to read, I found myself uncomfortable with the concept being presented. Specifically, “subject to” mortgage investing is a method of acquiring property by taking title and possession of real estate, but leaving the seller”s existing loan in place—a form of seller financing. It is to the author”s credit that he immediately identifies this as a problem for inexperienced readers.
Therefore, Chan confronts the issue! After explaining the primary fundamentals or activities of acquiring property through this process, in Chapter 3 he provides an excellent source of references for readers to confirm the “legitimacy” of the process, including examples of forms used by the U.S. Department of Housing and Urban Development.
Having read several of Chan”s reference books and after sufficiently negating my earlier qualms, I settled back to be “trained.” Certainly Chan has the intelligence, experience and knowledge to write books in his professional field. However, I have found that Chan has also developed an excellent teaching skill by which he uses his writing for effective training purposes. Investors or property managers should feel comfortable asking their own staff to learn and begin using the “subject” to mortgage transaction based upon using Chan”s handbook.
Let”s see what he has to tell us! First, knowing that this is a little-known and little-used process, Chan advertises its availability “we buy houses fast.” This catches the eye of those needing to sell their hours fast! What that means is that a target audience is usually available. Why? Because there are always those individuals who have just changed jobs and therefore need to relocate quickly. Or there are those individuals who sadly face divorce or the loss of a loved one and find that they can no longer pay the high mortgage costs. For whatever reason, needing to sell property quickly is oftentimes a traumatic experience. And, for many, waiting for financial institutions or real estate agencies just isn”t the answer.
Having personally been in this situation, I must admit I looked favorably at this option once I realized how it worked. Because I had lost my job and knew I could not keep up my mortgage payments as a single professional woman, I immediately posted my home for sale. It was a nightmare as I first had to “fix” one thing after another and then wait for someone who might “happen” to come along and want to buy my home. It was just serendipity that I was able to acquire a small cabin in a nearby state and maneuver each activity to be able to both sell and buy another home as well as relocate within the time allotted; i.e., by when I would receive my last pay check! Matthew Chan could have offered me a much simpler option! And his book includes pictures of the wide variety of houses that they have acquired through the “subject to” mortgage process. In essence, Chan”s company would have taken over my former home as property managers, using the loan I already had in place.
Now, individuals considering this option would need to understand quickly that they would continue to have an outstanding mortgage loan in their name. But somebody else would be paying that bill. And somebody else would have total control of the property. In essence, then, the seller in the position of having to quickly relocate has a little-known option if there are individual investors willing to handle their property. The Turnkey Investor”s program has the ability to do this…and then use your former property to enter into a lease-option activity with another individual. I”ve personalized this review to ensure that individuals who may hear of this process will understand its potential in their own lives.
However, the book, for the professional, includes all the many details necessary to ensure that they are able to handle a “subject to” mortgage investment if or when the opportunity arises. It takes a professional agency willing to help individual property owners. At the same time, the agency must have already invested sufficient research and experience in their field to make the process work within their agency. For those professionals wishing to consider “subject to” mortgage investing, this book is a must-read! G. A. Bixler
I thank G.A. Bixler for her careful review and scrutiny of my book.
Bettie Corbin Tucker’s AudioBook Review of “The TurnKey Investor’s Rental Property Repossession”
Bettie Corbin Tucker recently completed an AudioBook Review of “The TurnKey Investor’s Rental Property Repossession”. It is an extensive and thorough review.
If you have deadbeat tenants who aren’t paying the rent on time or perhaps driving you out of your mind with lease violations, The TurnKey Investor”s Rental Property Repossession by Matthew S. Chan is exactly what you need. My husband and I, as landlords, have experienced some very strange happenings with our tenants: one tried to grow marijuana on the property and another kept an alligator in the basement. Evicting tenants via the court system can be a lengthy and costly procedure one most property managers and landlords would like to avoid; however, many of them have been brainwashed into believing that eviction is their only option.
Matthew Chan, a real estate investor and property manager, personally convinced me in this audio program that there are other legal, as well as quicker, ways to get tenants to move out. Listen with an open mind and learn from this excellent teacher. Although Mr. Chan specializes in lease options, his intent is to keep many properties without losing money because of non-paying tenants. As a teen he gained much expertise in regard to leases, agreements, and business letters since his mother owned rental property. This gave him a head start when he began building his own investment portfolio in 2000. With the help of a partner, he continued to expand his business, and today, he is recognized as an expert in the field of real estate investing.
This audio program came into being because Mr. Chan saw a definite need for property managers and landlords to have information on “unconventional” ways to deal with deadbeat tenants stressing that sometimes diplomacy is easier and less expensive than the bureaucracy of the legal system. When posting to a real estate message board on this subject, he had some very negative reactions. One responder said the author was presenting a theory as opposed to fact. However, the individual was wrong as Mr. Chan based his information on personal experience and an astounding decrease in his eviction rate by 80 percent. With proven results, this is fact and not theory! Admittedly, there are times that an eviction may prove to be the only way to go; however, this should not be the first course of action. The author lists the many glitches that property managers and landlords encounter with the eviction system glitches that result in loss of money and time. He also acknowledges to landlords that there are benefits to evicting, such as having the power of the law and state government on their side. It is obvious that a decision has to be made, and Mr. Chan provides common-sense advice on how to determine whether or not to evict. He also reminds students that they must know landlord/tenant laws in their state. The author stresses that if tenants are respectful, cooperative, and communicative, it is best not to evict. In talking with tenants, he strives for a personal talk and not a personal attack, using negotiating skills with firmness and a clear approach. In most cases he believes that tenants aren’t trying to steal but simply can”t budget their money or control their lives.
Mr. Chan lists three alternatives to eviction: classifying property as abandoned, paying off or bribing tenants, and getting a signed release. Although he has classified property as being abandoned, he has never paid a tenant off to vacate property even though, in some situations, he suggests it might be financially advisable. However, he personally believes in serving the greater good via eviction as opposed to rewarding bad behavior.
Matthew Chan likes to recommend the “Signed Release System,” calling this a clean process that has the cooperation of tenants. He lists the requirements for being willing to accept a signed release as well as the terms and rights of the agreement. Mr. Chan points out the importance of not stressing collections while trying to get an agreement, reminding listeners that plans for scheduled payments will be made down the line. One aspect of this agreement that tenants will find favorable is that they will have no eviction record to haunt them when trying to find housing in the future.
There is a four-step policy for release that, when carried out successfully, will save property managers and landlords much time and expense. It bears repeating that by obtaining signed releases, the author has eliminated 80% of his evictions. That is money in the bank! It is worthwhile to note that the author presents case study experiences to demonstrate some of the procedures he outlines in this audio program. He is forthright in sharing mistakes that he has made as well as success stories. Matthew Chan is real, honest, wise and a great instructor.
At the end of the CD, there is a bonus section in which the author discusses when and how to use collection agencies to collect lost rents and bad debts. Again, he backs up his words with statistics from personal experiences. This audio program provides much valuable data that is long overdue. Perhaps property owners and landlords will rethink their position on routine evictions and opt for a system that results in less frustration and faster results.
I recommend The TurnKey Investor”s Rental Property Repossession as a “must-own resource,” not only as a long-time publisher and nationally published author, but as a landlord who intends to follow Matthew Chan”s advice in the future.
A big thank you to Bettie for taking the time to review one of my latest audio titles.
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