Live Edge Event Takeaways - What are you Learning?!

keep it coming !!! this shows the impact and widespread effect that the edge can have on someone !!! there were MONSTER amounts of info given at the edge and by the clear response to this thread ,,,,,you guys are AWESOME for sharing your knowledge that you gained !!!! KEEP SHARING so the people who did not attend can see the love and genuine sharing us dgers have !!!!

jay

First of all, to all who attended the event - it was soooo wonderful to meet you or get better acquainted. To those who watched live from home - congratulations on getting the best education on the planet!
The DG Fam is like no other. There was so much love, respect, gratitude and support in the room, I think we could have solved the issue of world peace if we had put all our minds to it. Guess we will just have to settle for restoring America - DGFam armies marching through cities all over America, improving neighborhoods and providing homes.
It was beyond a thrill to be onstage with the alumni. I feel so honored to have been sitting among the "greats" we all admire.
But that reminds me of one of my greatest take-aways, which came from Ali Safavi. He told us not to be in awe. Think about it, if we consider Dean and the star students so far beyond our reach, we imagine ourselves right into failure. WE CAN ALL ACHIEVE SUCCESS.
I don't think anyone has posted about the strategy Matt taught about creating your own package offer. Here it is.
First of all, find out from your real estate agent if the MLS listing shows a field indicating the owner's name. If it does, easy - just look for properties currently available from the same owner. If it doesn't, you, or preferably your agent or an intern(!) will have to look up the properties on the county records to determine the owner. This will be a task perhaps the first time. But - you should have your agent send you new listings daily. Once you are receiving daily updates, there won't be that many properties to check. Also, if an owner is going to sell several properties, quite possibly they will be listed the same day.
OK, so now you have found, let's say, 3 properties for sale by the same owner. The 3 asking prices total $175,000. You offer $101,300 for all three. Once the owner accepts your offer (oh happy day), you write up the three properties as follows: $45,000 for the first, $45,000 for the second, and $11,300 for the third. Changes are, the seller won't care about the division of prices. So - you assign the first and second, and make maybe $10K, then you hold onto the third for a rental and do a no-season refi for 80% of the appraised price of $65K and you now have $50K tax free!!! Go buy another house or two!
WALA - isn't Matt a genius?
Thanks Matt.

that made it possible to attend the EDGE12 event. It was spectacular and I enjoyed every minute. I loved meeting everyone and learned so much. I am a changed woman and looking forward to the next event and all that happens in between. Time is short at the moment and much to do but wanted to make this quick post.

Thanks for starting the thread. You are always one of the first to share and help motivate others. I truly admire that. It was a real pleasure meeting everyone at the eDGe. I think I learned as much from talking and networking as I did from listening to the speakers. Everyone was amazing!

There was sooooooo much great information given this past weekend it is kind of hard to think of only one take away. I think for myself what I will take to heart is YOU DON'T HAVE TO KNOW ALL THE TECHNIQUES or even two. YOU ONLY NEED TO KNOW ONE. If you take action with that one you WILL make money if you believe you will and stay with it. Becuase it doesn't matter how much YOU KNOW. It's about how much YOU TAKE ACTION on!! Also, that with ENTHUSIASM and SELF CONFIDENCE the world is yours for the taking.

For everyone out there who didn't get to go the eDGe, I just want you to know that you are no different than any of them. They don't know everything they just charge forward with the knowledge they do have. And you what??? They are doing amazing things! Dean said over the weekend that "ENTHUSIASM TRUMPS KNOWLEDGE" everyday of the week and twice on Sunday. Well maybe he didn't say the Sunday bit. But, it's true our world has and is shaped by ENTHUSIASTIC DOERS not geniuses.

And for those of you who don't feel Enthusiastic, just know that when you're doing something that makes you happy YOU WILL become enthusiastic. So if you're not doing what you enjoy, imagine and believe you are and it will manifest itself to be true!

Thanks Again Jay and best of success to everyone.

And if you read this Dean.....Thank you from everyone. You truly are inspiring and changing countless lives.

For sharing what you have learned so OTHERS can learn also. !!! this thread is just an extension of the generosity of others that have accumulated the giving spirit of DEAN GRAZIOSI !!! he has taught us through his ACTIONS that GIVING BACK and or sharing what we learn through our own experiences and the experiences of others will only enrichen not only THEIR LIVES but OUR OWN !!!! i KNOW this to be true because i have LIVED it and so have so many others....including MANY on this site and beyond.....so if you KNOW this to be true ......share what you have learned from the EDGE 2012 AND anything that can help OTHERS be successful !!!

jay

I am so inspired and I wasn't even there the energy is just rubbing off my computer screen and giving me more fuel. Here I come.................$$$$$$$$$$$$$$ :0)

This was my first time at The Edge event and it was awesome. I just wish Donna could've been there too. It got me so psyched and excited that I'm sure we will assign our first deal by the end of May. Talk about accountability, I just told all of DG Land! Thanks Andrea. My aha moment was when I realized my life had changed forever. Everyone I met was so nice and willing to help in any way. If you're thinking about going to Edge 2013, don't say it, do it! From newbies to the veterans there is something for everyone. Thanks to all the presenters, I learned so much.

All the best,
Brett

Would you mind elaborating on 1. Figuring offers and selling prices according to price per SF and the CAP rate?

Thanks,
Shirley

Thanks for sharing these everyone!

Hi Jim,

Sharing a truly deep and personal revelation such as our 7 layers deep exercise is hard. With sincere gratitude for "getting naked" before us; thank you. I too was astonished to find my deepest reason to be "love"; so simple yet so hard to use as the fuel to drive us as we get caught up in the daily do's.

Jim, I noticed in your profile that you are a "roofer", albiet a roofer with integrity and a deep purpose not only to serve your customers and your team, but also the Earth and the Universe as you do what you do. Since you have admitted to us all that you're stuck with the mental thing I'd like to share a personal experience that may help. For whatever reason, I went back and re-read my profile. As I did it was clear that I thought of myself as what I do-- because that is the who in me that is most confident. I rewrote my profile about a month ago. While it's no bestseller it shows that I am less what I do and more where I'm going. Maybe doing something like rewriting your profile will help you take that jump; maybe you need change the who you feel you are.

Lots and lots of DG love,
-Tina

Hi Shirley,

In case Regina doesn't make it back right away. Matt explains the sf methods of doing comps on the RBBP and in some video blogs (sorry I don't have an exact reference), but here is how I do it daily:
-Using recent solds of similar type, age and within a half mile or so, choose the properties 20% either way in sq ft of your subject property.
-Divide the sold price by the sq ft of the house that sold and write that down. Do it with at least 5 properties.
-If applicable, separate REO's sold from Retail solds and do 5 of each (same sub division is best, but you may have to go 1 mile out from the subject prop)
- once you have the sq ft sold price of 5 Retail solds, get the average sq ft price
- using the avg sold sq ft price, times that by your subject house sq ft-- there's your comp
-note if there are REO's in the area, and you figured the REO sq ft prices (Wholesale) and the Retail sq ft prices, you have the comp for your purchase price as well as the comp to calculate your offer

oooh, I hope I didn't make that sound/ seem complicated.

Ali did gave a simple explanation of figuring Cap Rates:
from my understanding, here goes:
Amount invested (Purchase Price) is, say $100,000
Rent is $1,500
Less property tax, insurance, prop mgmt, maintenance, utilities landlord pays, vacancy allowance, let's say these expenses equal $830.
This gives you NOI ($1,500 - $830 = $670)
Net Operating Income (NOI) is $670
$670 X 12 = $8,040 (annual Net Income without any debt service)
NOI divided by Purchase Price = Cap rate
$8,040/$100,000 = 8% Cap Rate

He also said, once you re-fi and pull out say $50,000 then look at the equation:
$8,040/$50,000 = 16% Cap Rate
Using Cap Rate levels the playing field in a specific area. A general rule of thumb is the lower the Cap rate the better when you're selling, the higher the Cap rate the better when you're buying. Thus looking at the after re-fi (actual cash invested) increasing the Cap Rate to 16% is good.

I'm Regina or others will pop in and make these simpler!

Well a week ago tonight, things changed. I have purposely waited to post on this thread. I had so many take away / life changing moments. Sunday night I was so full of emotion, I literally when back to the room and squalled. Not sad, but with a full heart! My cup runneth over.

For me, I was so excited yet so nervous to meet so many people in person that I've been following and learning from for years. It was also unreal being there. For so long, I put so many on some out of reach and up on pedestal. Like they some how knew something I didn't, somehow were special, somehow in some way different. One of my biggest enlightenments came from Ali. To not have an awwww factor, to have a confidence factor. lol Yes, there was still one that I somehow still let bother me (then it hit me like a ton of bricks, what the heck is wrong with you Jen, they are no better than me....they've just been doing it longer! They've simple done more transactions! THAT'S IT!) Them knowing my name without my name tag was a YEAH JEN moment!! bhhahahhaa! Silly I know. But heck, these are people I've read their lives, struggles and journeys so many times I could probably recall more than them themselves could. BUT FACT IS: They are just ordinary people that have done EXTRA ordinary things. Then I had an ah ha moment: Guess what.....SO HAVE I!
It actually didn't hit me til today. I don't know why our minds can work something up so big. However, that rings true in the everyday world. Whether talking to a lender, a major buyer, etc. We put them at a level higher than us, therefore giving them some kind of phantom advantage.

The very first thing Dean said on Saturday morning was: "#1 thing we have to protect is our confidence. If you lose your confidence you lose your ability to make money." We have to be bullet proof! To have a shield in my defense.

2nd major take away was also from Dean. To get off the treadmill and get on the ladder. What will get me out of Egypt want take me to the Promise Land. If I leave things the same, next year will be the same.
We have to clean the clutter! Have a Do NOT List! Quit doing $10 task. (that alone freeing up hrs of my time!)
Matt made a comment at lunch when I asked when he was at $5k month, thinking he was maxed what changed? What did he do? He simply said "my team!"

RG made a comment "Longest and hardest journey you'll ever make is between your head and your heart!"
"No one will ever die from hard work". He said his dad used to tell him: "some people work fast some work 1/2 a$$ed!" lol so true!
Ideas don't work until I do. Realizing how people know me? "Life is only as good as you decide it to be!"
He left us with a simple statement: "If you don't like something; create it!"

Boils down to it's about me! Overcoming ME! NOTHING CHANGES TIL I DO!!
It's about my systems! Build it to run without me!

Over and over it was drilled and instilled into me! Conquer me! Protect me! Build/Create Better Systems!
I CHOOSE THE LIFE I WANT TO LIVE! I AM RESPONSIBLE! No one else in this world is going to 'save' you! We have to save ourselves.

I have a story that will benefit someone, someone will see me and relate to me and I will be the one that gives hope that they too can do it! I can make a difference. I make the decision to forever give back. I will change lives. I WILL one day teach from the stage and I WILL earn the right to do so! It's just a decision in action!

Kick the worlds A$$!! GAME ON!
Jen

First I'd like to say I've only been here a short while and didn't make it to the EDGE2012 event. But I'm here everyday reading posts & sometimes commenting. To all of you on this thread, I can feel your passion and its off the charts. If someone reading this doesn't feel it then they don't have a pulse. I feel like I know every one of you cause you put your true selves into your posts. And bamagirl, your journal was one of the first I'd read and like others here you haven't changed. You still have that eternal fire burning to become the best you that you can be.
Now I'll be one of the first DGers that didn't attend the event to give you my take away from it. Evolution!!! I'll explain, the one thing that separates this site, this community, this big "family" of ours is that we evolve. Once a new challenge is faced someone figures away to deal with it and shares it so we all can move forward. That's what separates us and why DGers have had and will continue long running success. I remember an infomercial from the 80's where the host and REinvestors were in Hawaii and talking about they're net worth and then the market changed and many of them lost their shirts. With the Evolution of this family, that won't happen here. I'm proud to be a DGer and thanks to all of you!!

Thanks Keith

How's it going workout buddy! lol Was awesome getting to know you at the Edge. You truly are kicking a$$!! Proud of you!

Will be talking to you soon!
Jen

I have my MOM who lives in Melbourne and we are starting to wholesale there also as we speak. We live in NE PA. We also have properties in FL. We should chat

Donna

So glad I met you in person! You are great! Thanks for being such an inspiration! I agree with Keith, you will be up there on the stage next year!

Take care!

Cris

You are AMAZING through and through. To know you also struggle with the same things I do really teaches me phenomenally, because girl, you EXUDE confidence! Here's to overcoming ourselves and becoming the best Jen and Tammy we can most possibly be!

Shirley: You can give a mortgage and still lease to the same person. The mortgge is merely security for the use of the cash buyer's money while the flipping restriction is in place. The Cash Buyer agrees to let you use his money to close and buy the property from the original seller. To protect his investment while the flipping restriction runs, cash buyer needs a mortgage to secure his money in case you don't honor the resale to him after the flipping restriction time expires. However, in order to let the Cash Buyer get in & rehab so he's ready to buy the property himself and re-sell to his end buyer (maybe a first time buyer) when the flipping restriction period expires, he needs legal access to the property. Thus, you give him a lease for the period of the flipping restriction (or longer if you want) and the cash buyer/rehabber goes in and fixes up the property with his own money. When the flipping restriction period expires (60-120 days), the lease expires, the cash buyer simply "buys" from you (he already gave you the money to purchase the property from the seller so you simply give him a deed for the price he agreed to buy from you), the cash buyer discharges the mortgage you gave him, since he now owns the property and doesn't need the security to ensure your performance of your obligations and the cash buyer then merely sells the rehabbed property to his end buyer. Everyone is happy.

Wow what an amazing sharing of takeaways that you all have shared !!!! This event is a MUST ATTEND for 2013!!!! I have already signed up and looking forward to next yrs event ALREADY!!!$$. This is a MIND STRETCHER and networking Meeting place that you will be grateful to attend!!! If here is ANY more wisdom that someone missed here to share ... Please step up n share to help others out.....that's what WE DO )))))
Jay