TAX SALE ARBITRAGE SYSTEM

TAX SALE ARBITRAGE SYSTEM

TAX SALE ARBITRAGE SYSTEM SYSTEMS AND PROCEDURES Module Three

I am Not an attorney, Not giving legal or tax advise

Today, we re talking about : Staying organized Using an Online Management System Using Virtual Assistants Setting up Your Business Creating a Website Setting up a Business Entity, and Important Tips for Doing Your Tax Sale Arbitrage Business

Ok, so you start getting lists, now what do you need to do with them?

Keep a binder broken down by state to keep paper copies of all lists. Set up a folder for each deal. As you can see, it doesn t take long to wind up with a lot of files and paperwork.

You will start getting multiple lists coming in And you ll have multiple deals going all the time You need to have All information in one location You need All information accessible from anywhere

What is an online data management system; also called customer relations management CRM CRM helps you manage your contacts, keep track of who said what when, schedule followups, set reminders, and convert leads into done deals.

I highly recommend an Online Data Management System We use Highrise to stay organized Anyone in our group can look at a deal or a list from anywhere in the world and we don t have to have copies of the physical file at each location

Highrise You can get a plan for a small group for about $50 / month

Set up a simple group of file folders for your paperwork and also scan all documents in and upload to Highrise for each deal you work on Create expense sheets for every deal to track profit and loss

When you are calling ANYBODY whether it is the claimant, government agency, or a notary always make sure to get name, phone number, email, and address right up front and put the contact information in Highrise first thing

Get out of the habit of writing on a notepad or a post-it note, Get yourself, and your team members, in the habit of putting everything on Highrise You don t want to write something down on a post-it or notepad and lose it. You don t want to be out running an errand and get that call back from a claimant and not have access to your file.

And tasks and deals are easy to delegate if it s already on Highrise.

Keep detailed records for the process in each county so the next time you do a deal there it goes much faster.

Practice getting all your paperwork together as if you are doing a real deal so you can get faster at pulling the paperwork together when you need to.

Take a Look at Highrise

Recommended Office Automation: Get an "all-in-one" printer so you can scan documents or lists in that you don t receive electronically Consider getting an online fax number faxes come in on your computer and you can save them on your computer or upload to them to Highrise Consider setting up a FedEx account.

Organize your time by grouping your tasks together in Time Blocks"

For example: You can make calls between 5 pm and 7 or 8 pm. Do your mail outs on Tuesdays and Thursdays. It makes it easier and more efficient if you figure out a system that works for you to stay on top of your deals and streamline your business.

Set goals for your business that are attached to deadlines so you push yourself to achieve more For example, say I m going to make X number of calls per hour, or per day

Set a goal to make 50 calls and expect to screw up... record yourself so you can pinpoint your weaknesses and improve

You are probably going to get to point where you need an assistant when you start having deals coming in all the time You and your team members don t have to be in the same place We all pretty much work virtually we have team members in different cities and states

You can even hire someone out of the country. You re not bound by the U.S. board and the average wage in some countries is the equivalent of about $2 or $3 per hour here

Typical VA Duties include: * Inputting list information into an Excel spreadsheet * Doing research and running your skiptracing on claimants * Preparing letters or documents you will need to send to the claimant or the clerk

You can even hire a VA to make your calls for you. If you know someone who is good on the phone and you are good at the details, partner up with them and split the deals.

To be successful, you have to find out what your weaknesses are and either: 1. Get better at it, 2. Hire someone else to do it for you, or 3. Partner up with someone who is good at the things you are not good at

Sources For Finding Virtual Assistants: * Word of Mouth * Craigslist * Internet Search * www.odesk.com

Setting up Your Business Website Business Entity Very Important Tips for Doing Your Tax Sale Arbitrage Business

Having a Website is Key for Your Credibility

You just called someone And told them they are owed money. They want to check you out to make sure you are legitimate.

There will be some people that don t believe you when you call They might think you are a scam because there are some scams out there It is important to have a website to direct them to for more information about you

You need to establish your credibility and everyone looks to the internet now to see if you are legitimate. The internet is the fastest, and in their mind the most believable way, to see if you are a real company.

You and I know that you can have a business that does not have a website; but think about it, you are calling them on the phone, often from another state. You don t have a front door they can walk into to make sure you re who you say you are. So you have to set up other ways for them to verify your existence and your credibility as a business

I recommend that you: Use a website with Your Business Name & Logo Use Business Cards and Letterheads with your Business Name and Logo Use an e-mail address through your domain name not a gmail, hotmail or yahoo account

Join the Better Business Bureau (often have to be in business for a certain time before you can join) See if you need a Business License in your state Make your documents, letters, and forms look professional As soon as you get a deal done, get a testimonial from the claimant and use that on your site people want to hear about other people you have helped

There are a number of different types of business entities, you can set up: C Corporation S Corporation Limited Liability Company Limited Partnership

OR you can just run your business as a sole proprietor or as a general partnership if you have a partner

Reasons to set up a Business: Asset Protection Professional Look Estate planning reasons Talk to a legal professional in your area

Either way you go, setting up an entity or doing your business without filing with the state, we recommend that you file a DBA (Doing Business As) in your county for the company name you choose for your letterheads and website

Technology has allowed us to be able to work from anywhere, including home. However, a lot of people working from home don t want their physical home address as their business mailing address

Virtual Office Plans for a monthly fee Provide: Receptionist / message service, Physical and mailing address Use office or conference space as needed Less expensive option: Mailing services that rent mail boxes with physical addresses Mail Boxes, etc. or UPS Store Recommend using one of these with a Suite address instead of using a P.O. Box

Use different email accounts for dealing with counties vs. dealing with claimants I suggest setting up your business entity and that is what you use to contact counties, set up bank accounts, etc. Then do DBA (Doing Business As) for your Tax Sale Arbitrage site and business name

Go to the Resource Center and download the Business Setup Checklist Go through each of the steps on the Checklist Set up online data / contact management system like Highrise. Find out what business licenses are required in your area

Decide on business name, file necessary business paperwork with city and state. Set up bank account. Get a website for your business. Create letterheads