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It\u2019s not often I hear something new to me in real estate. Today for the first time I\u2019m going to share with you how real estate novations are used by investors.\xa0

We have all heard of innovation. By definition it is the introduction of something new. Innovations are not inventions. They may use existing technology in a new way, or they may combine existing ideas. The focus is on the newness or novelty. So what is novation? According to the dictionary it is \u201cthe substitution of a new contract in place of an old one.\u201d

So what is the connection between novation and innovation? I looked it up on wikidiff. (Yes that\u2019s a thing) and basically learned...they are not really connected. Novation is (legal) replacement of a contract with one or more new contracts, in particular in financial markets the replacement of a contract between a particular buyer and seller with contracts between the clearing house and each party while innovation is the act of innovating; the introduction of something new, ideas, technology, etc.\xa0

Apparently the only connection between the two is -- well they are only two letters and one syllable different. The two letters \u201cin\u201d which as a prefix means \u201cnot\u201d as \u201cincompetent\u201d for \u201cnot competent\u201d or \u201cimpossible\u201d for \u201cnot possible.\u201d Although the \u201cin\u201d is not used as a prefix in this case it almost works, \u201cinnovation\u201d for \u201cnot novation.\u201d\xa0

Ok, enough of the dad jokes. Let\u2019s talk about Corey Geary and what how he is using Novations as a real estate investor. Corey is a realtor in Arizona and is a 7-figure Wholesaler and fix and flipper. He\u2019s joining us shortly.\xa0

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• Here\u2019s a description of \u201cnovations\u201d in real estate.\xa0 https://www.millionacres.com/real-estate-investing/commercial-real-estate/what-real-estate-novation/#:~:text=Novation%20in%20real%20estate%20occurs,replaced%20with%20the%20new%20agreement.
• Some examples of novations in real estate. https://www.masterclass.com/articles/novation-real-estate-guide
• Our friend Attorney Bob Floss talks about novations: http://flosslaw.com/blog/2020/12/23/novation-agreement-in-real-estate
• Novations vs assignments: https://familydebtplanning.com/novation-in-real-estate/
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Knowing Your \u201cWhy\u201d Isn\u2019t Enough (Find Your Why, Simon Sinek)

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\u201cWhy\u201d make give you drive, or a sense of purpose. But it doesn\u2019t move you toward your goals.

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Know Your \u201cWhats\u201d

What kind of life do I want?

What goals do I need to reach to get there?

What steps do I need to take to reach those goals?

What is the logical progression to my end vision?

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Know Your \u201cHows\u201d

How do I accomplish my goals?

How is XYZ done?

• Faith from Omaha, NE \u201cCan you explain a mortgage wrap and when I would use it? I\u2019m a new investor and excited to get started.\u201d
• Sandy from McDonough, GA \u201cWould you rather buy one flip where you could make $30,000 or two rentals where you could make $800 per month together?\u201d
  Kimberly, West Miffin, PA \u201cWe have a rental house that will come vacant at the end of March. We are thinking of selling it. Should we wait to list it in June or go ahead and list it? We are thinking in might sell for more during the peak buying season.\u201d
• Frieda, Ocala, FL, \u201cThanks for the show about mobile home parks. We live in one and love it. We retired to Florida to enjoy doing things with our friends, not take care of a house and yard. This is perfect for us and for everyone in our community. We are saddened to hear that cities and towns are no longer allowing new mobile home communities. Given the need for affordable housing in our nation right now, you\u2019d think that lawmakers would be open to a wider range of possibilities. Stanley and I were able to sell our home, buy our current place with cash, invest the difference safely and lead comfortable lives doing what we want to do. I hope you\u2019ll share this letter with your listeners and encourage leaders to allow more new mobile home communities across the country.\u201d
• Jason, Harrisburg, PA, \u201cis there one best source for deal flow? If there is, what is it?\u201d

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