FAQ: Answers To The Most Asked Questions - Start Here

Hello all, I purchased the package in order to take advantage of the
foreclousure window, and make some extra money. I have an opportunity to purchase a piece of property, but I'm not sure what time frame the property
now in. The owner has been served notice to leave, which I know is now a bank owned, REO. At what time can I make an offer to the bank. The present owner is leaving this week 3/21/2009. Can I notify the bank now? or would I have to wait for the bank to put the house up for sale?

Please, let me know. I don't want to miss this great deal.

I got Dean's new book last week and have read it twice. I've been working on an area I know well where the economy has brought the prices down 39% over the past 2 years. There are short sales, pre-foreclosures, etc. and I am working on information to make about 15 offers this week. I've gotten an 800#, set up an LLC, started a new website, placed several ads on Craigs List. What do I do next? No investors or potential buyers have contacted me yet but the profit potential is very good on these homes. What am I missing? Am I moving too fast?
Thanks

That helps a lot.

Thank You Neilkim24

I just finished Dean's new book and have a few questions, if anyone can help.

First, what exactly is meant by cash if you have someone buying with "cash"? Is it simply cash and checks? I was a little confused because I'd read things saying that sellers get their money quicker that way, but what would be the wait if the buyer had a bank loan?

Second, Dean talks a lot about tying up properties on contract with no earnest money. Would that work if the seller is using a real estate agent or with an REO? If not then I suppose you would have the have a buyer to assign to right away, right? There are literally agent signs in front of dozens and dozens of homes around here, and I want to figure out what strategy would work the best.

I got Dean's new book this weekend. I read most of it and am anxious to get started. I was trying to determine FMV on my property and several others, but the websites in his new book didn't help me. some of the homes I saw couldn't even be found, and the ones I did find seemed to have no details on bd/ba etc. Numbers seemed way off. Can someone please show me how to determine this so I can start offering 30-50% less using the 25:1 program and finding investors.
Thanks,
Christian

I just finished the "Profit from Real Estate Book" - found a foreclosed property via Craigslist and talked to the Realtor rep. I explained to him my interests in REI and mentioned that I would go into contract for the price and then do either an IEE or Assignment. The rep then said that flipping deals in NY are illegal ans that I would have to do a simultaneous close meaning I close on the property myself and then close it again with my buyer. He also said that since this is a REO that only a cash transaction would work, it would be extremely difficult to get someone who needed a loan. How can I confirm this.. I was hoping to do a few IEE deals to get me started. Please advise.

_______________

Dave

"success to us all"

Rich:

i am also new at this myself, actually you are ahead of me - but what you may be missing is more marketing. The book talks about placing, fliers, street signs, local papers and working with real estate agents, joining rei clubs, working with double-click or Google for online searches, etc. If all you are doing is using Craigslist then your visibility may be low.

Hey Dave. I would double-check with an attorney - it seems like ALL real estate agents in EVERY state seem to think assigning a contract is illegal, and I've yet to hear of a place where it is. Now, you may have trouble getting a bank to accept an assignment on a REO sale, but you can also use the land trust method, or the double-close method. Read up on the other places in the forum and you'll find TONS about this.

A cash transaction is easier for an REO, but it's not a requirement by any means. And, if you're doing a double-close, then it IS a cash transaction for the bank, just a conventional loan between you and your end-buyer, which doesn't bother you any because you still get your money in cash!

Find a different real estate agent (I suggest placing an ad on craigslist in the Services - Real Estate section) and specifically say you are looking for an agent experienced with investors, and willing to be agressive and work outside the box. I did that, and got about 6 replies, and one of them is GOLD!

Read as much of the back posts on these forums as you can - this thread has lots of questions and not so much answers. Go to the regular forums and read the sticky threads, but also make sure you read as much of the current threads as you have time for. There is a WORLD of knowledge in these forums!

And, consider joining the success academy. I think just about everyone on here who is making things happen either is or was in the academy. And they give the tuition back once you do like 5 deals or something! Talk about a Win-Win situation!

Good luck and keep us posted!

Tracey R.

hey everyone, im currently in the marine corps and have 6 months left on my contract. Ive always been interested in real estate and have purchased Deans new book Profit From Real Estate Now. Im very new to all of this. Im stationed in north carolina but would like to start investing in my home town new jersey. I'm extremly motivated and cannot wait to get started. However i dont know where to start due to me not being in new jersey at this time. I'm 21 years old, broke with decent credit.Ive read a lot of your peoples forumms and feel like you guys can really help me. Please feel free to comment. my eyes, ears, and mind is open. If you can, contact me at David_Perry201@**** , thank you all, I hope to be making my fortune soon

Is the "Motor Millions Course" still avalible to purchase and if so, where? I clicked on a link on this website and it came up "unavalible".

Also, has the "Think A Little Differently" R.E course for $35 been updated and if so, when? I will soon have 'both' real estate books of Dean's and was wondering if the 2 books cover everything that's in the Think A Little Differently Course? Thanks for any answers.

i just found what looks like my first killer deal...can this be possible? i found a property in an affluent area in a sheriff's sale - amount plaintiff is asking for in the judgement - $5,953......value of the property on zilo ( this is the LOW end of the zilo value range ) - $561,715!!!!!!!!!!!

I am looking into this further but if it turns out to have no tax liens or other problems - i will have found my first "killer" deal as Dean described in "Profit from Real Estate Right Now"....

My problem is getting the cash before the Sheriff's sale date which is soon...
Help!

Is there a website you can go to to find out the value of homes at no cost?

I just ordered Dean's books, but in the mean time, I found a bank owned property right in my backyard. It's a quadruplex. The previous was in the process of renovating when the bank took over, all units have new paint, new carpets, new water heaters. But the heating systems look pretty old. Everything else is in good condition. The former leasing agent advised me she had already found tenants for the previous owner, and similar units next to this property are all rented out.

The previous owner purchased for $285,000 in 2006. The bank listed price is only $85,000. They rent them out for $750 per unit.

Can someone please help me on ideas for financing this deal. I only have 10% and the a similar unit next door is under contract and I'm panicking. My credit is bad and I'm currently unemployed. I was hoping to start a new career as a property investor. Ideas please.

Hi Everyone,

I just got the Dean's book and I am currently reading it. I do have about 60k in cash I want to invest in RE. I was thinking of finding a rental property in that price range and paying cash for it, with hope of refinancing after a few months (6) to pull some of my money out. However, my credit is not that good , any suggestions on how to invest this money in RE. Should I split the money in multiple ways and do muliple down payments on maybe say 3-4 properties. Any suggestions is welcomed. Thanks

Houbizman

Hi Everyone,

I just got the Dean's book and I am currently reading it. I do have about 60k in cash I want to invest in RE. I was thinking of finding a rental property in that price range and paying cash for it, with hope of refinancing after a few months (6) to pull some of my money out. However, my credit is not that good , any suggestions on how to invest this money in RE. Should I split the money in multiple ways and do muliple down payments on maybe say 3-4 properties. Any suggestions is welcomed. Thanks

Houbizman

Hi Everyone,

I just got the Dean's book and I am currently reading it. I do have about 60k in cash I want to invest in RE. I was thinking of finding a rental property in that price range and paying cash for it, with hope of refinancing after a few months (6) to pull some of my money out. However, my credit is not that good , any suggestions on how to invest this money in RE. Should I split the money in multiple ways and do muliple down payments on maybe say 3-4 properties. Any suggestions is welcomed. Thanks

Houbizman

Hey guys I was wondering, does the Student Secrets pamphlet come with your order when you order online? Or do you have to order over the show to get that information?

I found a seller that needs to get out of house, but I need contract forms. Authorization to release, option contract, affidavit of understanding, and 3 day notice forms for the seller to sign so I can talk to lender. Does anybody know where these are at I can not find them in contracts and forms section. Would like to do this short sale.

There I was, reading Dean's new Right Now book, finding more good ideas, when page 94 presented me (and everyone else reading the book) with the information that the amount borrowed is the principle (sic). Oh, well, the book is uniquely structured and very informative in other respects.

cactusbob

Hi its been a while but I have been trying to get it going for myself. I have a deal that has a lot of equity (130k+) no fix up move in ready. Here is the problem. I want to lock the deal up but b/c of previous problems the owner wants me to put money down 5k non refundable. He has the propery listed FSBO with little exposure. Here's what I plan to do and please help me with your advice. I plan to give him 2K down (I know we try zero down but that's not going to work here) with 30 to 45 days to sale, offer him 5k more than his asking price, and he change his asking price on his FSBO page to what I want to sale it for. I will list it with my realtor , and all other realtors for more exposure. I already have a prospect buyer but only one. Next if I get no bites on that within about 20 days I will simply assign the contract to an investor with kind of equity move in ready it should be ok. NOW WHAT DO YOU THINK?? Any advice will be great.

Just wondering since we are not allowed to advertise, how we could post our investment properties we have for sale or assignment to the other members. This would help us biuld our buyers list, which is critical, and help each other.
JP
Seal's REI Services

Hi Rena,
I started with Dean's program about two mounths ago and I just accomplish my first deal today 3/19/09 I have atracted a few buyers by finding them great foreclosure deal in Naples Florida. I seem to get from you that you have some expirience in with REO and Foreclosures property. My question to you is have you had any luck with bank taking your offer with an assingnment clause? Also on most of the foreclosures they need your pre-approval letter along with you offer is their a way around that? I just need a break I got the buyers ready to buy but I need to find a way were I can profit from this other than a finders fee. Please advise??

Thnaks,
Santana Vasquez

I have seen a couple of posts asking about free FMV's.
I use 3 in particular.
Cyberhomes.com
yahoo
realestateabc.com
They give you everything. I mean all there IS available. Very user friendly, too.
They have to be if I can use them. Hope that helps.

In "Profit from Real Eastate Right Now", on pg. 217, Matt links his buyer up with his real estate agent, they find a house that the buyer likes, but Matt still makes $20,000 on the deal. How? He doesn't go into detail about the tactics, paperwork, or anything about the deal itself.
Why didn't the agent sell the property directly to the buyer if he was qualified, and if he wasn't, what were the tactics and paperwork neccessary to facillitate this deal?
Also, I am self-employed, credit in the dumps, so no bank will even consider financing me for any real estate deals. I know of a property going for $8,000, and on Cyberhomes.com FMV is $47,000. The owner is a nice old guy, but needs the money now, has 2 other buyers that want it, but they have to wait for their income tax returns to get it. He can't sign a purchase agreement with me to lock it up as he has to sell to the first cash available.
My question is this; I found an outfit called Privat Investors Lender Forum. I found them on GoBig.com,and I have to pay a $250 screening fee, get interviewed, and most likely get the cash to invest in my deals. Does anybody here know about these outfits? Are they on the up & up, or are they a waste of my scant dollars?
I need to pull something together fast. Everything is about to get turned off, and without the cellphone, (my computer is a loptop with an aircard, so that goes with it) I AM out of business.
Any input will be GREATLY appreciated.

hello everyone, my name is Adam and I recently just finished Mr. Graziosi's real estate millionaire book. I must say it is a very good book with so much great information, and is very motivating. I too, like alot of people am looking for a new "finacial" life. haha I've been working the same office job for 8 years and am ready for a change. Iam tired of making the same $23 an hour 40+ hours a week ,and as you can see that is why I read this book. I am 27 years old with a wonderful supportive wife and 2 beautiful daughters, and I want to give them a life they deserve, a life I didnt have as a kid. My question is what is or where is a good place to start? I purchased a home for my family last sept, so unfortunately my chance for a 100% finance is not good or any finacing due to my current mortgage obligations. I live in a city where the foreclosures are astronomic, the city is rated 2nd or 3rd I think in the nation. Obviously in california! I know about the assigning properties but in a city where there are so many bank owned properties, Im not sure if its an option to go with. Ive also been looking at upcoming tax auctions, there is alot of properties that look great and potential rentals/flips. my problem is obviously financing ,I feel hinderd by my obligation to my house payment. I DONT WANT MISS OUT ON THIS TIME IN OUR NATION TO PROFIT FROM SUCH LOW REAL ESTATE PRICES!
any advice would be greatly appreciated! thanks

I hope I am posting this question in the right section I am a new user. I have a lady who has about 4 properties that are in pre-foreclosue looks like she only has about 2-3 weeks to actually be in foreclosure, she is upside down with all of these properties. I have no money to invest and my credit is okay. I am assuming that a shortsale will have to be done on these properties, but if I am understanding right a shortsale could take about 3-4 months. how can I help this lady as well as make a profit? HELP!!!Or can I help her at all at this point?

Hi everyone, I'm a newbie and I'm actually looking to make an offer for a new home to keep for me and my family. Here are the specifics, it's a 2 family in Staten Island, NY. FMV is 587K, Has been on the market for almost 3 months. It was originally offered at 559K and today it was lowered to 529K. Property is in a great neighborhood and looks great on the exterior (I have not seen the inside yet, but will soon)It's obvious the owners are anxious to sell. What kind of offer should I make on this property if I pull the trigger???

On Thursday I tried to purchase the two books;
Profit From Real Estate Right Now
Be a Real Estate Millionaire - Hard Cover

Check out price was $19.90
Shipping was $19.90

Am I doing something wrong?

Thanks!

DM
mylton99

61daffodil,
I would do what Dean tells you to do in the book, offer %30 to %50 lower than what is being asked. The worst they can do is say no. I think I remember Dean saying that once you make an offer, you can always make it higher, but you can't make it lower.
Also, if you're like me, very new at this, you can play the "DUMB" card by making sure that they know WELL beforehand that you're not real knowledgeable about the amount to offer, and that any offer you make is NOT meant to insult. Just be as fair in your offer to them as you are to yourself. Win, win.
Needless to say, stay on your toes, as you want this to be a pleasant learning experience.
Good luck to ya, dear, may God smile at you.

I am positive that you can profit decsent/huge amount of money with no money down. But i need somebody to explain it like if i am a 4 year old. Is it a difficult process? Suggestions please.