FAQ: Answers To The Most Asked Questions - Start Here

I'm brandy new to Dean's community, and I look forward to all of our success together.

God Bless

Hello I have located alot of Bank owned homes that have agents, also I have alot of FSBO homes with agents, how do I go about getting deals on these properties??

Hi all,

I'm also very new at this. I have 3 house 1 the owner want out of being a landlord
what the best way to get this home. 2 its a divorce need to sell now. 3 need cash now
so can someone please the me the best way to do this with no money. Help!!!!

Thank you,

Angie Siebert

I'm very very new at this. This will be my first home, Well the owner want to sell because he want out of being a landlord. (2) the owner need out due to a Divorce he asking $400,000.00 but the one lend for 350,000.00 at 7%. my 3 is the owner need cash now 90,000.00. all the owner are very motivated to sell. I'm working with no cash and my credit is bad so can someone tell me how I can get my first home.

Thank All,

Angie

im a newbie and need some help. Here is the question "D o I need a proof of funds letter with assignment transactions?

Can anyone telll me if the success coaching is worth the money.And does it really help in your success in real estate or can the book be just as helpful because I am really trying to make the tough decision to invest in Deans success academy.
Please someone help!!!!

I purchased the toll-free number from Dean's recommended site, and now I can't cancel it. I no longer need this number,and every time I try to cancel it, it doesn't work. Any suggestions?

Thanks.

Hello again,

Well what do you know. I have a question for the Utahns or better yet to everybody in here. I just got a tip from one attorney I found that I should be careful on Using Other People's Money, and that I need to watch out for securities law issues which can include some stiff civil and criminal penalties if I am not careful. What can you brothers and sisters tell me about that. Please let me know, thank you.

Deimen

where is this show at?

I have recently bought and read Dean's book and was amazed that there are ways to get into Real Estate, even as a novice. I have always considered Real Estate, but never had the Money, or insight about how to get into the Game myself. If anyone has advice for a new-comer, I would greatly appreciate it! Looking to do my first deal!

I am going to be doing a sandwich lease option tonight with a seller. We have agreed that I would take over her payments with the current interest rate that she is paying on her mortgage. I am going to turn around and then lease option this house back out to a retail buyer. What is the best way of doing this? Anyone have experience with this? Thanks....Destrie Or feel free to call me 641-530-5187

I have a question for the experienced RE investors out there. . .

I am just starting out and I'm going to be a property locator for awhile. I am in the process of putting together my buyers list. One of my buyers is in Los Angeles CA. I am in New England.

He wants to pay me a finders fee for property I locate in L.A that he and his partners can close on profitably.

These would not be assignments, just very good finder's fees.

He & his partner would like first contact with the owners since they understand how they want to purchase the property & can explain it well.

What would be the best way to structure the first few deals to see if this is legitimate . . .first sign a finders fee contract via fax, then provide property information?

What would all of you experts out there suggest?

"im a newbie and need some help. Here is the question "D o I need a proof of funds letter with assignment transactions?"

From what I gather, you only need a proof of funds letter for a bank REO assignment.

Hey im here in connecticut, and looking for someone to team up with. Is there anyone out there interested? thanks Mike

Hey im here in connecticut, and looking for someone to team up with. Is there anyone out there interested? thanks Mike

hello. i just recieved dean's book and i am currently reading it. i LOVE what i've read so far and i am extremely excited. to increase theat feeling, my NEXT DOOR NEIGHBOR has recently passed and i have the understanding that her 2 sons will want to sell the property to cash out. if i am not mistaken, this seems like a PERFECT first deal. i've used some of the sites to determine the FMV, but maybe i feel the info is a little high-end. i think i need some advice to either determine true market value, or some confidence to just DO IT!! also, since i am a brand newbie, if i found this to be a KILLER deal i would prolly want to do an assignment. any advice for finding a cash investor uber-quickly?

thank you, Brad

OMG!!!!!!! minutes after posting this, i noticed the owner's son doing some cosmetic work. SO I DID IT!! i walked over and just simply talked to him, introduced myself and try to get a feel of the situation. He told me she did not pass but moved to assisted living. my expectations were correct. the children want to get rid of the house and avoid realtors if possible. I told him i have been talking to a "group of investor friends" who are looking to do exactly that. he told me what he intended to ask after cosmetics and, to my surprise, was lower than what i came up with for FMV(i hope i did that part right). if i could find a buyer to accept this deal for under the FMV, i could make $15K!!! please please please!!! i need a response to find an investor in the fastest way possible!!!!

I ask a question about a shot sale. I did not get an answer and I can't find what I wrote with all of these other comments. Is there not an easier way to find out if someone has answered you ?

There is a house for sale across the street that is well worth $220000.00 it is selling for $180000.00 due to a death I am interested in it and was talking to neighbors about getting a bank to finance it to me and I could rent out my house, then I had one of the neighbors suggested that he would loan me the cash on a installment note. I suggested a 30year mortgage on a 5 year balloon. Where do I get the paper work to do this Is it on this website and what other suggestions or strategies can you give... Thanks, Newbie

I am also new to this site and Dean's program. But if i understand it correctly, you are contracting with the seller for a price. When you sell to the buyer, your fee is included in THAT price. Therefore, you are not exactly accepting commisions from the seller.

Hello and thank for taking the time to read my question,
I would like to make an offer on a home that is in a short sale whos asking price is 300k( which is about FMV) After viewing the home it needs several repairs to bring it up to a livable condition. I am dealing directly with the home owner and would like to make her an offer about 45k less than there asking price. SO MY QUESTION IS:

Should I write a letter with all of my findings to the home owner explaining why my offer is so low?

Like i said it is a short sale and the home owner really doesn't have much say at this point. But maybe she can bring it to the attention of her lawyer and the bank.

What does everyone think. Should I write a letter or just not waist any time and make an offer over the phone?

Everyone's input is really REALLY appreciated
Thanks
Andy

From what I understand, you will want to back up in a letter to the lender on why you are submitting an offer so low. The more negatives, the better chances of you getting your offer accepted. I also think it is however the person making the decision on the offer mood for that certain day...lol Just kidding, but sometimes banks do not make any sense at all. Also, make sure the other documents that you will need to submit along with your offer and letter.

Hope This Helps,
Destrie

I came here to ask a question and at the top it says to post it in a new topic not this one. Well how do I post a new topic? Do I just do what I'm doing now and post a new comment? That doesn't seem right, but I don't see a button anywhere saying "Post a New Topic". I really need help getting started, becuase I'm just getting turned down everywhere. Someone please help!

Hi everyone, just reveived Dean's new book, love it but have no experience at all, I am going through it and all the forums taking notes printing things out and just organizing things, but having no experience at all, is there anyone out there on Long Island that is doing this and would be open to grouping or mentoring or advice etc....I am thinking of joining the Success Academy but would love to hear from fellow LI'ers.. I am on info overload right now and dont know where to start. Thanks.

umm...

I am new to this business and I am looking for a partner that lives in or around Erie, Pa. It appears that 2 heads are better than one and one may have a better grasp of some subjects then the other one has. So, if anyone interested please espond to my posting.

Thanks...

I guess we're both learning eh?!

So we would basically include the finder's fee in the buyer's price, so we wouldn't need to be a RE agent to complete the deal because, technically, no sales commissions are being paid by the seller . . . .even though the seller gets billed for the finder's fee when the deal closes . .

It's that last line that gets me.

Example: I sell my home for $100k. A property locator puts it under P&S assigns contract. Property locator finds a buyer who'll pay $110k. Property locator informs buyer that finder's fee is $10k and is built into P & S. Buyer closes with seller for $110k. Property locator then bills seller for $10k.

How would the $10k not be seen as sales commission . . via the line used on the HUD-1?

Sound close anyone?

Are you taliking about an assignment?? If so, the seller does not pay the fee, it's the buyer. It's not really a sales commission since the buyer is paying for you to give your rights away to purchase the house. Let's say you get a house for 5,000.00 under contract with seller. You then market that house for let's say 10,000.00 to the buyer. The buyer is essentially paying 5,000.00 for you to give up your right to purchase the house. You let the title company know that you have another person taking your position on the house. You go to closing with buyer and seller, the end buyer pays the 10,000.00 the title company cuts you a check for the difference which would be 5,000.00

Destrie

Hello , Im having trouble geting the first one done. I got sellers and some buyers via bandit signs marketing. Can i get some input from you all on a deal knocking on my dooor?

Family has a condo 2/2 in not the greatest area.Free and clear
There looking for a 3/2 house with yard and parking. My FMV is 35,000 on the condo. My question is how can i get a deal out of this or is there not one.
Seller wants to use the condo for a downpayment on a house and payments on the balance. What do I DO???????

Your input will be greatly appreciated.

Thank you

p.s. I got no money or credit but a burning desire to succeed in R.E.
I will do this one way or another.

Looking for tips on how to find a property.
Can anyone share any info on some techniques they have had success with.

Especially some NO MONEY NEEDED deals ( I know , NO MONEY DOWN has many meanings )

Thanks to all that reply

I am currently focusing on wholesaling (assigning) properties to end buyers. This requires no money down, and no credit. If you don't want to do the assigning process, you can always birddog for other wholesalers. Basically, this is he easiest way to make some decent money with no money out of your own pocket or credit.

Destrie