FAQ: Answers To The Most Asked Questions - Start Here

im in the same boat as you rob. there is a great house im looking into right now. the owners are out of state and they just want me to make an offer. it needs some work, but they just want out. i think it would make a great rental.
any pointers in getting started would be greatly appreciated

thanks,
paul

I would start calling other local banks or credit unions and ask them several question to see if they could do a refinance.
Ask if they will do a no title seasoning refi.
What loan to value they will use.
If they go off appraised value or they will base it on your purchase price.
You may have to call several banks to find one that will fit what you want to do. I know you have already paid some fees, but it may be worth it if another bacnk can help you out more than the one you are dealing with.
Talk to smaller local banks and credit unions and you will have a better chance to find what you are looking for.

Dean the tax club has a webinar the same night as your successfest webinar (Oct. 28)? I guess we will listen to one on the phone and the other on the computer?

Hello everyone.

I think I'm in a spot and because I am new to this (Wet ink new.)I am nervous and I feel like backing out. I just finished Deans book Profit from realestate right now, and I was kinda bragging to a close friend that I was going into the R.E. Investing business. A short time later His sister gave me a call to introduce me to a Mortgage Broker who was looking to train a mortgage writer.(I am in between jobs at the moment.) During the conversation I mentioned that I was looking to invest into real estate and was building a buyers list. Suddenly the conversation switched from training me to be a mortgage writer to finding buyers for her. I don't want to think I am over my head, but I just started to read the 3 part guide to fast profits in real estate. Today is saturday Oct.24th 2009, and she want to meet me tomorrow at 9a. I don't have a buyers list yet, I haven't even started, and I don't know what to do now. Is there anyone who can direct me as to what to do now.
Thanks Thomas B.

I found a house on the market for $48,800.00 I had made an offer at $35000.00 then they counter offered at $39,900.00 which is great and I want to take it but I want to be able to not have to put as much money down and the bank wants 20% down so I want to up the offer at $43,680.00 with seller paying 6 % in repairs= $2621.00 and 3% closing cost= $1310.00 total credits towards down payment is $3931.00 Seller total price after credits $ 39,749.00..... Can I do something like this before offering it to my Realtor. I just dont want to lose this deal Any advise please!!!

Thanks

Hey guys what the best way to make sure that I get my referral fee?
Thanks

does anyone know where i can find cheap land for sale

I am so amazed at all the info that's posted on this site. I really don't know where to start. I have been a DG fan for about 6 months but I haven't done anything yet. I have to get off my rear and get started. Thanks to all of you for all the info.

Hi all!

My name is albert, and I'm very new at this and i have no experience in dealing with realestate, I purchase dean's book about a month or so and still reading it, there is too much information to digest at once.
I have a two family house i bought in new jersey about 4 1/2 years ago and it is currently going thru forecloure, i'm trying to save it but money is tight right now for me to save it.

What should I do? do anyone have any sugestions?

Thank you all,
Albert

Is there a way to buy a property and then get it approved for some type of governmental subsidy to help potential new renters pay thier rent, or have all, or part, of the rent paid directly you(the new owner)?Also, if this can be done,can you advertise the property for rent or lease and include the details of whatever subsidy you retain to help pay the rent for the new renters?
Thanks Butch

Can anyone tell me the main differance between dean's book "real estate millionaire" and "profit from real estate right now". I have read the first one and loved it. I am waiting for the second one now.

Thanks, Paul

anybody knows where I can get a letter of intent.

I recently bought Dean's book and I'm so excited to start. I was told by a few investors that if I get a corporate account I can buy these homes myself and the bank would approve it due to my corporate account. Is that correct? What about credit? Has anyone tried this?

I just finished Dean's new book and am fired up to get started. I have to start by being transparent about my current situation. I own a business in the automotive industry and am getting killed financially. I have been a very successful businessman, but things have not been going well with this current economy. The truth is, I'm trying to save my home. I recieved a forclosure notice tonight and time is running out. My home is important to me and everything I have left. There is equity and I am willing to listen to any ideas.

My email is

We are just starting and trying to figure all this out.

Just wanted to say Hi to everyone here.

Hoping on chatting with you all soon.

I've tried to reach my count clerk (have to have a pin number) any suggestions on how to reach them. I'm trying to find out when they will have a forclosure auction in order to make contacts with investors.
How do I get a buyers list started without having to get a voicemail or 800 number (for now). Can I get this done with a phone only?
Thank you for your help.

Hello ALL! I too just purchased Dean's Books due to having a very high interest i real estate for a # of yrs now. Dean really has an explosive but energetic personna that just draws the crowd right to him! He has made it sound so easy to start making money in this Down Market with none of YOUR OWN MONEY! So can anyone share with me please as simple as possible How do I use this method to start doing deals? I am eager !!!!! Please help me kick off the business I've always dreamed of!!!!

The main issue I am having is to make sure that the actions I take are legal in my area. I don't have $$ to get a lawyer, so what should I do? How do I find all this information out?

Thanks for any information you can give me!

Gina

Hey I have one more question. HOw did ya'll find a handyman or a construction crew to fix up the places you have purchased and want to sell?

Just some ideas are great. Thanks!

-Gina

I only own my own home.

i'v got a question about success story no.6 David l. on the book profit from real estate right now, this guy has an $80,000 dollars crdit card debt, he finds a house that's worth 615,000, he buys the house for 410,000, it's takes out 460,000 mortgage witch gives him 50,000, he uses that money for closing and pay down is credit cards,he still owes money on his credit cards or did i miss something here,where did he get the 2000.00 on his second home if he had such a big debt. maybe some one can share some light on this one.......thank you

hello,

I am new to the family. I would like to know more about short sales. A realtor told me they had one and I wasn't to sure how to go about asking the right questions about the property.

One way to get short sales, is to advertise in the paper that you are seeking short sales.

How do you start a journal on the site. I went to members journals but, it looks like all I can do is comment on others journals.Am I in the right location? Thank you for your help:)

To start your own journal on the DG site. On your left hand side just click on "Contribute" than click on "Forum Topic" than you should be on the page to search for topic, and then scroll down on the "Subject" you can start your own post in that section, let me know if you need more assistance.

Everyone Can Make A Difference!
John A.

Thanks again as always! You're the best!!!!!

Hi, I have looked all over on this website and done a number of searches through the discussions, and have not been able to locate what I am looking for. I'm wondering if anyone has a successful script that they have recorded onto their 800 number to use with ads targeting sellers who are not going into Foreclosure? Perhaps I've missed something but I haven't found one yet. I am aware of all of the scripts Dean talks about in his book, and that we can customize them, but my concern is that those scripts are really mostly irrelevant to people not going into Foreclosure. I'd like to advertise towards just plain motivated sellers as well, and many of the flyer and yard sign ideas he has listed will work for that. Thanks!

I really haven't seen one that isn't targeted to people not going into foreclosure. However, you can state something to the effect of sellers that need to sell their homes fast. You can explain the different types of strategies you can use like assignments (let them know that if you decide not to purchase the house yourself, you will pass the property on to one of your investors)lease options, land contract. The most important points you will want to have on your recording would be these:

How fast you can close
A brief process of each of the areas you will be using
Explain how you will come up with your offer price
Why selling to you is better vs. a realtor
Their benefits of selling their house to you
Why houses aren't selling like they used to (down market)
An explanation on your criteria for the properties that you purchase (how many bedrooms, neighborhoods, city, condition of the home, bathrooms) This will weed out any of the properties that wouldn't fit your criteria.

After all of this is done, hopefully this will weed out all of the sellers who are not motivated and only the ones that will be contacting you will be motivated.

Hopefully this helps you out a little bit. If anyone has any other ideas, please add to this.

Destrie

Hello I have located several REO's in my area, what do I do next to get this property in my hands so I can assign or sell it to someone else, please help, reply to this post or email me at jim20748 at yahoo dot com

I feel your pain. They get you all excited and then ask you for 4k. They did help me get my EIN number. They sent me papers to sign and send in $70. to file my business with the state of CA. However, I have gone throught the same situation and their answer is "you haven't got $20k in your business yet, and you're building business credit." I really don't see how putting ourselves in a hole that were tring to get out of is build credit.
Would by be willing to keep me posted on your experiences. And how you're handling this. Thanks