FAQ: Answers To The Most Asked Questions - Start Here

i am verry greatfull for all this information,my wish well be to able to some day in the near future pay it fourwer.thanks a hold lot.

hi were could i find these forms for iee i have to meet with a client to talk about getting two of her property with no money down i could really use a big tip.lol
thanks.

real estate invester

Glass

the lord is my sheperd and i shall not want.

Hello! I live in a town of about 7,000 people and do not wish to relocate. Will your methods work in a town this small, or does it work better in bigger cities? (Another Real Estate plan I once purchased required finding "motivated sellers" which was next to impossible unless you lived in a big city.) Thanks so much!

I have looked through the forms and docs but can't find "option to purchase real estate agreement," "investor purchase agreement," and "discharge of agreement to purchase statement." Am I overlooking these forms? Are they literally verbatim in title or no? please help....

I am trying to find out if assignment of contract is llegal in the state of California. Do not want to get into any trouble, want to do things in the correct/ethical manner. I would appreciate any help, thank you greatly.

I just finished my first run through of Dean's new book and need some enlightenment on these things:

1. I've read the guidance of a pre-foreclosure investor who's been doing this for 20 years, and he said never ever ever use a purchase agreement printed out from any real estate investment website. He says to have a real estate attorney write these agreements per your state's law. Dean says in the front of his book to verify that his agreements and methods are legal in your area. If you have your local attorney do a document review and markup of Dean's agreements, would these be safe to use?

2. Is it good to assume that the option-to-purchase type of agreement for an assignment doesn't ever cause your seller's lender to call his loan due because a purchase agreement to sell his house has been signed?

3. If you're a better communicator with writing than speech, should the 24 hr pre-recorded message for potential sellers and buyers be a good write-up at a website (one for your sellers and another for buyers) in lieu of the phone version? Personally, when I see something in an ad I want to check out, I'd rather see a web address than a phone number.

4. I'm a little confused on the role of a real estate agent in doing an assignment. When you find a pre-foreclosure before any listing is done, you do an informal title search, an initial visit to the property to explain to the potential seller what you do, and some other investigation; and if you think the property would be good for an assignment, you sign the purchase agreements with him. But then, do you have your real estate agent do the formal title work, etc. or will your buyer's agent do all that? I am not actually buying anything, so do I have to have an agent for anything? Should the seller have an agent represent him?

HAPPY THANKSGIVING to Dean and his family, and all the DG members and your families!! GOD BLESS EVERYONE< mike in ct..

i read dean book Profoit From RE Right Now on how to make money in this market and on his earnest deposit statement on how not to pay the earnest if you put the grce period out 14 to 30 days, but nowhere in his contract states that everything request the earnest money, see pg 158, do you put that in an addendum? thanks frank

hi my name is anthony i am a newcomer from chicago i want to know does anyone knows the website for cook county court or contact information where i could contact the homeowners by their address.

Is there any web site I can go to and get a close FMV? I cant seem to find homes sold in the last few months where I'm looking to make a deal and am having no luck finding a realtor. If a realtor can get these comps why cant I?
I have buyers all set up but I cant make any offers on properties because I cant find the FMV on them. I'm putting tons of hours into this and want to make my first deal. Can anyone help this newbie?

Lance

Is there a copy of this letter available to download?? ....or can someone forward it to me.

Thanks,

David Thillman
davidthillman@sbcglobal.net
714-650-0058

try this site: http://www.totalviewrealestate.com/index.php

Basically assignment of contract is an option, have you ever heard of an option or anyone ever saying that they were illegal? This is a right that you have negotiated for inside of a purchase agreement. Just like the right to inspect a property, the seller had to agree to let you inspect the property, they will also have to agree to let you have the right to assign the contract. You may or may not assign the deal. It is possibly such a good deal that you decide to follow through with the contract and purchase the home on your own instead of assigning it!

Remember it is the deal that you are selling not the home itself - you are not a licensed realtor. You have an equity position in the home and can sell that to someone else. If you put the contract together properly, no one else can purchase that home unless you back out of the deal or default on the contract. You have something of value and are able to sell it if you negotiated for that right in your purchase agreement. You are selling your position as the buyer in this particular contract for a fee.

Ultimately, I would advise you to contact a real estate attorney in your state if you have concerns about any legal matter. Many attorneys will give you a free initial consultation. This may not only calm your fears it will also give your seller relief as well that you went the extra mile!

Hi all,
I, like many others, am completely new at this. I bought Dean's book and am trying to start my advertising, there are references in the book to signs and advertisements and what not that can be tailored to my approach but I can not find these items on the website. Can someone help direct me to the correct links?

Thanks for any help you can give!

Carl

any interested in networking. i read deans books about a hundred times and need to get my feet wet. thank you all

Hi Carl,

I am new at this too. Dean's "Special Report" (Deans's list - Special Report) is a great condensation of the things to do to get a "fast start." It has advertisement suggestions, etc. It's under "student resources" in the column on the left hand margin of all his pages. It's a great way to get started!
Good luck!
Henry

Thanks Henry, I appreciate the help!

I have a question about submitting offers on REOs:

We're entering December and January, which I've heard are slow months for real estate transactions. That being the case, does anyone have an opinion of how low an investor's initial offers on REOs should be right now so as to attempt to get a REO property at a really low price?

For example, if I'm going to offer a bank X% of FMV (or alternatively the list price) for a REO, what do you think "X" should be with respect to the current economic climate?

hello, If you are going to make offers to the bank, make sure it is 30% - 50% lower than the FMV. I don't know what exactly your intentions are but banks wont let you do assignment deals with there REO's. I haven't found a bank that would. You want to make sure that you are walking into a deal not just a property. Low ball with no mercy until you find what you want.

Forgive me if I step on toes, this is a learning process for me.

I know the following post is older, but I'm curious. I learned that an investor should account for 10 to 11% of the closing price as a rough idea of what it will cost each month to operate an investment property (averaged over 12 months). Moreover, it was shared that multi unit income should be determined on a 2/3 or 3/4 potential income.
Based on what I've read in the following post your monthly out go (averaged over 12 months) would be around $1,900 while your monthly income of 2/3 would be around $1,500. This would create a negative income of $400.

Would others here concour that 10% of the closing price is a safe bet for expenditures? And would you concour that, on average, 2/3-3/4 of any multi unit is not rented?

If you can answer yes to both, then this might be a deal that goes upside down. A question remains though; after the repairs, how much more can you raise the rent given your geographic location?

Again, I do apologize if toes are stepped on, that is not my intent, I'm just running through numbers and past experience and find this deal a bit thin.

Thoughts, corrections...?

Thanks

Rick

do i need a licence to own a 4 plex in Wasilla Alaska

Does anyone have any sure fire proven letters or advice on how to make 1st contact a on all types of buying scenarios,i.e.........foreclosures,fsbo`s,rundown and abandoned property,etc?

Thanks in advance,pounder

What form do I use for a investor to buy a property while I walk out of a deal with money? Before I offer a property to a investor how would do I run comps on a house and how should I approach a seller selling their house.

Hi everybody. My names Cornell, just joined a little while ago.Nervous, but glad to be here. I'm interested in contract assignments. Can anybody tell me if there is a difference between birddogging and contract assignments? is it the same thing? Also, is the "assessed land value" the price of the land?Is theassessed land value the price of the structure? I'm confused...

You're very welcome, Carl!

Hi does anyone knows that do I need a R.E. LIC to do investing?

Hello Donna.
You don't need a RE lic to invest.
Figure out what strategy you are going to use and go from there. browse through the forums to find some of your answers and start out by building your buyers list first.
good luck
Richie.

Thanks. I'm actually looking for my first home (which I'll be financing with an FHA loan). Since a Realtor will end up charging upwards of 6% (which the sellor will pay, but which will inevitably effect how low of an offer I can submit), I'm trying to do all this solo. Your recommendation of 30-50% gives me at least some idea of what to offer.

Much appreciated.

Before you begin structuring real estate deals in the State of California, I suggest that you conduct your own due diligence with regard to the Home Equity Contract Sales Act. If you're not in complaince, treble damages can be levied by a court in the amount of 3 times the equity involved, and there can even be criminal consequences as well.

thank you Richie. by the way have you got Dean's books?