FAQ: Answers To The Most Asked Questions - Start Here

I found a couple of properties that were posted on a sight that I have access to monthly. both of them are under contract with an investor. I have an end buyer with the money to purchase the deals. My question is since these properties are under contract with an investor, for me to make a profit from the deal, will this have to be a double closing and will I need a contract between me and the wholesaling investor? It seems like we have a situation of (Seller---Investor---me---Buyer). How would this work and have you did deals like this before?

One of the best ways I have seen is through the public records. You can do this manually on the county website or at the county records office, or you can pay for a service. Start searching for people who have purchased homes in cash (no mortgage is recorded) and the property isnt their home address. You can then start contacting them in your own way letters, calls, whatever works for you. I know people who have gotten a few hundered people to add to their buyers list this way.

Hope that helps,
Brooks

www.MSPAgents.com

hello all DG family members, i recently became a member of the DG family. i am currentlying residing in new york city. i was thinking if i should become a real estate agent or pick up Dean's book.my friend purchased the book and told me how much it helps to clarify many miss conceptions.. but i do not know if its possible in such a city like new york.. especially with all this talk about rental agents...what should i do!

Hi everybody!My dream is to start with foreclosed four units building in Brooklyn, NY but I had bankruptcy which was finalized in this February.What is your opinion, do I have any chance?
Irina.

I am looking at building a buyers list. I was wondering if there is a script out there already for me to use to record on my answering system for any potential investors who contact me. I wasn't certain exactly what questions to ask them. I am using this system for finding realtors/real estate agents as suggested by Matt Larson. Thanks for the help

Again,

I am asking if anyone is experience in dealing with the situation of,
seller--investor--me or you---buyer? to make sure that I get my maximum profit,
would I need to write up another contract between me and the investor. He already
has the properties under contract with the seller.

Thanks for your help

I was on it yesterday, and now I can't find it!! Where did it go? BTW, is anyone from Hawaii posted on here? If so, please message me in my inbox so we connect!

Thank you =)

Liza

I have been reading up on lease option technique to make profit on real estate. What if I have a property that is very close to foreclosure and the mortgage owed on the property is still high and based on the property value 3 years ago before the market went down? How can I take this property through lease option and convert the property price to the current fair market value which is over 50% lesser than the original price that the property was purchased? I hope that makes sense and someone has an answer to this.

I just recently completed the book Profit From Real Estate Right Now. I was excited to get things under way. I have a friend who is a Real Estate Broker and I ran some of the techniques by him to see what he thought of them (no money down). He told me that these ideas were in violation of Idaho Code. Specifically, he stated that if I was going to be acting like a Real Estate Agent, that Idaho Code required me to be licensed as a Real Estate Agent to complete these transactions. He also stated that I could not make a Purchase Agreement with a seller and then make another one between that seller and a buyer, even though I was selling my option to purchase the property. He stated that that action would fall under the "double contract" law, which is forbidden. He also stated that I was trying to work in the "grey" area and that I would be opening myself up to excessive liablility. I've read through the code and found that what he has stated is fairly accurate, but it is a grey area in the Idaho Code as it does not specifically state that what Dean teaches is in violation of the code. It could be construed as such should someone decide to take me to court over something concerning a transaction. This particular Broker has made a ton of money and is very knowledgeable in the area of Real Estate and has been in business for himself for over 20 years. Does anyone have any thoughts or experiences to share concerning this? What can I do to make sure that I'm not acting as an realtor?

hello, i just finished reading dean's no money down book and is about to start his be a real estate millionaire book. I dont want to break any rules on his website but i am of tender age. I really want to get started with his program structure but i do not really understand how the actual money making process works. If i sell a house less than its FMV doesnt that mean the buyer would the amount i present to them? and if that is the case how do i make money off of a deal i greatly reduced?

Can't figure out a quick way to find my posted questions to check for answers.

If a seller already has an agent / realtor trying to sell their house, does this mean we do not have the right to get involved with the seller in trying to do an assignment deal, etc.?

I just got the book and I can't stop reading the book & taking note's I can't weight to get started

I'm looking at a 3 family flat in Detroit

$50.000/Negotiable

what would be the best way to go about is and what programs or deals should I use?

I just bought a condo on a FHA loan a few months back. Can I refinance( I heard you have to wait 3 yearsto sell or refinance on a FHA loan) and if I can will their be a penalty and how do I go about doing it?

To Chris Dearden

I am 22 years old and bought his book about 2years ago. I left it on my shelf for about 1 1/2 collecting dust and then decided to read it. After reading the book 6 months ago I made my first purchase(a 3bedroom 2bathroom condo with low interest rate and only $5grand out of my pocket)so you can't say its a scam because youve never read the book.

I just wanted to reply to your statement even though I shouldn't. This part I would have to agree with. If someone buys a book and lets it set on the shelf, I bet they don't made money either. I mean if you think for a minute wouldn't you say that's probably why it says results might vary. In some ways i probably felt like you. I watch the same show several times before I did anything. I did finally buy the book and joined the success academy. I really didn't have alot to lose seance I had just lost my job.filed bankruptcy and my credit suck. But now for results I spent every dime we had to join the success academy, And have got to work with some awesome coaches. All I had to do was be open minded and take a little direction. In the last 9 months I have closed over 20 deals, I have received $80.000 dollars in down payments and have a positive cash flow of over $2.000 a month. And if that's bull **** I am proud of it. I owe all my success to the Academy, coaches and Deans loyal staff. I did all of this with o down. But i will promise you one thing my books are not dusty.

Randy

I know of a house in Texas that the bank has foreclosed on. The previous tenants have long moved out. How can I find out which bank owns this?

Where do I go find homes/properties that owe back taxes in Texas.

I have talked to a local real estate attorney and i was told that a land contract or a contract for deed violated a Deed of Trust the person has with the bank. Then i went to the bank and asked those guys and they said it wasnt. Im confused. I thought i had a perfect strategy i was ready to try out and now im in a rut. There are a ton of homes i can buy in my area with these contracts and i have found nothing on the internet saying they are illegal. I was told that i could only use them on homes that were already paid for. That just didnt make sense. If the home was paid for why would they be desperate to sell it. If anyone can help clear this up for me i would greatly appreciate it. Please sent me a PM. or email me at mattmilleramory@**** thanks alot. I live in Mississippi by the way so maybe the laws are different here. But there is a guy from Boonville doing this exact thing and making great money. Help please. I want to get started but now im shaky.

I found a great town home on the golf course on short sale. I have bad credit and no cash. How do i finance it with no money down. Please post any ideas.

After reading several books and watching many DVD's from different sources (mainly Deans'), a question arises which seems self-answered. The question pertains to the debt to income ratio each person has established for themselves.
I am led to believe that regardless of ones credit, (ours is excellent), that a NORMAL person will only be able to purchase 1-2 homes before they are capped out of the market, regarding further purchases. Unless you OWN the property outright, free and clear, your renting of property is limited.
If this is TRUE, then it sounds like I am forced to purchase property at a reduced price, sell at a higher reduced price and live in the middle until resources are built to afford other alternatives. This appears like a slower process, but reality is what it is. The question remains - are you indeed limited by your Debt to Income Ratio?
I believe in doing my due diligence and just what to know where I stand. I have a GREAT short sale awaiting me and dont want to be sunk before I even get started. Thank You for any response.

Where and how do you find out if your state allows assignments.

Before I ask a Banker or Mortage broker,I wanted to ask the question at
DG site.I am looking at some Hud,and Gov't owned homes.Here is the big ?.
Do such entities as these two mentioned cure all liens,or any at all?, If so,
which ones will that usually be?

Thanks So Much for Your Help in Advance
Reynolds C.

Thank to all of you for all of this fabulous information, I really need it because reading the books a couple of times and I just keep not doing it. I will get this done somehow this year. Thank you again!!

Karen

Is there a market for dean graziosis real estate ideas North of Boston. The North Shore area. Gloucester, Manchester, Beverly, Danvers, etc.?

Hello fellow investors,

I am new to this. I bought Dean's book, and loved it, but now the problem I am having is how do I start? I am not sure how you all begin to make some sort of initiative on starting a deal. I am in dyer need of a push to get going in the right direction. I am 24 yrs old and have always been interested in real estate this is why I went and bought Dean's book, but again need help as to where I should start. Hope someone can help me out. I look forward to suggestions to someone that really has no money at all to get started on his first deal.
I am from Manchester, Massachusetts
Which is North of Boston

Thanks

i cant believe how many questions have gone unanswered on this posting ! especially since i've been dying to see some questions answered starting with this year 2010. I most certainly do not doubt this works, but i am starting to doubt the "help" on these forums, because it seems the only back and forth im seeing is mainly from 2008. Can someone respond to this ? If so, also explain your strategy, how you got started, and most importantly when was your last deal ? I am in the same boat as most of the newbie's and i just need to SEE someone's response, so i can put my mind at ease.
Thank You, God Bless

Hello guys, could someone explain to me what refinancing is? I'm reading Dean's third book and the term refinancing comes up a lot. I understand that its done through the bank and when you refinance you get money back, but I'm not clear how the whole process works.

has anyone heard of ameraco, i'm looking for investers in hopatcong, nj & came across this are they good?