FAQ: Answers To The Most Asked Questions - Start Here

The so call "ghost ads" are the ads you place in websites like craigslist.org before you actually have a house for rent or for sale.

We are renting a house and the owner is in preforeclosure and has received notification. They are 5 months behind on mortgage payments. We want to do a "subject to" and turn it into a land trust. The owner is interested in doing this, but we want to make sure we are doing it the right way. We need some guidance...correct forms and how to put the deal together. We are new to investing and just need some help to get started. Thanks

I have a realestae broker who has a ton of properties dirt cheap he wants cash only. I keep reading and reading and I cant figure out my first step to make. My question what is a creative way to make money with this?

Do you have a contact number?

Hello to my DG Family! My name is Toni and I live in North Carolina. I'll cut to the chase. I found an ugly house and called the realtor. To my surprise, the house is on 8.5 acres with another house on the acreage. This property was farmland and is owned by a father and son. They had the property rezoned for townhomes and it will hold 102 of them. The owners are asking 1.5 million. This property has been on the market for at least two years if not longer.

I spoke with the realtor this evening and she did say the owners will negotiate the price "a little lower". Guys and Gals, I know I can do something with this property! Either find a builder or an investor. Does anyone have any suggestions? Ready to make that deal!!!

Take Care and God Bless

Toni

Hello all, new to the site Enjoyed the book Profit from real Estate Right now. Heres my question, I own 14 properties that I have either Morgages on or were purchased from lines of credit. My problem is that I cant get my bank to loan any more money due to the fact that to them I am Real Estae Heavy. My Tax returns are not to impressive during these times. I have most of these properties in llcs and Mortgage companies dont like loaning to llcs. I have some deals out there but they are going to take money to make them sellable. Also i am not looking to flip property, my goal is to rent them with cash flow and then sell off a little at a time as the economy cycles for hopefully good profit.

Hello All,
I've had these books for about a year and have had a rough start. Since then my situation has become even more critical. I am now living in Motel6, no transportation, bad credit, unemployed, and struggling full time student. I am a former veteran and no stranger to hard work with reasonable terms. I recently was driving with some friends when we passed a commercial property that was an unfinished shopping mall. My friends told me that it had been sitting there for a year because the developer had went bankrupt. That got me wheels to turning and redirected my focus back to real estate and dean's books. My thoughts were with the economy like it is, this is a great opportunity to create jobs at a much needed time as well as a great real estate venture! What I need is some direction on how to go about this matter because I am a newbie still and had quite a rough time in my first real estate endeavours. . .

Thanks in advance!
Toi

Any advice or ideas on commerical property Hotel; prime location due to econmy growth around the hotel has been slow in starting. Good investment and how would we find investor(s) for commerical real estate?

I'm ready to get started. But I have some reservations. I want to be able to just do this on my own. As much as possible without involving other people. And I figure the less people I get involved with, the less issues. Before I got the book that was my intentions. To do this on my own. I did call the Coach Line several times, left messages to call me back, but no response. I already know I can't afford the Academy. And I can't afford to make a financial mistake. I haven't made my first deal yet. I am not working right now after 35 years of being in corporate America. And I don't want to go back to a 9-5 and I have time to concentrate on my business. If I was working, I wouldn't have even brought the book 'cause after work all I want is to have a peace of mind. I have wanted to be a Real Estate Investor for apprx. 20 years. I tried 2 other programs over the years and got ripped off. This has to work. So all I can do is put my trust in God and ask for guidance on how to do this. Did anyone else go through this thought process and have you made your first deal yet? Need encouragement please pass it on!!

I have a deal I want to make and offer on to a small local bank, I am so nervous! They have told me that they will entertain any offer.
This is 3 houses owned by the same bank form the sam forclosure. They are brand new construction and 2 are rented out,which rent for 875/mo. The list price is 160 each, which is too high.
My concern is not making the offer but that my credit fair, my debt to income is terrible. Do I have a chance here?
What I was thinking about offering is 100% financing and 30yr am for all three senarios; 6% interest rate with a purchase price of 180K(60k each) or 4% rate with purchase price of 210K (70k a piece)or 3% rate with a purchase price of 240k (80k each. What do you think??

I have read the book it's great info.My wife thinks its a hoax i told her i will prove otherwise.I have great credit 770+ but we share bank accounts , she does not want any part of this.Whats the best way i can get started.

I am All EARS also................

I just got finished with my first 3-Day Live Training Seminar, and was wondering:
What others may have thought about taking theirs?
Not saying it was bad, but I really got a bit upset when our presenter started making us feel GUILTY for not joining up for more "Advanced Training Courses". It was hard enough for me to come up with the $495.00 for this seminar, and IF I COULD, SURE , I'd love to sign up for more. But, please, don't tell me that just taking the 3-Day Training and leaving is going to be a WASTE!!! I did what I could afford - right now. Don't ask me for $10,000.00 I DON"T HAVE...and then make me feel guilty for not signing up.
As far as I'm concerned, I paid for a 3-Day Live Training Seminar entitled "Profit for Real Estate Right Now" NOT A 3-Day Live Training Seminar entitled "Salespitch for Advanced Training Courses", sorry to vent like this, but I think I speak for a lot of students who felt pretty much the same way. 50% training and 50% salespitch is NOT what I had in mind...

The county, this porperty is in, does NOT offer private citizens the option to buy the properties in property tax foreclosure.
I am trying to confirm that the owner is deceased but if she has passed, what can I do?
I am trying to find living relatives. (Would a Title/Escrow Officer help with this?)
Is there a legal way I can get the county to postpone the foreclosures until I can find a live person that has legal claim to the property?
I need to buy the property from the owner because once the county takes over it will not be available.
Thank you in advance for your time and attention in this matter.

If I had no money for down payment and very little income to show the reality is.. I can't get pre-approved for a loan.How am I suppose to start buying houses without pre-approval?

Or a home that needs to be short sold? If so, how do you do it? How would the process be different from the usual contract sell with a regular motivated seller. I hope you understand my question. Thanks for your help.

Charla

Hi,
I just bought Dean's book and almost done reading it. I love the book so far and would like to get into no money down system, but I am very scared.. just like everyone mentioned in the book. I need to go for no money down system because I currently have a bad credit due to my home almost being foreclosed. I just received a trustee sale posted on my door as well. Is there any way I can save my house first before I get into this business?

BUT, IS THE COACHING ACTUALLY NEEDED TO PROFIT OR PROCEED IN THIS REAL ESTATE BUSINESS? SERIOUSLY! THEY CALL ME TRYING TO CONVINCE ME INTO INVESTING TOWARD THE ACADEMY. I BOUGHT THIS BOOK WHICH IS REALLY REFRESHING TO A PERSON SMOTHERED IN BLOTCHES ON REAL ESTATE INVESTING. BUT, TO COUGH UP MORE FUNDING; WHAT HAPPEN TO THE NO MONEY DOWN SYSTEM? HE'S A MILLIONAIRE; WHY ASK FOR MORE. IF BEING A PHILANTHROPIC CONCERNS EDGING OFF PEOPLE IN NEED THEN NO THANKS BUT, THANKS FOR CONVEYING THE LEDGE THAT MAKES ME MORE SELF RELIANT...

LOUIS

The best advise is going to be work with your lender. Try to work out a modification or something with your bank. The worst thing to do is nothing, so talk to your lender.

Hi I'm posting for the first time. I'm 3/4 through Dean's book "Becoming a Real Estate Millionaire." I really have no idea how to get started, but I'm really eager to try since the property I have been dreaming about has come under forclosure. This property was evaluated at at least around $400 000. It was placed on auction a few weeks ago, and they could not get it sold. Now the property is on a site called RealtyBid.com, and it seems that they are looking at a starting bid of $103 000. So far no bids have been placed and there is 7 days left. We do not have a down payment, and althouh we have an excellent credit score, our cash flow is non existant.
I guess my question firstly would be what happens to this property after the 7 days of bidding is up, and they did not get a bid.
Secondly, does anyone have any ideas as to how we can go about trying to obtain this property. I realize I'm not really ready since I have not completed the book etc. but the property is available right now!!!
Thanks for taking the time to read this.

I am in Nevada,Reno, and I was participating in
another realestate "note" program a few years ago.
Nevada threatened to fine me $10 grand because I was
acting as a go between for investors and "Note" sellers. Do I need a brokers license for these strategies here, or will I just choose the strategies that are not a broker's job?
Thank you,
Jolene Inglima

olsonj69 wrote:

I just got finished with my first 3-Day Live Training Seminar, and was wondering:
What others may have thought about taking theirs?
Not saying it was bad, but I really got a bit upset when our presenter started making us feel GUILTY for not joining up for more "Advanced Training Courses". It was hard enough for me to come up with the $495.00 for this seminar, and IF I COULD, SURE , I'd love to sign up for more. But, please, don't tell me that just taking the 3-Day Training and leaving is going to be a WASTE!!! I did what I could afford - right now. Don't ask me for $10,000.00 I DON"T HAVE...and then make me feel guilty for not signing up.
As far as I'm concerned, I paid for a 3-Day Live Training Seminar entitled "Profit for Real Estate Right Now" NOT A 3-Day Live Training Seminar entitled "Salespitch for Advanced Training Courses", sorry to vent like this, but I think I speak for a lot of students who felt pretty much the same way. 50% training and 50% salespitch is NOT what I had in mind...

FOR OLSONJ69

I HEARD THAT BUT DID U CALL TO SEE IF YOU QUALIFIED FOR THE REAL ESTATE ACADEMY? MMMMMMMMM! THAT'S ANOTHER COST THERE AS WELL. YOU SEE HOW WE'RE LABELED "INVESTORS" GET IT INVESTORS. WHAT HAPPEN TO THE SO CALL "NO MONEY DOWN SYSTEM". THE ACKNOWLEDGMENT OF LEARNING REAL ESTATE IS A PRIVILEGE TO ACHIEVE, BUT TO ADDRESS WITH MORE FUNDING STICKS YOU OUT OF RANGE. OH! AND HOW CONNIVING TO TRY AND INTRIGUE WITH IT BECOMING A WASTE FOR THE TRAINING RENDERED. TYPICAL "AMERICANS" AND I'M A BORN CITIZEN!

PS I FAVOR THE INTEREST!
LOUIS

olson; the academy has helped me keep my nose to the grind stone. i know i would have given up by now. you do get it back if you do 5 deals within a year also.

To Xpo and dreamcastle;
Thank-you for posting your comments. I guess I didn't mean to come across as such a nay-sayer, because I truly did get a ton of information from the 3-Day Live Training, and I continue to get lots of good stuff off of this website as well. I just got a little tired of hearing these guru's talk about helping us newbees get into real estate investing by-way-of asking for more and more money to learn their 'advanced training' secrets. If I had any possible way of getting my hands on more money, I'm sure it would be a GREAT investment in my future. But, living on unemployment for the past year and a half is bearly allowing me to keep a roof over my head and food on the table. I am going to keep pushing forward! The more knowledge I can gain, the more networking I can do, and the harder I push myself can only make my foundation stronger. It is coming together. And I am doing it with the resources I have available to me. Everyone's gotta start somewhere -- and just like Carol Stinson's story inspired me -- I know that the key is: I just gotta START. No money down is my focus and FINANCIAL FREEDOM is my goal! Best of success in your investments.

Has anyone on this site used Brave New World Brokerage LLC-ABC LLC to get funding for your real estate deal? How was the transaction and did it only take 2 to 3 month's to get your money, they are advertised in the classified section.

Greetings,

Please note, what I'm about to say may very
from state-to-state and the terminology may also
be different from state-to-state.. My answer
comes from my experience of purchasing 'Tax
Lien' properties at country assessor auctions.

Typically when a bank takes back ownership on
a foreclosed home owing back taxes, the bank
has approx. 90 days to pay or to sell the property
and pay the tax - They hold the deed...

If the bank does not pay within 90-days, the
county steps in and moves the home through what
is called in some states, a 'Tax Lien' sale.
Now the county assessor holds the deed...

These are the sales allowing you to buy
homes for pennies on the dollar. Basically
the home goes up for auction at the initial
back tax rate. So if the home is valued at
let's say $200K and has $3K in back taxes,
the county starts the bid at $3,000. So let's
say you win the bid at $4K, guess what...?
You get the house for $4K plus a few misc.
fees - free and clear...Now just imagine
your profit margin then!!!

If anyone else wants to add a comment...go for it...

In reality,

There is no true debt since the bank lends money
based on what is called fractional banking. If
you want to learn more about what fractional banking
means, simply run a search in Google like this...
'What is fractional banking?' - keep the quotes.

In essense they are loaning you money out of thin air.
When a foreclusre moves through, it's just a matter
of a few adjustments on the ledger and they roll the
property again...Believe it or not, there's a lot of
profit made in foreclosures when it comes to the bank.
But since the bank is in the business of benaking and
not being a realtor, they much prefer moving the homes
REOs) off there books and back in the market ASAP...
This is where we come in...Banks love us when we can
help them move their inventory...And that's why they are
willing to negotiate...But believe me...The make money
no matter what the REO sells for.

Hope this helps...

Any comments are welcome...

Silly question, I'm starting off with assignment deals, If I do use a realtor, how does the realtor get paid. Not sure how the monies work with that. Also how do I figure what closing costs will be, is there a formula for this , such as a percentage of purchase price? Thanks for any help.

REO-If the bank (BofA, WellsFargo, etc.) requires the buyer (already pre-approved by a different lender) to also submit a pre-approved letter from them (BofA, WellsFargo, etc.), as the REI, how do I go about submitting my offer? Will I be exempt from it if they know my intentions of assigning the contract? We're kinda stuck on this and not sure what we should do. We found a great property for one of our buyer's and would like to submit an offer. Please any suggestions will help. Thanks.

Hello everyone out there I am currently focusing on probate properties. If anyone reads this who has done deals on probates or is just beginning PLEASE give me any advice or words of encouragement that you can. This site is so inspirational and awesome.