FAQ: Answers To The Most Asked Questions - Start Here

It's that type of drive OlsonJ69 that will get you financially free! Don't allow fear (False Evidence Appearing Real) to get you down. Surround yourself with inspiration on a daily basis it will drown out any negative thoughts in your mind. Fight for a new life and you will have it sooner than you think.

God Bless and I wish you must success,

Rekita

Hi Everybody I have A quick question,Im lookn at a house its worth about 50,000 I have the owner down to about 39,000 and willing to owner finance part of the property.THe house is payed off so If i offer him 20,000 down and he carry the rest,I got good credit and have 6 other rental propertys.How Does it work if i go to a bank get a loan on the house for the 20,000,they would be the first lien holder on the house,would my seller be the second lien holder and how does that work do i do a promassary note or how does that work to were my seller fills secure.

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On 18:33pm, May 21st, 2010 HBTnewbe said:

When if first got the book,s several weeks ago there was very little activity in my city of 23,000 but in the past 45 days there is homes going up for sale all over, also the value has dropped by the tax assesors office. I want to get started doing something, but don't know the first steps in an action plan.

Can some help me get through the beggining parts

Do banks alow you to use the IEE strategy or the assignment? I tried this a few years ago and they wouldnt accept my offer unless I was the one ultimatly buying the house?? Help! If I put and or assigns they didnt wanna even talk to me... Ive got a house that is bank owned that I want to try this on... thanks for any help.... I'm brand new to the sight and deans book.

I just finished Deans book and anxious to get started. I am looking for some advice on what other people have done to get the ball rolling. Did you find the seller or buyer first? If anyone is from the Phoenix, Arizona area and would be willing to help me through my first deal or any advice or pointers would be appreciated.

Since im 21 and dont have money or the best credit, i knew a finders fee would be the best way to get started in real estate. The only problem is i dont know if its illegal to get a finders fee in Texas. Please I need answers, i really dont see any other way to start my dream of being a real estate investor.

how do I bookmark upon this site have tried a few things not sure what works

I had ended my contract with a property manager and the first tenant he got me still owes 3 months rent and late fees. This is after the judge evicted the tenant. I still have not received any of the final court papers and who was trying to collect on what was owed. I have always had trouble with him returning calls and e-mails but now he his not giving me all of my paperwork. I am not that formilar with the law so I don't know how to persue this. Can anyone give me just a hint?
Thanks
Stef

Hi Everybody I have A quick question,Im lookn at a house its worth about 50,000 I have the owner down to about 39,000 and willing to owner finance part of the property.THe house is payed off so If i offer him 20,000 down and he carry the rest,I got good credit and have 6 other rental propertys.How Does it work if i go to a bank get a loan on the house for the 20,000,they would be the first lien holder on the house,would my seller be the second lien holder and how does that work do i do a promassary note or how does that work to were my seller fills secure.

So i found few potential houses that I am looking into to do one of the no money down techniques but I am not sure how to bring this up to the seller when they have a realitor dealing with their sale.
So how would i go about this while working with the sellers realitor?
I'm just confused on how to deal with a sellers realitor when I'm not trying to buy there house but trying to make some cash through the no money down techniques.

thanks
vinny

Am I able to do this from Canada?

Hello, I hope this could be my first deal.

I have read your advise and comments and found it very informative. I have aquestion. I have made an offer on a property, the owner is a RE Broker and did not want to me draw up a contract as of yet, so I took a chance and advertised the property on Craigslist and Backpage to see what response I would get. Well, I received an email of interested investor (twice). I am only interested in making a finders fee. How would you handle this? without having the deal taken away from me.

Its a single family home, vacant and needs total renovation, I'm asking $27,000 AS
IS and ARV est. $168,000. in NJ.

Your response would be greatly appreciated.

Thank you
S. Anderson

I just received Dean's book I red some of it, I'm very interested but no money to start with can someone give me some advice how to start. But to
let you know my house in foreclosure I'm going to lease a home in july with
a investor, i thinking if lease that home with that investor can I sell this
house and make profit with it while I'm leasing it, can I do that and how can I start,also I have realestate agent I'm working with and I don't have a good credit. I just want thing better in my life, I been struggle alot.Please help
me

I live out in Hawaii on the island of Oahu. It seems harder to pass out flyers to grocery stores, laundrymats, community centers, etc out here. I was getting pretty discouraged yesterday because of limited places to pass out my flyers to market myself to the public. So I went driving around in neighborhoods that I was interested in assigning contracts in looking for For Sale By Owner's. I noticed right next to a lot of the mailboxes were places to put the newspaper in. I thought I could place my flyer in there! So I did, I even came across people to give my flyer to directly. I'm looking forward to getting business by using this method.

I'm proof that where there is a strong will, there's a way. You just can't give up! I hope you find this tip helpful and I wish you much success!

I WILL BE POSTING MY DEAL ON HERE BY JUNE 26TH 2010, STAY TUNED...

I bought Deans book about 4 months ago and I just purchased my first home for 75,000 and the appraised value is 90,000. I am so excited what would you guys recommend I do next? By the way thanks Dean you have made it happen for us!

Hi DG Members...

I'm Ted Peterson and yes I'm very new...I have spent the better part of the last week immersing myself in Deans Books (Finished PFRE Right Now, Half way through Your Town), Spending hours here and on other websites (Biggerpockets, CraigsList, ForSaleByOwner, and Many Others)...Its safe to say I'm a little obsessed...

I'm the kind of guy that tends to jump into things...I placed some ads on Craigslist, Set up Google alterts for FSBO's, and start researching different properties (trying to figure out comps & FMV)...

Found some decent Foreclosures but need more info...Decided to reach out to my local Bank President...Gave him a call...He recommended a local RE Agent...So I called him...We talked about the Foreclosures...I sent him the links that I had for the properties and he said he would look into them...He recommended a Mortgage Broker saying I would need Pre-qual Letter (never heard of it, but I know what it is now)...

My original plan was to copy Greg Murphy's system with Foreclosure-Lease with Option...Then I thought, I'm probably not experienced enough yet to try that on a first deal...So I decided to focus on FSBO and Assigning...

Then I got a email with a link to a listing on Craigslist (via Google alert)...There was a guy looking for a house to rent...He was very specific as to what he wanted and could afford ($1750 month)...I thought to myself, I'm going to find his house...

I spent hours looking a FSBO's and finally found one in the area he wants to relocate that meets his specifications...

I spent most of the day looking at everything I could find on this house...Trying to do the comps, coming up with FMV, Taxes, etc...When I exhausted the internet for info. ( or myself not sure) I contacted the seller...

A man answered and at first he was reluctant to talk with me because his wife was handling the sale...I told him I understood and gave him my name and number...Then he asked how I found the listing...And suddenly we were off to the races...I couldn't write fast enough!

There were a few things he didn't know because his wife was handling the sale (yearly taxes, when it was last appraised, how flexible his wife was with price)

But I learned a few things too...I told him he had a fantastic home, may I ask why your selling...

He said they were relocating to SC to be closer to family...

The house has a in-law set up with separate utilities...

He confirmed that they were asking 319 K(lowered from first listing) for the house (just for clarification: 4 BD/3 BR 1790 SQ. FT. on 7 acre lot)

He also told me that the mortgage was free and clear...

He is motivated to sell but not what I would call HIGHLY motivated (they originally list the house 2 years ago with RE Agency)...They plan to use money from the sale to buy a new home in SC or FL...

One last thing...According to all the comps research I did FMV should be in the ballpark of $275 K...

OK...Here are the questions...

1. I mention the Realtor I was introduced to...Would it be ok to ask him to do the comps? Should I plan on paying him something at the close?

2. The seller asking price of $319 K is quite a bit higher than my best FMV of 275 K...How should I approach this? I'm guessing that they don't realize what the FMV is?

3. Originally I was hoping to do a lease with option to buy but not sure I can still make something like that work...I was planning to rent it to the buyer I mentioned above...I'm pretty sure they want the cash from the sale to buy home in SC...Is there a way that I could still make this option work? ie. Hard Cash Lender? Any Other ideas?

4. Unless I'm way off base the seller would have to come down alot from their asking price to make assigning the buy deal work for all parties...Based on the above figures, with a 30% off FMV for the buyer on the high side it comes out to $195,000...That's $124,000 less than their asking price...Is this still a good deal to pursue???

I'm sorry this is so long...But I thank all of you for reading and your feedback and ideas...It means alot to me...

I'm pretty sure that I'm still going to pursue it at least until they say that their not interested...I'm just looking for the best ways to pursue it...

Thanks again...

Ted

Hi I’m a student of Dean, I have looked over totalview real state website which is great for information. Well I found the assignment contract, but I need a little help with some of the wards that are in this document, you know I’m the one filling out this contract to the seller to lock up the deal. The wards in this contract are in order as I see them from top to bottom, I need to know what to but beside them: Assignor, Contractor, Contractee, Assignee, there is another area I need to know in this contract which is: the part that says in exchange for compensation in the amount of $__________________ is this the area were I but the amount the seller wishes to sell the property for? I just want to make sure that I fill out the contract correct, by the way everyone here are putting out good questions and getting good answers,keep up the good work. Dan

Hello there everyoneMy name is Lisa. I am your newest inexperienced neighbor on your bloock. I am so ready now to start, but also stumped. Can any buddy out there give this old girl some words of their wisdom, advice and friendship. Thank you, Lisa.

Hi Lisa...

Nice to have you with us...I would figure out what you want to do with RE, where you would like to focus...For me I'm focusing on FSBO and assigning the property to other investors...From the info. in Deans books and other sources this seems like the best place for alot of beginners to start...

Good luck with all of your endeavors...Remember its a learning process and that it gets easier as you go...

Ted

i just bought Deans book about 4 months ago and i just bought my first property at 75,000 and it appraised at 90,000 what would you guys recommend i do next any advice will help i am still very new thanks. And thanks Dean for getting us started.

Hi to all DG ers out there! I bought Deans books and am ready to try some things. I have located a property that is owner financed with 20% down. $27,500 needs some cosmetics that I can see, has renters in place of 450.00 month. I sent him an email asking if he would take back a second mortgage for the down payment, or a promissory note. Should I try to assign or lease option? My credit is gone.. so I know that bank financing is out of the question. I can do some of the repairs and cosmetics myself, I own and operate a cleaning company. Any ideas or thoughts? Thanks for any advise.. Kevin

I just finished reading Dean's book Profit From Real Estate Now. I want to do assignments it says i need an attorney how do i find on with on money. Any suggestions for me. I would appreciate all the help i can get... thankss

I think is different for everybody. It cost me around $3000.00

Ok I'm just need some answers from my last post that I posted above this one,is there anyone out seen this contract called assignment of contract. it's important to me to find out the questions I asked to put together all the documents I need to get start on this quest.God bless you all and I hope someone replys back to my post from before, Thanks My last post before this one was #2100

How much does it cost to sign up for the sucess academy?

If one starts an LLC (my bank will help me for free But I pay the state fees)...
or possibly an SCorp...your LLC or SCorp is at a 'beginning credit level' and your private finances remain private...so build up your business credit and keep that pristine while you amend your personal credit. Use business credit for your business...have read that it's easier to build business credit.

I will soon either LLC or SCorp and look for bird-dogs/assignments and also instant equity.
I feel that once I purchase that first property - or assign and earn that first fee...I'll have funds to invest and will be on my way.

I'm brand New so please feel free to advise me accordingly.

Thanks,

M.A.E.

How do i explain assigning contracts to a Real Estate Agent. Please help.

How do i explain assigning contracts to a Real estate Agent. Please help i'm new to this.

Hi,

I am new to real estate investing and was wondering what the time frame is for someone who is missing mortgage payments to sell the house before it is taken over by the bank?? I was wondering why most people who experience foreclosure don't try to sell the property as soon as possible before they get a huge blow to their credit?? Can the house owner negotiate with the bank a good time frame that would allow them to sell it before the bank must take it over???

Thanks!!!

Vikram

Can anyone tell me how to find buyers. any help would be apprieated