FAQ: Answers To The Most Asked Questions - Start Here

In dean's book "profit from real estate right now" I am learning about finding motivated sellers that NEED to sell their homes to avoid forclosure. I am confused as to how someone with a lot of equity in their home is on the verge of forclosure..?? If they are behind on their payments to the point of the bank seizing their property (which has to be 4 or 5 months right?), but have a lot of equity, can't they just refinance the house to help out their own situation? Or why not sell it themselves at a significantly discounted price? Why would anyone risk ruining their credit for 10 yrs, vs selling on their own and getting out of it? I am motivated to try this system, (and I have not yet because I have many questions still) but I would think if I set up this "automatic turnkey system" to attract motivated sellers, the majority of them (or all of them) would be facing forclosure due to the fact that they are upside down on their mortgage and they are in an unfortunate situation like job loss, divorce, etc., and cannot refi or sell... Is this true? Please help?? ..thank you for your advice

Austin

Kelly, Sorry for everything you are going through. Yes, you can do this. Put your mind to it, set a goal and then do it. Start with one of Deans no money deals. Read that part over and over. If it’s no money out of your pocket you have nothing to lose. Good luck investing. Nothing in this world can take the place of perseverance. Good luck investing.
Rick

Did you read the book a few times. Go do one of Deans no money down deals. You have nothing to Lose.

Rick

I paid extra when I signed up to get advance info on how to get and use the web site dan spoke about. I didn't get the info and can't find it in the books I received today

Thank you-That is very helpful indeed

And it makes me mad because I am not afraid to get started, I just don't know how no matter how much I read. I bought Dean's book about 7 months ago and some things have changed since. For example, banks will not finance 100% and foreclosures, REO's and I believe Fannie Mae properties cannot be assigned. I found Coastal Funding (thru this site) who provides proof of funds letters and $$ so that I can have access to REO properties which I could not have done without a letter, and if I find a property, what do I do with it? Do I put it under contract subject to my attorney's approval (exit strategy), find a buyer and do a simultaneous close within a 30 day period (?) and if I don't find a buyer I can get out of it. Because I cannot sell what I do not own, is simply putting a property under contract and advertising for a buyer the same as owing it in order to advertise it? I would appreciate any assistance if there is anyone out there who understands my plight! I remain confused about where to start without any $ of my own. Thank you all so much and I will never give up and I know if I could get one deal under my belt, I will be ok. I love real estate and my main strategy is wholesaling but the IEE strategy I never knew about before Dean's books sounds very exciting also. It boils down to, I am not afraid to do anything as long as I know where to start. I guess this is where many of us newbees are right now. I long for the day when I can offer assistance to someone who is where I am right now. Thanks DG Family.

Hello, I just finished Dean’s book, Your Town, Your Real Estate Profits, and from this book I have created a plan but I still need help. I have NO money and bad credit to buy houses so instead I want to connect buyers and sellers, (basically be the middle man and get paid) the way I plan to do this is:

• First creating a buyers list- with specific needs
• Call small banks, gaining REO list or locating FSBOs from listings
• Matching these listing to my buyer’s specific needs.
• Make a deal and profit

So, I have the action plan, I just need help executing. How do I get the finder’s fee? What's the legal aspect of all this, or do I just need some kind of contact, if so, where can I get it from? Is this even a good idea? Please help if you can! I'm desperate for a new start in life and ready to jump in feet first!

Hi my name is Josephine iam a new investor iam looking for investors to work with I really need help.i stay in Atlanta Loganville. 30052 thank you.

I read the books but I have no money at all to join the academy or do anything should I even try doing this? I really want to try to do this but I need know where to actually begin I know I have no money to buy anything just please help me get started please.

Thank you,
Germaine Hutchinson

Hi Rodney,

I am new to this as well but am willing to share what I know. I have been working this business since April 12th and have three properties under contract, one flip, one wholesale, and one flip with a buyer in place... not bad for 3 months on the job! You will need to submit a Proof of Funds letter with your offer. You can obtain one of these by going to Google and searching for Proof of Funds letters. I have a website I use, but understand I cannot share it on this forum, however, they are out there and you can get them for free. The POF is your golden ticket to getting any offer accepted and keeps your personal banking information out of the equation.

Once the offer is accepted, you will have 30 days to find your investor and assign the property.

Good luck!

Michele
“Action is the foundational key to all success.”
~ Pablo Picasso

For all of you who are fearful and don't think you can do this....

You truly do not need any money to do this business. You need faith in yourself, and an unwavering resolve that failure is not an option. There is so much money, deals, and property out there that no one person can handle it all.

When you are fearful of making a decision, you are closer to success. My mantra - "Walk by faith and not by sight."

Look for property and start placing offers. You need three things to this: 1. a good Realtor who understands our business (mine is an REO specialists that I met from an ad he placed for a property) 2. Proof of funds letter 3. copy of a check for escrow. That's it! All three of those things are free. Once you have them in your arsenal... you can take off. It may take you a little while to get going, just don't let your first step stop you.

Have fun and good luck!
Michele

Unfortunately, the Realtor was incorrect. Fortunately for you, the Realtor was incorrect. Foreclosures, unless they are HUD, can have offers placed as long as you have a Proof of Funds letter and a copy of a check for escrow. The POF IS your pre-qualification.

I am in Central Florida. I am happy to speak with you if you would like to contact me. Realtors, often times, have a mindset geared towards "single family - one house at a time" mentality. They do not understand our business unless they are involved. I have a Realtor on my team who completely "gets it" and is licensed in Florida. We will help you.

Michele
“Action is the foundational key to all success.”
~ Pablo Picasso

i don't have any money. i am thinking of doing the bird dogging but don't know how to start. i have been told that to do this i might need a real estate license. how can find out if this is true. i live in maryland

Hello everyone,

I am in search "Where do I find investors' network, links?"

Thanks,

George

Hi my name is Brianna and I have just began to get into real estate investing. Actually I feel bad because I read this book last year got into it and sorta put it on the back burner for a while. I'm to the point where I am tired of being broke and living paycheck to paycheck and I really want to get started but I don't know where to start. I'm 21 years old, don't have a lot of money and horrible credit. Although, I hear about people living in poverty with bad credit and still making it work so I know it's possible. If anyone has the time to give me the tips and tools to get me going I would really appreciate it. I also am looking for a mentor and it would mean a lot to me if it was someone who was once in my shoes so I had someone to look up to. Can anyone help? Thank you.

Start by finding buyers by using internet and putting in "we buy houses"

I found alot of property in one zip code, all foreclosed houses, all owned by the bank. I was wondering how do I go about buying these properties at zero down.

How do you find out how much equity is in a house?

Can anyone answer the two questions I posted above thank you anyone.

Hi -

Very new to the course material but was confused about the strategy of locking up a property by using a lease w/an option to buy.

I do understand the concept and the mechanics but the course material refers to this tactic as a "risk-free" one which makes me a bit concerned that I'm not actually grasping the concept. Isn't it possible after you lock up this property (with say a lease with a 5 year option to buy),that the buyer- tenant from whom you are relying upon to rent for a bit before they purchase the property might himself default leaving you with the obligation to still make the payments under the original lease deal and then even be obligated to purchase the property in year #5?

Thanks for any insight.

I was woundering, if there was a "(time limit)" or does the admin "(delete) journols after a pro long period of time ? Phil S

hi My name Yalonda Dunbar Thank You for the websites to start up with I am beginning to get stressed I have found great homes I want to purchase a home from fannie mae I would like to start by contract at least $500.00 down an go from there.I also have a list of REI group's 1st. I found homes 2nd. I found REI group's did not call yet unsure what to say I'm getting there. 3rd. I found a property I want to start on with a contract little down What should I do. I did call few realtor's to show me some of the properties Realtor reply,do you want to spend cash or mortgage I can not get a mortgage so I said no I can do agreement of sale with the owner which would be Fannie Mae. they would like for you to deal with the realtor's I think I will stick with the Realtor I just spoke with.I confused and existed I want to get started yesterday I need HELP!!!

Thanks -e,

Im glad you helped me thanks again.

Pone

I am brand new but have read Dean's 2 real estate books and look forward to my new investing career!

I have a potential pre-foreclosure I am looking into buying but was unsure of how to check any existing liens and the exact amount of those liens without having to use a realtor or title company to look it up for me.

My question is, is there any way to look this up online before taking the time pursue a property? Is there a free website to find out the exact total amount owed on a house from all liens to see the true cost you are getting into?

Thanks for your help.

Vin

I have been in property management for a large company as a regional for Apartment homes. I just recently was able to fall in a deal where I was able to purchase by owner 3 homes at a really good price and owner finanace with nothing down. I really want to buy a apartment community, small but something to get started on my own. My credit is not good, 13 months left on a chapter 13. And I was in a adjustable rate mortgage, my payment went up we got behind and was told they were going to modify my loan to start paying a different amount that was much lower I did when the 6 months was up was told they could not get me in this program and we started another this has went on for year and half now I am much further behind because of the lower payments they were giving me while working on the modification. Now I am 30,000 behind and they say short sale or deed in liew is my best avenue. Really did not want to get rid of my house. Any suggestions.

I NEED SOME HELP.....i have my eye on a vacent property that is now bank owned...i have yet to do a real estate deal but if i make an offer to purchase can i assign the contract? just looking to make quick cash

I have an opportunity to purchase a 10 unit apartment building,needs a little work, listed at $100.510 from the FDIC.
My offer is $90.000 is this to high?
I must execute seller's purchaser eligibility certificate(PEC)prior to seller executing the contract,what is this? they're also asking for earnest money or verification of funds, I have nether, what can I do to pull this deal off? can I or should I request that they finance the deal with time to fix the repairs and get it rented? If there's any fellow DG'S investors out there that's interested in partnering with me on this please let me know.

We have spoken with a couple who needs to sell through short sale but we are not interested in buying it through that method. Short sale is beyond our educational ability being so new to this. The couple is nice and we would like to help by referring them to another investor. Our question is how can we get paid for referring this property if we are unable to have it assigned to us first? Any and all help is appreciated!

Hi, I'm fairly new in the real estate investing game and I reside in Charlotte, NC and I'm being met with quite a bit of resistance to the assignement of contract method. I've talked to several Real Estate Agents/Brokers in my quest to find a really good one and I keep hearing things like: "You're not going to be able to find an attorney here that will close an assignment of contract deal." "You're not going to be able to find a distressed enough seller that is going to willingly sign over the rights to their home to you." "It's unethical because you are taking all of the equity out of a sellers home who is probably already in a bad financial situation." I was hoping to start out with real estate investing with assignment of contracts because it seemed like a fairly quick way to build my own capital so that I can eventually start buying those properties that I wish to hold on to. But if everyone around me is telling me that it can't be done, I'm not sure which way to turn now. Have you heard of this happening in any other cities? I understand that some cities/states like Charlotte, NC were not that adversely effected by the real estate loan mess so doing assignment of contract deals may not be that neccessary or even wanted. What would you suggest that I do if I have none of my own money? How can overcome this obstacle? Should I just keep looking for those real estate agents/attorneys/brokers that can handle and are handling assignment of contracts in my area? I'm sure one or two must exist. Any advice? Anyone out there that has experienced this please help!!!!!!

My question to Dean and/or admin is this: Is it possible to obtain non-pdf version of the flyers on this website? The Pdf version does not allow for alteration. Thanks. Dean or the admin.

Other questions that have for the group is this: I have seen a lot of bandit flyers around. I have stopped by to feel them. They feel that they were made of cardboards but water/wet resistant. Does anyone know where to purchase those flyers? I live in Philadelphia, PA area. Any help will be appreciated.

Thanks,
Matthew