FAQ: Answers To The Most Asked Questions - Start Here

I would look under the forms menu up above or you could go to Carol Stinton's website. She is a member on here that does a lot of wholesaling and she has a link on her page full of contracts that you can down load and use. I would bring a copy of the contract to an attorney in your area first. Mrs.B. Good luck.

I live in North Minnesota and would like to do wholesaling. I have read a number of Dean's older books. I have been reading this site for the last two weeks and I am interested in learning more about wholesaling. I have read Carol Stinton's journals a they have been very helpful. Is assigning/wholesaling legal in all states? I need to start developing a buyers list and sellers list. A couple of years ago before real estate bubble burst I had started to develope a team. I got scared and didn't continue. The realtor that I was trying to work with still emails me her propteries very week. Can you whole sale propteries with a realtor and do I need my LLC before I begin???Thanks for any suggestions.

I'd like to know where can I find and download a copy of the REO contact form shown at the bottom of page 251 in Dean book 'Your Town, Your Real Estate Profits. I've looked in the 'forms and docs section' and it's no where to be seen. Thans Max

Im not sure where to post at and where. There not post where everyone chats how they day been. I go what new and all i see is other people posting things i dont think they are members to Dean. Can anyone help me with all this and what i should be looking at. Thank you Sarah

How Exactly Can You Do An Assignment Deal? Don't You Have To Have Money Or A Cash Buyer?

can someone tell me how owners finance work

I have found 3 foreclosures in my area. They are both in the hands of the Realty Co. I am a newbie just half way thru Dean's newest book. How do I proceed? If someone could provide me the steps I would greatly appreciate it.

Bill

Just wondering if I was to for example buy an REO at $50k all cash, and it's worth 100k, would I be able tp take out a HLOC (Home equity Line of Credit) based on the value of the property ($100k) or for the amount I paid ($50K). Does anyone know the answer to this question. It would be greatly appreciated. Thanks in advance.

I am wondering if an investor has an Out-Of-State Cash Buyer, and the investor utilizes the services of an In-State Realtor for this Cash Buyer to purchase their next house through, is there any way that the investor can ask the Realtor for a finders fee (for sending the Cash Buyer to them)?

I guess that it's not really termed as an Assignment Fee or Finders Fee (since the investor isn't if fact dealing with any real estate), the investor would just be looking to make a certain % of/or referral fee for connecting the Cash Buyer to the Local Realtor.

Is it always required to put 10% down when signing
a p&s agreement using an agent on an REO????

I am having a little conflict with this.
Any comments would be appreciated.

How do you get around it??

Thanks

Dcat44

Has anyone heard of Ameraco Real Estate? I talked with them today and they sound professional but has anyone done business with them?
Thanks
Barb

Hello,
I have three of Deans books, Your Town, Right Now and the Real Estate Millionaire. What is the best book to start reading if i want to start buying REO's , owner finance,to do rentals. Just starting and its a bit overwhelming with all this information.

Thanks,

Chris

Is there any way to buy homes and apartments without having any interest.

Ok, so I am just getting started here and I love what I see so far, but I am new to this, so please forgive me if I ask stupid questions.

Here is my potential first deal...

My mother owns a home that she rents out. The problem is that this house is in need of repairs and she has had it up for sale for almost a year with no bites. I would love to get this home out of her name since she would then qualify for some government benefits (she is retired and only gets $450 in SS benefits per month).

Bottom line is that she owes roughly $33,000 and the house after repairs should sell for $60,000 at least. I would really love to make this my first deal as it would get the burden off her and a potential profit maker in the end.

What is the first step?

Thanks in advance.

Hi, I just finish reading 2 of deans books and want to start my first deal in a no money down, no credit subject to house. Can anybody give some advice on how to find these houses ? I have tried craigslist but have had no success, also I live in a town of 500,000 population and in the past there have been alot of forclosure's. I live in texas so I don't think subject to is a problem here, I just need a little advice on how to pursue this.

Hi my name is Reynold Orozco I'm 23 years old and I'm just bought Dean's books a couple a months ago. I'm interested in geting into real estate but i would like to know i also want to start college but would be starting college pro long me from reaching my real estate goals? Or if not what would be the best classes in college for me to take that would benefit me in real estate? Thanks and I would appreciate anyones advice.

Is there a way to buy houses and rental incomes with no interest.

Hi there my name is Chris Kornbrust,
I am a San Diego resident looking to begin my Real Estate Investing. I am familiar with deans purchase and sale agreement forms, as well as the assignment of contract form, however, I have been inclined to speak with an attorney to ensure these contracts are valid and air tight so to speak given that California is THE place to file lawsuits.
Has anyone had any problems using these forms? Any experience, comments, stories, etc are greatly appreciated.

Hello to all,
Very new to this and have yet to receive my books to truly get started! But, based on what I have read online in the forums, is this how things will go based on info I found today online:
I have found a 3 bedroom 2 bath, 2080 square foot single family home that has 3 bedrooms and 2.0 bathrooms in my town that is listed as an REO for the price of $154,900.00, while the guesstimate of market value, ie from zillow and others (like Totalview), that places its FMV (i am only guessing here)at around $450,600. Is this is the sort of scenario i am looking to find? That is I guess the first question, while the next one is: What do I do next? Isn't this business based on timing, and will I now miss out because I have no idea what to do next? I get that I have to build a buyers list 1st-waiting for my books- and I get that I have to read on how to contact REO managers and or agents as well, but if anyone sees some hope in this and would like to crash course me so that we and yes I said we can benefit, by all means contact me, so that I too can get the ball rolling on a deal and all you have to do is walk me through it to gain some money and I gain some insight. Thank you for and answers and,or interest in advance.

Sharon

Hello,
This is my first post and it;s in the form of a question.
First the facts:
I have poor credit am unemployed and my unemployment is about to run out. I own my own home, mortgaged with about 35K equity in it as the current value goes.
I found a 16 unit rental property that's about to be auctioned off but contacted the listing agent to propose she contact me if they didn't get a high enough bidder after the auction.
To my surprise, she emailed me back within a few hours and asked if I was able to purchase close to the asking price. She would put in the offer and they would forgo the auction.
The note is 450K and asking is 599K. She thinks the two owners would accept 550K and they just want to cash out so won't hold the note.
All but one tenant has been there for longer than a year and all units except one is rented.
Current gross income is over 90K a year and net income over 50K a year.
The apartment units are close to a university and downtown a city with ample public transportation available close by.The units inside and out are in very good condition.
This is a deal of a life time for me as it would keep me from loosing my own house and allow me to keep feeding my family of five.
Is there any way I could buy this property and start my dreams of being a real estate investor?
Anyone, please help as time is of the essence.
Thank you

I found a foreclosure and i needed a little help with what to do. the price is 31,500 3beds and 2baths. the potential equity is 69,990. the percent under valus is 222%. I was wondering can anyone help me out there.

Hello;

I was reading the real estate investment book and saw that i could purchase at 65% on REO/bank owned properties. However, I emailed a local realtor in Las Vegas who is the listing agent for Wells Fardo and this was his response;

Buying homes at 65-70% of the retail value is going to be tough in the current market. It all depends on what you calculate the retail value to be? Our market is dominated by REO's and short sales and those are the current values and comps regardless of the seller. Most bank owned homes are selling at the list price or higher because there is a low supply and the demand is strong.

On this particular home, 6167 Mythic Atlantis Las Vegas, NV 89149, we have 2 offers at this time and this will most likely sell above the list price.

What is the truth about how much of a discount is typical in this current buyers market??????????????????Please Help!!!!!!!!!!!!

I am new to the website, I have ysed deans materials and trial and error to flip a 2 unit building ,had all kinds of issues now im in court trying to recover my profit from the previous owner who was under contract.
I dont know where to go to ask questions so if i am inerror here please redirect me .

Thewr are MANY,MANY single family homes for sale that I have found for under 10,000$ they need variable amounts of work to fix but all can be done complete for less than market value,I would like to build up cash flow and buy ,fix and rent these properties. BUT the neighborhood is really terrible,high vacancy rate,possible drug houses etc.but the ratio of cost to wht rental income should be (evev discounted for the neighborhood ) is high. are these types of properties worth the risk of,[ossible vandalism, not being able to rent them ,or unable to sell them and having my cash hung up . Is there a good way to profit from this opportunity? ANY help would be appreciated

I can tell you what I did. My wife and I lost our jobs , lost our apt had 200000in medicsal bills unpaid,the worst credit and not enough cash for a hotel room.we had 72 hrs to forcible eviction,I had owned property befor but not investments,I had purchased deans course read it but done nothing.I got real motivated real fast(below 0 temps in a car can do that)
I got on a realestate listing service set a 15000 price ceiling and searched found 5 properties that were NOT bank owned ,researched and found the ones on the market longest ,made a call to the realtor looked at the buildings and started to make offers

The one that worked was on a 2 unit neded work ,vacant.was bought on back taxes.I offered 10000 on contract for 5 years, no downpayment, immediate possession payed directly to seller
she countered 14000 5 years 3000 down (the building had a fair market of 48,000 rebntal of 450x2 if rented per month)I agreed moved in, borrowed the money down from my brother and dad for equity in the building and closed.(i moved in 48 hrs after the original showing and closed in 30days)did some work myself on the building and sold it 5 months later for 38000. got free place to live for 5 months and made a profit.You just have to do SOMETHING .make offers that you can live with ,lots of them,all they can do is say no.and you make more offers.
That money got me thru until I got work, now we have a rent to own deal going thru in 2 weeks on a 160000 property in a gated lake community thats depresssed, It would probably have appraised @275000 5-=6years ago it will get there again

who exactly did you sell to cause i found a couple houses to flip but dont know who to try to sell them too

Check with the Courthouse in your area. They'll direct you to the appropriate office, etc.
Thx

I am new and trying to gather all information - provided in thsese posts and read as needed.
This is most helpful: To keep from asking the same questions, created a word document and as I find information - copy/paste into my word documents for future references. This is most helpful.

Anyone interest in a 2nd Trust Deed or other Mortgage Leads? Please do let me know. Minn

It's ok. We all probably used the recording message. The price is only about 29.00 and change.
It really work. I received my books w/free book and DVDs in less than a week. Thx

Your Town, I believe. I am new as well. This Book is very detailed and to the point.
Consider reading - 'Assignments' and 'Bird Dog' this is a good place to start and work your way back and forward. thx