FAQ: Answers To The Most Asked Questions - Start Here

Hi, I am new in this area, and I am so happy to stumble here and read all the information I have been looking for about investing in Real Estate. I have bought two of Deans books in April, 2008. I have read it through and tried to digest all the information he had shared. On May, 2008 I bought my first investment property and rented it to students. In July, 2008, an additional two more houses were bought, and in October, 2008, the fourth investment property was added. I got these houses with almost no money down except that my first house was collateraled by my CD. I have no trouble buying these houses. The bank was so happy to lend me the money, but the problem is, the bank charged me with such very high interest rate at over 7% on a 15 year fixed loan.

With the mortgage interest rate going down as low as in the high 3% or low 4% with 0 points, I am looking for someone who can help me with the refinancing of my four houses. I am looking for a 0 point loan with low closing cost. I have very good credit scores, and can give proof of my 2009 Income Tax Return.

Is there someone from the DG family who can recommend a good and trustworthy lender? This will really help me build my equity faster if I can immediately lower my interest rate.

Any help from anyone in this group is greatly appreciated. A million thanks in advance!

hi all new to all this,just found a mobile home here in florida for 32,000 double wide thru century21 found it on zillow as they were closed but within appr. two mo. or less i will have about 20,000 i'm ready to go 15,000 if they will carry note.zillow says it's worth twice that.gona try to meet with realtor mon. is that to much to put down,don't have real good credit but i plan on living there.how should i proceed as i never been involved in this should i trust the realtor that everything is on the up and up and do ihave to pay the realtor i'm presently renting for 400 mo i need soom help please i want this place

hi everyone, im 27 years old and am trying to make some huge changes in my life. I have been interested in REI for years now and have read many books including "Be a Real Estate Millionaire". I have been saying i wanted to get involved for years now and have done nothing. I just dont know where to start. I have good credit but dont have really any money of my own. I have been pre approved for a mortgage of $220,000. I just dont know the smartest way to make a deal withjout fully extending myself financially. I am looking to buy a house to possibly move into for a little that i could possibly fix up while living there and then selling it. If i find something that i can buy and sell quickly without moving in i would do that also. Basically i have options but i dont know whats best to do. I also dont know how to find the best deal being that the housing market seems to be going down still and people just arent buying homes. Where and how to i start creating a buyers list? i really am just all over the place because i dont know where to start and really am scared to make a costly decision, i dont want to end up forclosing on a home myself. Do i need a Real estate agent? Do i get taxed if i buy the house and sell it quickly for profit, or did i read somewhere that if i transfer the money back into another property i dont get taxed? also do i need a title company or if i have a real estate agent do they take care of all that stuff? i just am scared to make my first move, once i get the process down i feel as though i would feel comfortable repeating it.

I have a question. Can you do wholesaling with pre-foreclosures or just owners? Also do you need a real estate agent to do wholesales? If anyone could tell me that will be great. Thank you D.G. family for all your help!!!!

I'm sure this has been answered several times but I have been searching the forum for a while now and can't find a direct answer. I am looking at a couple places and they are all foreclosures. One is valued at $127,000 and selling from the bank for $67,000. I figure if I could settle that one with an offer for $60,000 I could really make something happen. It seems as though it only needs carpeting throughout the house.

Either way, I need to know how to buy from a bank with none of my own money. I know different ways to find buyers such as "bandit signs," classified ads, word of mouth, etc. But how would I go about getting the bank to agree to this? If I did get them to agree to let me assign it, what if at the end of the 30 days I have not found someone to buy? Then I lose that chance of making a good bit of money and that bank's trust in my ability to get rid of houses, so the next time they will probably say no when I ask to assign a house because the last time I wasn't able to and it wasted 30 days that they could have been trying to sell it.

Lemme know what you guys think! If the answer is here somewhere, direct me to it! Thank you so much!

hello my DG family im needing help on what to add on my form for investors to fill out if you have any ideas pls feel free to post them or send me msg. i have perty much got this done just need some ideas just in case i missed something. agent check, mortgage companys check , bandit sighns check, lawyer check,website no check yet ,instructers to help me check, Deans Graziosi's academy just started it woohooo here i come.

Andymaddox3,
All calls will be recorded and placed in the Smart Automation classroom, located at the top of the page.
Thank you,
Jeremy

I'm a little stuck on a point with RE Agents. If I am going to do Assignments, how does the RE Agent make her money? If my cash buyers already have an Agent, how will mine make her money? If I am going to get her to do a lot of work for me, I need to know why they will want to work with me? I've already had Agents ask me how they will make their money.

Thanks!

hello i wanted to know what the process of a probate is when you already have an investor willing to put down cash and also if you have found probate properties??? what the next step???

Hi All

Can some one please help me with the question I have? Property is 1959 built. I have a showing scheduled for tomorrow. As mentioned in DG's books, I will inspect the unit and as well hiring a contractor to assist me on that. I do not have a realtor hence I am requesting the seller's realtor to work as buyer's agent as well. Once I get the numbers on fixing/upgrading, can I ask the bank that owns the property for a 100% financing with providing me 1.5% cash back towards closing costs. Also, can I request the bank to provide me cash towards fixing/upgrading the property to bring it to livable condition and this amount (i.e. amt for fixing/upgrade) be included in the total purchase price?

I truly appreciate any responses.

Thanks in advance
Shan

I own a house in Centreville, MS. My husband and I moved and rented the house.
The renter has been asked to leave because they were 3 months behind on the rent. (it took a while to catch up with them.)

I would like to sell my house and walk away. The most expensive house on this street sold for 119,000.(it had 9 acres attached. The least expensive sold was $52,000 (ours) in 2000. We replaced the floors with laminate, painted, and did updating.

The house has 3 bedrooms, 3 baths, an office, den, and .6tenths of an acre. It also has a large storage house behind it (approx 1200sf) and a small guest house about 800sf.

Both storage and guest are in run down condition though both are cleared of all debris. The roof on the guest house (tin) needs to be replaced and a portion of the wall replaced.

my husband is a pastor and the church takes care of our housing here. Because we have been using all funds to work ourselves out of debt, our savings is 0.

What would be the best way to sell this house and walk away with cash? someone suggested I ask for a down payment of $10,000 and let the new owner take over the mortgage (588.00mo)
what do you think?

Someone keeps calling me to make sure I attend a this event. I'm thinking if it was someone from the DG Family wouldn't they send me an email? This doesn't sound right. They say I'll be able to get in on a live auction? Please confirm that this is coming from your organization.

I went through chapter 13 bankruptcy 5 years ago. Can I use your system (e.g. buying foreclosures) under these conditions?

Stephan

is it necessary to have an agent if I'm assigning a property.

Ok I put a ghost ad on craigslist the other day to try to build my buyers list and well so far I had 3 prank calls but no buyers.Does any one have any ideas of what Im doing wrong or what I can do better. Thank you all for your help....

We ran across a home that the owner passed away in and are wondering what depreciation if any this has on the market value of the property. In California this must be disclosed for a 3 yr period is what my agent tells me. Has anyone dealt with a property of this nature? Was it difficult to dispose of or rent out? How did it affect the overall buyers when they were told? Did it take a huge financial incentive to make up the difference?

Rick & Peggy

Any Advice on Master Lease Options on Multi Unit properties.

once i find a deal for a buyer.how do i be sure i am going to be paid for bird doging and what do i charge for service

I can not play the videos on Total View. When I click on it. It says server not found.

Thanks,
Mike S

My neighbor has a friend that's father has passed away. While in the nursing home she somehow was able to access his trust and spent all the money in the trust. The home which is free and clear has almost four years of back taxes owed. She has no money to pay these taxes and has been served notice that she has a period of time in which to pay the taxes or the house will be put up for tax sale. Michigan no longer allows tax leans. I asked a lot of questions but the one answer I do not have is if the house is not in her name but is apart of this trust how do I make a deal and with whom? I don't want to pay any back taxes/buy the house only to find out that it wasn't a legal deal! Any advise?

J

Can someone tell me about the tax sale and foreclosure excess proceeds/unclaimed funds/overbids process