OfflineThis post will contain a constantly evolving list of frequently asked questions and topics for help or information. If you have a question, check here to see if has already been answered, or if there is an existing topic that you can build upon.
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Getting Started:
http://www.deangraziosi.com/node/61
http://www.deangraziosi.com/node/1509
http://www.deangraziosi.com/node/2455
Reassignment:
http://www.deangraziosi.com/node/2022
http://www.deangraziosi.com/node/42
http://www.deangraziosi.com/node/1393
LLC/Company:
http://www.deangraziosi.com/node/927
http://www.deangraziosi.com/node/2126
Short Sales:
http://www.deangraziosi.com/node/655
Does Greg Stabler work for the
DG company? I've been contacted by him and want to make sure he is legit. Thank you.
what did you pay $1495 for? Im sure if you talk with them and have a legitimate reason you want your money back they will work with you. I hear nothing but good things from this organization, and they always give more in return than expected.
What could be the reasons behind it? I have posted our 4-plex in almost all We Buy Houses but no responses yet. I also posted in Section 8 website with 400 views but only 6 have inquired. Those potential renters have made appointments to see the property but they are all no call, no show. The property is completely rehabbed in a gated community in Houston TX.
Please help.
Marizel
Hi I'm new to the DG Family currently reading deans book. Almost finished just a lot of information to take in. But I plan on starting with the assignment deals first as I have no money to start with.
Thanks
Tyeisha
hi well i just want to know if it is legal for me to use this website in lowa? do i need a realestate license to do what everyone is doing with this website?
Hi!
Welcome to the DG website. It is open for everyone and you don't need a real estate license to do what everyone does here. As an investor, you're not required to have a license...only if you are a real estate agent.
Explore this site...it's a great tool esp. if you're starting out.
Regards,
Marizel
thank you for clearing that up for me and i will explore this website further. its very exciting.
read about half of your book,but still unsure how to buy for no money down?
my husband has cancer, so all extra money goes out for bills, my plain is to find deals for other buyers, but would not mind have a few to rent for added income,i looking in texas and tn or indiana, i all ready have a large moblehome in indiana 1/2 mile from zoned bussiness on a major hwy with 3/4 arce land 3 spring well/as well as city water and a dosher sypect new in 2003, it 20 mins from indianapolis and also from terre haut ind. that i rent,only pay the payment nothing extra.as it still has a big morage very little exq. I live in tx right now in a RV park, would love to have house again, i seen some ads for homes under 20,000. that is the amount of exq i had in 2003 in my place in indiana,but with no cash were do i start ????
i am not as young as i used to be but,i not dead eather so were do i start.
still reading and look on comp for ideas,
HENREITTA H FOSTER
I HOPE THIS LETS ME INTO THE SITE,WERE ALL THE FORMS AND TRAINING STUFF IS I HAVE FOUND 2 PLACES I AM WANT TO DEAL ON BUT NEED HELP,WRIGHTING UP DEAL
I am looking for private money investors willing to lend on a probate property purchase. LTV for requested financing is 25%. Property is in Phoenix. Renters on the sideline ready to go on a 2/1 single family home. Need to close by end of November. We are willing to entertain offers. Please PM me if you have any leads or are interested in working a small deal to get your feet wet.
V/R
PS...also willing to wholesale for interested investors.
Does anyone have an example of an Extended Lease Agreement. I have a tenent that would like to lease my property for an additional year and I would like to avoid having to do another whole lease agreement. Thx. Marie
When I ordered Deans Course, a web-site was mentioned that would be available for only 2 weeks. I haven't seen any info about that. I think it was about notes.
There is this 6 bedroom 2 bath house (1 of 6 on the same road) that has been vacant for two and a half years. The Government bought it for around $89,000. It is worth around $150,00 to $160,000 in a good market.(sold for 164,900 in 2004) A house exactly like it three houses down sold on 4/10/10 for $84,500. I have submitted three offers in the past year and a half and talked to one guy in the department "in charge" of this house. He claims that this house is one of theirs but "They just haven't gotten to it yet". How do I get to a person in charge before its too late? I'm not getting any information on the internet. Anyone know how to deal with the USDA Rural Development? Any inside info?
Thanks
CTWolverine
Hello Marizel!
Not sure how long your property has been listed, but make sure your property is priced right for a quick sell. We are in a tough market and sells take longer. Those that are looking to buy or looking for a great deal right now.
Secondly, if the property is in a gated community. Not sure if marketing to Section 8 prospects is the right thing to do for this property. You may be better off Renting to Own if the deal makes since financially for you.
Hope this helps!
Rodney
Start Where You Are! Use What You Have! Do What You Can!
Never let failure dominate you. Never let the mistates of your past Lord over you.
Go Confidently in the Direction of Your Dreams. Live the Life You Have Imagined.
- Henry David Thoreau
Website that get's results: www.jracrealestateinvestments.com
Take this from someone that's been in the game for 15 yrs plus who's purchased property in 4 different states from the East Coast to the Midwest as an investor.
Unless something has recently changed, you are not required to have a license in any state to be an investor or to do what Dean teaches.
Rodney
Start Where You Are! Use What You Have! Do What You Can!
Never let failure dominate you. Never let the mistates of your past Lord over you.
Go Confidently in the Direction of Your Dreams. Live the Life You Have Imagined.
- Henry David Thoreau
Website that get's results: www.jracrealestateinvestments.com
Hello everyone? Ok we Have a potential deal that we may be assigning to a. Investor. This would be our first deal! What we want to know is:
1) Does the original owner we have the purchase. Agreement contract with have to be there for the assignment contract signing?
2) Should we ask for proof of funds? And a Deposit? If so...How much?
Please help us!!!!
HI Rodney,
Thank you for your attention to my post. It has been listed for 2, going on 3 months now. It is priced way below value. We are only selling for $135K, but value is around $190K-$200K.
Also, I have a money partner who wants to get her money back so definitely, rent to own is not a good idea, although that's what I wanted to do before.
I will try more creative things! Thanks for your knowledge and time~
Marizel
I'm in the process of starting also got a mortgage broker, real estate attorney, a buyer, and now working on getting a real estate agent/realtor so I can use Matt's 25:1 idea, but I currently fell into a road block. The realtor told me that assigning contracts is illegal in Illinois and that I'm acting as an agent/realtor, so I explained to him that I'm not acting as an agent/realtor but as a investor and the investor disclosure statement and seller's acknowledgment will explain to the seller that I'm an investor and I'm making money off the interest that I sell to the end buyer. At the end he said that he is willing to work with me with all the required needs that I explain to him, but in one condition and that is to see if what I'm doing is in compliance with the Multi-Board Residential Real Estate Contract 5.0 and was wondering if its the same as the purchase agreement?..So i set up a appointment with my Real estate attorney to find out if everything would work out smoothly this Monday, but right now I'm pretty mind boggled by the real estate legal terms. Now I'm just worried on what will be the answer of the attorney and I hope everything will work out. Sorry to make this all sound confusing.
NEWBIE HERE...JUST SAW A PROMO BY DEAN FOR A WEEK WITH HIM IN ORLANDO, FL AND TO GO TO WEBSITE AND FILL OUT APPLICATION TO BE A PART OF IT. CAN'T FIND IT AND I WOULD LOVE TO ATTEND. ANY HELP THERE?
PATRICIA J AGRILLO
ChrisL,
I would not worry, I've been there too. Your attorney will explain everything and will inform you on the legal issues. I was a real estate agent in Colorado for many years and my best guess on the "Multi-Board Residential Real Estate Contract 5.0" is that it is the State approved purchase contract. Agents are usally not allowed to prepare contracts that are not approved by the state.In most states if a attorney prepares the contract(or a templete) for you, the agent can then submit it as long as it says something to the fact that it was prepared by an attorney. Some state approved contracts do not have an assignment clause in them so the agent can not add one.
Another thing to keep in mind is that some people tend to be a little fearful when it comes to new ideas or ideas they've never worked with, so if the agent keeps giving you issues I would find an agent who has worked with assignments.
Best of luck on Monday
I'D LIKE TO KNOW IF ANYONE COULD GIVE ME SOME INSIGHT ON WHAT TO DO WHEN AN OFFER IS ACCEPTED THAT I GOT FROM MY REAL ESTATE AGENT FROM THE MLS THAT WAS LISTED ON THE MARKET FOR ALMOST A YEAR. THEY WERE ASKING $108,000 WE OFFERED $69,000 AND SHE COUNTERED BACK AT $89.9 SO WE GOT IT FOR $80,000. THE FAIR MARKET VALUE IS $105-$108K. THE COMPS IN TH AREA THAT ARE SIMILAR IN SQUARE FOOTAGE ARE AT $132-$155. THE AFTER REPAIR VALUE IS $132-$135 AND NEEDS ABOUT $15-$18K IN UPGRADES. MY DELIMA IS THAT I NOW HAVE IT ON CONTRACT AND ITS TURNING OUT THAT MY WHOLESALE BUYERS ARE NOT SO INTERESTED BECAUSE OF THE NEGATIVE AFFECT OF IT BEING ON THE MLS FOR SUCH A LONG TIME. THEY ARE INTERESTED IF I CAN GET THE PROPERTY ASSIGNED TO THEM FOR ABOUT $55K WHICH IS IMPOSSIBLE.
HOW MUCH DOES THE PROPERTY VALUE ACTUALLY DEPRECIATE ON THE OPEN MARKET WHEN IT HAS BEEN ON THE MLS FOR ALMOST A YEAR?
IS GETTING HOMES OVER 90 DAYS OFF THE MLS NOT SO PROFITABLE TO INVESTORS OR HOW DO I MAKE IT PROFITABLE?
I'D LIKE TO KNOW IF ANYONE COULD GIVE ME SOME INSIGHT ON WHAT TO DO WHEN AN OFFER IS ACCEPTED THAT I GOT FROM MY REAL ESTATE AGENT FROM THE MLS THAT WAS LISTED ON THE MARKET FOR ALMOST A YEAR. THEY WERE ASKING $108,000 WE OFFERED $69,000 AND SHE COUNTERED BACK AT $89.9 SO WE GOT IT FOR $80,000. THE FAIR MARKET VALUE IS $105-$108K. THE COMPS IN TH AREA THAT ARE SIMILAR IN SQUARE FOOTAGE ARE AT $132-$155. THE AFTER REPAIR VALUE IS $132-$135 AND NEEDS ABOUT $15-$18K IN UPGRADES. MY DELIMA IS THAT I NOW HAVE IT ON CONTRACT AND ITS TURNING OUT THAT MY WHOLESALE BUYERS ARE NOT SO INTERESTED BECAUSE OF THE NEGATIVE AFFECT OF IT BEING ON THE MLS FOR SUCH A LONG TIME. THEY ARE INTERESTED IF I CAN GET THE PROPERTY ASSIGNED TO THEM FOR ABOUT $55K WHICH IS IMPOSSIBLE.
HOW MUCH DOES THE PROPERTY VALUE ACTUALLY DEPRECIATE ON THE OPEN MARKET WHEN IT HAS BEEN ON THE MLS FOR ALMOST A YEAR?
IS GETTING HOMES OVER 90 DAYS OFF THE MLS NOT SO PROFITABLE TO INVESTORS OR HOW DO I MAKE IT PROFITABLE?
i am a newbie and have seen and heard more than plenty of thoughts and comments and examples of ways and deals one can do to get started. there seems to be one common link to them all which is having some sort of business structure defined and operating that facilitates obtaining financing for a first deal. how does one who has ZERO money, no formal business structure and bad credit obtain any financing to do a first deal and/or set up a business that i can use to get over the "first deal" hump? can someone please point me in the right direction? i seem to be just running in circles and going nowhere fast!
well hopefully you put some contingencies in your contract. Like contingent upon obrtaining financing or more importantly contingent upon partner approval. Looks like your wholesale buyer is looking to pass this off to another investor. He may not be a serious cash buyer. Hes probably working on assignments as well. To sell property to an investor that wants to buy and hold, you need to have probably around 20 to 30% equity FMV. Hope this helps.
Thanks for your support and information. Now I'm fired up for my first deal.
-Chris
Hello every one,
Does any body have a sample Private Investor Agreement. I need one quickly, and if you have any, please leave your email address for direct contact. Please help. Thanks.
When using Matt's 25:1 method with an agent/realtor to find killer deals on houses, how would I give or explain to the seller about the Investor Disclosure Statement and Seller's Acknowledgement contract if I'm unable to talk to the seller? Do I give the contract to my agent/realtor so they can send it to the seller's agent/realtor then to the seller?
Chris, I would ask your agent to arrange a meet with everyone involved. The sellers agent would most likely not explain the Investors Disclosure Statement very well. That and some agents do not like investors so they might completely "trash talk" the disclosue or you. I feel by setting up a meeting you would appear more professional and can explain it in a much better light.
My wife and I are just getting started in real estate,or should I say preparing to take action? Needless to say, I have found some nice houses in great areas that I am VERY confident I could turn into some awsome deals! But, there is something holding me back, besides the fears of actually taking action. I am sure I could negotiate my way through a no cash, no credit deal but, I wouldn't know how to go about geting all the forms and paper work notorized. I was wondering if someone could point me in the right direction with this?
Thank you so much!
Shawn Lafever
Thanks again CreativREI for helping me! I will do my best and set up a meet for the future deals to come through my realtor! Thanks again!!
Thank you so much!
Shawn, first off don't let fear hold you back! I spent over 10 years learning to invest in real estate and never took action becuase I was affaid of the unknown. I could have easily meant my goals by now if I had started where your at, just getting involved.
As to getting things notorized, When you get to the final stage of closing the deal you well need to go through either a Title Company or a Lawyer(Depending on the state your in) to make sure everything is done correctly. The Title Company or Lawyer will notorize the paperwork and file it with the public record. There is a few steps in between getting the offer accepted and closing. I believe Dean has a check list you can download but I'm not sure of the address. I'll see if I can find it and post it up here
Don't let fear stop you, keep pushing forward! Your going to run into things you don't know. When that happens just ask someone on here or someone from a your power team, you might also think of joining Deans Success Academy. Its helping me move past my fear.
I wish you the best of Success!