FAQ: Answers To The Most Asked Questions - Start Here

In my area, I have come across a 4 unit building. In this building there are 3 apartments and 1 store front. The building has been for sale for quite some time, I believe it has been over six months. I have spoken with the real estate agent in charge of selling the property and found out that the 3 appartments rent for $600 $650 and $700, and that the store front (which is occupied by a business that has been there for several decades) is rented out for $800. The asking price of the building is $349,900. The property is located right in the down town area of a city, which happens to be home to a university. My first question is; because there is a store front, does this mean that this is a piece of commercial real estate? If so, what would the differences be from residential when buying? I have decent credit and no money to put down, is there even a way that I could finance this place? And, lastly, would this be a good first investment?

If I have a horrible credit and no money down would I be able to do Matt's 25:1 method with the agent/realtor?

I am currently selling one of my properties to a "Rehabber/Investor". I am holding the Mortgage but I'm not sure what interest rate to charge him. Does anyone know this?

Thanks for any help you guys can give me. This is my First Deal!

My sister says I am taking away from those who lost their homes from foreclosure, etc; and it says in the Bible we are not to profit from
someone else's suffering like this. I asked her to look up that scripture
and she didn't do it, only complained.
She is so negative to begin with, now placing guilt on me about this.

Finding deal is easy, My problem is I can't find any money or people who want to invest in North Dakota, even thou we are one of the hotest markets in the nation , no recession here. Any hard money lenders out thier??

Seeking investors/realtors who has experience and interest in working with an investor that is not Licensed. But willing to do extensive internet research reference property and other property related requirements. Please PM promptly. Thank you

I am a new REI and I have come across a deal that I cannot refuse, but I need some guidance (or buyer) on this one. Here is the deal:

My wife's uncle just recently passed away and his wife had passed away several months prior to him. My mother-in-law (his sister) and her sister and 3 brothers are executors of his estate. He (and his deceased wife) own a 3 bedroom 2 bath brick home with approximately 1781sf that was built in 1984. The house does need some upgrading and minor repairs (about $20-25,000 worth) to make it a very nice house again. There is a balance of approximately $35,000.00 on the house and the mortgage payments are about 3 payments behind of $900.00 a month. I had some comps pulled on the house and they range anywhere from $84,000 to $90,000.00 depending on the upgrading and rehab work. It is located in a nice middle income neighborhood that seems to be very quiet.

Since he just passed away and there is no will, the estate (my wife's family) does not want anything to do with the house and they would rather just let it go back, but they know that I am interested in it. I need to know if there is any document that I could use to let the Mortgage Company know that I am interested in this house and if so, what that document is and if there may be a buyer out there that may be interested in this house as well...I am open to any suggestions or guidance at this point, and by the way, I have not made my first deal yet and I am patiently awaiting for that too happen...Thank you in advance......!!! ****( I am in a crunch time since they are going to be starting Foreclosure Proceedings on December 17, 2010)****

I have a friend that just rented a house in Tampa, FL, that he found out he is getting scammed on. He has limited income, does anyone have a real estate attorney in the Tampa area?

Hello everybody
I would like to find all the books and dvd in french , or in subtitle french .
But i don't know where can i find it ;
Please help me !
Thank you

Alright, I am sure that many of you have seen and heard of this post many times over. I am new to real estate I have read the books and I am looking for someone in the Mississippi area that can help me get started and maybe do some deals with and make some money. If you are around MS and would like to help me out and see what we can come up with that would be great. Thanks much!

-Matt

You are not taking from people who have lost their home at all. You can actually help people prevent foreclosure and keep them in their own home with some methods...you will then actually be the "hero" to them and saving them. That is what I would then call a good deed...what would you or anyone else find in the bible about good deads...and doing good unto other?? Answer: a lot of information!
Don't worry about it...follow your dream and hang in there!!

Your sister may feel guilty about profiting from such a situation but you didn't encourage them to buy something they couldn't afford, or buy it under bad terms, or otherwise make a bad investment so their unfortunate circumstances are not due to any of your doings. Also if you don't pick up that property at a great price, then what? Does that somehow help them out? It's not like the folks that lost the house are going to be impacted further by the price you pay to the bank after it's an REO. It's not blood money and you certainly didn't create the current market or economy. Those who work the market more to their advantage deserve what wealth they can create by doing so. Many of us have also been hit hard by the economic down-turn, even finding a new career in REI as a result of a lost job, etc..

I hope this will help you or anyone who may read it and may be feeling a bit of guilt about doing well while others are not.

I am totally new as well but if you don't know the procedures and protocols the bank is used to then my advice is don't worry about it and just call them. If you ask whoever you speak with for the person who would be responsible for this case eventually you will find the right person. When you speak with them just be totally honest about your situation and explain what you want to do. Ask questions and let them explain to you what steps you need to take. That's what I'd do.

Other than that if you find an investor-friendly agent or attorney to guide you so much the better.

You may want to look for another forum appropriate for this post where you can start a new thread and perhaps get a larger audience of the experienced members that can give more specific advice. I use the FAQ as just that Frequently Asked (by new members) Questions (and answers). Great place to find answers to a question already asked by others. Most topics usually have a forum in that vein more closely related where you will probably have better luck getting a timely answer.

Best of Luck to you
Steve

1st deal is a short sale for 80,000 the current loan is 270,000. This is my friends home and he wants to let the home go and move into something bigger for the same price at 270,000-285,000. Should I buy the bigger home or buy the smaller home. The bigger home once had a loan of 550,000.

2nd Deal is a foreclosure and they want 120,000 with a 15,000 second loan to fix it up. But the house already has a value of 200,000. What to do? Please help DG folks. Thanks

Hi,

My husband and I and our 3 children have just migrated here from Australia and will be getting our SS numbers shortly. We are also in the process of selling our property in Australia and wish to use the proceeds to fund deals here.

Does anyone know if any lenders will consider lending to us although we would not yet have an established credit score? How long does it take to build one? What if you can put down 50% deposit? Or pay cash for the first deal then refinance? Any comments or referrals to a mortgage broker with some knowledge in this area would be much appreciated.

Could you get a bank to agree to an assignment contract for up to 30 days or are Banks only interested in making a quick deal? Has anyone used an assignment contract to make money on a REO where they locked the property up for a dollar amount with the bank let's say $70,000. than found a buyer for $80,000 so that you as the real estate investor made a quick $10,000?

Hi Anita, thanks so very much for your time and assistance, any and all info is taken in with appreciation! Still working on getting that 1st deal but it will come!! I would like to know what document to use to turn into title company to make sure we get paid. There is the assignment contract between seller & us and then seller to buyer and we get paid from in-between price, but what doc is that? hope I explained well enough, thanks again,
Bob

Hi Anita, thanks so very much for your time and assistance, any and all info is taken in with appreciation! Still working on getting that 1st deal but it will come!! I would like to know what document to use to turn into title company to make sure we get paid. There is the assignment contract between seller & us and then seller to buyer and we get paid from in-between price, but what doc is that? hope I explained well enough, thanks again,
Bob

Hello all, I am attempting to do my first deal but I need to know if assignment contracts are legal in the state of Massachusetts? Does anyone know this answer or where I should go to find the answer.

Regards,
Lloyd

Hey all, I am in need of some help to get started. I have my real estate team in place, hard money lender ready to go, but I need $2000 for the earnest money and for the inspection of the property. I asked all my friends and family and well got laughed at...Was told I cant do this and some other things I cant put on here. I have a property that is a R.E.O. and all the numbers fit but cant move on till I have the earnest money. I will give anyone that loans me $2000 a 100% return on thier investment. Thats right, you loan me $2000 and I will repay you back $4000.. Not a bad deal.Plus I will give you a position on the lean. So that way there is no risk to you..If you can help please I M me. Thank you all and thank you Dean Graziosi for all you do to help change people's lives..Including mine

First of all I just wanted to say thanks to Dean for getting me so motivated and to think so possitive. Well I started by reading 90% of the Profit from real estae book (awesome information), then I made some letters to mail to agents both real Estate and mortgage brokers within 2 days the phone was ringing off the hook.I already have 2 real esate agents sending me all kinds of listinings. I actually have a meeting tomroow with the mortgage broker and i'm not really sure what to expect.Hopefully he does not think I'm swimming in cash...

One question i have is what types of properties should I go after with no money and not so great credit..I was thinking assining props or Short sales???

Need some ideas to sell my uncle on renting me his home.

His home is paid for, as such not a tax benefit.
He's in his 70's and in good health,widow.
Does not need the money, but has remarked about my Mother's new
assisted living apartment. Put his name on the list, so I know
he will go there in time. His home needs a lot of repair, which
he'd have to pay for before selling, paint, update Appl, etc.

I'am thinking a 5 year lease,with option to buy.

How do I get him to see it's a good deal ?

I will do repairs etc., and plan to sell after market heads up (?? if ever)
I can offer to buy at a higher price then the market will give him today.
At what percent over would someone suggest ?

any thoughts, suggestions, ideas appreciated .
StephenZ

Anyone buying homes in the Houston Tx area??

I want to kno can i do an assignment of contract for a short sale and how! Bank has agreed to start process on my offer...i need some cash/buyers..home was 269k bank willing to go with my 220k offer....nice place needs no work, owners tried short sale and it failed..bank foreclosed 72 days ago and willing to deal..how can i lock this down? my buyers list is weak....

I'm a hairdresser of 16 yrs and I love it.. But I've been making the same income for the last few years while everything else is getting more expensive. I have the passion for hairdressing and would love to make a lateral move to realestate but dint know where to start. I was wondering if there were any persons in Texas in the DFW area that could lend wisdom about Texas market and would love any wisdom from people on here nationwide;) ive read some awesome stories but I have debt and terrible credit and is self-employed and usually take a loss t the end of the year. Im tired of making dollars out of man hours behind the hairdressing chair slowly lossing my passion for the hairdressing industry I feel like this is were I need to be;) I've had the books over a year now and I need to take the jump;)

Thanks
Team

i found properties for two potential candidates to lease to own. How do I make a transaction to earn money?

Hi, I'm new at this too. I need to provide a person, whom the homeowner chose to represent them to make sure they don't get taken, a contract to look at. The representative happens to mortgage banker but not for the company who holds their mortgage (Bank of America). They are open to a Contract for Deed w/5% down, asking $99,900 for 3br/ 2ba/ 2car garage w/pool, corner lot, across from elementary school. Nice and clean property.

I am having trouble putting my hands on the right contract. I have looked in the Forms & Docs section of this website. Which contract do I show them?

Stuck in TX - Deborah Trout

But I am not sure how to go about taking advantage of it.

A local city has a new railway system (public transportation) going into their city. As a result, they asked the neighborhood to pull itself up to code. Within this neighborhood is a large lot with 2 old houses on it. The asking price for the property is for both houses and the large lot. I have personally looked at one of the 2 houses and they are both old pier-n-beam. To me, it would take too much $ to upgrade the houses. I believe that a person could tear both down and put in one larger or two quality small homes and have double income off both.

Can someone please give me an idea of how to go about taking advantage of this find?

Thanks - Deborah Trout

For over a month I've been working on a deal i.e. bird dogging. It goes to sheriff's auction in 10 days. I was told to get a finder's fee agreement to protect myself otherwise I won't get paid. I live in Ohio. I just read here that finder's fee is illegal in some states! YIKES!
Originally I was going to just ask you guys where I could get finder's fee forms on-line or store. And then I read this. Does anybody know if it's legal in Ohio.
What to do????
Your answer would be greatly appreciated
Thank you so very much!
Shanna

I have a few GOOD deals going, but I need Assistance in Down Payment Fundings or Private Lending .... Can anyone Assist me on this.....Pls. Thx.