I've gone back to read through Deans letters to attract a Broker and another for an Agent and so forth to join you/your professional team in real estate investing, but they are all written as if from Deans point of view, or as if written by another all ready successful real estate investor.. and i am trying to figure out why real estate professionals would want to work with a new investor who doesn't have money or credit. but i do need them. a Realtor who does not work with investors referred me to a broker she knew, because i need one if im to implement the IEE technique, but in talking to him, i think he's more of a banker employee than a broker, and he says that most of the creative financing money and sub prime loans have dried up. i am going to start attending a real estate club or two, and i'm going to try to get referrals to a broker who still has access to that kind of stuff..
but if that doesn't work out, i can still do assignments. i might get a real estate agent soon, but if i don't get a broker and end up not doing IEE, then i think i will at least need a real estate attorney so that im doing everything right and will not get sued.
and so, i think my first buyers will be cash or loan qualified investors from these clubs. does anyone know the current state of sub prime loans and creative financing? because the success academy says that they still are around.
Looking to Network
May 22nd, 2009 | posted by patricksmangan
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Who is Dean Graziosi?
Are People Actually Successful?
Does Dean Practice What He Preaches?
What Deals Are The Students Doing Right Now?
short saleing/assigning
another question about the technique discussed in "profit from real estate right now." i am guessing that most people who might face foreclosure (our sellers we are trying to help) owe more on their property than it is worth. that being said, you cant assign their property to investors/buyers for below what their property is worth if they owe more than that can you? you would have to do a short sale, and then you can not assign short sales correct? because the bank would not just let the owner sell the house for under what its worth would they?
and yesterday i found deans statement about a lot of the sub-prime lenders he knew about being out of business, so i'm under the impression that you cant get those kind of loans, or other creative loans like that, which i would assume eliminates the IEE strategy from being used correct? i could still use hard money, but only if the buyer has a lot to put down correct?
one way
to do short sales you can use the double closing method bt you NEED an end buyer that way you buy the property for 65-50% below FMV and then make sure you have a nice downpayment for end buyer tht way they cannot back out and they have to close on the deal. I would love to get into the short sales but I want to build up my cash first with assingments/finder fee/IEE
IEE-use when end buyer needs a loan-you are selling the equity you build
Assignment-cash buyer, getting paied for passing on the deal/walking away
market bottom
makes sense. i didnt know that you could do double closings with a short sale, thanks! but i'm saying with the market bottoming out, dont our motivated sellers owe more on their house than their house is worth? wouldnt that make the majority of the deals we have to do short sales/double closings?
and i'm not sure if we can do a lot of IEE anymore, because now Dean is even admitting that there isnt a lot of loans out there that we can get for our buyers
assignment fees taxible income?
quick question. is assigning fees and finders fees/bird dog fees taxible income?