FAQ: Answers To The Most Asked Questions - Start Here

I am very new to this i have bought Deans book, and i have to say it as great.But the problem now is that i have no clue on how to get started, i love real estate but it can be complcaited. so i could use some help and alot of advice on how to get started. If i could make my first deal i think i could do this. So please if anyone wants to help me please feel free to jump right in and help.

Thank you all.

Alisa.

I am very new to this i have bought Deans book, and i have to say it as great.But the problem now is that i have no clue on how to get started, i love real estate but it can be complcaited. so i could use some help and alot of advice on how to get started. If i could make my first deal i think i could do this. So please if anyone wants to help me please feel free to jump right in and help.

Thank you all.

Alisa.

Hello everyone,

I am new here, love to read lots of posts, so much valuable info..
well, can someone explain me Back-to-Back closing method?
Thank you.

I HAVE TWO PEOPLE THAT NEED TO RENT RIGHT NOW THEY ARE WITH SECTION 8 , I HAVE ONE RENTAL PROPERTY LISTED WITH SECTION 8 ALREADY . I NEED TO GET SOME MORE RENTAL PROPERTY TO INVEST IN BUT DON`T HAVE THE MONEY TO BUY THEM DEAN CAN YOU TELL ME ABOUT YOUR NO MONEY DOWN AND WHERE I CAN FIND FINANCING.

I watched a video by a couple named Wiley and heard them say they joined a Real Estate Investment club. How can I find one in my area (in Coastal Mississippi)? Are these clubs affiliated with Dean Graziosi? . I am so pumped up about this. I have sent off for other offers and wasn't impressed with them but am very much with Dean's approach. Any help would be appreciated.

I am in the outer houston market I am absoutly broke and have even worse credit. I am looking to get into the realestate buss. but I am unsure about wich method to use. I have a very strong will to acomplish tasks. And I am somewhat intelligent. I also posses 15 years of sales and customer service exp. can someone please help?

Looking for answers, please help:

Not looking to make millions, just looking to buy a home for OUR use. I ordered the books but still waiting for them to arrive.

Forclosure. The auction is this Thursday. Lender payoff is 66K. Homeowners filed bankruptcy on 2007. Home is abandoned. Value Comps 70K.

We want to offer 30K cash for this home.
We plan on attending the auction (to watch) and if no one bids and pays off the loan at auction........we want to make our offer.

When do we make offer?
Does Countrywide have to hire a realator or can they accept our offer without one?
Do you think our offer is reasonable?

Any info would help us at this point. Time is getting close and fear is setting in. I want this house desperatley and want to do everything possible to assure we get it.

Stressing out.....
Kari

Im a newbie and i just got a call from a guy with a two family duplex. his asking price is $287,000, but i did my research and found out that its worth between $231,000 and $276,000. the equity in the house is $118,000. i am thinking about offering some were between $242,00 to $250,000 is that too low? please help i want to make an offer by tommorow. THANKS GUYS!!!

i cant seem to get any of my questions answered on here. felling a bit down.

Greetings all,

I'm new to the site; though I've been reading about real estate investing for some time, I've not taken action. So for the brand newbie, now that I'm here, what comes first? Or what's a recommended pipeline to follow to get to where I wan to be?

I have just ordered "Profit from RE Right Now" and "Be an RE Millionaire." Is that the right place to start, or is there an area on the website that I can get guidance from?

Basically, I'm wondering if I can get started from just those two resources, or do I have to purchase/research on this site to supplement what I've already bought? Any input is appreciated.

Hi all, i am a newbie and have done all the preliminary work in Dean's book-"RIGHT NOW"... I have found a buyer on Craigslist and I bring it to my broker here in Santa Rosa, Calif. and he now tells me I can't get paid because none of those contracts in the book will hold up... My question is, are their any investors out here in California that have completed a deal and got paid... What contract did you use? Would it be possible to fax me a copy from you or your broker
or call me...Tks.,joe wagner
email me at - [email protected] / tel-707.523.2629 or fax me at 707.523.3802...
Also having trouble finding my postings or any replys,
are they numbered or dated???

I just bought Dean's stuff and I'm trying to find a realtor to do assignment of contracts. The agent was willing to put in up to 50 offers below fair market value in the area i live in, but when I showed him some of my contracts like "investor disclosure agreement", he became really uncomfortable about it saying, "seller may not show the property or receive any other back-up offers while there is contract in effect with investor". In general, he was not familiar with assignments and I think he was getting nervous about himself damaging his licenses. In any case, after that one contract I showed him, the agent became really pessimistic about it, and started questioning my capital, and that banks will never approve of such assignments, even though I tried explaining to him that we don't need to get a loan. I then realized that this agent was not for me, and we parted as friends. My question is...how important is it to get an agent. should I just go out and try to find my own buyers instead to finding an agent first...I know there are good agents out there, but that agent himself told me that from what I'm explaining to him about assignment, I don't really need him? I guess it's kind of true, why doesn't that agent just go out and buy that property himself rather than have me as a middle man...? confused and slightly discouraged...

Hello all, I am amazed at this website and all of your interest in helping others! Anyway, I am new here. Just read Dean's two books, and I have a couple of foreclosures in my neighborhood I am very interested in! Anway, here are a few questions; hope someone here will give me answers/questions to get me moving forward, as I am nervous about this...

I have not had time yet to establish a list of motivated buyers & sellers, but I have found these 2 foreclosures on the MLS in my area. The one I am looking hard at is listed at 89,900, FMV about 135,000, so about 67% of FMV. It is bank owned (found thru tax site for my county), so I'm assuming that means it is an REO. Realtor told me I had best chance of getting property by making offer thru him to the bank, and that I shouldn't expect to offer much below this price. I have not been able to look at the property yet, but the realtor said it needs cosmetic work only. I am thinking of offering about 80,000 for the property. Since I don't have buyers lined up, I thought I would list this with this realtor if he gives me a good deal... our neighborhood is strong in sales compared to the country. He says this house will sell for close to 135,000.

Am I taking too big a risk trying to sell this to a normal buyer at close to full market price in this market? I figure 10,000 in fix up costs (being conservative), about 5 to 6,000 for realtor fees, and 1-2000 of closing costs, I can pocket about 20,000 if I sell it for 130,000.

Are there any loans out there for 100% in this tight loan market? I'll need a loan rather than an assignment or finder's fee, since I don't have a buyer lined up.

How do I find a mortgage broker who has access to the biggest variety of loans? Cold calling seems risky...

Any help would be appreciated... nervous here, but very excited. I've lived in my neighborhood for about 15 years and have never seen prices this low, even for foreclosures I've looked at several years ago but never took action on. Thanks in advance for any suggestions.

I Bought Dean's book and is very interested investing in real estate. I have been reading a lot of post in this website and find it very informative. I'll have lot of questions to ask so most people can referred back here to get there information. This are the steps that i will be doing and if some of you out there that I'm missing something in between please let me know.

First of all i lived in Southern California, OC area. I'm 20 years old still attending college. I have no money down. I have so so credit. I'm self employed which hard for me to determine income therefore very hard for me to purchase a home. People around me keeping tell me that when you have no money down, not good credit, and no proved of income you cannot buy a house. Well !! that's not what Dean's book tellings me. I am a firm believer just like everyone on this website and is trying to become financial freedom. Anyway, back to the posting.

Step 1: Determine my current situations.

Step 2: I will find a good realtor to help me out.

Step 3: Look in local newspaper and craiglist to find investor. I saw a lot of those posting on the street that say "i will buy your house in cash" or "Cash for house in any condition" Based on my understanding I'll be contacting those investor right? To create a buyer list or investor list.

Step 4: Find a foreclosure house under the market value. For example a house is listed for 220k and the comparable home around the neighborhood is selling for 340k. How do you determine which is a good number to buy at so that you can make a profit and your assignee can make a profit. I'm sure the investor want to make some money too. What is a good percentage under the market value prices you determine to be a good offer.

Step 5: Let say i do lock in a contract with a seller and now is the time to go back to the investor list or the buyer list that i have created. I'll will then try to assign the contract but from what i heard that People or bank do not like assigning contract. I'm still confused in this assigning contract part. I mean when you have no money down y would anyone sell you the house. Plus don't you have be preapproval before you make an offered in the house or have a 20% down payment.

Step 6: So lets say if everything goes well like the book say i will be assigning it to an investor and make the profit in between.

Experience REI out there please fill me in with information. or am i missing somewhere in between? Please let me know more about this. I'm also looking for people that are working on this program who lived in Southern California in OC to contact. We can share information and hope to learn from one and another.

I talked to a Mortgage Broker today and told him I was looking at a foreclosure and asked him if he could show me a variety of flexible loans I could use as an investor. He was very willing to talk, but what he said was discouraging. he said it is a very hard time to get loans, including as an investor. He said you used to be able to get 100%, but now most lenders he works with will only loan 80% to investors, requiring 20% down. He also said that he could only think of one that might have a "no-seasoning" loan, where I could flip the property, but they would still require 20% down. My strategy was to get a 100% loan and use my credit card to get a cash advance to get money to do repairs to get the property sell-ready. I feel stuck here... he also was discouraging about my ability to sell the property anywhere near "FMV" right now. What do I do? Go to a hard lender? Help, anyone?

does anyone knows the phone number of this company, so I can talk to someone alive? please I need a contact phone number. thanks'

Hi Friends,

I just finished reading Dean's two books and I am so excited to start the ball rolling. Before I do so, I need someone if possible here in Las Vegas to help me. As of now, I have two properties on short sale, two foreclosure and two commercial properties. I know I am armed with the strategies that I have read in the books, but again as a first timer I need someone to advise me. There are a number of properties around my neighborhood and I am willing to give some to someone who would come and help me and I could be working on the finders fee for the mean time while still learning the techniques or maybe go 50% on all of our transactions made. Anybody interested let me know.

Hey my DG fam- does anyone have or know where I can get a sub fee agreement...

Thanks in advance,

Matthew Marino

I found a great property. It was burnt in a fire but it is salvagable.they have all the permits and are ready to build. the second floor needs to be replace. there is owner financing available. but what paper work should I have to show when meeting with the owner. should I consult a lawyer?

Thank you

Terry

What's up everyone! Ive taken in so much information i don't know where to start. I have no money to put down, so I'm checking out this instant equity exchange deal and it sounds sweet. where do i get the necessary paperwork for this transaction, and how do i get the investors interest into buying this property. should i have already printed my business cards, and which ones do i use for this kind of transaction.

I'm pumped up!

thanks,

Michael Grosvenor

Hello everyone this is my first post to the forum. I must admit I purchased Dean's book and put it on the back burner for a moment, I had too many coals in the fire. Then the brightest opportunity started to overtake the rest and here I am.
So here is my obstacle: I have numerous potential buyers and (so called)nationwide info on properties...(JOB RELATED), I'm wanting to connect the buyer to financing,or the sellers, lease to own options, renters, and have a finders fee or commission paid for the leg work. So that I may clear credit and invest.

1.pre-qualifying forms
2.best website to cross-reference properties from job related information.
3.Agreement of compensation form.

I have been renting houses for the past 2 years but I am getting ready to start buying, fix up and resell. I was just approved for a line of credit. Any suggestion on how much should I fix this property. I like to fix the minimum but it needs a lot of work.

It is just my opinion, but I'd only fix major items that need repaired, I.E., Leaky Roof, Holes in floors/Walls. The only reason I say that, will be explained now.

We are currently renting a home, that we had to redo the bathroom because of a leak. When I say redo, I'm talking about to the floor joists and wall studs. That's how bad, and how long the leak has been there. OK so now we're moving in about 2 wks, but the bathroom is not done. We have new sub-flooring down,insulation and the drywall. There is someone coming tonight to look at the property, and they are aware that we're in the middle of doing the bathroom. Well we have 2 kids under 5 - they are not the showering type yet. There is no tub in this house, it was taken out and a large shower was put in. (not sure why) The family coming tonight also have kids, so I'm going to assume they'll want a tub. Why I'm going into this much detail, about it is for the following reasons. If they want a tub, we're not putting the shower back in. We were going too, just because we were moving out. Also, we have tile already for the floor, but maybe they don't like it. So, I can take the tile back and get my money back. I don't know what color they want the bathroom, so I'm painting it either.

What I'm trying to say (in a long version, I apologize) Is why do minor/major work, when you don't know how the next person living there will want it. Sure you can throw a fresh coat of paint on, patch holes, steam clean the carpets. You may be able to unload a minor fixer upper, faster than if you make it move in ready - and it sits for 3 months... Sure you may loose a bit of money, give your buyer the option. I'll complete it, you pay 'x' or you complete it and pay 'y'

Hope this helps, I tend to go on and on. Always willing to help another investor if you have more buyers than properties. Would be happy to Bird Dog - PM me if interested

Regards, and Happy Hunting

Welcome 'mpowrinc', we wish you the best of luck on your new adventure here.
There are so many investors willing to help, it is great motivation to forge ahead-even if it seems a slow start on here. I'm happy you have had luck finding/attracting buyers, as of today I have had none... Any suggestions on fixing that? Bird Dogging seams to be a great way to get your feet wet, while bringing in cash flow. It is an option I'm looking into, and am willing to help your firm find properties. I am currently unemployed so have several HOURS of free time, that's when I decided to go with investing. If your interested, send me a PM.. Otherwise my private email is [email protected]

May want to consider getting the help of a Mortgage Broker, they will do all your pre-qualifying for you. Also, a Realtor is going to be a fantastic way to line up properties - as I'm sure your aware. If you want to cut out the middle man, to increase your profit. Think about contacting large corporations on your own, let them know you help families relocate for job related moves. Request they keep you in mind, if this is something that arises within there company.

Hopefully this helps you some, I tend to go on and on..

Regards, and Happy Hunting

I have been collecting addresses of ugly houses in nice neighborhoods and need to contact the title company (as dean recommends) to obtain owner information. How do I know which title company to call?

Thanks!

I,m new to the program, and have no money or job. I found a house in Pennsylvania, and want to know if there is someone who lives close to there that can help me? Please let me know through the private message. Thanks

April 27, 2009

On July 28, 2008, I was involved in a 43% Reduction In Force. I have very strong skills in my field as a Facility Manager and didn’t think that I would have trouble finding a good job. Wow, was I in for a rude awakening! When I started my job hunt, it became very clear just how bad the economy is. I posted my resume on all the major job boards, used recruiters, looked at the want ads, etc., etc. The end result is that I have not to this point been able to find work in my field. Due to this, I have been on unemployment insurance since then, which is $494 per week (with an additional $25 per week recently added due to the Stimulus Package). This doesn’t go very far, it barely keeps my wife and I going but does NOT provide enough money to make house payments or payments for health insurance (we have no health insurance).

In October of 2008, I purchased Dean’s book ‘Be A Real Estate Millionaire.’ I didn’t do anything with this. Then I saw another one of Dean’s infomercials and in February of 2009 purchased his book ‘Profit From Real Estate Right Now!’ Well, since I couldn’t afford to pay for the training then (or now), I didn’t do anything with either of these books until today, when I finally started reading his current book and I must conclude that this is fabulous! After seeing how Dean breaks down the process step by step it seems clear that I can do this and become financially independent the same as others that have used his methods.

My real motivation about doing this now is my current economic condition, which has gone from bad to worse. As you could probably conclude from my opening paragraph, my wife and I are now on the verge of losing everything we own. So I have two questions to ask the group:

1. Can I be successful with this just by reading the book? I would love to have a trainer but I just can’t afford it (unless there is a possibility of paying for the training after I have made a few sales. Is this possible?)

2. Is there anyone in the Raleigh, NC area who is successful and would be good-hearted enough to show me ‘the lay of the land’ to help me get started?

Here is hoping for everyone great success!

RETom 2009

Opinions?
what is best business typre to set up for real estate investing?
s-corporation? no need to set up at all as we start out?
everyone's opinions are values
thanks! Kelley

I have not even recieved my book yet but i'm ready to dig my heels in and get started. i don't really know where to start, if anybody could give me ANY SUGGESTIONS that would be nice!

Points... What are and where do the points come from. I have thirteen points but I do not know what they mean. I just received Dean's book about a week ago. I've been watching all the videos and reading all of the great stories.
I think I have found a great deal on a home in Ca. I spoke to the realtor today. I will put a offer in next week for 30% less... Instead of paying 109,000 I will offer 75,000 put 30,000 in work.. and sell it for 185,000...should make about 70 to 80 thousand... Comps in that area are from 195-265....

Rick

Hi Anita,

I recently finished reading the book and ran into a situation today where a co-worker is looking to purchase a condo for 73,000. She has really good credit but is having a problem getting a loan. She currently has a Real estate agent. The property is currently bank owned..I feel I can help her by way of a Broker but don't know what the first step should be?? PLEASE HELP!