FAQ: Answers To The Most Asked Questions - Start Here

I do understand about the nature of the way things work, My "Q" is...All i have heard is to protect a FICO score. Nothing about the people/family involed in the deal...It is fact that nobody owns real estate, If it where not for the people...Real estate is only an idea. The person that can protect the people will be a saint and will have peace of mind plus (The funds)!

Rand
A saying{Money is not everything} I say "Money is nothing"
2birds---1stone!

Thanks for the input, we need more information like this especially to those who are new in thesystem....dom

Join the team in the forum and tell what part of you are like what I did. If someone near your place will read it they will email you and you both share ideas on how to start the ball rolling...dom

Hi Rina,

I am Dom and I am new here in the system. I have read all your comments on line and it was good motivational factors for new members like me. I want to send you a PM but I can't get into it. Your name won't appear on the screen.

Hello to all! I am new to REI and this site and, am so grateful that i have learned about DG. I've been reading the posts on the forum and all i can say is what a great forum. One of the best forums i have read. Everyone in here is so helpful. you guys are wonderful!!!
I am awaiting Dean's book and
I have a question about assignments and hopefully someone can help me out and point me to the right direction and what steps i shall take to complete this assignment successfully.
My question is: I came across a home in LA county that is a pre-foreclosure, I contacted the owner and spoke with her if she would consider selling her house. she said that was an option since she has no money and closed her business and she would consider it. I asked her how much her balance on her mortgage was and she said, off hand it was approximately 350K. I found out today that her balance was actually 175K and the Value of homes in that area are about 400-420K. what do i do now? what do i tell her? could this be a possible assignment i can complete? there is a good amount of equity. If so, how do i go about doing this deal? PLEASE help.

Also, i wanted to know if i would need to have any type of business license to proceed with this deal if it did in fact work out. I just dont want to loose this deal and also dont want to jump into getting a business license or anything else required before i read Dean's book.

I would appreciate any input and suggestions.

Thank you all!

Aris A.

Aris
First of all welome to the site. Next - LISTEN TO THE HOMEOWNER.

If she said 350K then its 350K. You probably only saw the 1st mortgage and I will almost guarantee yo there is a 2nd on it as well. It that are as well as most of SoCal these homes have 2-3 mortgages on them so just use due dilligence and research more thoroughly

Hello Anita.
I have a friend that works in loan Modifications and has access to that info according to him. so, i gave him the address and he looked it up and said it was 175K. i may have been misled. what would you recommend me doing to find out exactly what she owes? I'm confused and nervous. guess i just got to first read Dean's book.

HELLO TO ALL I'M NEW TO THIS SITE AND LIKE EVERYBODY ELSE,I'M LOOKING FOR A LIFE TIME EXPERIENCE IN REAL ESTATE. I WOULD LIKE TO ASK THE GOOD FOLKS ON THIS SITE DID H.M.L LEAVE US ? CAN SOMEONE HELP ME WITH THIS QUESTION?
THANKS......

my credits scores are 604, 610 and 656 and have no bills other than a car loan but i am interested in buying to buy an investment property in Buffalo, ny would it be a good idea to try for a mortgage now or wait out for my credit score to rise.

thank you

I am new to this forum and really don't have a clue as to what or how this all works, but my question is how exactly does bird dogging work? And what are the common specifications involved in doing this? ie. % of profits, a set fee per deal

Basically all birddogging is is just you giving potential lead properties to investors who are interested in buying them. If they like the property and close on the deal, you collect a small referral bonus from them anywhere from around 1%-3% from the the property price, in return for giving them the information.

I found a two house corner property that needs REPAIRS/ REHABBING, here where I live and I called the real estate office and asked the price. I also checked out zillow.com for prices in the same area and found that this property is listed well below the range from $300,000 to $650,000 in the immediate area. So my question is, Is it wise to deal with a real estate office or not? The houses are vacant and it has been sitting and listed for a few months now. I am scared and apprehensive because number one: I am not sure if I will say the right thing and two: To possibly be rejected would be a blow to me even though it wouldn't be the end of the world. I am going to call the office again and maybe go and speak to them personally. Can anyone help a rookie out here. I am getting a good feeling about this but..........HELP

I am new - I plan to find pre-foreclosures, get them under contract, and assign the deals for a fee - I have two questions . . .

1. Is it wise to "shop" the deals among buyers to optimize the fee? Or is it better to develop long-term relationships with buyers by setting a fee that's reasonable, building a reliable source of buyers?

2. Maybe this is a naive question, but if I use an agent to find deals just to assign them, how does the agent get a commission if I don't close on the peoperty?

Thanks!

I am new to this forum and really don't even know if i'm in the right place to ask my questions, but here it goes: can anybody give me more info. on bird dogging? ie. what's the common % that i can ask for when doing this type of work?

SHAUN

Okay people, I've just set up my voicemail advertisement that Dean seggested in his book "Profit From Real Estate Right Now!" Tonight my wife and I are in the process of figuring out what to put on our fliers and where to put them afterwards to attract potential sellers. My main concern isn't scouting out properties that are for sale, but rather how to lock that property up in contract. I havent completely finished reading Deans Book yet, but will have by this weekend. What I'd really like to do is to find someone near me that's using Deans course also and team up with them for the moral support and encouragement that we could give to one another to help each other along in this. So here's my question...When I get a seller who's anxious to sell me their property, exactly how should I go about the contracting part. I've been sending out emails trying to get myself a good realtor, but so far no luck with any responses. Any help would be very much appreciated

Hi Everyone,

Sorry for the lenghty post...

I know a person who owns beach property that has recently been appraised for $650K (~$1.2MM last year) but the property is going to be Foreclosed on unless he can find someone who is willing to pay off his existing 1st and 2nd mortgages totaling around $500K. He is desparate to try and keep the property or buy it back, if possible.

My scenario is as follows: I would obtain a loan to pay off his existing mortgage debt and he would pay me an agreed upon monthly rent which would at least cover my monthly loan payments. He would then continue to pay the rent for approximately 1-2 years in order to get his credit score back in shape so that he could pay me back the original $500K. For doing this, he would also pay me a premium of $75K if he is able to pay off my loan within 12 months or $150K within >12-24 months. However, I would retain the property in it's entirety should he fail to pay me back within the 24 month period or if he is delinquent on any of his monthly payments during our 2 year rental agreement.

My questions are:

1. What type of agreement/form should I use to set up his paying me back and to also include the payback language with the listed premiums above (Lease Purchase agreement, Promissory Note, other?).

2. Unless he defaults on the monthly payments, I only plan on keeping the property a little over 2 years. Is it advisable to obtain an interest only loan for 5 years, thus lowering my monthly mortgage committment and to possibly make a little positive cash flow from the agreed upon rent I would get from him?

3. If I am able to sell the property for an amount above the $500K plus my premium of $100K (total higher than $600K), should I allow for a 50/50 split of the equity gained?

Any suggestions on this deal would be very helpful...

Thanks!

D-Man

Why is it that no one's answering any of us newbies questions to this forum? Seems like all of the past newbies who've now made it successfully in the REI'ing have decided to move on and forget about the rest of us. I've posted several question here and as of yet haven't gotten not one single reply. If anything can be discouraging to a newbie it's definitely silence. I havent seen any questions replied to since late 2008. And one other thing. Why is it that any new posts are sent way to the end of all of those old posts? I think new posts should be allowed up front and the old posts to the rear. thanks for listening.

Hey Max,

I posted in this thread two days ago and got no response, so I went to "Contribute" and then "Forum Topic" to create a new topic - I put my key question in the subject, and I got a reponse within short order . . .

I agree, most recent posts first would be nice, but the bottom line is, from what I've seen so far, this is an incredible resource for information, encouragement and feedback - keep poking around, and I'm sure you'll find what you need!

Have a great weekend.

i put in my username password, and email address, and it does not reconize any thing i put in help me

i put in my username password, and email address, and it does not reconize any thing i put in help me

i put in my username password, and email address, and it does not reconize any thing i put in help me

I was wondering how I would go about getting investors when I dont even have any properties to offer yet? Would I go on craigslist.org and just run an ad for a ghost property and then when I get investors knocking at the door just tell them that property has sold, but I'll have more coming up soon, or do I go to FSBO's and take pictures and find out the asking prices and go from there? Please help me with getting investors. Thanks

Just go to Tools, Options and clear private data,(in Firefox). Make sure you delete all the cookies as well.

My name is Glenn, and I was hoping that someone can help me out. I have finished reading my book and anxious to get started, but I don't know where to begin. I am very "MOTIVATED" to move forward. Can you help me

Next month, I am planning to attent to my county tax foreclosure auction sale. This is normally done just once a year. I've never purchased through Tax Foreclosures and would like to identify the type of risks buying a house from the government due to unpaid taxes. I understand the county will provide a deed after the sale is approved; however, they don't guarantee clear title. What should I do so I can prevent issues in the future after buying this type of property? I understand a tax foreclosure offset mortgage liens, deed of trust, etc. Is it safe to purchase tax foreclosures from the government? I need some help...

Also, what kind of money would a bidder will bid for the property? Would the government sell the property even if the tax cost is not reached during the auction? Thanks for the help.

Guys, welcome to the Dg family.
The best way to post a new question and get answers is to start a thread of your own, or post in a thread with similar content. Please re-read the first post in this thread (by DGadmin) to get more direction. As far as the "old" newbies moving on, you are right. There are very few that have stayed and continued to post (all strictly volunteer), and they (we) are people just like you that started out with all the same questions, which may have been asked and answered months ago. If you spend enough time reading or use the search function, I can almost guarantee you will find answers to your questions. If you want new answers, create a new forum topic and be visible. I think you'll find the support you're wanting. Trying to answer all the questions in here just gets overwhelming. Hope you understand.
I look forward to seeing you grow and able to pass along your experiences.

God bless,

Rina

I am very new to this, I have never invested before. I very little money, I am not broke, I am a veteran with a good disabialty payment which I get monthly.

My question is: I have poor credit and I want to make my first deal what steps do I take to accomplish this. I have read Deans book although I still need advice.

Hello!

So, I literally just finished Deans' book, and I will tell you...I'm VERY excited, and more than a little nervous (although maybe not for the typical reasons you hear). I am, in fact, a Realtor. My dad and I are looking into working Deans' methods together, as he was a Realtor back in the 80's and we both feel that this is do-able. I guess among other "jittery" type nerves about jumping headfirst into such a drastic way of working in Real Estate, I am also concerned about a number of things pertaining to my current work as an agent. I am actively affiliated with a Real Estate company (which, I can see from Dean's book) will likely give me a leg up to a degree. I also shot a quick email over to the attorney I use for all my closings, and ran a VERY brief snapshot (basically just touching on assignments) and sounds like he has experience with this and is on board. However, I am somewhat unclear as to what may constitute a problem with my office (am I obligated to tell them about this offshoot I'm diving into, and if so, do I owe them a cut?). Also, I feel kind of sneaky not telling potential buyers and sellers that I am an actively licensed Realtor, although I guess technically I'm working more as a facilitator. I also wonder, legally and ethically, what issues I'm missing or haven't run into yet, that I should be addressing (or prepared to address). I think, now that I'm reading this back, that in the interest of full disclosure ("transparency", as Dean likes to say) I will need to inform everyone I come into contact with that yes, I have been a Realtor for 10 yrs, but what we are doing here is not in that context. I don't know...I see this is rambling, but I guess this just points to the fact that I'd LOVE to hear from any other Realtors that are working Dean's program, and how they handle the potential conflicts and/or neccessity for full disclosure regarding their Realtor status. Thanks for letting me go on, and hopefully I'm back in a couple months with some "creative" deals under my belt!

has anyone done an auction as Dean describes in his new book? i am very interested in doing it and i already have a seller who wants to take action as soon as possible. tell me your opinion about the process and how would you do it. thank you in advance.

If you are new to Real Estate, as I am, I would start with the Be a Real Estate Millionaire, in my humble opinion. That book goes into more details for the novice or beginner. Excellent information, some is outdated (like 100% financing), but most of the information is applicable to todays market as well. The second book, we affectionately call PFRERN, is very current and applies strategies for the market RIGHT NOW!