FAQ: Answers To The Most Asked Questions - Start Here

Hello everyone. This is my first post here. Just read PFRERN and started my gameplan. Forgive me for my inquisitiveness but Im so interested in making this happen for real, so these are my questions:

1) In an IEE or assignment how do you pay for the rehab of the property if it really needs it?

2) If you could start over again in REI would you try to make the first deal without the marketing infrasructure(cards, vmail, etc.) or would you definately set yourself up for the long haul first? I have no finances and to set up my system the way that I would like to is going to take me both selling some possessions and borrowing from family/friends. Leading to my next question.

3) Are there lenders that would trust me enough to give me startup money to get this ball rolling? I figure $1,000 would be plenty to start the way I would like to.

4) Should I mention to Buyers, sellers, real estate agents or mortgage brokers that this would be my first deal? Or should i just save that info unless they ask me? Do people care?

Thank you to everyone who contributes to this oasis of encouragement and support.

How does this clause factor into different types of real estate sales ? ex. assaigment of contract.

I am new to this and it has been my dream to start investing real estate . I have both of dean's books and I am now about half through the second book. My question is about learning how to fill out the different contracts. Is it by trial and error? Or is there some where on this website I may learn? I would apreciate any help. Thank You

What is the best way to find buyers.

my question is i found a few houses in ny that are under $18000; i do not have the cash on hand and i heard that the banks do not offer mortgages for a price so low is this true?

NEED TO SEE FORECLOSURES IN SO. CAL

Hi is there any one from oregon that can help me in the right direction.

Hello, I am from the Oregon area.... What can we do for U??

I am having trouble with getting started. I have very little money and no job,I dont know how to make my approach in real estate. I have spent more money than I have just to get started, with the books and programs. I have got to be honest, I feel like i just got scamed. I was also woundering if you have ever came across a tax club from utah, and do they work good for you. I really need some help, if its possible.

Your advice will be greatly appreciated,
Thank you for reading my problems

Have any of you had to deal with assigning to a foreign buyer? If so, your help would be greatly appreciated. I think I have a potential buyer whose located in Dorset, UK. I believe they plan to pay by cash. How would I go about with the closing of the offer.

IF anyone has some experience or answer for this, let me know.

Thanks,
Vivian

Hello everyone my name is Robert Escobedo I just started investing not to long ago I am 21 years old and really want to take advantage of the real estate market we are in now. I just recently joined Dean’s academy to learn from the best.

Ok so after reading become a real-estate millionaire I was really pumped up and excited to start investing feeling more confident with all the new strategies I learned, and also I saw that some one made 100 offers in one day so I decided to give it a try.

I made 5 offers in one day just looking at properties in a target area and sending them offers 50% below the asking price. It has been about 3 weeks and I got a call from a realtor asking if I was still interested in the house I made an offer on. The asking price is $99,900.00 and I offered $45,000.00. They called me back and let me know someone broke into the house and pretty much vandalized it and wanted to see if I was still interested??? To me it sounds like a great deal still but I have no money to finance it and fix it up I would like to fix it and rent it out or flip it after a few months!!!!

Any suggestions????

Who is Brandon Lewis, and how is he affiliated with you and do you personally recommend his services?

I'm also getting started. I've done my research, I've read through Dean's book, I've set up my recorded message, I have a website which I designed myself, I have business cards, I've posted a few online ads, I printed flyers which I'm getting ready to post around the area, I'm going to run a classified ad in the newspaper. Basically I have all this going on, but I haven't gotten to the deal yet. I feel silly saying that. However, I'm still pumped.. but I tell you, I've been approached by people via email (unfortunately no homeowners yet), here is my question: How will I know if I'm really getting a good deal? I mean, there are a lot of properties listed, so how do I know what is the best deal? I suppose if I had an RE Agent I could have them pull comps, but I don't have an agent yet. I did prepare a list of RE Agents and Mortgage Brokers from the yellow pages, and I'll be sending them letters via fax and/or postal mail. Do you know of a good RE Agent and/or Broker in California, not southern CA. I'm located in the San Francisco area. Assuming I should have a local Agent, correct? Is a site such as Zillow a good source to determine the market value of a property? I mean, it seems as if Zillow is displaying the asking price for the property, but I'm assuming this is not the actually market value of the property. Sorry my message is long.

Thanks for your time.
Tim O'Brien

i found a house on sale in my neighborhood and wanted to assign it but they kept telling me i need a real estate agent and i kept telling them i already have the contract but don't have a real estate agent yet.

Hi all,
first thanks for the great information. It does help a lot!!!
I am relatively new to investing in RE. I have done Tax Liens and Tax Deeds and want to expand into Real Estate investing.
This is my Scenario at the present time ;
Through the FAL program, I found a piece of Property that I would be interested in with a default amount of $30,800. I called the Lawyer and found out that the property has two mortgages on the property. He informed me that the property is not in Pre-Foreclosure like it states in the FAL, but is in Foreclosure but has not yet been sold. He also told me that I should go to the county courthouse before calling him and wasting his time. Luckily enough I was on the phone because I could feel my face turn red. At any rate, I have done research on the property and found it has been on Trulia.com for 292 days and up for sale for $279,500.
He kept saying that it is in Foreclosure but has not yet been sold. Then he gave me the names of the other Lawyer's involved and said that he could contact his client and tell him that he could assign the property to me and see what he would charge me for that but I couldn't take over the Mortgage.
I ended up with two other Lawyers names and said I should call one of them first to see what the first Mortgage is and what it would take to buy that one out.
I got/am confused at this point and told him thanks for the info and that was that.
That was the first call to a lawyer to get information.

How could I work this deal when the ex-owner has two Mortgages?

Answers and welcomed.

Thanks

Brian

You should get a local real estate agent. That would be a great plus for you. As far as zillow.com, I think it is a matter of opinion, I personally do not like zillow.com because the numbers are not up to date what the market is.
I have seen houses that are burned to the ground and the area is so depressed I buy houses for $600 - $5000 but on zillow there still going for 100k - 200k.
But like I said, it is all a matter of opinion.

Best of luck

P.S. I am new to this also but have done Tax Liens in the past.

Brian

do i need a real estate agent to get started

i just called about a duplexe and told the seller i had a buyer and he kept saying he wanted cash for it.But i already have a buyer so how do assign it.

Hello,

I wanted to really quickly ask a question that has been on my mind all though out reading your books. Can I do all of this while being a real estate agent myself? I have asked a lot of agents in my office but they just tell me no and to not bother but not giving me any details, I know that I would have to put on my signs that I am a real estate agent but is there more to it? I know I should know more on my license but I have just gotten it as well. While I research this more on my own, was hoping I could get get pointed in the right direction.

do you guys think somebody will accept a 2002 ford f-150 super crew and/or a harley davidson as a downpayment for a property?

i am new user to the website and saw within the site an icon to do credit repair. a lot of deals are decided based on your credit score with mortgage brokers. my question is has anyone used the credit repair services listed within deans site and what were the time frames until the credit was repaired to the time they were able to get a loan and was this something you would recommend to others

My Mom died of a stroke May 9th 2009 My Dad died in 1971 of ALS. Im on SSI Im trying to do my 1st deal so I can make a years salary of 30k or more to live and make it on my own. I helped take care of my Mom full time. Im in Macomb County Michigan. Bought Deans books reading them now. My Mom did a Reverse Morgage spent all the money on her house and I lived with her. Is there a way I can keep the house or will I be kicked out and forced to sell it. It was appraised at 102k in 2003 now there selling for 15 to 60k plus fix up. Can you help me?

Is it worth the investment? If so why?

Can someone fill me in on what it's about. I heard something about you had to close on your first five deals or you won't get paid. I'm 20 years old I am doing this in an act of desperation for my family. I already bought the be a real estate millionaire and profit from real estate right now. I have NO CREDIT and NO Money. Thank you

I have just finished Dean's book "profit from real estate no" and need some help figuring out how my agent, broker, and lawyer can get paid. Dean talked much about aquiring one of each, which I am in process of, then setting up my automated message, flyers, signs, ect. but I did not find any info on what amount or how they should be paid. I guess what I am asking is in what order should I complete these tasks i.e. setting up my automated system finding an agent, broker, and lawyer ect. Secondly when I find the agent, broker, and lawyer how and when do I pay them? who pays them? me or the sell or buyer? Is there a way to calculate this amount? Please help me so I can feel a little better about approaching these people and asking them to become part of my team. Thank you in advance for all your help!

Hi,

This may sound simple to all of you that have done this but I am in need of some advice on selling my rental property. My current tenant wishes to purchase my rental house for an already agreed upon price. The only problem I have now is to find a lender that will accept his weak credit. He is willing to pay 10% down but would have a problem with any more than that. Any suggestions/advice?

Hi everyone. This is my first time doing something like this and I'm pretty excited about it. i just resd the book "Profit from Real Estate Right Now" and am now trying to get the ball rolling. However, I noticed that in the book along with other comments I see posted, I hear about 65,000 deals and 35,000 deals, etc. Being from southern cali, I never seen anything even close to those types of deals. Does anyone have any advice to where I should start?? I would really appreciate it.

Hi All,
My question is, when the seller signs all forms including Investor Purchase Agreement, and you have a lease option buyer, how can you be sure that the homeowner will readily move out? I know in today's Real Estate market that it can be a problem and therefore some people must be evicted due to the fact that they just don't want to go or have no place to go?
Also, when offering to make back loan payments to bring them current and future payments until the lease option transpires, does the current homeowner simply give you the loan numbers i.e payment book or do we just contact the bank to be sure the payments are sent correctly?

Thanks So Much,

Jane

Is there a way I can get this money from the buyer, so that I won't have to pay the seller money out of my wallet?

hey everyone i just got through deans new book profit from real estate right now. my question is this; the book explainns to get a real estate agent, and a mortgage broker, plus an attorney at closing. How do each of them get paid? does it come out of my profits or does the seller or buyer pay them? Also what should you do if your buyer wants to use his own real estate agent at closing? what then, because how would you be able to pay your agent for the work she's done? any how, i just wanted to say that this site is awesome and you all are great people for all the good advice and help you all give. thanks to you all and thanks to dean for Dean for making thiese times look a little more promising. nelson