FAQ: Answers To The Most Asked Questions - Start Here

Greetings,

Since I have read Dean's books, I feel so empowered. Thanks Dean. I was wondering.....is anyone interested in purchasing property in the Metro Atlanta area? These properties will cash flow and they have equity. Please respond.

Thanks

Teresa

I thought since I joined Dean's Website that I would receive the weekly newsletter. I have not had any sent to me yet. What do I need to do to be included? I joined in late May 09. I plan on achieving my dreams through REI. If someone knows how I can get the newsletters please let me know. Thanks, John

Hi, guys! I just got this email from my REA and it reads: "California is imposing a 90-day moratorium on housing foreclosures under a new law that takes effect Monday. The law is expected to make lenders try harder to keep borrowers in their homes. Loan companies must prove they tried to modify the delinquent loans before they can begin foreclosing. But supporters acknowledge the California Foreclosure Prevention Act won't stop thousands of foreclosures from eventually happening. There have been more than 365,000 foreclosures in California since early 2007, with many more already scheduled. The bill passed in February is similar to the Obama administration's Making Home Affordable Program that began in March. Both encourages lenders to cut interest rates or rewrite loans to affordable levels."

Can anyone tell me how this can affect what we're trying to do here? Like myself, I'm trying to do Assignments of Contracts. Your comments would be appreciated.

So I thought I was getting everything down pat. But what is an assignment deal? I tried looking it up first as I always do with my answers to see if I can find it myself, but it didn't work this time.

Basically all an assignment deal is is just you passing a deal on to another investor, for example lets say you wanted to buy a property and at that last minute you find out that someone else is interested in buying that very same property. And since you locked up the deal first you would be looking to make a quick profit from the new buyer, so all you would do is assign the deal to the new investor and collect the assignment fee. Not much to it really once you get the hang of it. Anyway here are the two contracts needed to go along with this kind of deal:

1. Purchase & Sale Agreement
2. Assignment of Contract

You can find these by clicking "Forms and Docs" Under "Student Resources." Hope this helps.

I am interested in the same in Ga., anyone know of something like this for the State of Ga.?

My husband & I just finished reading the books and have found a property we'd like to make an offer on... but yesterday I called an acquaintance who is a Morgage Officer for some advice and she pretty much told me that even with good credit since we are self-employed (without showing a profit)we would probably not qualify for a loan in either of our names and also not qualify in our business name unless it's been inc. for more than 2 years! She said unless you have a good relationship with a small hometown bank you're not going to get a loan. How disheartening! Any help out there? This property is already bank owned...

Why do you need a mortgage loan??? Are you trying to buy this property as a primary residence? If not, if you're trying to buy it as an investor and flip it for a quick profit then you don't need any money of your own. That is the whole purpose behind Dean's new book. You can use 3 different tactics:

1. Assignment of Contract
2. Instant Equity Exchange (IEE)
3. Transactional Funding

If you are looking to buy, fix, and flip use private money or hard money lenders because the funds are based on 'the deal' and not your personal credit and employment. Most of these lenders will lend if your loan-to-value(LTV) after all acquisition costs, holding costs, and repairs is at or below 70% of the after repair value (ARV).

How do we locate local REO listings?

ok thank you so much!

Realtor.com and any local RE firm, you can sign up with to have a Realtor email you updated listings of properties that match your search criteria.

Hi everyone,

I purchased Deans books and just received them yesterday, still reading them. I am using the foreclosurealert.com site and love it but I have 2 questions. Who do I contact when I find a pre-foreclosure I'm interested in and who do I contact once it is a foreclosure?

Thanks,
Faby

Hey Kevin,
Thanks for the info, on this particular deal they want cash in full or a pre-approval letter before they will even submit our offer. And we'd like to move quickly, its a good property, especially to start with. We aren't looking to live in it, probably fix & sell or possibly rent or lease/option if no immed. sale. No buyer lined up, but definitely do not foresee a problem selling. As far as hard money lenders you mean local banks?

Thanks again for the help & interest!

Why do I have to have proof of funds when I'm doing a cash offer? How do I go about getting a proof of funds from my bank? Is this the same thing as pre-approval letter?

Hello DG folks! I have wrangled up a promising lead. I, like everybody else, need to find a buyer. I am operating in this transaction as a "referral" and will be getting my cut accordingly. However I need a buyer. I hooked up with a broker and got permission from the sellers to fish for a buyer. Its a 5 bdr 3.5 bath house with a nice, huge lot in a fancy neighborhood. Its amazing. Basically I need some insights on how to get this thing rolling. Any insights would be great!

Thanks DG crew!

it on craigslist and kijiji (just like craigslist-free classifieds) with high resolution photos. There's also Vflyer (agents),Citycribs, and plenty of other advertising mediums to get the notice out there to investors that the property is for sale. So of these sites will feed it to more sites.

it on craigslist and kijiji (just like craigslist-free classifieds) with high resolution photos. There's also Vflyer (agents),Citycribs, and plenty of other advertising mediums to get the notice out there to investors that the property is for sale. Some of these sites will feed it to more sites.

I bought the mentoring package in Oct 06, lost my job, and got side tracked in a big way. Is there a way I can tap back into the program without re-investing?

Thank You,
Shawn Young

HML's are not banks. They are typically lenders formed by a group of investors. Their terms are usually short and rates high, however, their basis for lending to you is primarily based on the 'deal' and not your personal credit, income, or job status. Google 'hard money loans' for your area and you will find some.

Being self-employed, you need a really good mortgage agent with access to 25 or so lending outlets. They can usually help you. However, I have been out of the mortgage biz for a year and a half now and a lot has changed. Not all mortgage brokers were created equal, visit a few, tell them what you're trying to do and see what they come up with.

How does this all work if you carry a brokers license?

I was wondering if anyone out there can help me with this.

I was talking to someone at a bank about my credit. That I don''t have. It is not so much bad credit I don't have credit.
The person at the bank told me that they can do an alternative credit report.

This method of getting a credit score uses your Rent payments (if payed by check) Electric bill, etc. to come up with a score that the banks can use.
Has anyone heard of it. And if you happen to live in NC. a bank that uses this way of establishing credit for first time home buyers?

Thanks

Hi! How do i get into deans mentoring program??

This is very common. The fact that you don't have a credit score is due to the fact that you have never had any type of loan in your name. ie; credit card, car, mortgage, student loans. Since you don't have this you don't have a credit score. Or, you may have a credit card and something else that would generate a score but you don't have 3 forms of credit and enough history for a bank to approve you. By asking for canceled checks for rent, cell phone bills, utilities, etc. the bank is trying to show their loan dept. that you have a history of paying things on time. This is for their use only and will not give you a credit score. In order to have a credit score you need to take out different forms of credit. Your payments will be reported to the 3 credit bureaus, transunion, equifax, and experian. They each will formulate a score for you which will dictate your credit worthiness.

? I know I've known this before, I just need some refreshing. Thanks.

I think i have my first deal, and i got the feeling that's it's going to be awesome, i have the seller, he is 2 payments behind going to the third one, he has no money to pay and also he's leaving the country, he don't want anything just get rid of the house, and i don't know what to do. also i have some people interesting in the house, any help please in this process.... THANK'S SO MUCH. Javier N.

carefully, find out FMV (last appraisal), find out what other liens are only the property, if any and get it under contract. Hopefully someone with more experience will chime in and be able to tell you exactly (details) what you keep to do. Good luck with deal.

I'm reading Dean's material and already built the online presence.

Any comments are appreciated.

http://HomeCashFast.net

Thank you, and I look forward to learning and contributing.

im just getting started and i have a lot of people that dont think i can do this but after reading this book im past that. but i need help where should i start at. im from nyc but i want to start out in F.L. so if anyone can help me put all of these parts together please do

Hi everybody, another newbe here. I don't have my feet wet yet (still reading the books) but I'm getting ready to dive in. Is there anybody out there that knows if assignments are legal in New Jersey? Thanks Silverhound

hello!! i live in the buffalo niagara falls area of western new york.i would like to network will fellow students in my area.anyone interested please let me know.thank u!! tim