FAQ: Answers To The Most Asked Questions - Start Here

Hey, congratulations on taking the first step and ordering Dean's books! You will be so much better equipped once you are able to read those and implement the tools Dean gives.
And welcome to the DG family. This is an awesome spot to find real-time help and encouragement.

One thought on your housing dilemma. Have you looked into what is available as far as duplexes or other multi-family? Since you would like to own some cash-flow property at some point, you might be able to pick up something at a great discount now, and have a tenant on one side making the payments for you to live in the other side until you get better established in your REI and get rid of more credit card debt. Of course single-family's are great, too, but just wanted to throw that option out there.
As far as a starter house, check out the FSBOs (or even listed properties) and see if you can find someone willing to do seller-financing. This eliminates the need to get financing through a lender. There are many owners more willing now than ever to consider seller-financing. They may not even realize they have that option unless you mention it.

Also, you could start by doing assignments to build up your cash base.

You'll be amazed at all the strategies you'll read about in each of the books. Enjoy! and good luck in all your REI. Again, congratulations on the decision to take action!

Rina

Hello everyone! Im new to all this. I purchased Dean's books Profit from... and Be a Real Estate.... My question is on IEE. When you lock up a property using this method, who is responsible for paying the commission to the agent? The original owner of the property or me, the investor? Also, at what price will the commission rate be based on, the price the owner sells it to me, or the price that i turn and flip to the end buyer? Thank you in advance for responding to my question.

Hi Dan1 and welcome to the DG family. And don't worry, your not responsible for paying the agent the commission, the agent will recieve his/her payment on a percentage of the money that is going torwards the purchase price of the house.

What if i dont yet have a buyer, and just having the investor disclosure and acknowledgment, and purchase agreement signed is is that property under contract or does this need to be sent somewhere first or do i wait till i find a buyer then send these to the closing agent or attorey?

Hello everyone!!

If you thinking about buying a foreclosure and it has no equity and the owner no longer calls the shots, what you should do?

I have not read the book yet, it has not arrived. but i have searched the web for foreclosed homes for sale and found a house 6 bdrms 3 bths, 75,000.00 through realtor. The ad reads: Repos property. Buy under mkt value, help in financing and with credit. we get you the money to make repairs. Call now, do not miss this opportunity. Make any offer we will present it! * Certain restrictions apply.*

is this something I can start with and what kind of contract should I do?

Hi everyone,

I just wondered if anyone on DG's site has had dealings with TCS Foreclosures. The reason I am asking is that they have sent me a list of properties which I believe would be great for me to get my first deal. Some of the properties have a nice equity spread.

Plus I'm wondering if these properties would work out as a wholesale deal, anyone that is willing to give me some advice is welcome to contact me directly.

Thanks and look forward to hearing from you.

Tay Howard
"Future RE Millionaire" in training...

I am looking at a property which is listed at 20% off FMV but the owner tells me he has a reverse mortgage. Is it possible to buy a property that has a reverse mortgage? What questions should I ask the owner about the terms? Thank you.

Hi
I have a challenge for you, if your up to it! Show me how to make some kind of money in thirty days, any amount, and I will buy your book.
I believe I have read just about everyone's books and never made a dime.
I have dealt with real estate for many years and would like to see how you think a person with bad credit say a 402 score and not a dime to there name can make money with your program.
I want to see some method before I do the madness of spending more on someone's book

Is it a wise first step to purchase lien certificates?

i just structured a no money down deal on a 5 unit apt. building for 62k. I have no payments for a yr. and it needs 10-15k worth of work a 4 unit just sold less then a mile away for 144k and mine has a 4 car garage and the 4 unit had none. My fear is how do you find commercial buyers when the banks make it hard to finance commercial loans. And i only want to landloard and enjoy the cash flow for a short while, my goal is to sell

Hi Dean,

I wanted to ask, do you buy and sell commercial Realestate? If so ,do you have any info on this? I want to learn this also!

thanks for your time

JayBob

hello my name is Paula and I am new to investing and im looking for buyers do u have any advice. Thank You it very much appreciated

hello my name is Paula and I am new to investing and im looking for buyers do u have any advice. Thank You it very much appreciated

hey just purchased a tax lien certificate for $549 dollars on a lot with a mobile home on a 4300 sq.ft lot near a popular river. the value on the lot and affixed house is valued (in a deflated market)near $39,000 dollars.anyone who has any advice on what next steps to take would be highly appreciated. Thank You.

Hi, i am waiting to hear from someone,...thank you....

Hi Anita, my name is Maria...can you advise me as to how I can find buyers? is that the first step i should take? I see a lot of houses for sale on the net here in Puerto Rico, many are forclosures, but I have no money and no credit, and want to start by doing contracts.

I been hearing a lot of people have been having trouble understanding on this works in order to get paid right away, since this would be the best way to go on getting your first good deal closed. Let's paint a picture on Assigning Contracts the way it really works. Explain it in detail from your experience the way it's not written in the book. Don't get me wrong Dean & Matt's scenario does work but perhaps theirs someone who still doesn't get it from the way it's written in Dean's book. That's why we're here to make it make sense to others who are just starting out. So look back & remember the first time when your good deal went through on Assigning Contracts.

I believe these examples weren't in the book & some might have questions on it:

1. When speaking with a Lender, should you let them know from the start that your Assigning a Contract in using the money he's lending you?

2. Should you ask the Lender how much will he pay you when you find them a good deal & how will he know that your asking for an extra 10% so you can get a profit?

3. When you're Assigning a Contract what questions do you ask an Attorney on this subject, how much would an Attorney cost to do the paperwork, and will it be taken out when the deal is closed or do you have to pay the attorney before hand? What exactly will the Attorney be doing when working on an Assign Contract?

4. On the form of Assigning Contracts do you put your name or the lenders name since your only finding the lender a good deal?

5. What's the difference between Assign Contracts and Bird Dog, and isn't it the same process?

6. When the Attorney is working on the AC is it best that the buyer write the check out to the Attorney that way the Attorney can take out what the Investor owes him for the work?

7. When working with an agent should we as the investor give the AC form to the agent in person even thou some agents know how to Assign a Contract and won't need your form?

8. Who would be the new buyer when Assigning Contract and why does the Investor have to make sure the new buyer has to do his due diligence like getting the property inspected, etc. Should we do that when we're finding a good deal when we are looking at a property and think it's worth it to have a professional inspect it?

9. What is Exit Clause, and why does it need to be in the AC contract?

10. Do most deals close within two weeks or should you always put 30 days for closing if it's not bank-owned?

11. What is Escrow Money and why is it best to push it off for 14 to 30 days, and who gives the escrow money?

12. Why can't you put the "and/or" on an IEE strategy and you can only put it on the Assign Contract?

13. Does the Attorney make the Assign Contract with the words "and/or" in it then it's presented to the buyer?

14. Is a Purchase Agreement different from an Assign Contract?

15. What's a property disclosure statement for?

I hope these questions get answered on here and will help everyone as myself to understand the exact approach to get the Assign Contract complete and get paid right away. Keep the questions coming & answered so that everyone is on the same page. Helping one another that's what its all about.

John A.

If you purchase a multi-family prop with hard money, can you refi or get a heloc with little to no credit?

It would be highly appreciated if i can get one of your expert opinions. I'm new to the game,so any guidance is golden. oh yeah and Dean rules!

I have purchased one property. I have a monthly cash flow of $200. and about 35,000.in equity. My problem is, lenders won't look at this as income because it has only seasoned for 4 months. My debt to income is not good at this time because my pay at my regular job has dropped dramatically. I still have managed to maintain a 690 credit score and have several deals in the works. I need some advice on getting financing on my future deals!

I began my new career as a R.E.I. due to being turned down for a new home purchase and figured thaere had to be a better way. I started doing Owner Finace and Challenged Credit and after purchasing other courses I ordered Dean's book and it quickly became my favorite. My deal is as follows and if I could get some guidance as to not blow it I would be very grateful. It has been one month and I have my very first serious lead. I was contacted on a foreclosure where the owner just wants to get out and wants to void foreclosure. The house is 2.5 years old and has appx $30K equity.As mentioned I was in the market to purchase a house my self and thought why not make your first purchase yours. Can anyone share experience and perhaps needed forms for a "Subject To" sale, and a Special Warranty Deed? Thank you so much.

Why am I not getting emails for conference calls or anything else anymore?

I was when I first joined but not anymore.

What do I do?

I followed an email last time to do it I think

John

Hi guys, as part of my business action plan to improve my FICO score to 750, as suggested in Dean's two books, I contacted Ed Ross of the National Credit Group at 1-213-484-2463. He was very helpful.

I bought Dean's books a few weeks ago. I was called by his associates and interviewed to see if I would qualify for their mentoring program. I was told that I woundn't learn enough from the books to do this business. I'm not even interested in reading the books now. I'd be interested to know how many people on this website aren't academy trained and making good money in real estate.

There isn't an address bar to type it in. I tried google & yahoo but didn't find it. Please HELP! so I can order the Edge Home Study Course. Thanks for any advice you post.

I am not able to log onto the website that Dean gave out during conferenca call tonight. It is 8:35 PM in California ... I will keep trying but if not ... HELP!!!

Thanks, Dan

I also received the calls, but since I don't answer callers I don't know, I didn't.

Now,I haven't made any deals yet, but as we speak, I am creating a list of comps for 15 properties from a small time investor, in order to turn these over to a big time investor. He says he will probably take all 15 if they are decent, and give me 1k per house.

All you need to do is read the book, and just put your new information into action. I have called every number I have found, sent out dozens of emails, and put up dozens of ads on craigslist, backpage and kijiji. You will be amazed at the response. Just get out there and do it.

Can you explain the "Offer Calculator" thats shown on the site? If the example of a FMV OF 200,000, 25% off is 50,000, 5,000 for repairs, that leaves 145,000. How did they come up with $140,000?

maybe you forgot the profit factor on the calculator?