FAQ: Answers To The Most Asked Questions - Start Here

Hi Ira;

I am new to this just got my books last week have already completed one book and starting on the second book. I am learning alot reading everyone's email. My question is if the finders fee is illegal in Texas how do we find out if it is illegal in the state we live. I live in the state of Virginia. I wanted to try this route also to build up my capital to invest. If anyone has suggestions willing to listen.

Thanks
dlnew

Great info.! Where do we find a copy of the agreement forms to use for this process?

Thanks
dlnew

Good day,
I am new to the site. I have had 20 years in mortgages but never bought and sold real property besides my own homes (which I did by them creativly). I had many investors in the past that bought and fixed up REO property and HUD homes. I always wished I had the money to purchase really good deals when they came around. You know the kind I am talking about.

Currently going through the acadamy. But of course this property and several others have come up and you hate to loose out on the potential of 1000's to hundreds of thousands of dollars.

So here they are.
1 Comercial Property not sure yet what the asking price is, we are meeting with the interested buyers tonight to find out more detail (think they were buying for (2.5 mill?)
This was a Value City Building I'd say at a guess 6000 sq ft. paved parking fenced back loading docks and more, sitting on est. 5 acres (or more) Prime HWY property in the highest sought after area in our county. The agreement was if anyone else is interested or makes an offer they would give the party we are going to meet with the first dibs. So if we go in and low ball a contract and get win it, we already have a buyer basicly. Is this legal if you know what they were going to buy for? They had been looking for investors
and how could we find potential investors that would be intrested in holding the property for a short time?

The other property is a Freddie Mac condo facing the park in a very highly well sought after area values going for 300 up could purchasae for 120K in a registerd historic building, does anyone know can you transferr a contract on these homes or not? I asume not but hey I am open.

Thank you and all advise will be welcomed!

This isn't very confidence inspiring when new people(Such as myself) ask question's and not have them answered. I understand that not EVERYONE'S questions will be answered, but is there maybe a different section of the forums where more experienced people are constantly searching to help other's who are new? I need to know I have a solid backing if I am going to make a crack at this, especially when I first start to make deal's and need to know certain things on the fly. Thanks.

Hi, my name is Michael K,

I am new to real estate and I've just started to read Dean's book and it is very inspiring; you can say that I'm wet between the ears. I've been in the automotive business for over 25 years and business, as you know, has slowed down considerably. I was eventually laid off and I'm now collecting unemployment benefits. My credit is ok, but I don't have much money and I also have no job. I do have some very good ideas, but no job and documentation to show proof for a bank loan.

If you can give me any positive input, ideas, or guidance, it would be greatly appreciated.

I live in sothern California.

Thank you
Mike

I would try and post sepererate threads for your questions. I dont think this one is visited by people who can answer them too often.

I recently bought Dean's two books. I am a real estate broker. I understand the concept of systems, auto-responders, and I'm digesting a lot of the valuable information regarding the different way's of buying property no money down, sandwich leases, mortgage assignment etc. A lot of this is new to me and a lot I already know and understand. Dean's system joins the dots. My problem (being the skeptic that I am) is that I have been bombarded (and happily so) by Deans blitz campaign. I don’t want to buy the AFF system, or any other part of Deans system right now, this minute, because the offer is only good for today, or because some video clip states that you need to make a commitment etc etc, or because it's only $499 today when it could or should be $12,000. I am very impressed with everything I have learned so far. What I need to know is what I'm not getting, when I buy one product over another. I don’t want to buy teaser products. Unless someone can make a suggestion I think I'm going to have to take my time roaming around Dean's web site until I fully understand what's available. Any suggestions??? BrianBuru@****

I read deans books and still have some questions about how to get moving on the No Money No Credit techniques. First of all dean makes some suggestions as to EXIT CLAUSES for not having to buy the property if a buyer cannot qualify, but what if a buyer cannot be found? What are the best exit clauses for the purchase agreement? Also, deans suggests having the buyer pay for the earnest money so there is no money out of pocket. But again, what if a buyer cannot be found, how do you get out of paying the earnest money? I was hoping to find example contracts with exit clauses to these situations in the book or on the website and although there is one example, it is generic, without these creative exit clauses. Do I have to have get a RE Attorney to put this together for my location? Do I need to determine if IEE and Assignments are even legal in my state? Where do I find a RE Attorney who would be familiar with IEE since it is leading edge?

Also, do I need an LLC or Inc, if I am only going to be doing IEE or Assignments.

If I had the money for the coaching, I would be going that route, but I will have to do a few deals first to pay for it. Chicken and Egg kind of thing.

All anwers welcome! I want to get moving fast but must get my ducks in a row first!

thanks

I think this might be the Exit clause your looking for:

"This sale shall be contingent upon the investor finding a buyer that shall qualify for financing according to accepted criteria of _________ and its funding sources"

I found that getting a real estate agent was the hardest. Next we found a bank that helps investors. start there

Debby

I have a question I am looking for a 1003 Form/ Loan Application or PFS, where would I go to see and print a copy?

Nancy

Has anyone been successful using the Instant Equity Exchange Strategy before? If you have please help..I've got a house locked up with the Instant Equity Exchange Strategy and I had recently found a buyer. They were able to get a loan so what do I do next after assigning the contract over to them?

Ive bought be a real estate millionaire at least 3 times and I am stll lost on how o get started I haveseen 2 houses that are being sold by th bank and the sign has been there almost a year would this be agood property to invest in and i so can someone help me get started.

Thank you, Mary Hensley

Hello. I was in the process of building my AFF website and was working on the Home page last night. When I clicked on "save changes," it took a long time and when it finally saved and I went to view the site, the whole bottom half of the page had been deleted! Does anybody out there know how to reset the website so that I can get back the information that is missing? Everything under "take heart" is gone. The 800#, the audio link, my email address, etc.
If any of you out there know how to correct this, please advise.

Thank you all,

Paul M. Plage

Hello,

My wife and I are considering starting into real estate investing, and we are considering purchasing the Edge but I have a couple of questions before we do.

#1) I would like some opinions as to the saneness of investing in our area. We are located in a terrific area in NW Ohio, that unfortunately, currently lays claim to the highest unemployment in the state. We don't really have the time to investigate properties that are too far from our home as we own a small business.

#2) I am considering purchasing the Edge, but since I do not use credit cards how would I go about buying it the old fashioned way with cash?

Thanks, Rick

Hello dean and everyone else reading,
After a long time looking I have come across a house I would like to purchase but it has a BIG issue.
I am located in NY within the 5 boroughs and I have come across a ocean front home in a short sale. Its priced to sell but heres the problem. The home was built in 2003 and was originally attached on one side. Last year a developer came and slapped up a huge condo building right next to it. Well during development they seem to have invaded the airspace of the house Im looking to purchase, BLOCKING THE CHIMNEY. I was informed by the realtor that a engineer has advised him the heat CAN NOT be turned on this winter because the smoke will be blown back causing carbon monoxide inside the home. Not to mention the chimney is right next a balcony of one of the new condos. The realtor also sayed they are currently discussing this issue with the developer and he "thinks" they should make this wrong a right at there expense.????

I dont want a good opportunity to get away from me. But I also dont want to buy a home I cant live in or rent because theres no heat. I do feel this issue will and has to be resolved eventually regardless of who owns the house.( the even suggested to the developer to purchase the home. He wasnt interested)

What should I do?
How can I buy or lock up the contract with out risking that much?
Is a lease with option to buy a possible strategy?

Thank you so much for reading my question and your feed back.
Lots of luck to everyone,
Andrew

My wife and I are $50,000 upside down and going through chapter 7. We want to stay in our house, and can afford to, but it is $50,000 underwater. We want to find someone to buy the note, then rewrite our mortgage and make $15,000 up front plus a spread on the interest while we wait 2 years to refinance.

Any Suggestions? We live near Los Angeles, CA. The note can be purchased for about $140,000.

Anyone from New Jersey that is currenly doing good deals?

Anyone from New Jersey that is currenly doing good deals?

I'm fresh out the oven!!!

I got the book about two weeks ago and I believe in the system. Where do I start. I have bad credit and I don't have the money for a down payment. I need this to work!!!!!!!!! I've hit the bottom so hard that the only thing left is up.
please help.

Hi
What's the story with the new law that you can only have 4 mortgages on your credit report?

Hello Anita,

My name is Darrell Lofton and I'm in the real estate success academy,

Darrell Lofton
Real Estate Investor
Cell: 702-300-7842
http://www.darrelllofton.com/

Hello REI's!!!

My name is Darrell Lofton and I'm in the real estate success academy,

Darrell Lofton
Real Estate Investor
Cell: 702-300-7842
http://www.darrelllofton.com/

How do we better utilize our website as a marketing tool?
Also, since we don't have a phone message system yet, how
do we get folks to contact us via our website?

Thanks.

I think it actually increased to 10 mortgages. I also heard that you can put the max of 10 homes under 1 loan.

I can not find the orientation I'm suppose to take

With DEAN'S thorough and detailed guidance everything seems so possible and plausible. Every time I pick up one of his books (usually the newest one now) I get a renewed flush of all this being so possible. Then I also get overwhelmed concerning how to start and what to do first. Combine with that the fact that i am totally computer illiterate and you can imagine what I go through. I even have to get someone over to show me the simplest things that others take for granted. But at least I have a computer now, and the wil and drive to make this work. Heck, I have to...I got a lot invested in this new gadget. Now if I can just figure out how to turn this thing off

i just finished the bnook i need to know where to start dont have much money and credit ia nopt that good what can i do to get started

What is the best way to contact REO Agents
regarding trash-out, cleanup & repair of REO
Foreclosure Properties?

Thanks.

has anybody had success in Norther California? I could sure use some support

Thanks

Gabi