FAQ: Answers To The Most Asked Questions - Start Here

Dean,

I read the scripts for buyers but I want to cater the scripts so I can obtains
buyers even though I don't have a home. I don't want the scripts to make me sound
funny or wrong either.

Do you have suggestions for those of us who are just starting out with no homes yet or have not found one to advertise so we can collect buyers that are interested and are looking?

I certainly would appreciate the help.

Phillip

I am new to REI & very excited to be starting in this venture. I am looking for any & all foreclosure info I can find. I am in SoCal in the Antelope Valley & with so many foreclosures happening here right now I want to jump in with both feet.

I am looking for all the posts I can find here to read, in addition to the info I am reading in Profit from RE Right Now regarding foreclosures.

Anita, if you are checking in here, do you know of any places here that I may have missed where i can find info that will cover this info I am searching for. Thank you.

Cathy Geeting

Some friends of mine are going into foreclosure, and I want to try and help them. Now I've read both of Dean's books, and I know some strategies I could use to help them sell their property, however they would really like to keep that property. I wanted to buy it and give them a lease to purchase option so they can keep their home, but I just don't have the money for that. I'm going to read back through the books and do a bit more studying on the situation, but until then I was wondering if anyone had any suggestions or advice they could possibly give me.

Some friends of mine are going into foreclosure, and I want to try and help them. Now I've read both of Dean's books, and I know some strategies I could use to help them sell their property, however they would really like to keep that property. I wanted to buy it and give them a lease to purchase option so they can keep their home, but I just don't have the money for that. I'm going to read back through the books and do a bit more studying on the situation, but until then I was wondering if anyone had any suggestions or advice they could possibly give me.

There is a national law firm that specializes in loan modifications and negotiating with the banks. They are not scammers and have a license to do loan mods and dept counseling. Maybe your friend can start there http://www.libertycreditlaw.com/.

when you make an offer to a bank for, let's say an REO, will the bank want all your financial info so they know that you have the capability to actually buy the property before they'll accept an offer? (Good credit, cash, possibility to get a loan, etc.?) If so, will a seller or seller's agent have the same requirements? Or will each opportunity be different in that aspect. I don't look horrible on paper, but i don't think i would pass that test. Any info will be greatly appreciated. Fornunately i have found my motivation, and this is the only obstacle i have'nt been able to get an answer for. I intend on going into a bank soon and finding out myself, as well as a few other questions. but the more info i have when i talk to them the more confident i feel. And the mopre seriously i feel i'll be taken.

I CANT REALLY USE THE FORECLOSURE ALERT SYSTEM, AND I NEED TO FIND A HOUSE FOR THIS COUPLE. IM TRYING TO USE THE ASSIGNMENT ON CONTRACT. I REALLY WANT TO BE SUCESSFULL SO HOW DO WE LOCATE THE DEALS AT 20- 50 % OFF? THANK YOU FOR YOUR HELP

hey how are you.my name is josh and i really want to just maybe get a little help from some one who maybe have already done a couple of deals and would know what advice to give to some one that has no idea what to do or how to start or even where to start.thanks for your time.

Hello everyone,
I just finished reading DG 2 books and as many of you probably I guess I am just a little scared. I wanted to thank this wonderful website with all those great tools and Dean also for being so kind in bringing more and more ideas every time for us to be able to make more money.
I would like to know if there is someone in the Westchester county area (NYC) that is willing to share his/her ideas and maybe help each other to put Dean's ideas into practice.. anyone?? I realized I am the kind of person that is kind of afraid of doing it alone.. so if someone out there is feeling the same way.. please drop me a line.. I really want to get started.
Many blessings to all of you and happy property hunting!!!!
Tatiana

I came across an ad for a 2bdrm unit at a resort that is deeded and letting it go. The add states that they are asking "cash out or take over the loan". What does that mean exactly? If this is a resort on the oceanfront, what is it that i may be getting? Can this be a timeshare perhaps ?

does anyone know the exact process you take to find properties for investors. I found a investor on craigslist that is interested in people to find them deals so im wondering exactly what im supposed to do. im currently on fal system and im just wondering to i try to contact the seller first to get a exact price or do i just hand over the link and let the investor make his own offer

Does anyone know where i can find the Investor Disclosure Statement? I don't see it in the forms and documents file.

i just ordered the foreclosure alert system. i was wondering how do i place offers for the properties

I currently have a house with my brother together. i was trying to get a loan for a investment property. the bank told me i have to put down 20% since its not my primary property and if i want to make the new property my primary i at least have to put down between 5-10% and the value has to be more then the property im currently living at now. does anybody know anything i can do to get around this process

i recently got to visite a dg friends blog and ran into an site where you can put in properties you find and if they decide to go with your finding they will pay you. i was wondering the pros and cons with that since there is no paper work saying that its your original property. i was wondering the pros and cons with dealing with these types of sites. any input or anybody that have dealt with these types of sites please respond...thanks, sy

Hello everyone,

I would appreciate any info anyone may have regarding the REOresellers.com group? They have an intriguing approach, but I am somewhat skeptical regarding their legitimacy.

Thanks,

RA Webb

Went to the site and its temporary off line or moving to a new address

I do not have any other proberty. I love to get an proberty but I have no money. How do I do that?

I have been dilligently looking online in the local newspapers, and researching obituaries, look up contact information and property adress on white pages then I then go onto totalviewrealestate, and check the value, and check the year and price purchased. This gives me a ballpark idea on possible equity on a property. I found one, and found out there was a reverse mortgage, which was taken out, and the value of the house against the equity taken out made it a short sale. Is there a website that I can go to find out loan balances, and possible liens on a property, so I know which properties I should pursue?

It is my understanding that there is a buyers list somewhere in the Investment center. I would appreciate some telling me how to gain access. Sorry! I have a lot of problems getting around in the center. Hope someone will help.

I am having a hard time navigating on Deans site. When I click "ask a question" I see all the same question posted and not mine. How do I view my question and the comments it received?
Thanks for your help

I am reading Dean's book and want to be sure about a few things. So, when assigning a property to a buyer that requires bank financing it is better to use the IEE "Instant Equity Exchange" strategy which basically is a contract amongst other contracts you have the seller sign that gives you the opportunity to find a buyer within a designated amount of time to buy the property for the FMV amount you offered plus whatever your % of profit will be, with no money down and if you don't sell it within that designated amount of time that is stated in the agreeent then the contract is null and void, correct. But, my question is this I understand all the assigning aspects and contracts as well as the discharge of agreement to purchase statement I just don't understand how you get your money from the agreement. Dean states that you just submit the Investor Disclosure Statement and Sellers Acknowledge Agreement to the attorney. What attorney does he mean, do you need an attorney or does he mean that you can submit it to the seller's attorney and/or the buyers attorney to get paid out of the escrow funds? These escrow funds, are they paid at closing or once you trade off assignments? He also states that you can submit it to the Title Company to get paid. How do you go about submitting it to the Title company, is this done at closing or before, and do I need to have an attorney submit it for me? Finally, when assigning contracts whether it is the IEE strategy or the old strategy of Assignment for cash buyers should I get an attorney to look over all the documents or is it no need? Is it best to use an attorney with one strategy instead of the other? If I use an attorney for either strategy what is the usual attorney charge, is it the usual amount for a regular closing or is it a different price since you're technically not closing on a house you are buying?

James,

You have to create your own buyers list. There is not a buyers list available since everyone here lives in different states with different buyers.

For help creating a buyers list you can visit my blog at http://www.realwholesaling.blogspot.com.

Goodnight DG family,

When working with assigning deals, if I were to find a property and put in an offer, would the sellers agent allow me to write on the buyers line my name and or assigned without a fight? I would like to assign properties to investors or buyers. Please help. Thank you.

Hi Carol,

I am reading Dean's book Profit from Real Estate Now and I admire your ingeniunity in acquiring your deals for assigning properties. I think that calling for rent ads in the newspaper was a great idea. Do you still use these ideas and was their any method to this process? Did you just randomly pick ads, was it properties that you personally remember being for sale at some point in time, or was it just a set criteria that you had in mine?

Hi, I'm BRAND NEW to the whole real estate investing venture. I'm reading as much material as I can and right now i'm reading Buy & Managing Residental RE by Andrew McLean. The book is a bit dated but talks about your best bet to obtain financing is to persue Assumable loans. Where I, the new buyer, takes over a lower interest loan that was in place by the seller. Is this type of option still available and is it used very often? Has anyone had exerperience in it? Thanks and I have really enjoyed this forum.
Best,
Jr

Is it possible to do assignments on Notice of Trustee Sale and Lis Pendens? If so how would you go about? and is it the same as assignments on Notice of Default? which is easier or better? For anyone who knows.

Hello every1. i want to write a letter to Dean himself. I cant find his mailing address anywhere in his books, courses, or on the web. People write him sucess stories all the time right?? How do they find his mailing address??

If anybody knows pls PM it to me...

Thank u.

I, too, am new at this, but I procrastinated many years, using various excused for not taking some action. Now, I'm on the move and more excited than ever. I hope some of these suggestions will help. There are so many qualified and giving people in the "Graziosi Family" that I'm sure you'll get more tips than you will be able to put into practice. Here are some that I've started doing that don't cost anything and are necessary anyway.

See if there is a real estate investment club in your area and attend some meetings, and make some accquaintances. They will also be happy to give you advice.

Start setting up your buyer's list. There are many ways to do this. The book tells you more than a few. One example is to get the phone no. of the I Buy Houses ads in your free local penny newspaper and call them and find out what their criteria is for buying property. Call the Homes for Lease numbers on signs and in the newpapers because maybe they are an investor and they might be interested in buying more properties. If you go through the different posts on this website, you'll find out many other ways also.

It may not be the fastest way to find a realtor, but pick up the Yellow Pages and start calling and find out if any of the agents work with investors. Even if they don't they probably have other valuable information: i.e. They probalby have a list of people who have tried to buy a house and couldn't get a mortgage. These people are potential lease and lease/option tenants who with some time may be able to purchase a home. Most of the realtors have also worked with both mortgage companies that help to qualify buyers, as well as worked with title companies. Get some of their names and call them and set up a working relationship with them. If you do find a realtor that works with investors and wants to work with you, great. Don't get discouraged if you don't find one right away. It's a numbers game doing it this way. The agent who works with investors (also buyers), will be invaluable to you, so be diligent in finding a good one.

Anyway, that should keep you busy for a few days. Hope the suggestions help.

I found this encouaging. It's by Louis L'Amour - "Up to a point a man's life is shaped by environment, heredity, and movements and changes in the world about him; then there comes a time when it lies within his grasp to shape the clay of his life into the sort of thing he wishes to be...Everyone has it within his power to say, this I am today, that I shall be tomorrow."

Be that man!!! Start the change!!!

Earl

This might seem like day1 for some people but, When you are the buyer. Do YOU pay realtor fees if you use an agent or not?. I think I read in Deans books that a strategy for getting some money back at closing would be to request 1% back at closing from the agent representing the seller OR you will bring in your own agent?

I am close to making an offer on a home and 1, want to know if I should use this strategy?
And 2 I have an agent that I know wants me to go threw him to buy a home so he keeps in touch with me like crazy. Should I use him and if I do is at any cost to me?

Thanks for your help
Andy