FAQ: Answers To The Most Asked Questions - Start Here

Will banks allow you to lock-up properties on contract and assign them?Does anyone know.Because if your going that route,and you can't work deals w/foreclosures theres no point in looking at foreclosures as possible deals.....

How do I post an ad on Craig's List in the real estate section without getting flagged?

My friend found a home owner in the beginning stages of forclosure. He helped her get the back payments cought up and entered into an a lease option to purchase with her. He has the right to assign his lease with her to someone else. Thus he is the middle man and after two years the buyer he found will purchase the home. It was noterized and considered a done deal. Then her family got involved and advised her to keep the place since she was able to get the payments caught up and not go through wih the deal. My friend tried to make the first payment and she refused it saying she changed her mind and is not moving. He now has a family who gave their notice and are packed and waiting to move in. He does not know what to do. I was a witness to the transaction and noterized the agreement. Any words of wisdom for him? He is ready to hold up his end of the deal and wants to force her to keep her end. Can he do that?

Does anybody have any suggestions on what else I can do to get rid of a property that i purchased and rehabed back in April . I've used craigs list and i haven't had any luck . I'm wondering if anybody has used the auction technique and had any success thanks for the help...

Its all in the wording that you use. Although the administrators state that the ads are reviewed by them and 98% are true flag removals. They aren't. When someone doesn't like your ad or it is too competitive for them they will flag it and have it removed. Keep the ad simple with enough info to intrique the individuals you are trying to attract but not enough that "haters" will have too much information. The other method that I use is to post the same ad in several sections. The key to this is to change the wording enough that it won't look or sound like the exact same ad or they will remove it.

For example: I posted and ad in the creative services section that said, " Attention Brides and Grooms!" In the body: While your planning your future, remember you need a great place to live! Need help with this, give me a call.

This ad was removed but 3 days later and after I had 5 replies first. Then I just reposted it in another section.

Hope this helps.

Let's just say you have worked very hard at putting several profitable deals together. Then the Real Estate Agent decides he/she can do this without you and she takes the knowledge of what the two of you have done together and completely leaves you behind. Another thing could happen with a buyer and seller, once you have placed them infront of each other on a couple of diffrent occasions they decide to cut you out of the equation. Has this happened to anyone and how do we stop this from occuring????????????

Thanks,
Brian

another newbie that read deans book, i loved it!! I signed up because I read some interesting post that people had left. One question that I have is when looking for investment properties is it good to comfront with a realtor and use their mls, or should you stick to newspapers and searching for fsbo properties? if anyone has any suggestions that would be great thanks.

when looking for investment properties is it good to deal with a realtor and use their mls, or should I stick to newspapers and fsbo properties? any suggestions will be great thanks!

I would highly suggest using a realtor just because their resources are astronomical! Dean suggest it in his book too and has a whole chapter dedicated to finding the right 1 for investors

I purchased the Success Academy several months ago and am almost finished with the PMI workshop. I've seen Dean rave about the Foreclosure Alert System as being WONDERFUL, but it seems inadequate upon which to find properties.

I have recently come across RealtyTrac and it seems a much better system and after my 7 day free trial is over, I will be subscribing to it. It seems Dean's system could learn a few things from other successful sites.

MY QUESTION. WHAT EXACTLY IS INCLUDED IN THE $6,030 PRICE I PAID FOR DEAN'S COURSE. THANKS.

good morning every one : my name is mho i'm in New-York: I went to the bank "capital one" like i have been told to do, try to approach the bank manager to find out if they have any bank own houses or pre-forclosure property, so far no one seem to know anything is like a big secret : is there any other way to find this type of info...?????
thank you for your help....!

Hello;

my question is; I came across a foreclosure auction website that auctions tax liens; i really don't understand how the tax lien works; if i was the winner in the auction what exactly do i do with a tax lien?

thank you

Hi Rina,

Any pointers on lease option. I am about to do my first deal this week and just wanted to make sure i'm not missing anything. I will have the property lock up and then sign it over to another investor. Do you know the correct form i should be filling out? I believe the forms are all here on this site. You help would be greatly appreciated.

P.S. It was a peasure meeting you at this years Live event.

Thanks,
Tall

When you buy a tax lien you now currently are the holder of that lien on that particular property you bought if from. And depending on state they have a redemption period to pay that lien back plus interest. And depending on states a tax lien is the highest priority to be paid off first even over a mortgage itself!! So with it being backed by the government and guaranteed fixed income return it is an excellent investment. If the lien is not paid off by end of redemption period you have the right to foreclose on that property. If you bought an 8K lien on a 150K house you just won what they call the rich mans lottery!!
Best of luck

1. Existing liens can kill the deal. When you buy a foreclosure, typically the lender has settled, or paid off, all existing liens attached to the property. You should be buying the foreclosed property lien-free. But a short sale property has not gone through the process of cleansing the liens from the title, so beware. You'll be asked to take title subject to the liens, meaning that you will now be responsible for them. So plan your budget accordingly and try to get everything paid off at the closing.

2. Unknown liens can be expensive land mines. A bigger problem is the presence of unknown liens attached to a short sale title. An attorney recently shared a story about a short sale where a $45,000 tax lien cropped up after all the other issues had been worked out and the lender had accepted a price. This sudden $45,000 shortfall almost killed the deal. Ultimately, the lender accepted less, and the deal closed.

3. More than one lender means double trouble. It's bad enough negotiating with one lender. But if the homeowner has taken out a second or third mortgage, you'll have a bunch of lenders standing in line, each of whom has to agree to the short sale.

4. You might wait six months, only to find out your offer wasn't approved. Lenders don't appear to be in any hurry to accept a short sale offer. Why? Once the short sale offer is approved, the lender has to write off the missing principal as a loss. For a primary lender who might have some or most of the loan repaid, this might not be that big of a write-off. But a second or third lender will be left with nothing and have no incentive to approve the deal. Any of these lenders, or all of them, might kill your deal.

5. You might have to pay more than you agreed or risk losing the deal. You might find out after months of working on the deal that one of the lenders requires more money to close. Everyone in the deal will look to the buyer for the cash. You have to decide what you're willing to spend to make the deal happen. At some point, the short sale might not be worth it.

6. Unforeseen issues can crop up at any time and delay or kill the deal. The longer it takes to approve a short sale, the more issues can arise that will delay or kill the deal. If you're buying a short sale, you should absolutely hire your own attorney (not the lender's closing attorney), who can represent your interests in the deal and provide you with cover should you decide not to move forward with the purchase.

I recently purchased the books and ofcourse my situation requires some outside funding but i dont have the credit criteria. Who/or how do i find the capital to get myself in the game i really need this to work. I could use a mentor especially on the whole "no money down" techniques!

Hello! I am Jamie and I have been trying to get this thing going. I have been doing a lot of back and for marketing on craiglist with buyer, or renters and home owners looking to sell. I ask rent would they be willing to buy? A lot of them said yes, or on a rent to own, or land contract. I ask seller would they be willing to rent to own or land contract? A lot of them said yes with a down payment. I was amazed at the responses. The problem I am having is talking to sellers. I don't know how to approach them or negociate especially negociating. I freeze up when its time to go look at a property because I don't know what to say. If anyone out there can help me or give me some advice,or tell me about the first time they went through this. I WOULD REALLY REALLY REALLY APPRECIATE ANY ADVICE.
THANKS!!!

Ernest money is it for tieing the owners property up for 14 to 30 days?

I'm researching a home I want to short sale.
How do I proceed if it is in a bankruptcy?

Hi everyone, My name is Steve and I just finished Dean's book "profit from real estate now " I'm alittle confused right now "probably more scared then anything " But I- like the most of you guys when you started this NEED THIS TO WORK for me and my family. I basically am living pay check 2 pay check . With the rising cost of health care along with not having a raise for 3yrs I have got to do something (before I lose my house ). so i guess what i'm looking for is alittle insight and to know this thing REALLY WORKS! PLEASE HELP ME AND MY FAMILY. THANK YOU IN ADVANCE.

i was wondering how would i save my house from going to into foreclosure and get out of the mortgage

Hello everyone, I'm trying to understand the whole process of how this works.... I have a freind of a freind of mine that offered a two,two house with a one car garage attached on a good sized corner lot.The question that I have is this, if I buy this home on land contract using no money down and with bad credit, can I pull money out of escrow to use as a down payment to purchase at the time of closeing? I hope that this dosen't sound to stupid thanks for any input.....

How easy or should I ask, is it possible to buy REO's on land contract with no money down, with bad credit and sell the property for a profit?

A few questions to put out there to all of you:

1. When wholesaling deals like this where other people/wholesalers are involved what is your best method to pay all of those who are involved?

2. When wholesaling REO's has anyone had any success selling them to your buyers any other way than doing a double closing? If so, what did you do. I know we cannot assign REO's but there has to be a better/faster/easier way to wholesale them!

3. Does anyone have some private lenders they'd like to share with me?

4. The reason for question #3 is because I want to buy some REO's and sell them with "Sweat Equity" on a "rent to own/Lease Option" basis. With that in mind has anyone done this and what is the best way to draw up the paperwork.

Thank you to all and have a great year!

Keith
fivestarpropertygroup @ g mail . com <---you know how to put it together - because it wouldn't post my e mail address

I put some signs around the neighborhood and got a response from a neighbor. She said she was looking for a 3/2 in the neighborhood with a lease option. She found one she was looking at and its boarded up on a corner lot, grass up to your needs, and there is a lock box on the front door banister. There is no for sale sign. Did a property search on the internet but no seller. Might not be up to date. Called a friend who has access to MLS and waiting for a response. When I find the seller what am I going to say since this is my first deal. I'm so excited I'm beside myself. I just need some of you experienced real estate investors to say Im on the right track. I feel as though I don't know what I am doing even though I am reading Dean's Book.
Thanks
Clarion

I have 15 days left before they forclose on my grandma's house. She did a reverse mortgage and borrowed 220,000 dollars. The house is worth 310,000 dollars. We have one person with good credit to take the loan. They said that isn't good enough and we need another person to cosign on the loan. We want to save the house but can't get the loan needed because of bad credit. Can anyone give me any information that will help me save this house and get the loan. Once we have the loan we will rent out the house and cover the loan. Please help I'm desperate.

Pone

Hi there my name is anthony and i'm employed, used to work for State Street Bank and i'm plannng to go back to school and need to afford for medical school. could you provide advice on what i should do?

thanks
anthony
Boston Ma

Hi all. I actually just signed up with Deans Success Academy. I seriously took a leap of faith because that was half of my savings. :/. I just wanted to post on here to get the feel of talking with other like minded individuals. I actually start my first training course for Deans Success Academy tomorrow. I'm scared and excited. I'm pretty sure I'm going to find deals and assign them to needy buyers of investors to start out. I guess bird dogging lol. Finding really good deals and passing them off to investors to start off my new career in real estate investing that way I can create enough money to start investing where the real money is at. Hope to hear from someone lol.

I cannot find coaphonesolutions anywhere does any one know how or where to find them? And also i was told that when you bought the book that you got your own free website or i misunderstood what they were telling me,does anyone know anything about this and if so how to get to it. Is LLC and EIN the same thing? And what is the quickest way to build good credit on a LLC my own credit is trashed.

Thanks K

What is Ernest Money? Is it for tying up the person's property?