1st Time

Hows your credit?

I would say first thing investors should do is try and get their financial house in order.

1.If you fico is low, work to raise it
2.If you have high interest credit cards, look for companies that are offering low or 0% for 12-15 months. Then transfer those high interest cards to the new one...THEN DONT USE IT! If you use it, you get screwed. Cause now all your payments will go towards the new purchases until paid off. If you DONT pay off the orignal transfer BEFORE the 12-15 months are up, you will be hit with all that back interest!

3. for fast cash you ca open a HELOC (home equity line of credit) Only have to make payments if you use it. This will also help raise your fico, by having 20k 30, 40k (however much)available but not used.

D

can a person have more than one HELOC from different banks? I have one now but in the mail received an offer from a different bank for one with a better rate. But to have more than one as an available resource of quick cash would be great.

Rosco,

Start here...
http://www.deangraziosi.com/node/3355

I am not possitive about that, but I would think that as long as you have more equity available in your home you would be able to open another one.

D

I came across a FSBO property today. I spoke with the seller and her father passed away and she lives in florida and wants to sell the house as quickly as possible. I want to get this property but cash for down payment is not an option and I was first thinking of asking her if she was interested in doing a rent to own and In the mean time if we agree on a great price I could then find a buyer and sell the property.
Or should I just purchase the house.

I live in Western Nebraska and REALLY want to get into Real Estate Investing for several reasons. There are several empty houses in my area, some of which have had real estate signs in front of them with no buyers. I am positive there are foreclosure properties in my area too. I know of many families who would love to have rental homes, or even to purchase one of their own. I want to help the real estate market in my area to fluorish instead of seeing empty houses. I dont want to make a huge profit (don't get me wrong, I want to make money), but I am more interested in helping people. I would also like to buy my first home.

I am a (mostly) stay at home mom and a part-time substitute teacher. My husband is a ranchhand. We live in a ranch-supplied house. Needless to say we have no extra money for down payments, or any other costs associated with real estate. I am not exactly sure what I should do with what I want to do and what I have at my disposal to work with. I have just purchased Dean's book today, so I will read that soon as it gets here, but I know that what I have put here will be a question I will ask anyway. Does anybody have any idea what I will be able to do to get money to invest with or what kind of market I have to work with in Western Nebraska??? Thanks for any comment!!!

Is the property distressed meaning does it need any kind of repair or anything like that? How much is she asking? What are the comps? What is the actual current value of the house? How much is she asking for down payment?

The reason I am asking these questions is that you may be able to gt it with no money down.

If the house needs 10K in repair and she wants 10K down ask for a trade out on the repairs and the down payment offering her a lease option deal. Therefore you would be putting no money down but would be responsible for making the repairs in exchange. Same deal.

Find out her reasons for wanting to sell. Does she need the money for financial reason, meaning she has no other option but to do conventional sell so she can get all money at one time. Or does she just want to sell to be rid of it? If this is the case then you must think creatively and figure out a way to gain the property but still give her what she needs - A SALE. With the lease option she would have stead and additional income coming in every month. Make this deal look appealing to HER, sell YOURSELF and be confident when you present it.

Much success

Start here...
http://www.deangraziosi.com/node/3355

I have a question; you know when you said you can trade off the the down payment for the repairs that are needed on the house - what if the repairs don't get done and you sold the house to some else. I know this might be a dumb question but now the homeowner really didn't get anything of money at the beginning from the investor deal besides the money that was given to her for the house being sold. But what if the house didn't get sold and is being leased with still the repairs needing to be repair and the people in the house don't know how to fix the repairs as do you (the investor). Are they not going to need those repairs done or are they? Just wandering.

What I usually do when doing a repir trade off is write into the contract that if the repairs (and I list them) are not completed during a specific period of time, them the contract becomes null and void because it was breached by not doing what you said you were going to do. If I did an assign then the same agreement would pass on to them, nothing regarding the specifics on the agreement changes except the ownership (and/or assigns).