Want to get started ASAP. A little knowledgeable help please!

Welcome to the DG family, as we call it. We are so happy to have you here. Wow, you have sooooo many questions it's hard to answer them all. I would start by finding what you're most interested in. Is it helping a person in foreclosure? Is it buying a good deal from the bank? Then, since you already have knowledge contact any of those old contacts you used before, find out what they can do for you and what would be the best approach to suit what you're doing. There is a post on all these topics here, you just have to look for them. I hope I at least gave you something to help you get started and point you in the right direction. If you have specific questions it would be best if you ask one at a time so we can have a chance to answer them for you, posting a ton of questions at once is harder to address and time consuming.
God bless,

scott, basically, the market has changed a little since you were gone, it's a little harder to walk into deals like you did right now with the market being overly flooded with new real estate investors.

My thoughts for you with the whole TAX SALE thing is, well you came into the right time for that(in my area the once a year TAX sale is in september) however, with thier being sssoooo many pre-foreclosures, REO's, thats kind of whats "in" right now, plus investors are getting them @ steep discounts, i guess you could say thats the "bread & butter" of the market right now, i will say this: i am pretty excieted about this coming TAX SALE, with the economy being so bad, i think a LOT of people are behind on thier TAXES(unemployment is the HIGHEST it's been in years), i'm thinking thier will be chances to buy properties "FREE & CLEAR" for "PENNIES ON THE DOLLAR", remember were here to help so on that note, i'm super sully, your host for this evening and thanks for reading the "market in review", CLASS DISMISSED, SULLY

hi elena, thanx for the thread links but ive already spent days looking thru those threads and the ones u just provided deal with reassignment that i told u im not interested in doing. just outright purchases for me i think. as far as the "motivational" threads i dont need any of that im already motivated! sully, thanx for yer advice, im gonna call to see when our courthouse auctions take place. i had no idea it was only ONCE per year? figured as soon as they got a pile they would put on another auction. if its once a yr i better get crackin and find out! well i would appreciate either of u expanding on the other questions i asked in my post or await answers from other people who may know the answers. thanx again!.......Scot

i thought we answered just about everything you asked, oh, except, weather PRE-FORECLOSURE'S or FORECLOSURE'S are a better time investment, i believe thats pretty easy, PRE-FORECLOSURES offer the MOST oppertunity for PROFIT, i mean think about it: your NOT bidding against other investors in a all out bidding war, on the other hand, once the property has gone back to the bank, "I" personally think that they DO NOT offer near as much FLEXABILITY as a FSBO PRE-FORECLOSURE, i would much rather deal with a regular homeowner than someone representing the bank, like i said "more FLEXABILITY on TERMS and PRICE", SULLY.

hey sully, i guess i DID get too windy in my first email, nobody can find them all! maybe i should start another with my questions numbered in outline form so people can respond instead of weeding thru my whole big fat message? i have tons of other questions in there. can preforeclosures be bought from the bank? i guess i figured they gave the home owner a chance to pay their debt and then it went to foreclosure. how would the bank sell it to me before that? as far as a FSBO preforeclosure. how would i find such a thing? r u referring to placing ads to help people out of a jam with their home kinda thing and wait for someone to respond? im not sure about that. i buy it from them for what they owe to save their credit and resell it? i guess im looking for quick and simple, this seems more like a wait and sit back kinda relax thing? too much work and ad expenses not cheap nowdays for something that may not get any responses. i guess theres craigs list, maybe i should take a look, not sure thats where people would look for such an ad? hmmmmmm........Scot

i have been getting approached by some companies that say they will purchase the property, rehab and flip with us earning a check.

are these companies real? if so, are there any good ones?

anybody know. sounds kind of good like it might work out for someone to get started using someone elses money and systems, but ?

anyone have any experience with this?

hi dealestate dude. u should put this post on a different more related thread. i just started like u. but it doesnt seem unreasonable for a company to offer such a thing. what r they asking u to do? if yer just doin some research and setting them up id say what the heck, ya got nothin to lose right? if it works out and u get paid go on to another and another. if they stiff u u know what to do then too! if it works let me know what they want and if they work in multipe states so i can do it over here too!........scot

To Answer your Pre-Foreclosure question, "can Pre-Foreclosures be bought from the bank".

Answer: NO, you can't, the bank does NOT own the property yet, in order to purchase from the bank, you would need to wait until the bank actually Forecloses on the property, and anyway, me personally would rather deal with the homeowner, than the bank anyday

in reference to your other question, "How do i find FSBO Pre-Foreclosures?"

Answer: The same way you would find any other FSBO, you could find them in: the local newspaper, Internet classifieds, and here is the BEST way- "LIS PENDENS", you need to go to your county court house, or find out what thier web site is(since most counties are now on-line today) and look for the "Mortgage Foreclosures" or "Notices of Default", depending on where you live, now, after you see the list, check to see the date on which they were served and either try and call them(which i'm not that BIG of a FAN of) but some people DO have success doing that, or you can do what i do and Write a "Pre-Foreclosure Letter" and do a "Direct Mailer"

hey sully yer response with lis pendens is related to another question i wanted to ask. i am using 4closurealert.com for my forclosure search tool. it seems to be an excellent tool if and when i verify its updating frequency! so i search and find lots of prospects but then there seem to be many different "categories" of foreclosures attached to each particular sale such as: Lis Pendens,Administrator’s Deed,.Executor’s Deed,notice of sherriffs sale,Sheriff’s Deed,Quit Claim Deed, Warranty Deed, etc. which one of these is the best to attack first or doesnt it matter? i guess im tryin to ask when is the best time to get my foot in the door in this process to make myself the most amount of money? so how do u go about makin money on a lis pendens which i assume is a notice of default by owner in preforclosure? u send them a letter saying u can buy their house from them for the amount of the default and save their credit? that how it works? i guess i was just figurin easier to get it from a bank afterwards? why wouldnt they just sell the house THEMSELVES!? but i guess im open to anything. thanx!.......Scot

they are the homeowners who just started going into Foreclosure, this offers you the best chance for a couple of reasons: 1) TIME- because you acted so quickly you have the maximum amount of time alloted to get the homeowner to call you, in my state it's 8-9 months. 2) COMPETITION- again, cause you were proactive and sent out letters immediatley your chances increase for that homeowner to call you FIRST, and if he/she dosen't? you keep on sending letters throughout the whole Foreclosure process, people initially are "NOT very acceptable to the idea that they are indeed going to loose thier home", so, if they don't call you on the first letter, be patient, they'll call, they just have to "WAKE UP and smell the coffee", they could be in DENIAL for quite a while

answer: just kidding, anyway i think you asked, " do i send them a letter saying i'll buy thier house and save thier credit", YUP, that basically sums it up, except one little thing, on lots of occations i also offer a "RELOCATION ALLOWANCE", depending upon the circumstances.

question- "you just assumed to buy it from the bank afterwards", if it were only that easy, once the property goes back to the bank and lets say the property had around $60,000 in equity, they would rather take thier chances @ auction, then take your offer for just the loan amount, cause they know that investors will bid the property up past the loan default amount

Dear Recroom Supply,

While I am just a newbie to REI, I found Dean's book INVALUABLE relative to its 3 major parts: Assessing Real Estate; Being Mentally Prepared; and Developing a Comprehensive Strategy.

Your multiple levels of questions certainly suggest you know a lot about real estate, but you may find some of these questions answered in Dean's book. Or at least a framework in which to categorize or organize them. Then, sharing a thought or question or advice (like Sully has done multiple times in this thread) may help you move even FASTER toward your goals...and you can share your successes with the rest of us as we learn how to become REI's.

Good luck and welcome aboard to the DG family! wib