Scared or Excited....Help

Hi HillValley,
Welcome to this life changing event! Glad to see your getting out there and making offers already. Don't be afraid. Chose being excited instead. Continue to review the book. You have to first determine what avenue your going to pursue with the properties your making offers on. Are you looking to do buy lease offers or assign them. It will help to start building your buyer's list. There is also The Success Academy offered thru Dean's program. They offer one on one mentor programs. If you go to the search engine at the top of the home page and type in success academy, it will pull up any info you may need. Continued success.................Lubertha

Hello,

I'm new to real estate, I joined the PMI coaching class, I guess they are the same as Dean's coaching class, any body joined the Tax club? They tried selling me some things any thoughts on that, do i really need all that stuff?

Miss T.

If your offer gets accepted, then you market the hell out of that property until the closing. Make sure you have all the provisions that you need in that contract. Also, see if the owner will hold the note since you do not have the credit and/or money, that would be a better way to go about it. Also, you might want to try and assign or double close if there is substantial margin there.

Yuri

Lubertha and Yuri,

Thank you for your encouragement and advice. It is greatly appreciated. I will keep you posted. :0)

Thank you again,
hillvalley

I believe the following quote may be appropriate: "THE ONLY THING WE HAVE TO FEAR, IS FEAR ITSELF! - FDR" This is always true with anything new we ever try, a new city, home, school or job. Congratulations on taking action, that is half the battle. In regards to your offers, the key is to always have a Plan A (and a Plan B or C too) as to what you want to do with the offer if it gets accepted. Will you flip the deal, or assign the deal, take in a cash partner etc. The key to any deal is how good the numbers are in the deal itself. The better the deal the more options you will have. Thus, keep looking at homes and the knowledge you are gaining will prepare you even more for you investing career. Good luck on all deals! Believe and Achieve! - Joe

Indiana-Joe,

Thank you very much for your insight. I enjoy reading your posts and replys. Do you think I should put in more offers on different houses? My thoughts, what if I put in 20 offers and 1 or more get accepted. I know this GREAT!, and what I am trying to do, but what to do on the other end is kind of scary and how fast will I have to come up with it? I don't want to end up with 4 houses sitting on my plate and unable to do anything with them. Then what? Just some kinks, I know I will work out.

Thanks again for your thoughts.

hillvalley

I would select the area you want to invest in and make sure you learn the market value of the properties in that area. Any real estate agent can provide free of charge the comps of the area for recent home sales during the past 6 months to a year.

In Dean's book he discusses ARV (after repaired value on homes). Thus, what you want to determine with these REO homes is what they are worth or will be worth after the repairs. This will guide you in your offers. Typically on REOs I would consider offering around 50-70% less than their asking price on most of them. If you find a great REO that needs very little maybe you will be closer to offering around 50%. Be persistent and have your real estate agent present the Bank Asset Manager the REO offer every other week to show that is your "best and final offer". I believe one will get accepted if you are persistent.

Another key is to also start networking and building a buyer's list with other investors, or people in the community looking for a home. Then, if you get several accepted you will then have immediate buyers to assign the deals to. I hope this helps. Good luck with all your deals. Believe and Achieve! - Joe