New to the Site

Yea its awesome! When I first came it was very welcoming! Sounds like a good plan and read the whole book before you start and ask all the questions you need to ask here!

Hi Kris,

Welcome on board this life changing event! The best way to start is to jump right in. You'll find this site very helpful in the process. What a great opportunity and friend you have to start off with! Much success to you..........Lubertha

Hi!
guys I just wanted to say hi and maybe learn a little before i jump in and get my feet wet. You see I ordered the books already but have not arrived yet so as you can tell i'm very ancious to get them. Well thanks in advance for helping I'm pretty sure I will need it.

Welcome to the greatest opportuniy by far! I like your name! What a wonderful feeling to know your only a few steps away from financial freedom.... It still feels as exciting as it did when I recieved the book. I'm looking forward to changing my life. You'll find the support on this site is amazing! It enables you to look back on posts and find answers to almost anything. And what ever you can't find you surely can ask. Much success to you...........Lubertha

Welcome to the DG family and we are happy you are with us ! Just keep on reading Deans books and also ask us if you have any questions. If you can afford to go to the Academy and go for it. Best of luck !!

Warm regards,

Paul T. La Moy

Welcome to the DG website community. There is a lot of great information here and very friendly people. Dean has great books with great information that really gives you an edge with real estate investing. The books are packed with tips, techniques, etc. Good luck with REI. Believe and Achieve! - Joe

Kris

Just the fact that you created an action plans means your on the right track! I myself have a partner I use only for her credit.. sounds harsh but true, and hey, she gets paid for it. I suggest you keep doin what your doin and just study on the side. Most important things is action in my opinion. At any rate, welcome!!! Your on the right site... don't stop, keep on movin!!!!

The Million-Dollarman

Your going to get SO FIRED UP after reading the books!!! I love em, I keep reading em, probably read Profit about 5 times. Your life and the way you think is about to change, for the better in my opinion. You already made a great decision by decided to actually do something! Let's see... before your books come... OH! You already done it.. you've joined the forum and actually reading the posts. Keep reading! Another off the wall idea... find another local investor in your area and let him know what your up to. Keep in touch. They're pretty easy to find, they have the "We Buy and Sell Houses" signs and ads everywhere. Getting to know other investors is pretty darn priceless I say, I don't know how many times I've asked them about a deals before I do anything ESPECIALLY since they have more experience and have way more deals under their belt than I do.... well anyways just a thought. Last piece of advice:

DON'T STOP, TAKE ACTION!!!!!!!!! You WILL make mistakes, and that's WONDERFUL!!!! Because you learn from them which makes your next deal THAT MUCH MORE BOUNTIFUL!!

do anyone thinks it is wise to once after buying a multi unit that was distressd fixing it up and then rent it to full occupancy then turning for a profit or hold for long turn income

do anyone thinks it is wise to once after buying a multi unit that was distressd fixing it up and then rent it to full occupancy then turning for a profit or hold for long turn income

hold for long turn income! 8,10 12+ family complexes don't come on the market all that often if they do it's b/c someone muck up majorly.

Why not do both??? If you plan on buying a mulit unit, make sure to crunch numbers so you know your gettin a nice cash flow, cover the mortgage/loan, what have you... As long as the numbers are right, you can hold on to it til the market becomes favorable enough to sell/someone wants to buy AND keep all the cash flow in the mean time.

What I would do.

Kris, Any news yet !!

Paul

I have to agree to disagree with you on that one pimedoutgeese; sell the duplexes, triplexes that you find and flip for profit all you want. Definitely, Hold on too the 8+ complexes until you just get tired of collecting the $$$$$ then past it on to responsible relative (who maybe) want to one day get their start in REI.

Hello everyone my name is Ralph and I'am new to this post, just purchased Dean's book and I have some questions geared to some one who is experienced and knows a little about the Florida market. The niche I am going to focus on is assignment of contract because I need the cash, based upon my reading on numerous post I have gathered the following conclusions and questions:
1.Dealing with foreclosures seems to be good choice to start with
2.Short sales are a longer process
3.Many banks do not like working with you if you have the assignment clause on the contract, am I correct on this conclusion?
4.On a average how long is the process with foreclosed properties
5.Can I do the assigment clause here in FL

I would also like to comment on a post which recommended to put the contract on your LLC for Debt to income purposes, I worked for a major bank recently and they will blend in your personal debt as well as business debt therefore I don't think this stragedy will work in today's market. Thank you for any input have a blessed day. PS I live in the the SE part of FL

Ok, so I'm ready to get this thing started. My plan is to use bandit signs, craigslist ads, and newspaper ads to try and go after some foreclosures. I have a few questions though:

Again, I have a partner with great credit and a good provable income to provide mortgages to acquire properties. The way I envision it working out is that I find foreclosures, try to buy for close to what the owner owes on the loan plus some money for them to come out with.

Example: Owner owes 50K on a 125K house but faces foreclosure. We offer him something like 60k to buy the house immediately, in turn avoiding foreclosure for him and providing him with 10K to walk with and get a fresh start. Obviously the trade off for him is that he sells the house fast and gets out of the jam. Is this a basic formula of how buying foreclosures works?

Also, I want one of the advantages for the seller to be that we can close fast. How can you have control over the speed of closing. For instance, when people advertise that the can "close fast" or "close in ten days" or "48 hours," how do they do that?

Thanks in advance for any help.

Kris

Let's see what we got...

Atlcamel

I think I understand what your sayin, you would just hold on and not sell, right?? Yea that's fine everyone has their own way of doing things. I was just throwing out the idea that he could do both if he really wanted too. I also see your point about them not coming on the market very often.

Bonilraf

I have to admit I'm fairly new at this myself but I do know a little about what your asking about. Assignments are probably the easiest and quickest way to get "fast cash" deals going but a lot of don't like using the clause which really stinks in my opinion. Even still, you could use them with a cash buying investor and really sink into some profit.

1. When I started out I wanted this to be my niche. Foreclosures can be great! It allows you to buy some houses which have literally nothing wrong with them for cheap. I haven't really bought any yet cause of cash and loan problems but after a few deals I'm going to look into it.

2. Short Sales is a longer process but again, you can buy a nice house really cheap. Have to do your research and make sure its worth it to the bank to sell for less then the note.

3. Yep, correct about that, but that doesn't mean you shouldn't try... Also smaller banks are awesome, NexTier is the ma and pa banks for my area and they literally did everything they can to help and work with me.

4. Sorry can't answer that one seeing as I've never done it before.

5. I'm sure you can but check your state laws and what not before you jump into it.

If the bank wants to tie in personal and business debt then it's time to find a new bank that will look at your LLC with some respect lol. I bet you that bank wouldn't look at who owns Burger Kings personal debt... not that they would probably have any but.

Matt Larson opened up a forum to ask him questions, definitely drop down there and ask your questions there:

http://www.deangraziosi.com/real-estate-forums/everything-else/24089/ask...

Kris

What your looking at is called PreForeclosure... Basically where they are getting ready to hit foreclosure, missed a couple payments. These people are typically highly motivated to sell and why not? Your giving them 10K to start over in a new house!! And your getting rid of that nasty foreclosure from ever touching their credit.

As far as the closing thing, it probably won't be that fast until you get some experience under your belt, not to say that your first won't close that fast.

If you close with straight cash and not have to worry about any banks for financing then you can close in 7 hours lol. That's pretty much how they close really quick OR they have financing readily available so it just a fill in the blanks type of deal. That can get you closed fairly quick as well...

YOU GUYS ARE AWESOME KEEP IT UP!!!!

Knowledge is Power
- Pimpedoutgeese

So would you suggest finding a mortgage broker to work with and explain what we're doing before we actually start looking for houses? This way my partner is pre-approved and the process will be a bit quicker.

Also, should we consider forming an LLC? I'm concerned that having my name tied to anything may interfere with us getting financed. Again, he has good credit and a significant provable income. I on the other hand, have neither. Should we just leave my name officially out of it and do it all in his name? Trust wouldn't be a problem.

Thanks again for any help. You guys have been great.

Kris

To our new family members, welcome. I hope that this new career path and journey will bring you all the success you desire to achieve financial freedom and millionaire status. Good Luck.

Sandra

I honestly don't know too much about LLC's... I know that, in time, an LLC can establish IT'S OWN CREDIT!!! (Great for credit lackeys like me) However a downside I do know about is some banks will sometimes look up both LLC and it's owners credit.. I'm not sure if ALL banks do this but just something to point out... I remember reading some where that you can buy a mature LLC (Meaning it would already have established credit). Again, something to look into because I'm not too sure about LLCs.

You could explain to a broker what you would be doing. Probably a good idea since, like you said, it could quicken the approval process...

Here's an outta the box idea...

How about you pull a mortgage out in your partners name on a home, then at a later time add your name on the title, then have your partner sign a quitclaim. (JUST AN OPINIONATED IDEA... I don't know if any investors look down on this, I'm sure it's legal but someone VERIFY PLEASE!) Basically what this allows you to do is keep your credit out of the picture in the loaning process, which places it into his name, which makes the house his. Then he later adds you to the title, which makes the house both of yours. Afterward, he signs a quitclaim deed which basically gives up any rights to the home, including any proceeds from sales if you decide to do sell. Only thing that he keeps is the mortgage which stays in his name, which is ok. Besides, it only improves his credit.

If trust is not an issue, I say give it a shot... But if you would like some insurance, I'd go with a contract stating that HE HAS TO RELINQUISH RIGHTS FROM THE HOME (Forces him to sign quitclaim deed, they use it all the time in divorces) and get it notarized. Just my two cents.

Knowledge is Power
- Pimpedoutgeese

Hey guy's I'm back I have read Be A Real Estate Millionaire but have a few questions. where do you get the contracts to buy from fsbo.?
and How do you make a deal with a Real Estate Agent to do no money down.?

I am new to this too (my husband and I are doing this together.) This is my 2nd post. I'm still reading Dean's book but my husband has read it already. We also live in SE Fl,( the Treasure Coast - PSL) By no means am I experienced at this but maybe I can answer a question.

Per our attorney assignments are legal in FL. Many real estate agents put 'no assignments' in the contract with their seller. Since we will be working with pre-forclosed homes thats OK.

By the way where do you live maybe we can network?

Lea