Just starting out

While the book may appear long winded those success stories by various people have infered strategies in it.

Be patient, Go through the whole book at least once o make it an exploratory read. I am new too and last week began my second read of the book
but this time concentrating more on the chapter of interest, actually ended up reading everything.

I will list some strategies:

1) Buy And Hold (Rent)
2) Assignment
3) Instant Equity Exchange
4) Rehab and FLIP
5) Wholesale
6) Short sale

This list may no be complete....

You can purchase Pre foreclosure, Forclosures (At Auction), Reos (Bank Owned), FSBOS (for sale by owners), ON SALE properties.

1) Determine the price of the house of interest
2) Talk to the sellers (It could alse be a bank, HUD, VA).
3) Put it on Contract
3) Get a Buyer (Either an end buyer or investor or renter).
4) Complete all Paper work. (Assuming buyers financing aspect is in place).
5) Open your pocket and deposit the money in it and go to the Bank.

This is my understanding of the whole thing.

Regards,
Bimal

Thanks for the list! I am a detail person who has a hard time getting going without understanding the details of the transaction.. Thats why I get frustrated when people talk about there deals but don't give fine details of the process they went through. I know some things people don't mention because they just assume that it is known, however those little details are what helps me learn.
Any help and all help is appreciated.

Rhino

People are more than happy to share with you the details of their deals but keep in mind every deal and situation will be different from your own area. Don't be afraid to ask if there's something you don't understand regarding a specific strategy.

Also bear in mind, this is not overnight getting rich deal. Put your best effort. Be resilient, persistent and have a maniacal passion.

Wait not to be spoon fed, somemthings are learnt best when you do it by yourself and on the way seek help on a specific topic, There are so many good people out there who would be willing to help. Ask again if you don't get it.
Everybody understands that for some people this is completely a new concept and a sharp learning curve. I am new too. My goal is one deal by EOY.

Excellence is doing simple things in extra ordinary way. This are not my wordings but I forget the source.

When you become successful please teach me a thing or too, I know you can do it.

All the Best.

Bimal

I am about halfway through the book... I'm excited to get started .. I am wondering how to find the actual contract I will need to hold a property to buy or sell to someone else and what wording to use when approaching a seller..
Thanks !
NJP

Understand you are drowning in information! There is so much of it.

My thoughts for you and NJP on "where to go now" is if you are looking for specific information on the site or advice on a specific topic, do a "search" in the top left hand corner for your topic here on the site.

The previous posts on "steps" are great!

Build an ACTION plan.

As a part of your action plan, build in some reading time (in books and here on the site). I would say 75% action to 25% reading. Make sure you stop reading long enough to move forward with an action step so you will have ACCOMPLISHED something!! This is a task I have struggled with, but as soon as I made an action plan broken down by my goals for the end of the year, to the end of each month to this month, to this week, to today...it has helped to propel me forward in TAKING ACTION!

I so relate to the "lots of weeding" and detail on the site, so I would just advise for you to make an action plan, then use the "search tool" for help on each part of your action, and get started.

Congrats on being here, posting here, and finding some great resources for your success!
Louisa

Look to the left on your screen, under Student Resources. Click on Forms and Docs you can use the forms that Dean provides or go to attorney who handles closing and see if they have standard real estate forms tht you can buy and make copies of or if you have the funds for a more tailor contract made specific to your deals.

Oh answer to your other question, talk to the seller in a conversational manner, so you don't sound scripted.

Thank you for the input. I do get overwhelmed when not sure of a direction to take, however Louisa has inspired me to take the next step, setting a goal.
It may be small but I will make one deal before the end of the year! What I want from this is a property that will launch me in making more deals.
Details:
1)Putting together a team - 1 month
2)Continued reading and research
3)More detailed action plan - 2nd month
4)Action on first property (offers on as many as it takes)

I will be sure to get some help on this so I can keep the mistakes to a minimum.

Franklin D. Roosevelt
It is common sense to take a method and try it. If it fails, admit it frankly and try another. But above all, try something.

And I love the Franklin Roosevelt comment Hope you have a great day tomorrow!