My Next Step As An Investor

Congratulations for taking action with real estate investing and being part of the DG website community. Dean is the real deal and his books are packed with a tremendous amount of tips, techniques, strategies, inspiration and information. Greg Murphy has really perfected the no money down sandwich lease option system. The key is to build your buyer's lists and match up the buyers and sellers. Work on getting these lists and create a system for your local area. If you have buyers that have a down payment of at least $5,000 this should be able to work in your area. The key is to learn as much as you can and do a little each day to move you closer to your goals. Good luck with real estate investing and with all your future deals. Believe and Achieve! - Joe

Today I was supposed to open a bank account for my Trust but time was not on my side. Tomorrow I will try to see if I can get it open. I will also look into finding an owner's information for a property that has been empty for several months now.

Just like I said, I did open the account for the trust. Today I recieve an important email and I act on it right away now I am waiting, I hope I make it.

I'll be flying to california to a conference in the 3th to the 8th of Dec. I would like to meet some of the folks from DG website. I will be in San Jose at the Hilton Hotel. Let me know if anyone neeed more info.

I was waiting for this moment, I have been saving every penny I can to start my investing in real estate. From what I have been saving and my income tax return I Have over 14,000 into the trust account, I found a small 4 family unit content 2 studios and 2 1-bedroom apatment it listed for 71,200it's a bank own I send an offer on it for 14,000 with 2,000 with the offer and 5,000 when we sign the purchase and sale agreement and the rest at closing. later I will write more about this deal. I have to go now.

You're asking for an 80% discount from the bank's listed price of $71,200!

That's $71,200 - $14,000 = $57,200

$57,200/$71,200 = .80 (80% off)

$71,200 x .20 = $14,000 (offer)

Please keep us posted.

I got a call from one of the secretary from the seller's office. she said the seller agent aks her to give me a call. she want me to come with my best and highest offer and fax it before 4 O'clock. I said ok. I call a friend from my job that promise me whenever I got a deal she want to partner with me. I call her and she said she can bring 6,000. So I make another offer for 20,000 with the same timeline. Now I'm waiting to see. The best thing about all this is that I did not even think they will take time to get back to me on this offer but they did. I Pray that God can open door for me to start the real estate investing business. I can tell that the 50% of the offer price don't really work in my area. I check it from sold properties from the past year, only two properties where sold around the 50% of the asking price. REO usually sold for more than the asking price in my city, and people who have cash grab them as soon as they hit the market. One thing that I believe is, if the Lord chose to open door no one will be able to close that door. I'll be back as soon as I heard anything from the seller agent.

Thank you soooo much for sharing Butha!!!!

You are doing great. I luv how you don't let people tell you that you can't!!!! Your first offer was 80% below fmv!!!! You ARE the BOSS!

I will definately keep an eye on you. You are going places and fast!!!

Scott

Great Job!

I love reading those great encouragment, I will keep you posted.

I will definitely keep you posted.

I did not get this property yet. the seller call they would like to consider something very close to the asking price. I 'll put it on my watch list for now in two week I will send another offer with 5,000 more.

I have cash for a down payment but my credit is not what is supposed to be to be able to get a mortgage. Yesterday I met with a good credit company that was reffered to me by a co-worker who had used them before. I sign the contract they will get my score up in a few months (3-6). Then I will be able to get a mortgage. Now, in the mid time I will focus to see if I can do assignment and get some hard money lender to work with. I will Keep going until I get there.

For the past two weeks I did not post anything about my progress, I did accomplish a lot. I recieve all the the credit report from the credit bureau, I sent them to the officer that is working with me on fixing the credit. now I am waiting for at least 45 days to recieve another batch of credit report with lot of improvement on my score. I also find a guy on a REI site in my state of MA. He has the cash and bougth a property in my city, He put me in charge after we met at the house for a quick look. I finally get a strong partner he has the money I have the knowledge. He want me to look for private fund to do the rehab while he will keep buying more property in my area. For the past two days he and I and our lawyer have been working on a package to give out to investor that will consider investing in this project. we already get three construction company in there to give us some estimates. Soon the job will start. It is a great deal with lot of potentials. Our plan is to get it all renovated then refinance and pay back all short term investors with a 10% interest and put it as a rental for the next 5 years. we can wait to get this project started, Spring is here let's start working, what a beautiful weather is was today. Wooooooooooo can't wait

BUTHA While your waiting on your credit score to climb Why don't you do me a favor and take $500 and go to a tax sale in your own state! And let us know what kind of great deal you find!! Good Luck!

In my state things are very expensive $500 in not even a pinch to put as a down payment on a tax sale. They usualy ask $5,000- $10,000 to be able to register as a bider on any sale tax or mortgage auction. I'll think about it, since I also have some cash. thank you

How great to see you back and really taking action! And I'm really proud that when the bank didnt accept your low offer you just put it on the back burner and moved on! Thats what it takes in this business - moving from offer to offer to offer which then becomes deal, deal, deal !

I love those kind of boost, I will keep you posted on this new project that is going to start soon. thanks again

Today I show 3 houses, contact a few people about business, I also talk to my Best Men from my wedding, I call to said happy birthday and the conversation goes on and on , I never taught he has money laying in the bank in CD, after talking to him about the Rehab, he agree to join me on this adventure. I feel like things are going great, he ask me to look for some more of those kind of deals. I think about looking for some tax sale tomorrow. Well that is good for now .