Buying Foreclosures, REOs. Short Sales, FSBO, MLS and More

Here is one little tip that you may use to find good renters.

When a renter is applying ask for their current address in their rental packet. With the information of where they live send a freind to the property. Have the freind knock on the door and ask for an address that is not even there. This will give your freind a chance to see inside and let you know how they keep the property.

There are clients right now that are asking the bank to finance the entire transaction. A client who contacted an REO for a mutli plex got the bank to accept less than was due by almost 50% then asked the bank to take back financing at 100%. The bank did it. Yea.. that is great.

Flipping is 100% legal. There is absolutely nothing wrong with buying a home for a bargain price and selling it for more. There is also nothing wrong with buying a home, fixing it up, and selling it for more than the market value. If a buyer wants to pay more than market value, that is their choice. Hud does have an anti flipping clause which means if others are going to purchase from you and are using FHA financing they will have to waite for 3 months to finance the property.

When dealing with cash flow properties a term that is often used is NOI. This means Net Operating Income. This is an important number when determining if a property is profitable or not.

This calculation is easily done:

Gross income
+ add any additional income such as laundry
- subtract vacancies or pre determined vacancies for the year
- subtract all expenses except the mortgage payment. This would include management, upkeep, gas, etc..

This will give you a NOI. This number is used when determining a cap rate, an other determinates of a property.

I thought this would be a good thread since I just started to put in offers last week.Can anyone give some detail on the proper way to do this.
I just used email and was wondering if the correct way is hand delivered.

I searched for the listing agents email,then went to coastal funding website and filled out proof of funds letter with the price I was offering and the address.Got the proof of funds in my email box.then wrote up the offer and sent the offer with the pof letter attached.

Hello, I have been a member since last April. I read Dean's book and signed up for his class and took it. At that time I actually had some options of my own to buy Foreclosures, REOs, short sales and so forth. We looked at probably 10 foreclosed homes.

One of the things that I am realizing is that it could very well be invaluable to utilize the help of my RE Agent in a BIG way.

I missed another pre-forclosure, and I found out that it was actually listed and that I would have been able to use an agent to help me with the deal. So what I decided was..... HOW do I include my agent in a much bigger way?

Then it hit me. I called her and I told her that I wanted her to get together of ALL "listed" pre-forclosures that were more than 120 days Old , AND their information to show me what they OWE on the house as well as the COMPS.

I'm going to try and ask this question but in no way am I bashing Dean.I feel Dean has multiple strategies that I plan on using and He has changed me and so have all of you. (DGFAM)

This question has every newbie and vet Investors Questioning.

REDC is having their auction in my city this week and I was looking at some of the properties on their website and some had a starting bid of $500-$5000.

These homes were out in the desert in an area that's growing with new homes.I was wondering with so much inventory out there,can these deals be pasted up and acually sold at that price.Has anyone seen something like this at an auction.

Of course will need lots of rehab,but I see some cash flow from this.

Hi
I am US Green Card holder living and running a real estate company from Dubai, UAE. I believe many of you have heard about the boom in Dubai. However today investors are scared and are pulling out. Vulture funds are getting created to swipe properties are cheap prices.