Contracts and Offers

Hello every one! I am newbie Investor and reading deans books, the reason I am asking for " help"I am trying very hard to make my first deal, I think I am a little bit confuse please help me with some clarity or step by step method how to do this. I saw a sign that a realtor post on a property in my neighbor-hood should I call him and ask for a price of the property? should ask for comps,and find the ARV for the property after looking at the property. I am asking if any one can help, its highly appreciate.

Thanks A lot

Lorna God Bless

Okay, this question is addressed to experienced investors.....

With your REO offers submitted through RE Agts, are you also including an Accept / Decline time or date limit? In one of my courses I had heard that you always want to create a sense of urgency and to set a date/time limit specific; say 5 PM of the 3rd day after submission. Any thoughts??

--Walter

If it is to be, it is up to me. -unk

I have realtors sending me listings. I am following the criteria of as is, price reduced, vacant starter homes in hot areas.

I check each listing for further signs of motivation to sell and or estimated equity of property.

I check the value of the property on totalview and compare it to the asking price.

When properties are listed below or near FMV and show some other signs of motivation in the listing, I select them to offer 65-70% of the lesser of the listing/FMV prices.

My goal is to get to 50 offers sent by Friday, the end of my first week making them.

What can help me is to find out how people have optimized, and sped up this process of research and contract signing.

I wonder if anyone has any tips to streamlining any of the following:

This is nothing new, but I haven't seen it posted anywhere so I thought it would be helpful if I posted it.

For everyone having problems providing PROOF OF FUNDS for making offers with the 25 to 1 strategy because they don't have the funds (this applies to wholesale deals where you will be double closing), go to www.coastal-funding.com. You will be able to print your own legitimate proof of funds to provide to your REA. Make sure to read the information on the website, as the letter and funds are only able to be used in certain situations. One of those situations is double closing.

Hope this helps some people. It was a revelation for me!

Anyone have any advise on how to put out ghost ads to attract investors?

I will be using the 25 to 1 strategy through my real estate agent. I have no money of my own to use as a deposit. I understand from reading other posts that I can stretch my earnest money deposit window out to 72 hours after acceptance of the offer. I also understand that I can write the contract to give myself the same amount of time to deliver POF (which I do not and will not have - my assignees are going to have it.)

My question is this: if I only have 72 hours to get the contract assigned before I have to provide EM and POF (which I don't have, therefore making the deal fall apart), how are my cash buyers supposed to have enough time to look at the property and do their due diligence? Last time they looked at a property they took more than 72 hours.

I found a property from another wholesaler who I've never met before (besides over the phone) and one of my buyers is interested in it and wants to go take a look at it. The wholesaler gave me the lockbox code and told me to give him a heads up before I go look at the property, even though the house is vacant.

I have 2 questions about this situation:

1. How can I have my buyer and I go look at the property?

2. How can I re-assign the contract with no money out of pocket if the wholesaler requires a $2k non refundable deposit? (transferable to another property)

I've never worked with this wholesaler before (found this property online) so I don't know if he'd try to remove me from the process and go direct to my buyer.

So I been a memeber for some time now. This is probably one of, if not my 1st post. I just became a Insider Elite member and i just read the
30 Days To Real Estate CASH

I have just a couple of questions.

1. When calls come in from bandit signs, while talking to the seller, the book says to ask all these questions, all the way down to what there askinf price is, if thats flexible and finding how much they owe... in all of that it sounds like you are finding an offer price without even looking at the property. at what point would you go to look at the property ( im thiking after) and what do i do from there?
also when doing 25:1 making offers. do I go check out all them houses 1st or do i juat use the mls info and do copms to determing if and how much I should offer

Ok i found a great buyer. He wants a home to live in. He wants a 3 bed 2 bath home with a basement. He is all ready pre qualified for a loan and everything is in place. I just need to know where to go from here. I dont have any properties locked up yet but i have found alot of great potential properties for him. How am i able to show him these properties without having to lock them up. I don't want to lock up a property that he doesn't want. so what should i do from here.

I have heard from my agent that on EVERY offer that you place on a home in NJ, you must submit a deposit with each and every offer. How can someone just starting out possibly put in 25 offers when you have no money? POF is not enough, they want an actual check, before the offer is even accepted.

Any suggestions??
Amy