Rina

It's great to have you here!
I think you will benefit SO much from having the mentors there to help you. When you get going, use them to your FULL advantage!
You know what. Putting and/or assigns to me just wasn't something I ever heard of. And even though I believed it was OK to do (I even asked my attorney. He said yes), I still had butterflies when I first wrote it on a purchase agreement. Isn't that silly? BUT, now that I did it a few times, and my realtor has no problem with it, it's not even an issue.
So each little thing that I face and do it anyway, I feel a sense of accomplishment (no matter how silly it may seem to someone else).

As far as assignment fees. I believe you are paid those when the deal is closed. Bird-dog fees I'm not sure about yet. It might help to re-read this post by Anita. http://www.deangraziosi.com/node/3783
I'm not sure if the answer is there, but it's great info regardless.

What do I look for in a piece of property? Well, that's a very broad question. Some things: Asking price, condition, location, number of bedrooms, bathrooms, age of house, neighborhood, the list goes on. I think you're just gonna have to do a bunch of reading/research on that one.
WHICH you will enjoy anyway.

So, congratulations on getting started! I applaud your determination and courage on stepping right in. Hope to hear more from you.

God bless and best wishes on your REI.

Rina

Welcome to the site. It's good to have you here.
I appreciate your note, but leaving any personal phone#s or e-mail addresses is against site rules, and I'm afraid your post might get deleted automatically. If you'd like to PM me instead, I would be glad to talk with you.
I wish you all the best in your REI!

Sincerely,

Rina

Thanks Rina for the encouragement about the journal. I write an article for our local newspaper but seem nervous about writing here. I guess because I'm not as knowledgeable about this subject.
I'll give it a try.

Jan

Hey, Jan. I just read the start of your journal and left a reply.
The talent some people hide!! lol
Great to have you here. You're really movin'!

Keep it up.

Rina

She's movin so fast all I can see is her dust!!! ;D

That's the cloud of PROGRESS! lol

Rina

just wanted to see how you were holding up with Brett Farve gone and everything, there pretty much goes your season...lol, SULLY

Just kidding. I don't really follow sports, BUT AT LEAST I KNOW WHO BRETT FAVRE IS! LOL
I hear he almost joined the Vikings. THAT would have been a blow (we're on the border. Packer/Vikings wars! lol)

OK, Sully. Get back to class.

your pal,

Rina

Hello Rina,its been a few weeks since we soke to eachother.I am still working hard to keep my dream of becoming rich one deal at a time.
Today i abtained two mortgage brokers to partner up with me.As well i have two title company to work with me on assignment deals.WEll i should say one the other is still a little skidish.
I have been getting a few calls from advertisements on yahoo,google and Cregslist.Investors from these postings have been great.In my inventory i have about 13 ugly houses that i am tracking down the owners on.tomorrow i will join a skip tracer site to aide in my search for owners hone number.Soall and all i could taste my first deal.

how is things with you these day?

I am doing well. Thank you. And yourself?
Sounds like you're movin' right along! Great job. Every step you take puts you that much closer to your dream. AND you build momentum.
I'm excited FOR you!
Keep us posted on the ugly houses.

God bless,

Rina

Hi Rina, so enjoyed you on the conference call last month. Have you invested in any mobiles? I live in a rural area where rentals are few and far between. There are lots of mobiles. I purchased one 4 1/2 years ago on a foreclosure and it has generated great cashflow. Just wanted your input if you have had exp. with those or know of any who have.

Blessings,

Diane

Thank you. And it's nice to meet you.

No, I haven't invested in any mobile homes. They don't hold up so great up here with the extreme weather (although there ARE quite a few of them) and don't seem to appreciate in value (at least here). I think they probably would cash flow, but I really like to buy the more solid structures.

Where are you located? It's great to hear that you've had success with yours. What has been your experience?

God bless,

Rina

Hi Rina, Could you refresh me as to what I need from the appraiser's office? Went by the courthouse today, pulled info. on properties to be auctioned next week. Only had name, address and Vol. number where registered. How do I find out what the bid price will be and any other info. I will need? Also, couldn't these folks be contacted to see if we could save their credit before going to the auction block? I appreciate any input.

Blessings,

Diane

Did you mean the assessor's office?
As far as finding the info on the properties up for bids (potentially), for our county they keep a copy of the judgement/foreclosure notice in the sheriff's office until the day of the auction, actually in a little binder on a table in the foyer. They also post them in the paper and at the library (I've gone into the library and made copies off the bulletin board). Each of these should list the bank/lender filing the judgement, the case number, all the legal on the property, owner's name, date of sale, judgement amount, etc. And, yes, there is still time to contact the owner. Not much, but still yes.
I went to our sheriff's sale today. it was interesting (and funny). Those guys are always a hoot. (I'll write more about it in my journal).

I hope that helped a little, Diane. If you have any other questions, feel free to keep in touch.

God bless,

Rina

Hi Rina, My experience with the Mobile has been great. My son and I looked at several this past week and he is going to bid on a HUD one this weekend. He's trying to get his feet wet with RE so this is a good way to generate cashflow.

Next quest. I could not find any info. about judgment amounts on the info. at the courthouse. You had mentioned on your call that you had a friend at the assessor's office that helped you with info. What info. is she able to give you? I feel that I am not asking the right quest. because I'm not getting the $$$ amounts. I'm trying to find out what the auction bidding will start at, what they owe.

Blessings,

Diane

my HERO!, well in reply to your PM, about my letters that i sent, i would love to sit here and lie and say i got like 25 calls and 2 "UNDER CONTRACT" but i didn't, as a matter of fact, i didnt get 1 damn call, NOT 1. How's that for dissapointing, and it's not like i'm sending cheesy letters, their actually very, well somewhat professional letters, i feel like i'm doing something wrong, i mean, i sent like 100 letters out, i planned on sending approx. 200 but, my budget wouldn't allow for it. I figured i'd get someone to call, @ least 1! What the @%!^%, but, i still plan on sending letter #2 in about 2 weeks(i have a total of 5 letters that i send in the foreclosure process) SULLY.

Sorry about the responses so far. But, hey, I know you're in it for the long haul! And you're WAY ahead of me with this. I've never even tried sending out preforeclosure letters yet. That's why I'm scrutinizing you! jk
Keep us informed on the feedback, OK? It is a great learning experience for us (me, at least )
Can you PM me (or post) a copy of your letter? I would love to see it.

Thanks Sully.
God bless,

Rina

P.S. WHY AREN'T YOU POSTING IN YOUR JOURNAL??

Hmmm... judgement amounts.
For information on the property itself, you would look at the assessor's office or register of deeds. But for information regarding a foreclosure, you would have to contact the clerk of courts for judgement amounts, I believe.
Do you already have ANY information on the properties? Any classified legal notices? Any paperwork showing a case number?

I would suggest reading through Chapter 16 again in BARM. This may help. There is also a chart that will show you what types of foreclosures happen in your state (judicial or non-judicial, or both), and the process involved in each. The info I am sharing from my own experience may not even apply to yours.

Also, don't be afraid to call the courthouse and just ask whomever you reach. I'm sure they can connect you to the right department or person. And if you feel silly asking, don't feel that way.
Think this:
1- If you get the answer, you won't ever have to ask it again. lol
2 - Your tax dollars are paying for them to be of assistance to you.

I wish you well.

God bless,

Rina

P.S. Let us know how it goes.

I'm sorry. I forgot to say Congratulations on doing well with the mobile homes!!
And thank you for bringing up the subject. You sparked a lot of conversation and great posts ( especially from the coaches) about them. It is very educational for everyone on the site. So I would say part of the credit for those contributions goes to you.

Thanks again,

Rina

Hi Rina and thanks for the encouragement!!!

Happy Labor Day to you!!!

Tomorrow I am checking out the auction at the courthouse. Still don't have the info. I need about judgment amounts, etc. I do have the legal notices and info. about the case number. I'm going to ask the people at the auction tomorrow for help on how to do this LOL

My husband and I were cleaning a property that became vacant this weekend and had prospective renters looking at the property. We have a deposit on the property but hadn't been able to do my due diligence because of the holiday, so the sign was still in the yard. These folks (the ones looking)are going into foreclosure, tried to help them but they are in way over their head. Somehow they were talked into property way above its value.

Anyway, they are looking for a place to rent and I am looking at more properties this week that just may fit their budget - Woohoo!!!

It's amazing how many people need to rent.

I just love Real Estate:)

Blessings,

Diane

It IS amazing how many people there are that need a place to rent. Sounds like YOU'RE in the right business. lol

You may be surprised tomorrow. I forgot to say that oftentimes the judgement amount that is posted in the paper is different than what they start out at on the day of the sale. It may be lower, it may be higher (most often the latter). This is because of added expenses incurred by the bank in holding the proeprty for the longer time. When it is lower (as I have noticed a few times) I'm guessing it's because maybe a homeowner has tried to pay more onto the principal (I haven't asked, though, to be sure).

Well, have fun tomorrow, and I'm interested to hear how it goes!
And, yes, real estate is like the ultimate entertainment, besides the best money-making opportunity there is!!

God bless,

Rina

P.S. Do you and your husband have a business getting REOs ready for market? I love having access like that.
My realtor calls with a heads-up when she's going to be getting an REO.

Rina,

I see you are on the sight tonite. Please help me. This is my first response to my ad I placed on Craigslist. And before I call this man back I want to make sure I know what I'm talking about. Do I understand correctly, this biggest difference between a lease purchase and option is that the buyer has to purchase the property @ the end of the term. Also is there a down payment for both, if so how much should it be. Part of the rent goes to toward the downpayment how much and how is that established meaning how is that money handled to make sure that money goes toward they down payment. Also I don't have a team of people yet. So do they file contract with a title company and do I need to find one. Also where can I go to run the comps on rent and the property. I'm sorry I have so many questions I have been studying this a rea and now that I have someone interested realized I need to ask more questions.

Thanks
TIna

Do you know which one it is you want to do? Are you just looking for information to tell this gentleman? Is it YOU who has the property to lease/option or are you looking to lease/option FROM him? Are you looking to ASSIGN the lease/option?
I guess you need to give a bit more info, if you have it, for me to understand what you need help with.

Rina

It might help to read through this article.
http://www.deangraziosi.com/node/7576
Don't be afraid to talk to the guy that responded to your ad in Craigslist. He won't be the ONLY one to respond, and you can "Fake it 'til you Make it" with the first few callers if you have to. It will build up your confidence and make you that much more ready for the next. Make yourself some notes to go by, and maybe practice a little. But don't let fear hold you back from taking those steps that will put you nearer to your goal!
YOU CAN DO IT!!!!

Wishing you all the best,

Rina

Goodmorning Rina,

I should have gave more details. Since my credit is not that great right now. What I am doing is finding seller who have not been able to sell their home and putting them with buyers who have can not qualify yet for a traditional mortgage. Once they sign a lease I get a fee equal to the first months rent.So I just want to make sure I understand everything correctly before speaking to him.

Thanks

Tina

I just read your post in iffizworld's thread giving the numbers and your question about still running comps. (That makes it even clearer. Thanks. )
You would still need to run the comps to know if this is a good deal to pass on to another renter/buyer. How are you going to market the deal? Do you already have a list or good source for buyers?
I guess if you're starting from scratch, getting educated on the whole process is a must (especially if you're using it to educate the sellers/buyers. Read, read, read through the forums. There is info on every step of the process, from running comps (sales and rent) to filling out contracts. I wish it was compact into a neat little package, but it's just so much info scattered here and there as people have asked questions, it just takes a little effort (that's how I've learned) to gather and absorb it all.

Anyway, with all that said, you do need to start by making sure the deal with the seller is feasible and something will attract a buyer. If it's a good deal for you, it's a good deal for them.
I'm not sure which contract you would use between yourself and the seller to guarantee that you got paid for finding the buyer, if you're not "locking up" the lease option in your name first. I imagine it would be similar to a bird-dog fee. Just make sure you have some kind of contract between the two of you to make sure you get paid.

Here is another good article talking about the difference between lease option and lease purchase.
http://www.deangraziosi.com/node/5643

Note: Advise the seller to watch the contract language. Do not call the money collected up-front a "deposit or credit toward down-payment". It is a "non-refundable option consideration" between landlord and tenant, giving the tenant the "OPTION" to buy at the end of the lease term.

Also, keep the lease agreement and the option agreement as two separate contracts. And it is suggested that the option agreement be recorded for public record.

During the lease period, the landlord (seller) is still responsible for the taxes and insurance on the property. The tenant is NOT in the "process of buying" the property. They are renting until the time that they can choose to buy (or not) the property. (Surprisingly, 80% of people with lease options do NOT end up exercising that right, according to the PMI course)

Sorry this is so long. I hope it helps a little.

God bless,
Rina

This really helps. Thanks!

you're welcome and I wish you all the best in your REI endeavors!
Don't forget to come back and share your successes!

God bless,
Rina

I am from Canada, and I do not think this system will work over here due to the differances in our laws and Real Estate rules, anybody that is in Canada, if you could ring in would be great to hear or from any other member that might have this knowledge.

Thanks-In-Advance,

Kirk

Hey, it's good to have you join us.

I don't have any knowledge of the laws in Canada, but I am CERTAIN that there is a way to make money in REI in any free country in the world! Have you read Dean's book yet? I think you should probably start with a team of professionals in your area.

A real estate attorney can help you with the legal parts.

A good accountant can show you the ropes of keeping your finances and how to use your system to your advantage.

I'm assuming you have realtors/ real estate agents. you'll need a good one of those.

And I'm sure you have properties for sale. As far as assigning or flipping or holding, you'll have to check into what you can do.

Pause...

OK I just opened another window online to check out Canadian properties. You've got some good deals going on up there!! You better start checking into it. Now I'm excited for you!

If all else fails, you can always look into investing in the US, too. YOU can do whatever you set your mind to!!

I wish you all the best, Kirk!

God bless, and have fun!

Rina

Thank-you Rina for your quick responce and I shall do a little researching and see what I can find out, and yes I am going to purchase Dean's book and get to some reading. Hope to see you at the bank one day, in the future, if you come across any other information that you feel is a value to my endever please forward to me.

Kirk

Thanks again Rina , I now remember reading that earlier in the rules.

Kirk

I have bad credit and I want to get started what can I do ???

Welcome to the DG family.

Actually, even with bad credit you have a lot of options for getting started. There are a good number of threads/posts in here on that subject. Try the search box for finding and reading them. I will try to leave a few links, as well. Here's one place to start.

http://www.deangraziosi.com/node/3355
http://www.deangraziosi.com/node/1509

Some of your options include using a partner for financing/using their good credit, buying FSBOs with seller-financing (your credit is generally NOT checked), wholesaling, bird-dogging, using lease-options, etc. If these sound unfamiliar, start by reading through the forums and gaining knowledge from the many experienced REIs that post. Also there are folks who have shared great articles from other sources, too. You will find all the information you might need. If you have any more questions about any in particular, feel free to ask, or post a new thread. You will find lots of support here.

Again, welcome to the family.

Rina

Hi Rina,
As I am very new to being involved with Dean Graziosi (less than two months since I first heard of him), it is encouraging for me, as a pastor, to read of you being a Christian, and being the "Top User" on this web site. On my personal folder for my and my wife's eyes only, I have a file that lists several verses that deal with money, to keep things in perspective. I just committed to Dean's Mentoring Program yesterday, so I am really going to be a "user" as well, and am glad to see that the "Top User" is a Christian.
Obviously God has blessed you. PTL

We are honored to have you join the DG family.
And, yes, God has blessed me and my family immensely. Even before we had the monetary and earthly possessions we have now, we were rich. It's first and foremost in knowing Him. We cannot take all this with us when we go (and eventually we all go).

I have found Dean's program and this site to be a blessing from the Lord. Even though I am not perfect and do not deserve it, God has given me the opportunity to have found a way to multiply what we have, and I will not be selfish in return. As we grow in abundance we are able to bless in abundance. I pray the same for you and everyone here.

Pastor Greg, you will find an awesome number of believers on this site (as you can tell by a lot of the dialog and the verses in their profiles), and I feel SO blessed to be a part of it.

Again, welcome, and we look forward to hearing a lot from you.

God bless,

Rina

I see you have scored over 5000 points what are those good for?
it seems you are doing ok!
keep it up
thanks and good luck

I'm going to put a copy of a reply I left for Pastor Greg yesterday on a question about the points :
************************************
"As far as the points go, I don't think they really mean anything once you get past a certain number. I think, originally, it was to encourage people to post and be active in the forums. Once you reach 500 and have all the badges (indicating your participation in REI), you can qualify to be invited into Dean's Inner Circle (in which there are 6 of us right now). This is one benefit I've really enjoyed! Dean will come in and chat with us personally, and we do have some perks within the site (user-friendly features, that is.) So in that respect, it matters. But as far as how many I've accumulated, that's just because I'm a big mouth and LOOOOVE talking about REI (and doing it, of course!)
(I think Anita and Elena would probably admit the same thing. haha)(I know, I know, speak for myself. lol)

Anyway, the MAIN focus of the site and the forums is to encourage people in their REI and to give helpful advice, and to learn together. I admit I might be a REI fanatic , and should probably not do so much talking (I'll have to work on that), but I have grown so much in here over the last few months I am forever grateful. Hope you experience the same thing."
************************************
Hope that helps.

Rina

P.S. Welcome to the DG family. It's awesome to see so many new people joining us. Hope you find it a positive and supportive place to be.

Rina,

I haven't started yet... and want to .. I dont have my brokers license.. but I'm interested in connecting an Invester with the seller... I want to get started so bad... what do I do first?

Colleen

Welcome to the DG family.
I see you've popped in here and there over the last few weeks, and have had an interest in doing assignments.
Did you get the sample form that coach boconnor was going to e-mail you?
There is also an assignment contract in the forms and docs on the left side of the home page.

Can I ask, have you read Dean's book yet? (I'm guessing yes, but just asking to make sure. )
VERY important first.

Then you need to work on building your buyers list (which will include investors) AND learning how to lock up a great deal. If you haven't already listened to last week's live call with Dean, this will be a very good one for you to hear. The guest speaker is working on assigning properties and is one that I know of who is having DEFINITE success in doing it, even in today's market.
http://www.deangraziosi.com/node/11110

You don't need any kind of license, Colleen, to be a Real Estate Investor. And you can start NOW.

After you have absorbed the information and tools Dean gives in the book, you just need to get out there and start learning by experience. Join an REI Club in your area ASAP. Just being around like-minded people (and of course you'll find that here, too!!) will do wonders for your confidence and your REI growth. Never feel intimidated or "less than" someone else that seems to have it all together. All you need are knowledge and confidence and there is nothing in this world that can stop you from reaching your goals. Read all that you can here, and be brave, get involved in the forums. Believe me, the old saying is right: The squeaky wheel gets the grease. lol

I wish you all the best and hope to hear great things from you!!

God bless,

Rina

my name's temeka shaw and i just got the program and i don't know where to start can you please help me my credit is very vert bad thank's temeka shaw

You just got the "Think a Little Different" program? Let me congratulate you on your first step toward success!
Now you just need to do your homework. It will definitely be worth it!
Start by reading/going through the program, and reading all that you can here in the forums. As you gain knowledge, you will feel confident to get out there and start "practicing" and then "making" deals. Work on your credit, too, at the same time. There are plenty of helpful threads here in the forums to get you started. Do a search on "credit" to pull up all the related posts.

You can get started in REI right away by doing wholesaling and bird-dogging. Read up on these subjects.

I wish you well, and welcome you to the DG family. We're glad to have you here and hope you find all the support you need.

Rina

hey what about this i'm in a bankruptcy and it's very hard for me to get any kind of loan.what do i do then i need help

You need to learn how to find/create good deals to get under contract and then pass on to other investors/buyers.
They will want you to lock up properties at 70% or less of the current market value. That is where you, as a wholesaler or a good bird-dogger will come in and earn your $.

Sorry to keep repeating this, but it's very important to read through the materials you already have and as much of these forums as you can. You will start to absorb the knowledge that you need to become successful in REI, by reading all the great threads and questions/answers that have been brought forward over the last few months.
So spend some time on that and then come on in with questions. You will know more what it is you're asking if you go about it this way. Use the forums to "enhance" your knowledge and as your support group. Anything you want to know is probably already here. You just need to do a little homework.

God bless,

Rina

P.S. Do you have Dean's book "Be a Real Estate Millionaire" as well as the TALD program?

Hello Rina,

First of all, Thank you for sharing all your wisdon. I read your profile after noticing how many posts you provide on the site and felt a connection. I also have been in real estate for awhile but now want to take it full time and will need to use creative strategies since I do not have a "real job" and therefore cannot get loans. I am attracted to the assigning as I am a researchaholic and know my immediate area as well as anyone. It just seems too good to be true and I am not sure if it is even legal in Ohio. I have an exceptionally high credit score, a little cash to work with for deposits and such and a decent amount of equity in my 3 properties. What would you suggest to someone like me? (I believe I am meant to do this, I want to also use this to help others, and I tend to want to give everything away but know my knowledge and effort is worthy.)

Wishing you lots of peace and prosperity! Thank you for reading this.

Kate

Hi Rina, My name is John and I just purchased Dean's book, Be A Real Estate Millionaire. Im trying not to feel overwhelmed. I could really use your help and expertise. Any help would be greatly appreciated. Thanks In Advance and Congrats on your new properties.

God Bless,
JohnW.

Let me say Welcome to the DG family! It's great to have another sister on board. (and I love your screen name; bargain, my favorite word. lol)

Congratulations on what you have accomplished so far! You are in a great position to speed up your REI! And there has been NO better time in history to do it (which I'm sure is why you're here). Congratulations on jumping in!

Assigning a contract is legal in all the states from what I've learned so far. You will just be selling your right to the contract. There are a lot of great threads in the forums on the subject. CBR has recently posted some VERY clear, precise, currently-used methods on how to do them, and I am looking forward, myself, to using this strategy. Here are a couple of threads you should read:
http://www.deangraziosi.com/node/11943
http://www.deangraziosi.com/node/11903

Kate, I wish you well, and I look forward to comparing notes as we both push forward in this great area of opportunity.

Again, welcome. It's good to have you here.

Rina

Welcome to the DG family!
My first advice to you is sit down and read the book. You will thoroughly enjoy it and come away with more knowledge and motivation that you would ever dream possible. THEN jump in here and start reading and joining in. You will find yourself ready to step out there and start practicing and then MAKING DEALS!
I am excited for you to get started!
You won't find a better way to make a financial difference in your life!
Stick around and share what you learn with us. We'll be here to cheer you on and celebrate your successes!

God bless,

Rina

i havnt said hi to ya for a long while now so hio ya to ya

Good to hear from ya. Hope all is well up there on the top of the world.

Rina