Rina

I am up way too early but I am using the time to catch up on the site.

Jumping in to say Hello and Happy New Year!

Too reluctant to post in your Journal, you are perilously close to that 1,000th post and I, for one, do not want to be responsible for getting you any closer to shutting down!

One of my goals this year is to read your journal, a couple of pages at a time, from start to finish.
I have read parts of it
I have been part of it
I have never read the whole thing though and I am looking forward to it!

Have a wonderful day!

Love Angela

Your profile made me smile.
Your post made me cringe.

Very true. Important to protect your assets.

Hey, good luck on your REI endeavors. Congrats for stepping out into a most wonderful new career!

Rina

P.S. Once you get rolling in REI you'll have enough time and money to get back and enjoy your music in a different light.

Thank you so much for your kind comments and well-wishes! I hope this will be the best year of your life. Having joined the DG Family is a great first step to that! Looking forward to hearing good things from your REI endeavors.

God bless,

Rina

Happy New Year to you too, my friend!
H/ey, don't worry about posting/not posting in my journal, girlfriend. Even when it comes to it's thousand milestone, that certainly is not the END of something good, rather the BEGINNING of something even greater! And the only way I would ever leave this great site and group of people is if we ALL migrated to something new Dean comes up with, and I haven't heard anything like THAT yet. lol.
So, love ya sister. If you think of something creative we girls can come up with, let me know.

Have an AWESOME day!!

Rina

That sure sounds like a great way to team up.
When you use double-closings, you will need to make sure your end buyer is either a cash buyer or has financing with no seasoning requirements (such as FHA loan). This would work perfect in your case. Say your agent has a buyer that is willing to pay more than you are for a property. Some might ask WHY would the agent go with you instead of them? Well, if the property is an REO, most often cash offers are accepted before offers contingent on financing, so YOU can offer lower with cash, then turn around and sell to your end buyer. You just need to make sure they do not have a seasoning issue with their financing (such as FHA). Then you would not be able to do a true double-close, but would have to hold he property for the 90 days or longer. That is where HML or private $ would come in.

Good luck on your 4 offers, and keep us posted!

Rina

Hi Rina,

My wife and I are just getting started in the "business". Saw the ad, bought the book, and took the plunge into the Academy. Being from Wisconsin also, i would like to know if there are any special nuances we need to be aware of? Also are you aware of any REI groups in WI?

Thanks,

Kevin

found your post. Added my thoughts.
Good luck with your double-closes. Don't get too nervous about doing them, but know that with new regulations, a person might have to hold title in certain instances, so it will be good to find private money for the in-between, or buyers willing to pay ahead.

Rina

Congratulations on getting started! and welcome to the DG Family!

The nearest REI Club to where I am is in Minneapolis. I'm not sure where the nearest WI one is. Go to REIclub.com and check it out. Depending on where you're at you might be able to find one close to you (especially if you are South).
Investing in WI is pretty straight-forward. And we have one of the easiest and cheapest states for starting an LLC. $150 online and you can print off your paperwork the same day for an extra $25. Pretty nice.

Hope you enjoy and prosper in the months to come!

Rina

Hi Rina im so glad that you offerd your help.I just lost my 9yr job as a truck driver and i have no money to put down and no job.can you please tell me how to git started in assigning the contract.There are 2 houses where im living and there bothe just sitting there theres 1 i called the tax assesor and got lsat year tax appraisel for it and it was $94,502 and iv got the name of the persons who own the property.And i dont have even 400 dollars to pay for appraisel.How would you handel something like that?

Rina, Thank you for the reply. Sorry it took a while to read and now reply to it. In addition to having our heads spinning at the moment, we're still finding our way around on the DG site. Seeing as how you are a "true success" story and very highly regarded, what are your feelings on starting an LLC vs. and S corp? I was on another blog and it is quite confusing. I did have the consultation with the Tax Club. They seem very thorough (but costly as well). So we would like to do a few quick "assignment of contract" to recoup our initial investment, but then are thinking about buying and selling forclosures (they are very plentiful in our area) or buy, fix/repair and sell. We are led to believe if you don't buy and hold, the S corp is the way t go. Again, your thoughts?

Thanks in advance,

Kevin

Hi Rina,

Can you please help me I have a property that need work I offer the bank 35k and the property in the area go for 190k to 213k. so I think it will take 30k to rehab so I said 30k and 35k I use avg of 170k to be my ARV is this rigth. please help me because I have 5 offer on some property.

Hello. I am sorry to hear about your situation, but know that you can overcome!
The most important thing for you, as far as assigning contracts, is to first find buyers to assign your contracts TO. Please watch Dean's video here:
http://www.yourtownprofits.com/ytyp/sp/playvideo.html?email=LorinaKrisak...

and his blog with Jeff Jensen here
http://www.deangraziosi.com/content/weekly-video-blog-54

Once you have buyers in place, the rest comes easier. You will locate/lock up great deals on properties that fit their criteria, and make $ by passing the deals to them (which they will GLADLY pay for).
Hope that helps some. Also, make sure you're out there learning every day. It will take some effort, but is SOOO worth it.

Wishing you much, MUCH success!

Rina

I have heard the same. The best thing to do would be to discuss it with your accountant until you have a better understanding, and then decide from there. One thing off the top of my head is t hat maybe you could have a company for each strategy if one is better than the other for each. See what the tax implications are, and then adjust your plan.

Good luck. And congrats on taking action!

Rina

First of all, congratulations for taking action! That's a huge step.

You will need to get comps on similar properties, in the same neighborhood. You will figure ARV from these. If that is what you have done, and those are the numbers, it looks pretty good. Now, you say $30K to rehab. Make sure you have a very good bid or estimate by a professional because rehab costs can be the biggest surprise for buyers that haven't done their homework. I wish you all the best on your deal, and please keep us posted. Good luck on the 5 offers, too! :-)]]Rina

Is this one you're locking up sub-to? (enjoyed our conversation about that)

I would run a ghost ad on Craigslist to see what response you get. Also, if you are working with a realtor, it doesn't hurt to see if they already have buyers interested in the area and a property of that type.

I don't know that there would be enough equity to satisfy an investor, but depending on their exit strategy I guess you don't know until you ask. If you can get this as a subject-to or on a lease/option, you could always do a lease/option with your buyer (sounds like a good candidate for Greg Murphy's strategy). Just make sure YOU are the one making the payments until your buyer exercises his option.

Hope that helps some,

Rina

I'm totally new and don't even have the books yet, but God has ginen me back my tomorrow (Ray Boltz song).

The thanks is for your boldness in the Lord to list that scripture. There are more for us than against us.

Hi Rina,

I haven't been able to locate any info as to where/when? Can you shed any light on this event?

As ALWAYS, THANX!!!

John

<><

Hey, Greg. Yep, on to the next.

Michael, thank you. And yes, we are blessed to be a blessing!

John, I believe they're announcing it ANY DAY now!

Rina

Hi Rina
I found this person on DG.com and her loans money from ****, do you know if he is real?

Willy Dean [deanwillyllc@****.hk]
Thanks

I did call, your messages are full.

I can't imagine how many calls, messages, PMs and emails you must get in a day!

I will try again.

Angela

Rina you seem to be able to help a lot of people maybe you can help me. I just received the latest DVD's and it has two student series. Is this correct or was there a mistake. I thought we got 1 Student and 1 Expert. Please let me know what you find out.

Thanks
John Doss
Flagstaff AZ

Rina,
I just want to thank you and all the presenters for educating, supporting and encouraging us during the Success Academy's conference in Salt Lake City, Utah on Feb.4th & 5th, 2010. I was the last lady you had talked to and the moment was right for me. I left the conference with a WEALTH of information. I believe I can be a successful Real Estate Investor!

Thank you,
Evangeline or short-Vangie

i locked up a deal with the seller for 50000 on a AGREEMENT FOR SALE CONTRACT. im assigning the contract to my investor for 15000 on a ASSIGNMENT OR REAL ESTATE PURCHASE AND SALE AGREEMENT CONTRACT.do i have to give my investor who is buying the property both contracts or do i have to make another AGREEMENT FOR SALE CONTRACT with both the seller 50000 and my profit 15000.. so the contract would say 65000. or just give the first two previous contract i started with.

Donna, I hope you were able to find the info you needed. Good job on using due diligence!

Angela, I'm glad we finally connected last night! It was a joy talking with you and I am so excited for your new-found REI opportunities! You go girl!!

John, was someone able to help you get that issue resolved? (if not, let me know)

Greg, I guess you ended up cooking breakfast. LOL

Wishing you guys all the best!!

Rina

It was totally my pleasure to be able to spend time with you guys! I'm glad if I was able to provide some insight and encouragement. And I am overjoyed that you were able to take the skills and capabilities from the 2 days (wasn't that an awesome time!!), take them home with you and make REI work for YOU!
I am so excited for you and your husband and the plans that you have set in place. I hope to meet you again, and have you say that every dream has come to pass (I know it can!). Please keep in touch, and remember "You ARE a successful Real Estate Investor"!

Blessings,

Rina

Good Morning!

I am looking forward to reading your next posting in your "Chapter 2" to find out the details of your latest adventures! You miss a day, you miss a lot around here!

When you are not posting I imagine you are out buying up the entire neighborhood!

Angela

All you need to do for the assignment is collect your $15,000 from the buyer and hand over the purchase contract for them to take to closing. He will take over as the buyer. He and the seller will close according to what is laid out in the original purchase agreement (of course the title company will need to be aware of who the end buyer is and be in contact with him).

If there is a reason you need to use a different plan, you can do a double-close. For this, you would sign a second purchase agreement, with your end buyer. There would be no assignment contract, and you would fulfill the obligations of the buyer on the first transaction and the seller on the second. This has a little more expense than a straight assignment, so I would choose assignment first (which is sounds like you already have in place).

Great job on the deal!!!! That's some really nice profit! Keep us posted on how it goes.

Regards,

Rina

You have a good imagination.
Actually, will you imagine that right into existence for me??
I do have a closing this morning, and like 4 others in the works. Every time I overlap deals I think, "I am going to wait now until these are all settled before looking at anything else!" Do you think I can follow my own advice?? Nope! LOL. I'd have to keep a blindfold on!! Deals just seem to pop out at you everywhere!!!!! So addicting (just like DG site. )

OK, enough about me. So excited for you sister! And I expect to see some posts as things fall into place.
hmm.. Do you have a journal yet?? (I have to go look. Sure hope I haven't been missing one of my best friend's journal???)

Love ya! Have an awesome day!!

Rina

Dean Graziosithankin for this book ireadingthis book t get ready for new dreams.

Irelly like this book the more i read the more i in joy it and leaning alot what real esate is ,how much will i have to have of my own money if any tell me its not a lot ihope.

Rina, First and formost I would like to thank you for taking time to answering all these questions for newbies as well as old timers. My question to you is about a pre foreclosure property that I have. I am currently renting out a home that is in pre foreclosure its in the rear for about 6to7k The current tenant has been in the property for about a year,and there least is coming up. I have informed them that we are planing to put the property up for sale and would like to give them first offer. I informed them that I would be willing to do a least to own option,I told them that they would need to come up with about 6to7k as a down payment that would go towards the contract price offer which will be 125k The home is a 3bdr 2bath shaker home in a gated community that is on the up swing. It does need some TLC which may mean that the down payment may be a little more. My question is does this deal seem solid ?

LawrenceM

I will look into these things now I have a new start looking towards a briter tomorrow,I am almost done with Deans bookBE A REAL ESTAE MILLIONARE.

You have been a brite light for me,research research research that is the key. the best to you and your family this Year Rina
Terrence

So glad you're enjoying Dean's book, I know how you feel. When I first read his Be A Real Estate Millionaire my eyes were opened to a whole new world!! It was so great to step in.

The beautiful thing about Dean's strategies is that you literally need NONE of your own money to start. Keep reading, friend, and join s here on the site and you will hear story after story of how this can be done. Then take action on what you learn, and YOU will be a Dean Graziosi success story too!

God bless,

Rina

I thank you for the kind words. It is my privilege.

You asked if the plan you laid out is solid. I guess that depends on what the value of the property is, and if the deal is desirable to your tenants. Hey, if they're willing, it sounds like a win/win. Maybe the option money could go to make the payments in arrears, and then with some of the rent money, you could make repairs over time. OR give them a discount at the end if they make repairs. I am sure there is a win/win situation you both can agree on if they are wanting to buy the property. If not, rather than lose it, you could maybe find a money partner to put up the funds to catch up the mortgage and make repairs. Then sell the property and give him a portion of the profits. Would save you from losing it and make you both a little profit.

If, however, your mortgage is more than the house is worth, you might want to try for a loan modification or a short-sale.

Praying it all works out for you.

God bless,

Rina

God bless you in your new start. Congrats on stepping out! Just make the words of the pages that your are reading step right out into your life. Put them to work for you!!

Thank you so much for the kind words and wishes for my family. May this be the most blessed year yet for you and yours!

Rina

Rina,

When a first-time retail home buyer contacts you for a foreclosed home, what major steps would you take to help them get the home?

Sincerely, Vangie

If you mean a buyer found a REO that they want (?), but maybe can't get an offer accepted without cash? I would lock up the property at a discount with cash, (use private money in the middle) and double close asap with the retail buyer. If I'm understanding the situation right.

Rina

Hi..there Mrs. Rina, I have my older sister..her name is ( RHINA ) as you can see..my sister's name is spelled with ( H )..My name is ( Reina ) meaning ===QUEEN== in SPANISH. I'm pretty New at this. I wanted to ask you...I found an ( REO ) a bank own's this single family home and the bank's asking price is $ 10,000 +++ MY Credit is FAIR in numbers...but i have a bankruptsy discharge in 2009..so I can't!! seem to get a Small Loan? This house is worth about $200,000 After a little Rehab. So"oo...How should I deal with this Owner/Lender that is the bank? with no money, I just spend alot of money..I bought a new $ 1300 Tochsmart computer & Printer that cost me about $500 and also I have been spending money in Adds as well... Please! Can you help me with a good Advice?

(Nice name. ) Nice to meet you and Congrats on taking action!!

Well, if those numbers are accurate you should have no problem finding an end buyer or partner that would jump on the deal! Have you started a buyers list? Have any contacts from an REI Club meeting? Posted it on the DG classifieds?

I see you're in Tennessee. Randy (Terry) Vaughan is in TN. He might be a good one to connect with. Here's his journal. You'll find him there (and reading it will get you really inspired too!)
http://www.deangraziosi.com/real-estate-forums/investing-journals/43083/...

Reina, PM me more info on the property too. I'll see what I can do.

Thanks,

Rina

I just wanted to officially get my mug on your guestbook. After I saw Dean on TV I came to this site and spent one afternoon reading your entire story through both chapters.(as you already know).

Anyway you were my inspiration to start and maintain a journal and get active on this site.

Kudo's!

Stan

Thanks for adding your mug and signature to my wall. And, WOW, taking time to read all the way through my journal, that was some feat for an afternoon! lol (long, huh?) I am honored. I will definitely be keeping up on yours. So glad you started one, and I look forward to hearing of many successes! Congrats on taking action!!

Keep in touch.

Rina

Hello Rina,
Just wanted to thank you for everything you have shared on all the blogs I have learn so much from them and also you seem so nice of a person.
Anyways I know you will be talking on the EDGE event so I will see you there.
Daniel.

Do you know what question I should ask agents when looking for one?

Thank you for stopping by, and for the nice note. I look forward to meeting you at the EDGE!
Congrats on taking your REI to the next level! Hope to hear good things from you.

Rina

I could start writing out a list for you but here is a great thread (among MANY in the forums) about the subject. Indiana Joe points out the perfect chapter to read in Dean's book on the subject. And there are also some other great posts with additional help. Try reading this:
http://www.deangraziosi.com/real-estate-forums/profit-real-estate-right-...

(btw, I found this thread and many others by using the search box. Typed in "questions agents". The search box is great for looking up any subject you can think of in here.)

Hope that helps. Thanks for stopping by and for the good question.
Good luck and have fun with your REI! Wishing you much, MUCH success!

Rina

Hi Rina, thanks alot for putting your insites and your questions to all of us newbis! Your a really nice person to do that sense u are famous lol! well i have read about half of deans profit right now book! And read a little bit of be a rei millionare and i recently joined the academy success team! I am so excited but that same time a little lost with add when it comes to all this learning. But i just joined this blog so i know it will help me drasticly! well i will hit u up will a question here soon ive already wrote anuff thank you for caring about other people to be succesfull like you! Carlos Bragg

HI RINA, I WANTED TO KNOW JUST HOW TO FILL OUT THE ASSIGNMENT CONTRACT? IF YOU HAVE A SAMPLE THAT I COULD LOOK AT THAT WOULD HELP ALOT THANKS......

HI RINA, I WANTED TO KNOW JUST HOW TO FILL OUT THE ASSIGNMENT CONTRACT? IF YOU HAVE A SAMPLE THAT I COULD LOOK AT THAT WOULD HELP ALOT THANKS......

Just stop in to say HI, Haven't heard from you in a while. Hope all is going well.

Randy

I want to thank you so much for your candid info on joining the academy. It was talking to YOU that finally got me to go ahead and do it. I am getting ready to do my 1st deal since joining the academy, and knew I had to tell you first! God Bless You and your family! My gosh, I didn't realize you were in WI. I grew up there in Waukesha! Take care!