How can someone invest in real estate with poor credit, and no job?

Hi, I'm Cindy that posted the last reply. Or are you referring to Nina honey?

Hi My name is Janet. I just purchased Deans book a week ago. I have read some of it. I too am looking at no money down. My credit isn't very good. There is a wonderful house being sold at auction next week. What kind of offer would be feasible to make that wouldn't require money down? I am presently working, but would like to live in the house. My income now wouldn't cover what I feel would be a fair offer. The house is being sold to settle estate so lease option probably wouldn't work. Is there any other creative way to do the financing?
Thanks for all the info.
Janet

I am glad I finally spent time to read some of the comments on this site. I am on disability and trying to get in the field also,and i feel like sully is a personal mentor. Thank you all for the conversation and knowledge.

I know sully has alot of insight and has alot of knowledge. I too feel like he should be a personal mentor. You go sully. Sully rocks,

sully, what cbr post. Who pretty much broke it down? I don't understand. Can you go into further detail?

I have been told finders fees are illegal in most states.

There is a young man I know, early 20's, who is VERY determined, VERY motivated. He started with nothing and already owns a duplex and a house that he rents out. Surprisingly enough, he lives in a tiny apartment which he rents from someone else. What is my point? He has learned that, to get a running start, sometimes you have to sacrifice in the beginning. You might not LOOK too successful, but being wise with the money you do have will put you years ahead of everyone else. I have no doubt that sometime in the near future he will live in a VERY nice place, if that's what he desires.

For all of you asking about starting out with very bad credit, remember that the FIRST thing you should do is to work on that credit and any spending habits that got you there. We need to get out of the mindset that anyone or anything else can FIX it for us. Everyone of us is capable of success if we just believe in our potential, re-train ourselves, and move ahead.

If you haven't read through Dean's book yet, do that next. It will totally transform the way you see things, financially. Part 2 (page 83) "Building a Foundation for Success", is especially helpful.

Most of all, don't give up! Believe in yourself!

Best wishes to all of you,

Rina

HI Sully,

Can you help me out or anyone? I talked to an invester that is selling his house and i found someone that might be interested i am taking someone over there to the invester's place we have a walk through appointment this saturday at 9:45am. What is the first step? What kind of forms should i use?

Shonda

oh CINDY,RE-ASSIGN:I WILL GIVE YOU AN EXAMPLE,SAY YOU SPOT A FORECLOSED PROPERTY IN WHICH YOU SPOKE WITH THE HOMEOWNER AND HE IS WILLING TO SELL THE PROPERTY TO YOU FOR A REDICULOUS NUMBER AND YOU AGREE,SO YOU BOTH SIGN A PURCHASE AGREEMENT WITH AN ASSIGNMENT CLAUSE;MEANING IF YOU CANNOT PURCHASE THE PROPERTY FOR ANY REASON YOU CAN ASSIGN THE PROPERTY TO ANOTHER INVESTOR OR BUYER,SO INSTEAD OF BUYING THE PROPERTY FOR $65,400 YOU'VE ESSENTIALLY LOCKED UP THE PROPERTY FOR THAT AMOUNT AND COULD RE-ASSIGN FOR $85,000 IF THAT'S WHAT THE COMPS IN THAT AREA ARE.THE FIGURE HAS TO BE A WHOLESALE AMOUNT IF ASSIGNING TO ANOTHER INVESTOR.ALSO MAKE SURE YOU GIVE YOURSELF AT LEAST 60-90 DAYS TO CLOSE.CLASS DISSMISSED,SULLY

sglover5, it's hard to give you advice with the little info you gave,is this INVESTORS HOUSE the type of house your client is looking for? It sounds like your going to need a RE-ASSIGN CLAUSE, I NEED MORE INFO ON YOUR POSSIBLE DEAL? YOUR HERO,SULLY.

CINDY ROCKS, what i meant was,CBR already put up a powerful POST ON THAT SUBJECT, sometimes it gets tiring answering the same questions over and over, so i might refer you to one of MY POSTS, OR IF CBR POSTED IT I WILL REFER YOU TO HIS POSTING IN A PRIOR FORUM.YOUR HERO,SULLY.

Well, I believe i am lost. The person that his selling his house for $124,900. The house was completely remodeled it was appraised at $140,000. I just asked him do he pay finders fee he said yes. I told him i know someone that is trying to buy a house. so, then we made an appointment saturday, April 26, 2008 at 9:45am to have a walk through the house. Do, i need a re-assign clause form? What should i say to make a deal so, i can get the finders fee?

Shonda

glover, you need to find out what % he pays for a finders fee? or does he pay a FLAT FEE? find out,also at what price did you quote to the buyer? $124,900 or more? If you told the buyer $124,900 then it's apparent that your fee has to be added, whatever it is? most investors pay around 2-3% for finders fees, but, i know some that pay way LESS.YOUR HERO,SULLY.

Thank you for responding back. I believe he said 2.5%. What kind of forms do i use to make this transaction?

THANK YOU

Shonda

Shonda, i need to know if you have the property under contract or if the property is still in the investors name?

How would you sell the house without it being in your name or do you give the agency the information the seller is giving?

The property is still in the invetors name.

is newark ,n.j. a great place to start with this real estate thing?if so, how do i go about this. to keep it real i know nothing of this business. i just recieved the book and foreclosure alert today. I'm real lost and feel discouraged and overwhelmed by all the information.Does anyone have advice?

Eventhough I did not do it, I generally think that where you are ie locally is the best place to start.

Investing long distance opens up an additional set of challenges (not insurmountable but still challenges).

I think first you need to find your niche. What type of RE do you want to invest in? Also, what are your immediate needs/wants? Equity? Cash? Cash flow? Long term? Short term? How much time do you have to spend on it?

Answers to these questions will help drive how you should be spending your time.

glover, it sounds like you need to have YOU and the INVESTOR sign a purchase agreement w/ AN ASSIGNMENT CLAUSE, so you can get paid.make sure you agree with the number on the property and make the closing date,60-90 days out,that should give you plenty of time since you said you already have a buyer lined up.also,put in a CONTINGENCY for FINANCING so in case the deal falls through you can get out without penalty,YOU ALWAYS NEED AN EXIT STRATEGY.YOUR HERO,SULLY.

If the deal falls through with the buyer, can i sell the property to the agency that is called We Buy Houses In Any Condition? Where would i get a CONTINGENCY for FINANCING form from?

Thank

Shonda

That so called AGENCY that's called "WE BUY ANY HOUSE ANY CONDTION" THATS NOT an agency,thats another REAL ESTATE INVESTOR'S AD, so the anwser to your 1st question is NO,because after your time is up on the contract,that's it,you walk away and the investor still owns the property, as for CONTINGENCY FORMS: you'll need to draft one from a attorney or make one up and have an attorney look at it to make sure it is legal.CLASS DISMISSED,SULLY.

I'm sorry if this is repetetive and has been asked but when you're assigning and buy a pre foreclosure will the homeowners agree to wait the 60-90 days in the contract for you to sell? Do they usually ask questions about that?

Hey JButches, wondering how your doing? I'm still reading Deans book, Love it. I have a friend at work who is also reading this book, we are sort of a team, pushing each other, well she's pushing me. Which is great, I just wanted to give you a little push, how's it coming along with the book? have you contacted any investors yet? ask what they are looking for and if the offer a finders fee. Give me an update?
TB

TB,

I am doing fine and midway through the book. I am really getting down to the meat of the book now that makes a few things more clear. Thanks for the push and I am there supporting you too!!!!!!! I have been in touch with two investors and I am meeting with one of them May 3rd to get a feel for what he is looking for and what criteria will put me in the right direction. The other investor is willing to mentor me a bit and I have found a great real estate couple offering some assistence. One investor has alluded to a referral fee more than what I expected. I will keep you posted on that one. I appreciate the support and let me know how you are doing as well TB!

JButcher

I opened a C Corp in 2001 but never utilized it. i tried calling the state(ca) and i was told that i owe 6 yrs worth of penalty of $800.00/yr = $5,300 plus other small fees even if i ddnt use my corporation. Is it worth to revive it or do i just get a new one? If i'm right, a 6 yrs old corporation has a better chance of getting an L.O.C. from a creditor as opposed to a brand new corporation. The problem is i dont have the funds at present to revive my corporation. If i did get it revived as soon as time allows (or funds) how long before i can get a good L.O.C from creditors? Are there any tips from anyone to expedite the process? I wanted to use the line of credit into purchasing either my first home or investment proprty. Any advice would be greatly appreciated!

God Bless,

Kelly

Hi Kelly I will make this short and quick. You are sitting on a gold mine.

Find the the funds and revive the corporation, then log on to Dun & Bradstreet ( Business credit reporting agency) and update your file there. Wait about 1 month then apply for a line of credit. You may be pleasantly surprised at how willing they will be to work with you.

I just did this with an LLC I have had for YEARS! The lending institutions prefer the seasoned corps and LLC to the newbies so go for it.

Absolutely Brilliant!
I ordered Deans package about a month ago and felt a bit overwhelmed. After being a stay at home mom for 7yrs, I got a job and quit after 2 days. I know that's not for me, I know I can do this with just a bit of guidance, so thank you sooo much for giving us a place to start, now all I have to do is tell my husband I quit my job.. Hopefully he wouldn't mind once he sees the cash I start making from this...
Pre-Foreclosures and Lease Options is the way to go for Newbiees...

Sully I was wondering if you know how to get help in getting started in buying a Pool hall with no money down. I'm a young 24m and drawing a disablity check and want to get out of it. I'm not pyhiscaly disabled I'm mentally by haveing two Sleeping disorders. I'm tried of having no money to get around with. I decide in doing this in investing in real estate and hopefully be able in supporting Myself. My problem everywhere I turn they look at My score and turn me down. I have been looking for 2mths and no luck anywhere. My father has to much at stack already and they won't take him either. A voice in side is telling me its no use and another really little voice is telling me keep trying but it getting littler everyday. I really want a better life for me and My parents. They have worked all there life and they are at the varg of losing everything they have worked for. I want to try and save it. It is really agraveting when no one will trust you. please give me some good news. Dean if you read this I'm still trying but getting really upset when no one will trust me or show some interest in helping with getting this to help the Lord. that why I want to get the pool hall cause the lord has put it on my heart to do for My community. anyone wanting info let me know Thanks Chris

any body fro C.T. (connecticut) maby we can meet
and you can walk me though this. I've read all the books but
still not ready. even in school i needed just someone
to show me so if any body is from C.T. call me at
(860)406-1056. Thank you..