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

Any investor interested in a 5 bedroom home on 9th Capital? It is assessed for $80,000 and being sold for $55,000?

Anyone interested?

Hi and nice to see you. The question you asked:

might be better asked at this forum: Home » Forums » Real Estate Investing
under the topic: Local Networking and Discussion.

This forum was set up so people in certain areas can work together and provide each other with local information and/or opportunities.

You can edit this post and then just copy and past it to this forum.
Hey, you may get a lot of response from this area anyway, but it might be worth posting it there as well. Let me know how that goes. Could be a good start to working a deal?????

Thanks for letting me know where to post it

Shonda

I'm a widowed mom of four small kids. Currently I work from home and I like to be there when they come home from school. I have a small income which barely covers the bills, and I have poor credit. Can someone please tell me more about this re-assigning of properties? It sounds pretty interesting. I just ordered Dean's book and am looking forward to recieving. Is there anything about this in his book? Thanks everyone! This website is HOT!!!

An even better place may be under "My Deals" under the "Real Estate Investing" section. From there you can find your state and if there isn't one, then you have a chance to create one. List as many details as possible and even add pictures if at all possible. I am interested if you can send me some more information, MLS listing if there is one. Good luck everyone and keep up the great work!

3 Bedroom

4243 S. 3rd St (Howard)
I tried to put information into the forum but it want post right. everytime i post something it haves the Main Section list on top of my comments and you can't see most of my words

Milwaukee, WI 53207

comps.$155,000
Selling $107,000
only needs $5,000 worth of work put into it
(which are: carpet, paint and some landscaping)

It haves newer: concrete drive-way, all windows, roof, siding, central air (1 yr old) and electral is updated.

progo wood floor in kitchen

Is anyone interested?

Shonda

i know the problem your having: the posting issue? where the main section somehow goes right over your post? listen, that only affects you, others can see it correctly. I had the same problem, u need to use a different server, like firefox, etc.

as for your "short sale", has the owner or the agent spoken to the lender to o.k. the short sale? whats the sq.ft.? YOUR HERO,SULLY.

I use Firefox and it still happens sometimes. Webmaster needs to look at it.

did NOT know that, you see folks', ya learn somethin' new every day, SULLY.

We are looking at a turkey farm at the moment. It generates 135k a year but we cant get a loan on it without at least 75k- 85k down. My husband has 15 yrs experiance in it and it is his dream. Can someone help me with this PLEASE?

i literally just got the book yesterday and i'm gonna start making some phone calls so i'll keep you in touch.later

The sq. ft is 1000 (short sale property)
and for the property on capital sq. ft is 1200

Interested?

Shonda

Hi Kisha,LCC`s are formed by your state "department of corp",or the sec. of your state.it protect your personal assets from lost if your LLC is sued an lose.You can go to the SBA,IRS,or your state web site to find the info you need.An you get the choice of how you want it to be taxed.But please read your state statues on running an LLC,In Fla the fee is under 150.00 so your state should now be too much more..I hope this has been helpful to you.I like NinaNana question for there is a lot of us with that problem.

Sincerely Jim aka grandpa

Hi, in Fla you can form an LLC on line and it`s active as soon as you pay the fee.It cost under $150 an become active at that time.You do this
thru the Fla. dept. of State,Div. of Corp.

New here Grandpa

Sully, I have been on the site for about 5 minutes, and already you are my hero. I don't suppose I could trouble you to email me more detailed instructions on reassignments and lease options? Thanks so much.

Please send me more information on where you are located and as many details as possible. It sounds like you are planning on owning it yourself, so you just need the money for the downpayment, correct?

I am new here and have not yet done my first deal. I have spent many hours reading everyone's posts about re-assigning a property over to another investor. I like the sound of reassigning properties.

Would this be advisable or not... remember I am new so this may not be doable:

OK... I find a house priced way below market value....the seller just wants out and is willing to let me "lock it up" for $25,000.

So I tack on say...another $5K for myself...get the owner to sign a purchase contract with a bail out clause "if I don't sell this property in 2 months I walk away."

I then go to another local investor and tell him I have a property he can purchase from me for $30K.

So the investor says "yes I want to purchase this property for $30K and then I charge him a finders fee on top of the already $5k I tacked on for myself.

So I would be getting $5K PLUS a finders fee. Has anyone ever done this or is it not advisable?
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
P.S I appreciate you Dean Graziosi for all you have done (writing the book, your course and creating this forum) and for being a great and honest person. You're the best!
Sissy

Been reading all these posts, am learning something too, I've had the book for a while and have been reading it off and on since I got it, been looking for deals, and have been running into the fact that "finder's fee deals" are apparently illegal in Texas. Not quite sure how to get around that yet. on first glance, this option would seem to fit me better because of my financial situation and location (100 miles southwest of Houston, Texas) in a small town of less than 30 people!!! Any ideas??????? I've gotten the name of an investor in Houston, but haven't been able to talk to him, as of yet, in the mean time, I've been mostly running into the proverbial "brick wall" Haven't broken thru, or found the way around, so far. but still digging. No money and no credit really stinks, I'm "simi-retired" on a fixed income and trying to fix that too.
Thanks for all the great info, I've seen on this site so far, sorry about taking so much space here, but needed to "vent" somewhat, Sully, It seems that you are the guru here, rock on.
slim

We all need money and credit: and you may have to seek employment also I would suggest for you to at least look at our busniess credit program. e-mail me at ( dr20@**** ) and send contact info. this may or may not help but look at it and you decided . John H

hey sissy, your a little confused i think, you aren't going to charge for your services twice, o.k., what you do is: say you LOCK UP A DEAL for $25,000 it's a PRE_FORECLOSURE property and you look to RE-ASSIGN it to another investor, you could charge him $5,000 but, you will want to find out the FMV of the property, you want to do this to see how much room their is for your "RE-ASSIGN" fee, ex. if the property has a FMV of $60,000 and you "LOCKED IT UP" for $25,000 and needs VERY MINIMAL repairs, i would charge like $10,000 @ least for my fee, you see?, YOUR HERO, SULLY.

Hey Sully
I was thinking that I should chqrge my fee based on comps (provided by my realtor) from that neighborhood. So...it should be based on FMV...hummm...how does one determine future market value? This is interesting to me. You are my hero Sully!
Sissy

My name is Renee and I am a curent real estate broker in central oregon and foreclosrues here are wild. We get around 30 to 60 foreclosures a week. I have a elderly gentleman who really is having troubles in the market. What makes this class so interesting to me and very encouraging is i am hopefully moving to Dayton Nevada and i can take this program with me anywhere i move and use it. So you are not limited in one part of the world. So thanks to Dean for allowing all of us to learn and use this wonderful system. i am very excited to begin I just can not wait for the book to come. i want to start now with the knowledge i think i have but I will wait a day or two and the book will be here and then look out off we go. I to have a husband who thinks there are so many scams out there and listen to me i have probably talked with 50 % of them. So this class is great and Dean has put a lot of effort and time in to it and we all need to say thanks a bunch.
So the point being don't get discourage just believe in yourself, and go after what it is you want in life and anything is possible if you believe and work towards that goal.

I am happy to hear such praise for the program from a RE broker.
We must all be on the right track!

I hope you achieve all your wildest dreams in your new location, Dayton Nevada.
The book is great and I am learning a lot from it.
I look forward to picking your brain as well!

I have just recently viewed a REO forclosure home with one big problem, Toxic Black Mold in the basement!! I was planning on gutting the inside and fixing the mold problem , but will this issue have an impact on the resale value??

You can find out everything about toxic black mould by reading the information at this site:

http://www.allaroundthehouse.com/re.let5-6.htm

From all I have read it can be a real issue as it is dangerous to live with and if this mould comes from leaking pipes or other water seepage it may be expensive. You would be best to check out the source of this mould to see if it is a real financial and otherwise burden to deal with. Getting rid of it can be a big job too!

Read all the info on this site to better know what it will take to get rid of it.

Hi Sully.

I wonder if you can help me out here. Iam currently looking at REO properties and wonder whether the Banks accept a LEASE OPTION when you want to put in an offer to buy.

Thank You.

Hi anyone have property that is in Muskego or Oconomowoc?

looking for Price range $200,000
3 bedroom or 4bedroom
2 baths
2 car garage

Let me know

hey sissy, FMV: means fair market value, NOT future market value, you would base your RE-ASSIGN fee off of FMV like this: asking price $150,000
FMV: $160,000 (value of property)
$19,500 - 13% profit (no less)
$6,000 - fix up costs
$4,500 - closing costs (3% of the value)
$9,000 - realtor fee (6% of the value)
= the most i would offer for the property, no need to worry about holding costs, because we are RE-ASSIGNING the deal, however you need to remember that their will be holding costs for the investor who buys the contract. So, holding costs for a property like this, that only need $6,000 in rehab should be minimal like, $3,600 thats about 2 months of mortgage, ins, etc., so we will subtract that from the $150,000 also, this is the most i would offer $105,000 approx., then i would sell for $115,000, = 10,000 RE-ASSIGN fee, SULLY.

by the way - means subtract.

highly unlikely, banks do NOT want to hold on to propertys, they make their money off of lending people money not renting to buyers, plus in order to even put an offer in on an REO property banks want a PRE-APPROVAL letter submitted with your offer, so unless you have a PRE-APPROVAL letter or some way the bank can check your funds, your wasting your time, SULLY.

i'm in bkln and i got the weekend's paper and there are so many open houses in the area.i know that the market is up right now so my question is, should i try finding a property and assign it now, or should i wait till the market goes down.