Getting Started Need Some Advice

I am currently selling couple houses at payment with a fixed interest rate. However, we are not filing the contract for deed at the court houses. I need to improve the way I'm claiming taxes at the end of the year. I am currently claiming taxes if I fix up the property, mileage, and interests I pay. Since the contract is not filed at the court house, I wonder if I treat the properties as rental instead of owner financing "for taxes purposes only" would provide me more benefit. I was reading that if you have rental properties you can claim property taxes too and depreciation but I do not know how can you calculate depreciation in a property. I need some guidance... Thanks for your input!

i would like to help people in pre-forelosure to be able to stay in their home it would be like rent to own but i'm not sure how to go about it. does any one have a idea?(like renting from me)

I just finished reading Deans two books and going over the program think a little different (I ordered it 4 yrs ago and wish I would have started then) I have a question about locating property owners. There are 2 houses down the street from me with no signs. These houses are not being maintained. I went to the assessors office and got the names of the current owner. I haven't been able to get a phone listing though. Any advice? I live in Las Vegas if there is anyone else out there that is familiar with the city I would be interested in hearing about your experiences. This is a great forum and thanks for all of the great information. Michel

Hi, you might be able to use anywho.com to find out the phone number if the owners live in Las Vegas.

I am like others I am reading the books and doing lessons/is it true you really have to have a job to purchase or get a house? lol. I am also unemployed and Dave's ad is why i got into this. I am very strong and I do not believe in defeat.

The only thing I've ever heard of in reference to purchasing a house and being told to "live it in for one year" was to prevent yourself from having to pay capital gains tax on it. Other than that, you can be a non HUD home and sell it the same day to another person if you have a buyer lined up. Hope this helps.

I was recently emailed a MLS List of REO's and BOP's from my realtor, I have reviewed each property ranging from $75,000 to $1.5 mil. I was also emailed another list of REO's from another realtor in Arkansas. I have a combined total of 300+ REO's listings from both realtors. I am preparing my list of properties to make OFFERS of 30%-50% discount. I plan to use Matt's Strategy of (25:1) and lock up as many properties as possible. I've learned from listening to Jeff Jason that most banks will not assign REO Properties. What must I do next to close and capitalize on these REI opportunities?

Hi Razzie,
You pretty much said it! Most banks. Some will, some won't! I think in this case the only way to know is to put the offers in. It's about putting enough offers out there some are going to stick. Reo's are the best of the bunch to work with. The seller is out of the picture on these. The bank holds no prejudice on the property. Go for it! Much success.....Lubertha

I would start by calling the tax collectors office and asking for their web address. It is probably a .gov address, not a .com. Call them and see if it is online. It is possible that your county has one website for all of the departments, inspections, zoning, taxes, register of deeds, etc. One phone call may solve your problem.

I know some HUD homes may be offer to owner/occupant & those in certain professions e.g. police officer, etc. You also have to keep in mind the unknowns those things that you can't see when walking through a property during quick inspection before the bidding process. Run the numbers (FMV, cash flow, etc) and see where it pans out. Are you planning on retaining this property for year than flipping it or turning it into rental property after owner/occupancy is up (if financing)? Start where you feel most comfortable where you can manage

I found this house-you know-grass is tall-windows are broken, but the bones are good!it sits across from a church in rural Alabama. I looked in the window and all the sheetrock is gone!It looks like a fixer that someone quit on. But in my mind it might be worth a try. so I will find out who is the owner, at the courthouse. then how do you aproach the owner, say in a letter or a call?

Im new at this! so any help would be great.
thanks for your help.

JayBob

life is good

you can do both send them a simple handwritten letter inquiring about their property or call them! See if they (owners) are listed in the PhoneBook or look on www.anywho.com to see if their phone number is listed. Note: you can't use anywho.com to look up people if they have cell phone listed on their yard sign.

Chosenv, you could ask a family member for a loan, or look for partners, maybe family members or friends who would want to get into real estate. Good Luck! I recently got Dean's books, 'Profit from Real Estate Right Now' and 'Be a Real Estate Millionaire', and I am reading both at every chance I have. I am almost finished reading both, but will re-read them to grasp more from these books. I am learning a lot. I must confess- I have not done this much reading in such a short time, in many many years. This is my first time on the site since I got the books and I am reading other people's postings to get their understanding and knowledge of Real Estate. Keep thinking positive and good thoughts and your actions with be likewise, thus good/great things with come to you in time.

Hello,

My name is Darrell Lofton and I'm in the real estate success academy, I have a home featured on my website http://www.darrelllofton.com/ "fixer- upper" 6 br in Las Vegas Nevada , the price was drastically reduced to $105,500 CASH. I would like to purchase the home, fix her up and sell it for a MAJOR PROFIT!!!

Any ideas ?

Thanks
Darrell Lofton
Real Estate Investor
Cell: 702-807-7615
http://www.darrelllofton.com/

I have some experience already from some deals I did a few years ago but times have changed. Now due to some financial issues I find myself with very little money to get started again. I have a good speculative eye for property deals and can rehab almost anything but like nice single families in good areas. I would like to partner with one or more investors to fund the deals I find and then workout a percentage to the investor upon a final sale. I am located in Western Connecticut anyone out there interested?

Is there anyone in Northern Nevada doing this program?

Could anyone answer if they got their LLC before actually selling and buying houses?

I have my coprporation established and now I am looking to open my Bank accounts. The question is which should I go with? I have been told that I need to go with a local rather than a regional or national bank since they know the community and are more willing to loan money for ventures in their community. Tha t brings me to the question of community bank vs credit union. Which would anyone recommend? I am open to all opinions.

I just received my book a couple of days ago. I do not work or have descent credit. I have finished the book and want to know should I start, by doing assignments.

How and what is the cheapest way for me to advertise for sellers & buyers? I have found some properties in the area that I live in. Should I start talking to the owners?

This is Great!Even though I am married,my wife will not get involved.Now I feel I have "like mind"friends to help me.Thanks Dean! My question is:a mortgage broker told me I could'nt use rental income in today's market to help me pay the loan on a house I want to buy[my first] Is this true?????

Hello, How is everyone?
I have a question. Is it possible to set up a deal with a bank owned house that is good shape but vacant. I would like to get the house and rent it out. I dont have any money to put down and my credit score is below poor. The last i checked it was below 550. I have been reading dean's book and unless I missed something or I didnt understand a section. I didnt see a way to make that happen with no money down.

Thanks in advance.

Hello,

I'm new to this and I need some serious guidance here. I found a website that lists distressed properties- www.foreclosures.com - and I sent out letters introducing myself as an investor to several that are in preforeclosure right now. I got a response from one that I wasn't sure I would. It is a 4BR/3BA, 4400 sf home in preforeclosure for $255,000. There is $300,000.00 in potential equity in the house. I want to lock it up on contract for the asking price and put it on the market for for $450,000.00 OBO. Am I reaching to far on this? Any advise would be appreciated.

Thanks,

Pearlsson

Deneen , Meisela here , how are you ?
You have asked about Tax Liens . Is not that simple but let me try make some light here .
If somebody doesn't pay his /her property taxes , he is in trouble . Now states can be judicial or non-judicial states , keep that in mind .One can purchase Tax Lien Certificates online from County , or at auction that sometimes can be online . Usually a beginner should watch the whole process , but is recommended to purchase from the County , after the whole homework is done .
Tax liens certificates are auctioned on the steps of the county courthouse , to the lowest bidder *
If somebody else pays those taxes , the county will give the payer the Tax Lien certificate ( in the Lien States , of course ) . When the owner is redeeming , he has to pay not just the taxes but also the penalties imposed by the county ( and that can vary from 10-50% per year !!! )
If the owner is defaulting a second time , then the County will issue a second Tax Lien Certificate , and even a third one ( notice from now on , is getting more expensive for the owner to pay all current taxes and interests - but in 90 % or so - of the time , the owner will come up with the amount owned )
Redemption period can also differ , call your county and they would tell you .
In case the owner doesn't redeem , the County is auctioning the property to the highest bidder in order to satisfy the lien . The Lien holder would receive his money invested plus the interest , in aprox 7 business days . Is a great way to invest money !!!
Now the second part of the story : there are plenty of Deed States , and this is a different story : the County is auctioning the Deed to the highest bidder to satisfy the lien . This way , is a great way to purchase a house penny on the dollars !!!
Then they are Lien States that become Deed ( for example Fl. but that is a different horse ... )

You mentioned unpaid mortgage . Property taxes are superior to those secondary ones . A mortgage is a secondary one . That's the reason , in many cases if not always , the banks that have interest in the property , would take part in the auction . Mechanical lines ( like a n unpaid vendor ) are also secondary , and there are erased from the property's title . Now if the owner has an IRS issue is getting complicated , and that can affect the title , but with good attorney and Title Company everything can be taken care of , so do you due diligence home work , and learn as much as possible about the deal !!!

Good luck and keep us posted !!!

Shalom !
meisela

my name is russell I read dean book profit from real estate. I would like to do REO. The paper work I do not understand how can you get a home an sale it in 14 to 30 days I think it would take longer the that. I do not have a job.I do not have money for ads,and the book said that you need a real estate attorney or your real estate agent. I would like to know how all of this works.I would like to know if you can have the home longer then 14 to 30 days.

trying to get started just got done reading the book and i just got my website up and going what's nexts i am so motivated 2 make this work. is this the real deal people i know its posssible but can i do it im on unemployment and just getting by help me

i like you i am new i'm reading everything i particularly like your straighforwardness. but, i'm scare to death to move forwad, but i know i need to do something and i'm going to need lot of support for the next neccassary steps to take... thank you, God bless

First off i want to know why i don't get answersd to my earlier questions? The questions i asked where.... can someone like me that is on disability do this program and get off of government help and become an investor?... Second do i need a license or tax number or anything else to become an investor? .. I like the parts about the assignment and being a consultant as i think with my situation would be the best place to start so if anyone knows the answers to these questions i would love to hear from you so i can get started making money and being able to help friends and family get there own homes and maybe get them in the program to making extra money.. Thank You James Bugg

hello, i am a newbie. ive finished reading one of dean's books. im ready to get started. i know where i want begin. I have to make some money first, so i will start withe the ASSIGNMENT contracts. do i need a lawyer present.also, is there a resourse that will give a a script to work with when talking to a SELLER or a BUYER? Do i need both the buyer and seller together when negiciating the contract?

if you use conv or cash deal loan you can flip it any time but FHA Loan you must live in the house for three year