Getting Started Need Some Advice

Check with your family members if they would loan you the cash, maybe out of their self directed IRA. Give them a handsome return on their investment they can't refuse.
Advertise on Craigslist, Backpage, etc for private money from investors giving them an enticing return on their savings or IRA that's earning 2%. State that you'll be putting some skin in the game, maybe 10-15%.
Go for OPM

Good luck

House1,

I am in the same boat here in Philly and hope to start out with some duplexes before moving onto the bigger projects. I recently just moved into a triplex and was helping my landlord do some of the reno so I can learn how to do the basic work so I won't have to hire contractors all the time. If you want to meet up sometime and share ideas feel free to PM me.

Arinya

Hey All, Jonathan here...

I am a newbee investor in the Las Vegas area. I am heading to one of Dean's "Profit From Real Estate Right Now" seminars tomorrow!!!(very excited) I've not yet joined Dean's Academy or even ordered a single book. However, I have logged into this websight and have been absorbing everything I can out of it for the past 4 days!!!

I would like to post a question to any of Dean's Academy Students:

"If you could go back to 'day 1' of getting into Real Estate (knowing what you know now)...What would you have done differently, or What tools might you have had in place, to get a leg-up on all the others that are out there in a similar starting position ???"

Anxious to hear your comments, and Excited to join you in FINANCIAL FREEDOM!!!

Any one in Deans group actually live here in Atlanta and working here?

If you need financing you can seek out hard money lenders that will be able to lend to you for a short amount of time. You can work flipping contracts in this business and not use any of your money or your credit.

Can anyone please let me know the best place to find a good real estate agent?

Thanks,
Charley

Ordered everything today and am learning alot already from this site. Are their any members from Massachusetts on here and can it work here. Just need a little confidence boost. Thanks

Hello my name is Kim. i have some questions about REOs and proof of funds. I'm a newbie and I'm working on my first deal. Me and my business partner found a seller who has 4 homes that we have locked under contract. So we submitted proof of funds from an actual lender in the local area. our real estate agent said that she needed bank statements instead. I have just started an LLC last week and have no clue what the next step should be. How do I get bank statements showing proof of funds? I've heard of businesses that will do this for you, for a fee.Are these businesses legit? I also have another question that is about REOs. Is it true that you can't assign REOs? I haven't done any REOs but I had another RE agent tell me that the bank wont allow "and/or assigns" in the contract. Whats the best way to word the contract to get around this issue?

Just wanted you to know that today is my first day on this site as well - ordered the books on Sunday! Although I'm not around the Massachusetts area, I wanted to wish you success!

I am not quite sure how to answer your questions but I will try.
You said you found a seller. It sounds like they were listed with an agent and were on the MLS? You say there are under contract? Do you have signed contracts by you and the owner in your possession? How long until closing?
How much earnest money did you put down? What contingencies are in the contracts? Are they assignable? What is your exit strategy on the 4 houses? Wholesale? Do you have buyers lined up? Fix/Flip? Buyers ready to go? Hold? Tenants ready to move in? How much under ARV are they? How much re hab is needed on each property?
You made a cash offer? You plan to close on these properties yourself? You will need funds to go to closing if you don't have a buyer to assign then to. If you have a private lender he can show his proof of funds to the title company and they will arrange to transfer his funds at closing. If your deal is good enough to qualify for hard money, that lender can supply his proof of funds. If you have the cash yourself just supply your bank statement.

REOS How you fund them depends on your exit strategy. I assume you intend on flipping them at closing. If so a couple of things you can do are:
1. Use a transactional funding company. They charge around 2%. MUST have buyer in place and their funding arranged by your lender. Do a double close.
2. Use hard money and re-fi quickly. Deal must have 30% to 40% equity for this to work. This is more of a hold strategy.
3. Create an LLC just for that property and sell the LLC (gets around non assign clauses)

Hope this helps!
Michael Mangham
MD Home Acquisitions LLC

We had signed contracts and initially we were shopping it around as a 4 home package deal. We are renegotiating the contract with the seller to now put all four homes under separate contracts rather than one. With all the properties added together we will have to put down 2,500 toward escrow. Exit strategy is inspection clause (15 days). Since we renegotiated the contract the clock doesn't officially start until tonite when the seller signs our new contracts. The contracts are assignable. Our strategy is to first try to assign the properties. our second strategy was to use a hard money lender and do most of the repairs ourselves. This is our first deal and this is a lot to do on our first deal for fixing and flipping strategy. 3 of the 4 properties have tenants in place but need minor repairs and updating. The last properties needs a good amount of renovating, but is located on a corner lot with buildable land. We are looking for more buyers. With the new contracts we are putting financing instead of cash. each property has about 40% equity at the price that we are offering. Please let me know if I am going in the right direction with this. It is greatly appreciated. And yes these homes are from a seller. Thank you for also answering my 2nd separate question about REOs:)

this is my first post, my question out there to anyone is, if you find a deal and use hard money to purchase, can you no season refinance if you have horrible credit and no job?

Its hard to refinance under good conditions! They will look at your employment with out question! Hard money lenders will do the same. Contact a few to learn what they require to qualify for their hard money. Know what you can do and adjust your strategy! An assignment or marketing fee type deal might work better for you to get started.

Good Luck!
Michael Mangham
MD Home Acquisitions LLC

Anitia:

That's a cool tip - and it saves gas - sweet. great Newbie notes.

Chris

Hi,
I am looking to make offers subject to seller existing loan. How do you avoid due on sale clause in seller home loan? Is this legal in California?

I am starting new; precisely yesterday.
I have two friends; one want ot do short sale on his house and the other want to me to help look out for property he can buy at short sale.
What should I do and how should I legally come in?

House 4real

I've talked to a dozen different RE agents at this point and everyone of them says the same thing. Banks want to know where the money is coming from. I have no money and bad credit. How do I get past the fact that I have no money or proof of money?

i am new and can some 1 please help me understand the short sale, and how do u find pre- forlouser real estate???????? help,i gettin it all mixed up. thans and GOD BLESS U

Hello. I have a real estate agent and a buyers list. The agent has found a home that the buyer wants. Where do I go from here?

hi everyone Im a newbie so new I havent gotten my books yet that I just ordered a few nights ago . Have been reading the websites and forums and am so excited to get my books, and am thankful for all the support I know I am going to have. This sounds like its going to be fun and hopefully profitable thank you all in advance and you will be hearing from me in the future

Thank you for taking the time to read this. I just want to make sure that I am not just spinning my wheels on a hopeless dream. My name is Dennis Debrobander. I am from MPLS. I am now 34 yrs old. I have been a mortgage broker since 2001. Been unemployed basically since 3/2008. I have been living off my savings for a long time and getting stressed out because my reserves are running out. Back in April I went to a 3 day seminar and they sold me a package for about 15k. it was to include four 3 day classes on wholesale, lease options, foreclosures. Well I have been to the wholesale class and came home and have been banging away at it with no results as of yet. I have run a “We buy Houses Cash or terms” ad in the local shopper, bought and hung about 75 bandit signs thru the county area. Sent flyers to investors who have paid cash for homes. Got my business cards hung on various bulletin boards, got homemade flyers hung on bulletin boards. Been running craigslist ads looking for buyers and sellers. Got 200 more bandit signs on order. I have a 4 x 8 sign for a back of a trailer being built that advertises “we buy houses cash” . Got all my custom forms made up I fill out when sellers or buyers call me with the proper questions to ask them. I have access to the mLs. I have a buyers list of about 14 people so far all on a spreadsheet to categorize what they are specifically looking for. I have a realtor who has made 2 offers to no avail. Researched transactional funding companies to back to back close. I am kind of just frustrated. I just want to make some capital so I can start building wealth that I once had when times were great as a mortgage broker. I would just like to know if you think I can be doing anything else to help me expedite some immediate income. I really want to know the fastest most quickest way you know of to do that. It just seems I spend and spend and get really nowhere. I have received about 10 calls off the bandit signs and actually made a couple offers based on my research Basically AVR times 65% minus repairs minus assignment fee. And they both said too low. The rest of the calls were way upside down. I was looking at lease options for those people but their payments exceed what fair market rent would be even if I caught them up on their payments and put a tenant buyer in there. So I just refer to my realtor for short sale. Please let me know if I am on the right track and have to be more patient or if I should try and switch gears.

Thank you for your time.

Dennis

Have not even received Dean's book yet,but as I am reading these help blogs, I get the feeling that everyone in this network is working together to help each other. Some great helpful info is comming out of these blogs. I will try to take down some key points for my upcoming venture after completing both books. Thanks for all the info here everyone!!!

It can be frustrating when starting out. I just assume I will get 100 no's before I ever get a yes. If you keep persistent it will work. For instance I see you only made two offers so far ddebrobander. Maybe you just have to make more offers. You already have a buyers list started and that is great. Good luck to all you guys. When it gets tough keep going and push through the obstacle. I believe in you all.

Is anyone familiar with tax sales in Maine and wholesale deals in Maine. As a newbie residing in Maine (from Massachusetts but not a masshole) I am most interested in starting close to home.

Thanks very much

Rich

Hi everyone, I just finished reading "Be a Real Estate Millionaire" and am still quite unsure of where to start. It gave me some great insight on what to do, and I have already set some goals that I am striving for as it pertains to real estate. What I am having trouble with, as I am sure many people before me have, is where to start.

A little backround on myself. I am 25 and my credit is somewhere around the low 600's. I am also in the Air Force, so I have a little easier time getting a loan with my credit score as opposed to someone not in the the military with that score.

I really want to start with something like a foreclosure, so that I can get acclimated to the investing. I know that before I go into a deal, I want to always have a plan and a backup plan. From playing card games, I have always been told to always have an out. But being in the military, and in a heavily military town, I know that rental property would probably be the best way to go. However, I do not want to start off with rentals. Any ideas on where to start would be fantastic.

building your buyers list, and don't worry about anything else for now.

Thank you. I never heard of buyers list so I never thought about putting together a buyers list. I assume that this is just a list of potential buyers so that you do not have to wait to sell, especially if you don't have the time. Time to go research buyers lists and get on my way with getting one started.

i am disabled, and my wife already has a website business under her name,with a varity of product and information on her site....i was a union carpenter b4 becomining disabled....i love realestate and have been investing for some years now and have commercial property and comercial lots,single family houses,single family lots,and also 3 multi family residential lots in a row...my question is,i have a non profit orginization that im working with that helps handicap and disabled people get their lives together and help them find jobs,credit,and find independent living...they have a waiting list of people looking for housing,and most make alittle money for rent but the rest is paid for by subsidized government money....i would like to develope my 3 lots into 3 handicap accesible duplexes...the problem is the organazition dont come into the picture until the houses are built...i know nothing about getting grants or collecting rent for subsidized goverment money....now this is something i dont need to do to keep investing,but i have had a good run and would like to learn something new and also give back to the community....already owning all 3 lots outright i could use the property as a down payment to build one duplex,but i am looking for someone that is willing to make some money that can help me find some type of grant and help me figure out subsidized housing....with the organization having a waiting list i have no problem renting them out when done,in fact they place a new renter in when one moves out,so i am looking forward to helping them and learning something new....i would appreciate it if someone out there could help me with the grant search and teach me about subsidized rent....like i said i am willing to pay for the help....if interested please send me a PM THANK YOU !!! ps love the DG site and DEANS sincerity

My parents own a home and there paying a mortgage I want to tie them into what I'm doing with deans system my goal is to use there credit to get involved with a rental property I have a little cash flow and no credit
they are also wanting to get into real estate investing I want to start small
but would like to know what should be my first move?

My brother and sister in-law are about to move in with me because their house is going into Foreclosure. Since I have firsthand knowledge of who the owners are, I'd like to try and help them in some way, and possibly make a profit if I could. Could someone assist me as to where I'd begin with something like this??

Rory