FAQ: Answers To The Most Asked Questions - Start Here

I have no money and bad credit and I havent even received the book yet but thru chat on the forums and cruising the site every day, I have allready contacted my realestae agent in my area, got a list of mortgage brokers(4) that work subprime lending, a list of REO's, contacted the local papers on how much to run an ad to fing both motivated sellers and buyers, and made about 50 phone calls. I guess what I am saying is I think everyone has a different starting position. They may be simular to others but there will be differences also. Find what best suits you thru questions and your knowledge of the things you have learned. A good place to start for me with no money and credit is going to be assigns and instant equity. After I get that started I plan on starting an LLC then start my purchases to rent or hold and flip. The biggest thing I have learned on here is that you cant let fear and doubt hold you back. Good Luck to you and in your future as A Real Estate Millionaire.

What do the points mean along with the name under your name, meaning LURKER as mine says? And what are these badges I am reading about here and there? Any and all comments are welcomed.

Hello, I'm new to this real estate, and I have played phone tag with my advisor for awhile and he keeps telling to get a line of credit. I can't get one right now because of my credit. I was wondering if I can still buy foreclosures and/or use the none of my own money plan and still be able to profit, or should I take a different route?

thanx for the info...i will try to do what you said, but what if i dont personally have a real estate agent? who should i contact then?

I don't know if anyone answered your questions about the badges yet, but each badge is given out for different contributions a member makes and the name, such as "lurker", correlates with the number of points they have obtained. If you would like to know the name of each badge, try pointing your cursor over one, and you should be able to see the name. Don't worry about the "Lurker" title. We all started out as that.

Rina

I just dont think i like the name lurker lol. Not to flattering if you ask me lol but if it works on here it must be right. Havent had any bad advice yet lol. Good luck future RealEstate Millionaires.

Thanks for all the great posts. It's good to have you as part of the dg family. You won't be a "Lurker" for long. lol

Thank-You Rina, the company of people on here helps build confidence as well as knowledge. Thats hard to find anywhere else. Trust me, I have looked. I feel so much different about this than I have felt about anything else I have done. Keep up the good work all of you. The service you provide with just your kind words and your shining personalities is a wealth all on its own. Good luck Future RealEstate Millionaires.

can ya'll let me know what an assignment clause is? I am interested in doing the "finder's fee" option. This seems to be the way I really would be able to start getting my foot in the door with buying bigger real estate, but I really want to make sure I know exactly what Im doing before I start doing it. ANY more suggestions before I begin?? thanx for all the help so far this is a great way to get knowledge of real estate. Please leave MORE suggestions for getting started! thanx again

Robbie Keith

I have been approached by TCS Foreclosures to become a researcher. They claim to have big investors that will pay top research fees to bring them properties. They got my name because I subscribe to Realty Trac. Have you had any experience with them? Are they a good company to work with?

Wow, a researcher for foreclosures. That sounds like a good idea. I will keep an eye on posts for this.

That is called bird-dogging. You find the properties and deals and bring it to them and they pay you a fee for th e referral. Please see my post on this.

http://www.deangraziosi.com/node/3783

Thanks for that. I saved it to my notes and I will go and read it now.
I am so lucky that all you informed and clued-in people are there to help me with these questions!
God Bless you all!

the purchase price is 195,000
rate is 6%
30 yr note
i put down 5800 total for purschase ,seller puts in 5800 too
seller repaired water leaks , new dectors , fixed windows so they would open,
projected rents that i have called on with mangement companies 750 for the one bedroom units theres two of them , and the two bedroom unit is any where from 800to a 1000 ,i like the loacation close to schools and the anchorage diamond mall samsclub,etc.and a park /lake 5 blocks away
triplex 3 units
im only a week away from closing on the place ,
my pymt would be 1600 ,that includes mortgage insurence and the taxes etc, im still get quotes on home insurece , the cheapst i got so fatr is 120 a month they wont insure less then 270,000 for the place. the othere are in the same ball park,
i had it inspected cost me 550, he wote alist of thing for the seller to deal with which they are,
water turned back on getting repaird buy seller
apprased at 220,000 at current condition,without renters
wither renters 235,000
with rpairs done make nicer, includding redoing roof in next 5 years projected value appersal is 269,000 is what the appersel wrote in report
thats wjere im at right now,
it needs cleaning up inside, painted walles , one unit is ready to be rented #1 #2 unit needs some cosmentics like re finishing cabinets they have chipps in them, new carpet in beedroom, painting walls would be good , find some doors for bedroom and clossit, floor in livving room kichen looks fine

#3 unit needs tlc too put new flooring in bathroom and kichen livving room, new carpet in bedrooms, painting walls would be good.
hanging doors painting i can do, the flooring its cheeper to get someone in there to do that .

update!!!!
igot a call from the agent should be closing very soon
waiting for the bank back east to fibalize there part
man im excited now,i talked to my motgage they told me everything is set to close!!!! 6/03/08

I have 2 questions on foreclosures. What if I live in the same house as my landlord and he forecloses on the house and we are best friends. Can I save the house?

Also does CT have different law on a foreclosure?

jmv322, do you mean that your friend owns the house and he is facing foreclosure from the bank? And you would like to help him to prevent that from happening?
Depending on his financial situation, there are a number of options. Please give some of the specifics and I'm sure you will get a flood of advice from the site members.

Rina

I was not able to find a "Referral Fee" Agreement in Forms and Docs. Does noe exist or does anyone have a sample of one they have used if they have gone the Referral route?

Thank you,
JButcher

You use the promissory agreement for referral fees. Here a link to some additional contracts you may have a need for

http://www.deangraziosi.com/node/4099

I have always wanted to own multiple properties. When I was young, I started to accumulate a lot of debt and I still have all of it today. I owe a lot, and my debt to income ratio is terrible. I just bought a condo last year, so I already have one mortgage payment and with the rest of my debt I just make enough to cover my monthly payments. I want to buy another condo that is priced way under value. I haven't bought Dean's course yet, but my question is can I really qualify for this other property due to my debt to income ratio? I want to find a renter to pay for the payment and I know I will be able to because the property is priced way under value. I believe there are "no money down" methods, but what about simply qualifying for the loan in the first place. Can this work for me?

I can totally, totally relate.
I am fairly new but let me tell you that once you get into this you will see that it is FOR REAL (estate...lol) And fear will dissipate with the knowledge you gain.

Anyway, if you will go here: Forums » Real Estate Investing » Everything Else and then the title Why Coaching Works, and read the posts there, it will give you a great insight into the different directions that people will go in this endeavor. All choices are good and personal!

Trust me, I am not trying to get everyone to go to coaching; HELL, I am not doing that 'yet', but I am sure I will in the future. This forum just gives a good overview of the options and the wonderful support you will get on this site.

And to inspire you; read and re-read chapter 7 of Dean's book 'Be a Real Estate Millionaire' as it deals with the reality of how to move ahead and make that dream come true and come to terms with 'fear'. You can do it, I can do it and we are all in this together!

Stay in touch and 'keep on moving on'!

Can someone help me out and tell me where I can find the Real Estate Property Pro Software. Don't know how I missed this one.
Thank You
Kevin

Are you referring to the Real Estate Profit Pro software?

I listened to Back Archives on the Instant Equity Exchange and wondered why the forms discussed are not offered on Documents and Forms. I could be wrong but I could not find them. If anyone can direct me to where to find them it would be great!

JButcher

This software should be included in the curriculum you receive when you purchase the coaching staff program. At least it was in my "business" course. Might be a question for customer service if you haven't received it.

Rina

Do you have a link to the web site for this software so I can read about it?
Thanks

Robbie, One idea of mine is credit cards. Do you have any credit cards that has like a spending limit of 5,000 to 10,000 on them. Utilize and leverage them. Cindy

Deb,
I'm not sure there's a link or that it is on the website. Anybody else know? dgadmin?

I got your message on PM. I hope things work out okay. I am so glad that I have you as a mentor.

Is that okay?

I will keep picking your brain to learn as much as I can.
I am putting together my daily schedule and trying to make sure that every minute counts from now on. I always have pretty much cramped every thing into my days anyway. I have just been so out of sorts since moving back from Germany a couple of months ago. My schedule got shot to hell!

I do have solid plans to make a huge difference in my financial situation by this coming Christmas when I will be traveling back to Australia to spend Christmas with my family.
The sad part is that I cannot take my darling husband with me because we cannot afford for us both to go. He has never been to Australia and my lovely mum specifically asked for me to bring him this time as she has never met him and feels that she is running out of time.
She really wanted a close family get-together for this Christmas, like ti used to be when we were all in close proximity. She feels that she may not live to see the next one. Our family are spread out a fair bit in Australia and I am the only one living in another country.
Just so you know that I REALLY NEED to make this work!

You've got 7 months. I believe you'll be taking your husband with you to Australia (now I know where you get your beautiful accent). We'll just envision it and make it work, OK? If that's your goal/dream right now, we'll just believe it will be and go from there. So, are you ready for the ride of a lifetime? You sure sound like you are.

Let's go.

Rina

And I want to fly my husband business class as he hates flying and avoids it a lot.
I have made a list of mini-goals to work on and finishing Dean's book is the first. I have now got a daily schedule in progress, although I am not sure it is solid as yet. You know, you have to tweak it a bit from time to time to make it effective.

I started this morning and I will see how today goes with what I have already scheduled.

Thanks again Rina. I am so glad I found you and I am glad you liked the accent!
My husband told me that he fell in love with me as soon as he heard me speak. Awwwww..... Kind of ironic when back home everyone would tell me to 'shut the hell up"! ....

To learn a little about me and my little life, go to my profile and you will get a better idea of who I am!