FAQ: Answers To The Most Asked Questions - Start Here

my buddy owns a house on the beach in jersey, and would love to keep it but is being relocated so he would like to sell it to his dad to keep it in the family. the bank that holds the note tells him that that cant be done for this is called a arms length sale. is this true or are there ways to get this done?

What part of the Bay Area are you from?

You're right about the prices in the bay area; I will only do wholesaling there-too expensive to buy and hold..
I would recommend reading DG book 'Profit From Real Estate Right Now'-I found it more detailed and more specific...
There's a lot of information on this site, and a lot of people willing to help.

Also, you may want to provide some info on your profile...

Good Luck with your investing!
Valerie

Hi, I have researched this company and everything says it's just a scam. All they want is your money up front and when you sent them properties, they will say they don't have an investor to buy. I'd say stay away from them.

I am having trouble with providing a change of my new email address.

Hi Dean,

Do you have a link for listed REO's that we could check out?

Or just send me a message on here.lol

Hello DG family,
PLEASE!!!! Could somebody help me with the ?'s matt larson uses to interview banks?
Thank you all!!!!!!!!!!!!!!!!! Tim

The system I learnt from watching Matt re: finding a bank is as follows;

Do a search on Yellowpages.com for banks in the area your buying
Go to the last 25 results as these are generally smaller banks
Ask to speak to the residential loans officer
Ask if they have any 'in house' loan products - If the answer is no move onto the next bank
Ask what their seasoning requirements are (if any) Your looking for a bank that is willing to refinance quickly so you can pull your money out
Then ask what their loan to value (LTV) ratio is for refinancing loans
Next ask if the rental income from the property counts as income on your financial statement

This should give you a good idea if you can work with that particular bank.

Hope this helps!

Good luck!

Hi all,

I was wondering if anyone has any advice to acquiring property from other wholesalers who have property under contract. I have buyers that are suitable for these properties but am unsure how to get a cut of the profits? Would I do a non-circumvent with both buyer and the wholesaler? Would I do a double closing and cut into the profits? Has anyone had success working together with the other wholesaler to split the profits and if so were there contracts involved? A lot of questions I know
Any and all feedback is valuable.

Here's hoping to a successful January - Cheers.

Just became a member on dean's website. I'm very anxious to get started but don't know where to begin. I need help.

I found this on Yahoo, and thought it was worth sharing:

The single biggest problem in the U.S. real estate market is simple: There are very few homebuyers.

That seems obvious, but the "buyers' strike" has caused house prices to drop, along with an epidemic of foreclosures. What's worse, the long depression in real estate is probably not over. S&P has forecast that home prices will drop by 7% to 10% this year. The S&P Case-Shiller Index has dropped for most of the 20 largest real estate markets over the last several months. RealtyTrac recently reported that more than 1 million homes were foreclosed upon in 2010.

Many economists argue that the housing market may take four or five years to recover. Even if that's proven to be true, the all-time highs of 2006 may never be reached again.

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We at DG.com are going to find these homebuyers and make some money!!!

Hi.

Am in discussions with a realtor in Las Vegas to assist us with our investing there. Since we live in Canada, and chances are we will be buying "sight unseen" (at least we won't necessarily see it personally) he may potentially need to do a little more for us than the average local investor. We hope to do flips and the occasional buy and rent / lease to own once we increase our cash reserves. We are building our buyer's list, but there is a possibility that our realtor would have to list the property publicly.

What would be a fair rate to pay our realtor, that is both motivating for him and us? What are others paying? His first comment was that 3% of a small purchase value would not be very motivating. I know he will get repeat business, but I can definitely see his point.

Any input you have with your experiences would be greatly appreciated.

Don

Hi Ira, I saw your post a few weeks back and became saddened to find that bird-dog fees were illegal in Texas, as that was how I was originally going to ease into RI to make a little extra cash and get "my feet wet" sort of speak. Well I happen to work at a department store and one of my co-workers is a real estate agent. I was talking to her the other night at work, and she told me that as of January of this year, "bird-dog" fees are LEGAL in Texas....just wanted to let you know. I am currently wanting to get into wholesale RI. I've got Dean's books, and trying to study them in my spare time. I hope to be submitting a journal of my dealings and success soon. Good luck to you on your RI ventures

Your agent may want a higher commission, and who doesn't, but the fact is agents in the USA are accustomed to making 3% every time there are 2 agents involved in the sale. Usually there is a listing agent (sellers agent) and the buyers agent splitting the 6% commission. So it's not like he would be making less for his work than he is used to. I suspect he is hoping you won't realize this. I don't know if it works differently in Canada and if not I hope I didn't insult your intelligence.

I suppose if he is doing a good deal more work because of the long-distance thing than he should be compensated I just don't know how much more work, if any, he would be doing for you.

Best Wishes
Steve

I will follow this out of curiosity but I think perhaps there might be a better forum to post this giving a better batch of replies. Maybe you should post a new thread if no forum that fits already exists.

Steve

Welcome,

Start by filling out your profile if you haven't already.

Go to the 'Real Estate Forums' and read,read, read.
Buy Dean's book/s and study them.

Read more.

I have a Guy who is willing to package deal 4 properties. Could somebody walk me through the assignment process or should I get an attorney to help me out with the steps an paper work. I've read the book cover to cover about three times, maybe Im just nervous and scared because this is all new to me. Please someone give me some guidance.

Thanks for your input.
But what I was looking for, is that he mentioned when in his turn to talk there a list he has already made up.
Was just wondering if maybe someone would like to share it.
he say's something about giveing or making sure everbody gets one.
Thank you Tim

Hello im looking for a partner that wants to buy a home here in Orange County
It has a agent the owner is leaving out of the country she owes 40k on the home its worth 420-440k she is selling it for 399k my offer is 350k and all i need right now is the other 25 % of 350 does anyone now anybody that is interested . I already have a end buyer that is interested in buying the home hes a long term investor at buys homes at FMVR.

I recently read an account about a lady who was house-bound with a handicapped child, yet made enough to earn a living through online "assigns" contracts. Can anybody tell me step by step how to do this? I am no real estate wizard and I have very limited face-to-face contact with others outside of caregivers/neighbors and family as I also am housebound with chronic illness and would like to learn how I, too, could earn my own way via internet and/or phone only. Any information is welcome.
Thanks,
Terri T.

I have not yet done this deal myself but will be soon. I have been studying and do know the steps and can walk you through it.

First though I can tell you that the lady you mentioned sounds like Carol Stinson who is on this site as "freeindeed". You can look in the forums and member journals for her profile where she even has links to her own sites. I can tell you though that I believe her main reason for doing assignments was the lack of money and financing to do other types of deals. You could probably do most any kind of deal from home via email and such like she did and possibly another technique may be better suited to you. Certainly I recommend you check her out anyway for what she could teach you on working from home.

In a nutshell here is the Assignment process:

1. Always start by building a list of buyers and learning the criteria of each of them for what they need for a deal to be appealing to them. (This goes for all properties you do not intend to keep long term).

2. When you locate the property and negotiate the price and terms with the seller you then "lock it up" as they say. This means write up a purchase and sell agreement which you will sign along with the seller but where you put your name add the following statement: "and/or assignee". Make sure the seller understands that you intend to have a partner (the assignee) on this and that the deal is subject to their approval.

3. Make sure the contract also has a clause in it stating that the contract is subject to the assignees approval and if for any reason they do not approve then the contract is null and void. This way you are not trapped into buying it without the money to do so. Also you may put in a clause stating that under those circumstances you are to be refunded your earnest money. This way you only lose that money if you walk away.

4. Contact buyers on list giving them the information about the deal and property, (make sure you don't share key details such as address, seller contact info, anything allowing them to circumvent you and buy it without you).

5. When you find the buyer sign an "Assignment Of Contract" contract/agreement. This is where you will state your fee to the buyer. (It is best to make sure that all parties involved understand that you intend to make a profit in this deal as they will see this at escrow when buyer and seller sign closing papers).

6. Submit the contracts to an escrow office. You may want to first find one that is investor friendly meaning they are comfortable with doing such deals.

7. You may also want to have the buyer sign a "Non Circumvent Agreement" preventing them from cutting you out of the deal and dealing directly with the seller.

8. Depending on your buyer they may be able to pay you directly your fee at this time (cash buyers can do this), or you will be paid at closing. Most buyers are likely to feel safer doing that even if they can afford to pay you then. If so the buyer will pay the escrow agency at closing the total amount and escrow will disperse the funds accordingly. You and the seller will each receive a check for your share.

NOTE: The contract between you and the buyer "Assigns" your role in the purchase and sell agreement between you and the seller. The "purchase and sell agreement" is now between the buyer and seller. your part is over and you have no legal interest in the property.

If you click on the link on the left of the screen marked "Forms and Docs" you will find sample contracts you can use. As is always the case make sure you check with a lawyer or at least an experienced investor, agent, escrow office, etc. in your area to make sure you are using contracts legal and practical for your state and local laws. You may need to modify a phrase here and there or it may not be legal at all to perform certain transactions where you live. Make sure you do your due diligence and research!

Anyone if I have left anything out here please let me know. More importantly let them know. I don't want to misguide anyone.

Hope this helps.

Steve

I got an expired MLS listing, I started looking on other websites for their name so I can get on other website the phone number. I have still like 9 properties that don't have information about the owner or telephone number. Anybody can help me how can I get the info needed to contact the owner?? thanks

I JUST CAME ACROSS LETS JUST SAY A LOT OF GREAT DEALS IN MY AREA BUT DON'T HAVE THE FUNDS TO MAKE PURCHASE ON ANY OF THE PROPERTIES AT ALL. HOW CAN I LOCK-UP THE PROPERTIES MYSELF A.S.A.P WITH AN ASSIGNMENT CLAUSE TO RE-ASSIGN THE PROPERTIES WITH SERIOUS CASH BUYERS/INVESTERS. SOMEBODY HELP JUST TRYING TO MAKE IT.......

Where do I find the form to qualify an Investor? It is not on the 'Documents and Forms' page.Thank yo for your help!

I have been told that I can not purchase multiple houses because it will go over the 45% max portion of my income. If this is so then how do people have multiple mortgages. I am in position to buy houses which I have found but from what I understand I can only buy and sell one at a time due to the 45% rule. My objective is to buy houses fix them up and either sell or turn into rental properties. I have also been told that signing an agreement to purchase from someone who is selling their home and I in return set up the sell with an investor to make a profit like is talked about in Dean's book can not be done any longer. Please help if you can. I am in position to start investing now.

HI....everyone, I have a friend that wants to sale his house because he owe's more tha what is worth. I asked him that I could probably help him to sell his house and save his credit as well. He Said YES if you can help me sale my house that will be great.Now, how can a make a deal and help my friend at the same time?

Hello Everyone,

I'm a newbe. I've read Dean's "Profit from Real-estate now" what and excellent book! I was reading Matt's Lawson's advice on finding Real estate agents to work with. My question is what's the best way to get email address of agents in my area? I want to take his advice and send out a massive email so I can sort and find a good agent who works with investors.

Thanks in advance for your help

Hello, my name is Keith. I have been in real estate for a while, however, I am in a new market and this is my first time ever purchasing a real estate program via TV infomercial. To keep it simple, Where do I restart? Do I go out and find deals myself and use this site as a tool to sell? I was under the impression that I can find properties here as well as buyers and match them up. If you can clarify it would be greatly appreciated.

Hello Anita:
I notice you are one who is all over the Dean Graziosi website, and you seem to have a good head for business and someone with alot of good advice. I wondered if I could possibly ask your advice on a deal I'm trying to put together ?
It is my first deal and I sometimes get so turned around I dont know where to begin. I am interested in doing an assignment deal. But it is located in a different state half way across the country. A real estate Agent is involved as they are the one advertising this property. What steps do I take in getting control of that property, so I can flip it to my buyer ?

Sincerely: Dino

Hey everyone I just finished all three of deans real estate books and I'm very excited to get started. I have built a small buyers list and hope to find a great real estate agent and a mortgage broker real soon. I have found a few properties that I think may be able to make some money. I'm wondering if I don't have a real estate team built yet should I wait to start with deals until
I have my team built or should I just go for it. Also if I'm doing an assignment deal where I lock up a property on an agreement of purchase with an assignment clause and assign it to the buyer with an assignment of contract, do I even need a team at all. I want to create a real estate team, but I don't want to wait until I do to start trying some deals and getting my feet wet. Any help would be great.

thanks
kyle