My name is Monique and I just want to say Welcome aboard! As I said before the goal in creating this group is to form a creative and successful Real Estate Investment Team. Some one once said two heads are better than one and boy were they right. So lets get started, together we can do anything! This week I would like to go over the importance in organizing your resources. Your computers bookmarks for instance are a great way to stay organized. Be sure to add your top five most important websites to your tool bar so that you don't have to scroll through a list of forgotten sites. This way, your always reminded of the websites that help you the most. Do you have any organization tips to share?
"To be successful you've got to have a dream, a vision, a burning passion, a magnificent obsession.
-Jeffrey J. Mayer {Author of Success is a Journey}
Who is Dean Graziosi?
Are People Actually Successful?
Does Dean Practice What He Preaches?
What Deals Are The Students Doing Right Now?
getting started
hi my name is al and im 20 years old.my credit isnt bad but its not great either.is it at all possible for me to get a loan for a house? should i spend the 1500 for the coaches?
Getting Started- Never Give Up
Al,I would recommend that you read the entire "Be A Real Estate Millionaire" book first. But to answer your question concerning getting loans even if your credit isn't the greatest, first I recommend you read chapter (7) Putting your finances in order and then I would read chapter (13) Identifying loans and finding sources of money. These chapters should help you answer some of the questions you have. As for your question concerning the cost of the real estate coaches, I can only give you my personal experience with them from making that purchase my self. At first I would ask them to give you a play by play break down of what your paying for. The way I understood it was that I was going to get access to a wealth of knowledge that supersedes the book.They do break down the book even further in text and in audios, video, and conference calls, so it is useful. The part I had some trouble with was that their coaching experts couldn't give me any info on how I should have set up my business entity and how my taxes would positively or negatively effect me. But they put me in touch with an affiliate of theirs, "The Tax Club". I would recommend that you call the tax club and ask them what they charge if you were part of Deans Graiosi's mentor program. Ask them the difference of cost between their tool box kit that helps you to set up your business entity and having them do it for you. As for the tax advice they give and the taxes they file for you I truly believe its one of the best services around. It's always good to do your homework before investing into something your going to put so much time and effort into. In the mean time keep asking questions and networking with everyone you can on this site.
Good Luck In Your Accomplishments,
Monique
Is This A Steal?
My name is Rhonda, and me and my husband are getting into real estate as a team. He fully supports, and is an active partner for me.We have found 4 houses and 1 duplex. The man selling them is sick and feels they all will be a liabilty to his children when he is gone. The realtor has told us he wants 120k for all of them. But she said he will take about 50-60k for them. yes they need work. A lot of work, but with friends the actual repairs will only cost us about 1/4 of what it would cost to fix them. They all have tennants in them , and generate about $1500 a month. Is this a good deal?
Is this a Steal ....give an update please
I was just reading this forum in its entirty I just wondering what you decided to do with this deal. And how it all worked out.
Is This A Steal- Never give up!
Rhonda,
First of all I want to say you are blessed to have someone fully support you as an active partner, I only wish I had that blessing myself. I would first recommend that you and your husband read the entire book even read to each other if you can but don't feel like you have to understand everything right now. To help with the questions you have I would refer you to chapter (9)Eliminating the fear of failure, so you can motivate yourselves. Then I would read chapter (12) Understanding the Different Types of Real Estate Investments, for a better understanding of the types of purchases
your going to make. Then read chapter (19) Managing Rental Property,so you'll understand what you would need to do if you had to rent these properties. As far as what I would do personally. I can say that I would make sure to ask the Realtor to do a comparative sale analysis to see what similar properties in the area are going for. Then I would get a home inspection report done. You don't want to put all your time,money' and effort into something that turns out to be not" what you expected. If the repairs are feasible I would personally buy the duplex and live in one of them while renting out the others and fix them as you go, if it's in a decent area. It's always good to do your homework before investing into something your going to put so much time and effort into. In the mean time keep asking questions and networking with everyone you can on this site.
Good luck and god bless,
Monique
Never Give Up _ Already Done
Thank you so much for your input. The properties in that area are going for 30k-40k per house. And for 60k I get 4houses and a duplex. I have read all of the book and we did read it together. And they are located right up the road from the local university. To which they are expanding. I'm really exited about it and think it will be good, but I was wanting to make sure. I guess I need to read chapter 9 again cause I'm still a little scared.2 of the houses are 2 bdrm and the other 2 houses are 3 bdrm. 1 house has a 20 yr tennant in it and the others have been there for at least 3 yrs each. I have done all my homework the interest rates are down and the area is in an up cycle. I have reviewed the house price list in the area, and the owner is in a need to sell siuation, so it will be a win-win I think. Thank you again.
Need advice
In my search for properties, I have come across listings for boarded up vacated homes from $5,000 to $15,000. I am basically broke. I don't have money to put down. Should I pursue these properties or do you think I am out of my league with the fix up costs and turnaroud time?
Also, a realtor tipped me on 2.68 acres of commercial property next to an outlet mall off a highway. Comparable property is selling for $3.50 per square foot. This property is selling for 93 cents per square foot. I don't have the financing for a $129,900 deal. Are there any thoughts on how I can find investors/partners to where I could maybe get a finder's fee or be able to assign the contract?
Need advice- Never give up
Joe,
I'm in the same boat myself looking for investors but my credit score isn't as good as yours. I would say if you have a real estate agent that can help you utilize that to your advantage and find out as much as you can about these properties. Talk to neighbors to see why they were boarded up. I don't know much about financing yet but I do remember something about a loan that starts off as a low interest construction loan and then turns into a normal loan when construction is over. Also look into home buyer assistant programs in your area. They usually offer some creative financing to moderate income buyers looking to but their first home. See what you get pre-approved fro first then you'll know how much you can work with. If your looking to lock it up and assign it to an investor with more money to play with I would lock it up and then advertise like crazy on this site and others that offer free access to join. I myself am trying to gather my resources so I can get started.Re-read the chapter on creative financing to get some ideas on who you should go with.
Good Luck,
Monique
Refinancing
Hi monique, i'm jeff from des moines, washington and i'm in the process of buying my first property as a primary residence. Just wondering in your opinion, is it possible to refi this property for moneys needed for other investments or cud i possibly get a lean against it for a line of credit. I really need to take action immediatly on some of these great deals. Thanks!
Jeff-Refi
Jeff,
I'm no financial expert but if it were me I would start off by taking a look around to see what bank is offering the lowest interest rates right now. If you are interested in refinancing its been my experience that refinancing with an open line of credit is beneficial in that your borrowing from yourself in essence. This money will be there when you need it. Ask your financial institution what sort of fixed rates you can get and make sure to discuss the possibility of the best possible rate in case your interested in flipping and selling after the one year primary residence period.
Happy Hunting,
Monique
Best place to Start ?
I bought Dean's book about a month ago, I read it fully cover to cover and for the most part I understand it all.
Im 21 years old with good credit and a steady income.
Im saving about $1000 a month.
I just dont't know where to / best place to tart.
because i do have the money to invest but then I wouldn't have any to keep saving.
I've been looking at single family homes in my area. I wanted to buy a single family home and rent it out for the time being. Until the market goes up or until I could buy another one.
I've been getting quotes from lenders and I have a list of properties to look at. but i think im a little heisitant to start because im not sure what the best avenue is for me to take.
Please post answers, feedback, insight.
Thank You.
Need help
Its hard to know where to start but if your unsure as to where to begin maybe you should get your feet wet and do a few assignment of contracts. This way you'll know what a good deal is when you see it. It's good that your saving money and its scary as hell to loose that security blanket but if you don't take risks you'll always wonder what would have happened IF YOU HAD JUST TOOK THAT LEAP OF FAITH. If it were me I would save $2000 and then find a Realtor you can trust partner up and hammer out a few deals worst case scenario is that you end up renting out theses properties for a while but in the end its experience you gain at the very least. Right now is the perfect time to buy and believe me you don't want to resent the fact that you didn't buy a property when prices were this low.
Monique
Another newbie
Hi everyone,
I just wanted to say, I too am trying to get started. I currently have a 2-bedroom sfh which got into trouble. tenant is 3 monts behind, taxes due. Have no money and now credit score dropped. Any advice on what I should do next. Thanks in advance.
sharon
This seems a little tricky but I'm sure its been done before. Seems like you have to take care of you tenant before you move forward first. I would post this question to see what kind of answers you get regarding the legalities of the situation. If it were me the first thing that comes to mind would be to write the tenant a letter explaining your situation now that the rent is three months behind and taxes are due. Try sympathy first and if that doesn't work then move directly to eviction proceedings. just don't wait too long to take action because promises are easily made but rarely followed through.
My advice,
Monique
Need Help
Thanks Monique, will do that. How do I go aboout eviction proceedings, and is it expensive. Have no money. Any and all info.
Sharon
Oops!
Hi again everyone.
. Any help would be greatly appreciated. Thanks again in advance.
My name is Sharon. I just joined the group as another newbie and forgot to leave my name. please read that one also. Look foward to new solutions to making money in win-win situations, and getting out of the one I'm in
Sharon
partner
new investor looking for partner in NY, thnx
hey
i am a new investor and i am looking for ny investor to share ideas and learn from.My name is victor vgnarc@****
Victor
My advise to you is to really and truly look into the area your buying in. I know some investors that are so completely full of themselves priding themselves on the fact that they bought so many properties for a cheap price. They make the grave mistake of letting other people invest for them and these other people are only interested in the money your purchases are going to make them. The game is different state to state but I will give you an example. The owner I mentioned in the beginning of the text bought 30 properties in Perris CA mostly 3 bed 2 baths and he did the smart move in trying to rent them but that's the only smart thing he did. He didn't take a look at these house inside and out himself he sent INVESTORS to buy for him. I guess what they didn't tell him was that the crime rate was the highest in the area the rent he wanted to charge was the highest for the same product in the area and that they all needed some very expensive TLC. The lesson in all this is to investigate who is handling your money and know the area your buying in even if it means pulling demographic reports yourself and taking a drive to see your investments.
Partner
I'm completely new to this and I'm also from NY and looking for people I can work with and learn from too..by the way my name is Jose
Hi Jose
I am completely new to this myself and I am from NY as well. I would love to hear how things are going for you?
Me myself have not done anything yet, but I'm really eager to get something going.
Send me a message and lets see if we can do something together or bounce some information back and forth?
Hello all
Hi, my name is Paul, and I'm just looking to bounce ideas off people and learn something new every day. I've been in RE for about 3 years, and haven't done too many deals yet, but DG has inspired me to continue my education and always work towards a goal. I've learned alot and I feel that mistakes are good to make to learn from them; just don't make them too pricey, hehe. That's what other brains are for I guess. Feel free to email me at ogbuff@****.
hello everyone am a new b
iam currently reading b a real estate millionaire.I purchased the book a while back and havent read it all because of work and being a full time husband and father .I've been working really hard to save money and taking care of my credit to start investing im my city.There is alot of foreclosure right now where i live in and every month theirs auctions going on i just dont really no where to start off yet.Ive also heard about assign deals whats the deal with that???????? Anyone have any advice out there????i would greatly appreciate it. Live Learn Love
GETTING STARTED IN THE GROUP
MONIQUE, I think your idea is great. I could sure use input on my investing. Where do I put my streaths and weekness? And how to I handle asking questions, etc...
Wayne Bumgarner
PS: I'm good at dealing (buying, selling, restructuring, etc...)with paper.
And I have my own company:
Alternative Financial Solutions
Also good with financing.
Good at negociating deals
Have my TE (Transaction Engineering) desigination.
Not very good at everything else.
Wayne
Do you have people buying your investments for you or are you buying yourself. Being a financial wizard and knowing your numbers is a great asset. The best advise I could give you is do your research. Know the area your thinking about buying in and ask everything and anything you can think of without hesitation. Remember its better to ask and risk being too forward before you spend then to regret your decisions and waste your time and money. Always get the home inspection and maybe get to know an inspector. Run the comps, know your target demographic, and run the numbers on the value after the fix up.
Good Luck,
Monique
New Member
New Member here
Looking for a partner or mentor
in the Boston area, (northshore)
Thanks and hello everyone....
??
i left a post here on jan 29th and I still haven't gotten a response...im guessing there aren't any investors from NY on this website?
Mr. Aleman
I'm from CA myself but there are investors from NY on the site maybe just not in this particular group. I would ask your questions again but on the main site. Look through the different groups and find out whos in NY.
Good Luck
Monique
Mentor
I am a new investor and am looking to put together my first few deals. I would love to find a mentor to teach me all that they know and help me along the way. I also would enjoy if any mentors would like to go in on some joint ventures.
thanx for the welcome
I am currently a Realtor in Houston, Tx and i am looking to make my own investments....one day i thought to myself i am always finding others good deals which i dont mind and have always liked helping others. So i said, self? why dont you purchase some rental properties for passive income? you know what self.....your right!!! =)
i have no problem making low offers so i am going to be my own best realtor lol =)
i have read "think a little different" and just finished reading "profit from real estate now"
in the last week i have found 3 cash buyers/investors with lots of purchasing power, and a few buyers i have gotten approved thru my mortgage broker that happens to be a family member i trust. My brother has his own sign shop which he will make signs/flyers/business cards at cost for me for obvious reasons ( im his big brother) so its very little out of pocket for me
so i am ready and willing to be taught and teach while enjoying and loving what i do
special thanx to Dean and all the participants on this sight with all the useful knowledge anybody can use in todays market
God bless everyone and your fams with health, knowledge, and the will power to take the first step on the journey to financial freedom