Ask Dean's Coaches a Question

It is not my goal,Too not have a team! Altough,What are my advantages...
Of offering on my own!...And,Being a REI...I just like to get the deal and
then from there...Let my team take care of the rest!
The student program is...A great opportunity!

Randy
2 for 1

Would anyone walk me through a deal step by step refinancing REO?
I would like to know how can you immediately refinance REO all cash paid property.

Thank you

Hello Coaches,
My husband and I started investing 3 years ago. We want to expand our property managment. In Washington state one us would have to get a Real Estate license and then work with a broker. My questions is If I was to get a Realtor license, how would that effect my ability of an investor. I am an investor first.
Thank you in advance

Hello Coaches,
My husband and I started investing 3 years ago. We want to expand our property managment. In Washington state one us would have to get a Real Estate license and then work with a broker. My questions is If I was to get a Realtor license, how would that effect my ability of an investor. I am an investor first.
Thank you in advance

Hello. I have question for you. I appreciate that you are here.

How does one assign an REO? Since banks usually do not accept assignments, how does one go about wholesaling an REO?

Thank you very much.

There are a couple of threads that have been created to answer just this. Essentially, how it works is several ways:
1) Use an LLC to make the offer. When the offer is accepted sell the LLC.
2) Use a real estate trust to make the offer. When the offer is accepted sell the trust.
3) Add a second buyer using an addendum. Take your name off the offer using an additional addendum or keep your name on contract until closing then quit claim deed the property to the new buyer.

my agent sent me listings and I see alot of preforclosures that read '"contigent upon bank approval" and similar phrases. These sounds like short sales or REO's to me. How do you buy short sales from banks . Is that as hard as buying REO's ?

Thanks Nathan

Yes i can do my own offers,Still it might be better to use a REA! So i can
better understand the contracts.
Thank-you coach!

Randy
2for...one!

In talking to someone who has recently relocated to southern CA, I found out he's looking for a home. He told me that he's willing to go as high as a $1,000,000.

So how can I help him find a house so that I can earn some $$$$ in the process? Should I do an assignment?

Hello coaches.
I really appreciate that we have the opportunity to ask a question.

All right, here is something that has been on my mind.
When I read Dean's new book, which is great and I continue to re-read it and absorb it, one thing that occurrs to me is that most of the students in his book are all from small towns! Except the couple from Honolulu. That's the thing that keeps haunting me to some degree. Now this may or may not be valid. It just makes me start to think, is it easier in a small town?

Thanks for your input.

Thanks coach! I think i answered my own "Q". Again i say thanks for being there, Yes it better to deal with a REA...Until you get the contract's down!

Randy
2for1
"your actions do, count"

You may find that small towns offer less competition. However, there are less properties to look at.

You have six's either way. I may venture to guess that those in the small town want to succeed more. (Don't hate me in saying this if you are from a large town. I'm just venturing).

The truth is you can do real estate in any area in any market. You may just need to change your strategy.

But how do you cut the time down in finding one. I have a fax sheet i want to send them just like it says in the profit from reale state now book. but i dont know where to start. should i just send the letters out to the main office or should i send them out to the individul agents themselves. reason being, if i wanted to send out letters to all the agents from some of the top and local realtors it would take me awhile. What should i do to shorten the search time down? thanks in advace you guys are awesome.

I just submitted my first short sale package on a multi-family house in PA, now I want to know what exactly I should expect to do and what I should expect from the Bank.
Also I know I read it on the forums but where are the Hard Money lenders that are willing to work with fairly new RE investors? I have a credit partner with a 790 middle score but a few of the HML's are requesting a lot of documents that we don't have or requesting 6 months of liquid cash reserves. If I had 6 months of cash reserves I wouldn't be looking for a HML. :/

Hi Coach,

Just getting into this life changing event. My question pertains to ads. I have 2 buyers ads and 2 sellers ad on the craigs list. So far I'm only getting spam mail. Any suggestions to where else I can advertise? I am limited with funds right now. But my goal this week is to get support from the Success Academy. So far I have located a few properties and researching the owners and comps. I have one investor lined up and my ex co-worker real estate agent and a former attorney I used for closing's. How can I use the internet to work for me in advertising? Continued success......Lubertha

I want to begin using Matt's 25-1 method and begin making Offers on MLS properties. I have my end buyers and I have found a Realtor to make the offers for me but here are some questions that she asked me...

"What do I put in the A.O.S. for a deposit amount we usually hand in a check with the A.O.S. There are a couple of other things like who the mortgage lender, amount of loan, kind of loan, Term, we include a pre-approval."

Until now I have been assigning properties that I lock up so this is truly a new concept for me. Can anyone help me answer these questions? Matt made it look so easy in the book. I had no idea that there was so much involved.

FIRST OF ALL WHERE DO I GET THAT TYPE OF CONTRACT ??? SECOND LESS ASSUME WE AGREE TO A PRICE. NOW WHAT??????? HOW DO I ASSIGN THAT CONTRACT TO A INVESTOR OR BUYER??? IF THE SELLER NEEDS TO MOVE QUICKLY WHAT ABOUT HIS MORTGAGE PAYMENTS HOW DO I COVER THERE MONTHLY MORTAGAGE PAYMENTS???? ACTUALLY HOMES IN THE AREA ARE SELLING FROM 165K TO 175K .IVE BEEN TALKING TO THE SELLER FOR A SHORT PERIOD OF TIME AND HE WANTS TO SEE A LEASE WTH OPTION TO BUY CONTRACT. I THINK HE WILL AGREE TO 155K TO 157K. WHAT SHOULD I DO ??????? IS IT EVEN WORTH IT OR SHOULD I JUST WALK AWAY. PLEASE LET ME KNOW WHAT U THINK

THE TERM A.O.S IS THAT EARNEST MONEY??? USUALLY U DONT HAVE TO PUT IN A DEPOSIT UNTILL UR OFFER GETS ACCEPTED.MORTGAGE LENDER COULD BE A PRIVATE LENDER THEY CAN GIVE U A PRE APPROVAL LETTER SO U CAN SUBMIT YOUR OFFER . IT DOESNT NESSCARY SAY ITS A PRIVATE LENDER IT ACTUALLY SAYS ITS A COVETIONAL LOAN. YOUR REALTOR SHOULD KNOW THAT. WELL I HOPE ANY OF TAHT HELP IF NOT WRITE BACK AND ILL TRY TO GET MORE IN DETAIL.SINCE U SAID U DEAL MORE WITH ASSIGNING PROPERTIES THAT U LOCK UP ON CONTRACT I HAVE A COUPLE OF QUESTIONS MYSELF. WHERE DO U GET THAT TYPE OF CONTRACT AND HOW EXACTLY DO U ASSIGN TO ANOTHER BUYER. FOR EXAMPLE SIMILAR PROPERTYS ARE SELLING FOR 100K AND U CAN GET THE SELLER TO SIGN FOR 15K TO 20K BELOW FMV. WHAT I DO ??? LET ME KNOW IF U CAN HELP ??? THANK U GOD BLESS AND GOOD LUCK

I want to get this buyer qualified and into a FHA at 3.5 down. but they have a 90 day seasoning limit. the HML`s don`t want to do less then 100k so any ideas. Oh, and I`m looking hard for owner financing.I wanted to get them into a REO, but can`t find the funds to purchase an hold for 90 days. My Latino brothers and sister work hard but don`t have the traditional credit histories needed.

In Ch.7, One part says "Never look at a property until you have an accepted offer." Then the next sentence says, "You feel more secure looking at the property before making the offer." THen in the summary it says, "Physically examine a property before making an offer."
It seems like the statements are contradicting. Can someone please help clarify please?

Thank you in Advance

My suggestion if I may is to contact the Realty offices and ask the front receptionist for the top two investment Realtors in the office.

The receptionist is non-partial to anyone and will give you who they think really is a good investment Realtor. From this I would get the contact information and fax the information or give it to the Realtor over the phone.

Short sales will vary from bank to bank. If you have already submitted the package you will be doing some waiting right now. The banks are accepting short sales faster recently since the government has given incentives to banks to do so.

The bank will usually higher a BPO on the property. From this and your packet they will determine your acceptance.

You should have a loss-mitigator that you are working with. I suggest contacting them regularly to see where the property is at, but, a word of warning...do not contact them too much. If you irritate them they are less likely to accept your short sale price.

The hard money list can be gathered from nstreet. If you PM him he can get that to you. As well, there are a lot of posts on hard money and how to find them. If you search for this you should find a lot of information how to find them in your area.

This is a great question.

Craiglist is a great place to advertise. You will want to make sure you are putting out an ad that has a great heading. An example might be:

FREE Equity
Buy my home today with XX% equity
3/2 bath home
1900 sqft
Somecity, MA, USA

One of the keys with your marketing is that you want to be very specific. Many people who advertise will give a broad ad. For example.

I have houses to buy
10-30% equity in somecity, MA

The latter ad will not yield much return where as the ad above will get more return. Those looking to purchase properties are looking for specifics not a broad idea.

Try this.

In addition I would suggest grocery stores with a flyer that has tear off tabs for additional marketing.

I am assuming that A.O.S. in your reference is an "Agreement of Sale" or sales contract? If this is correct the answer that you may look at would be to give a copy (photocopy) of your check. If you are making 25 offers we do not want to have 25 $1,000 checks floating around. Make a copy of one check and give that to each offer. Once an offer is accepted then give a real check to the seller.

If you do not want to pay any money you can also include an addendum that states that you will pay the earnest of X amount in X number of days.

For the rest of the contract information you may want to have a Realtor walk through the contract with you. If you don't like Realtors you may go to a title company. They often have people that understand your contracts and they can help you as well.

You can make offers either way. First see the property then make the offer or make the offer then see the property. Both are correct.

If you see the property then make an offer you will feel more comfortable making the offer but the amount of time used is higher.

The other option is to make lots and lots of offers really fast, see what sticks, then check out the properties. This works well because you know you have a possible deal already before you even look at the house. Just make sure that you have contingencies so that you can get out if you need to.

The most common reference we will give is to start looking at properties first then giving offers. The reason is that this will help you get past the learning curve faster; you will understand your market better and looking at properties is just fun (at least for me).

Thanks for the advice coach. I enjoy reading this thread and the useful information it contains. Believe and Achieve! - Joe

I have a question(actually a couple) on
how to proceed. Following deans book (BARM)-I've gotten to know my area well for investing possibilities. A 4BD-2BA house in this VERY NICE neighborhood is 4sale via agent for $120k. Every house around this house (via Comps)go for $160k-$200k. This is a Grade A neighborhood with much stability and very attractive. Is there a "Formal offer sheet" to make an offer to an agent ONCE i see the inside of property and determine nothing unusual (crackd foundation;etc)? I want to offer $100k(should i try Coastal for proof of funds-I got bad credit and no $). If accepted-I would like to assign for maybe $10,000 so investor gets @50k+ in equity. Thoughts anyone....? thank you

I posted this question in another blog but haven't got results yet. The problem is this - there is a house in my development that has been empty for a while and is not being maintained. There was a FEDEX pkg on the porch with the name of the lady that lived there and the mortgage holder (I believe). I went to the assessors office and have looked up the recorders info. I even paid a small fee for the past three addresses and phone numbers for the lady but all were disconnected. The mortgage company had a recording leading to a website but it didn't give me any information. Should I just pass on this or is there something else I can try. This is the 1st house I am looking into after reading the books. Thanks for your help and this is an awesome website, everyone is helpful and more than willing to help.
Michel

Thanks so much for the info on advertising. Continued success..........Lubertha