Sheesh, a bit overwhelmed right now!

Congratulations for taking action and creating a plan. I know you encounter some naysayers along the way. The key as Dean has often told us is to truly know your "WHY" for doing this and nothing or no onee will get in your way. Look at each experience as a learning experience and each day your base knowledge will contiue to grow. The key is stay positive and make sure you do a little each day to move you closer to your goals.

In regards to estimates you can get a good idea of costs by getting quotes. Often for certain items it may be a quote by square feet say for carpet, tile, painting, etc. Or a cost of a new door, window, kitchen or bath remodel etc. If you contact Home Depot or Lowe's, or even visit one in your area there have a list of contractors that can almost do it all. Over time you will find the local handyman and other contractors that do a good job for a fair price. The best way to find these people is by networking with other investors or by word of mouth. Good luck with real estate investing. Believe and Achieve! - Joe

Your acountant pretty much told you he's not in your corner.

For the best advice for tax questions, Google Sandy Botkin at the Tax Reduction Institute. He's a former IRS attorney himself and has great courses for real estate and home businesses.

As long as you run your investing biz like a true business and not a "hobby", you can definately and legitimately deduct your coaching.

Sheri,

You are doing AWESOME!!!!!

I'm excited for you and the pot you are stirring!! And I'm right there with you in the trenches and your billion questions!

Accountant questions...turn to DG family member Robert(BomberCPA)...look him up! He's awesome!! (And not to mention on board with this real estate investing stuff which is helpful from an attitude perspective He sounds like he's got a lot going these days ...but shoot him a PM and I'm sure he'll send a nice word or advice your way!

There are so many threads I could reference here to help with your questions...but I know you can find them too! This site gets easier to navigate and less overwhelming as you focus in on ONE topic at a time. For instance, take one question you have and search for two words (within the DG search tool on this site) ---realtor commission, estimate repairs, attorney costs, assignment fee, etc....and if a thread doesn't come up, then just change the wording ----so many WILL come up that helped ME immensely in answering some of these critical questions!

Great Advice above from Drew on BUYER'S LIST!! Whew, if you start with a SOLID buyer's list that was truly qualified, then the foundation is TRULY BUILT for success!!

I sooooo wish you all the best, and would address some of these myself if I didn't need to go to bed right now! But I think you'll find better threads from more experience members on here!

I look forward to hearing more of your success...stick to it, because you are asking ALL THE RIGHT questions, and obviously have quite a FIRE burning to GET YOU THERE.

Be patient! (I know it is hard, I struggle with it too) but everything has it's time and will come in time (a recent DG member has just given ME that advice!

A post that I finally caught tonight that inspired me from CBRPOWER: http://www.deangraziosi.com/node/4858

Cheers to your success!
Louisa

For estimates I found a cool site online, punch in my numbers, and it provides a general price quotes for my area. Site: www.remodelingmyspace.com and then go to the 'cost estimator.' So thank you for the suggestions, I'm going to Home Depot with my list of estimates and I will get a list of prices as a baseline as you suggested. Thank you so much Joe.

Drew, I'm working on building my BUYERS list, I've put Ads on Craigslist, Amer Classifieds, and flyers around town. I've now got TWO Buyers, whaaa-whooo. I'm a little frustrated b/c I'm trying all the ways to get them, but have not built the list to '100 Buyers overnight' as some people seem to do. I will keep working on it. I will continue to call the Advisory Team, you guys are really supportive, thank you!

I just locked up a house under contract, my FIRST one, Wed, my 2nd Buyer came and looked at it, my 1st Buyer said "no thanks, it needs too much work." Yet he said repairs, no problem, the uglier the better. After that response, I asked him WHAT repairs are OK? I'm getting more specific with him now. I'm hoping #2 Buyer will take it.

I also attended my FIRST REI Club meeting, it was exciting. I was a little bummed as only 9 people attended including me. Was so excited to attend, I forgot to share my business cards. But I will next month. It's all so new, exciting and scary...thanks for your support you guys. I'll keep you informed.

Congratulations on attending the REI club, I found them to be very educational as well as the best way to make contacts. I have met Lawyers,title people,bankers and investors as well as other profesional people at these meetings.If you keep taking action along with the resources available to you through the coaches, you will be successful. a little each day brings you closer to your dreams.
Just never ever give up.
good luck on your investing.
Richie.

Ingalls 71,

Hello all, I am new to the DG Family and the combination of the Coaching and this site makes it the best family to be a part of. In regards to your earlier post, when you say run the RE like a true business, it what aspect to you refer? Do you mean setting up an LLC???

Thanks,
RIck C.

Oh no, NO giving up here! I'm in this for the LONG haul! I just LOVE looking for houses and when I get inside a house, I love to see how it can be fixed-up/updated for a Flip. I wish I was in a financial position to do 'fix & flips' myself, but I just don't have the capital at this time. I will build that up in time. I wish there were more people at our RE Investors meeting, but only investors who are ALSO looking for good deals, no attorney's, bankers, etc. Oh well, I'm hoping this new club who has only met 3 times will build in membership quickly.

Thank you for your words of encouragment, I will persevere, I'm a determined lady who is excited to be moving forward, taking ONE bite out of that ELEPHANT at a time. But that's the hard thing, as I'm NOT a patient person, just going one step at a time. I want to do it ALL...NOW!! Eeeeek, breath...breath... Thanks Richie, I hope you meet your goals too. I appreciate the support of others going down the same path of REI.

WELCOME! We're in this together, ALL of us! Good question.

I'm so disappointed, I had a house under contract, for an 'assignment of contract' and my one buyer told me no, then the other buyer was really into it. Then, 2 days to the 'earnest money' due date, he said no. I was so sad, but it was a big house and it needed a lot of work for a 1st time flip, as this buyer is new too. So I had to let the house go, weep-weep...

Oh well, as Drew said, I'm focusing on building my Buyers List. I'm so excited, 2 people responded as Retail Buyers to Flyers I posted in Laundray Mats, YIPPEEE, I'm so excited to help them to become 1st time home owners. I have some questions for my Success Team, so I need to call them. Like with Retail Buyers, who only have money for a 5% or less down payment, how do you get paid your 'assignment fee?' Does it come out of the loan? Do I need to contact the Title Company to be sure they do "assigned contracts?" I know in my town of Durango, we can assign contracts, but I'm not sure about Farmington, NM, I will need to ask the mortgage brokers. And what is the general assignment fee you charge? Some say 4-5% of the purchase price, or what? It seems like Retail Buyers will be my buyers right now, as my Investors are too picky or unrealistic on their criteria. My one investor wants 35% off the FMV MINUS repairs and holding costs. We are lucky to get a house for 25% off the FMV, then if you can fix & flip, there is room for profit, or just rent the house with little repairs, but houses don't sell for under $150K in Durango, CO, they just don't. They are selling better in Farmington, NM, so I may be focusing on that city first. Any suggestions fellow DG investors?

It's great to have all those questions in your head! Just means you're determined to find answers!
I saw in the post you left in my journal that you're still hesitant to call the coaches, don't want to bug them. I know exactly how you feel, but you HAVE to do it! You are their main goal! Even Drew said it, USE them. You are cheating yourself if you don't.. (same for anyone else in the Success Academy) They are brilliant and LOVE to share or they wouldn't be doing it!

It's exciting to read of all that you are accomplishing! Even gets ME feeling more enthusiastic!

Wishing you all the best, and more great deals and buyers coming your way! Thank you for sharing with everyone.

Rina