Be a Real Estate Millionaire

Did YOU read the book? "Remember, knowledge without action is just good reading but knowledge combined with action equals results." Can anyone tell me where in the book he said this?

I am so excited. I am about to purchase a 3bed 1/1 bath house with 1600sq ft for $34,000. It is a HUD house and it is a forclosure. This house sold for $102000 in 2006 here in alabama. The market out here is doing pretty good. I used the stradegies in dean's books. I've been reading them over and over. I had to do a home equity loan. I went to three banks before anyone would look at me for a loan because my highest credit score was 598 which I am fixing right now.

Hi Family,

In chapter 4 on page 47 regarding Local Factor #3, I would like to know what is the time frame for the amount of months to compare to 1 & 2 years past?

Many Thanx,
George

One of the things discussed in the book is getting started on your first deal without using any of your own money. Recently I was trying to look into buying and investment property in Hawaii where I currently live. Every mortgage lender i talked to made it clear to me that the only way i could get 100% financing was by using my VA benefit...which i can't use for an investment property that is not going to be my primary residence. The consensus from multiple lenders is that you have to put at least 20% down for an investment property mortgage.

I was reading about Assumption of mortgage in BAREM on pg. 187 and I don't see how you're suppose to buy a piece of property by taking over someone else's mortgage payments. Could someone please explain how this works? I'm really confused. Thanks.

I was reading something called a Wraparound mortgage in BARM on pg. 188 and I couldn't quite understand what it was. If anyone knows exactly what a Wraparound mortgage is, could you please fill me in on the details. I just wanna know what it is and what exactly are the pros and cons of using this strategy? Any feedback would be greatly appreciated, thanks.

One PAGE 184, the very top paragraph has me a bit confused.

It says along the lines that "if you have an investor looking for alot of Equity, then maybe he is not as high on your list as somebody who is looking for less equity."

Which my question is, If you have an investor/buyer who is looking for A LOT OF equity, why wouldn't you have him at the TOP of your list? I mean wouldn't an investor looking for A LOT of equity mean that you charge a bigger assignment fee?

Any insight would be appreciated!

Just getting out there and playing in the field - getting my hands dirty. I have actually been lucky enough to meet a buyer over the phone who does deals across the country.
I have also been fortunate enough to talk to two people in the same day who are looking to fire sale or are upside down in their mortgage.

The buyer with whom I am talking is not interested in the fire sale, because he says it is not an equity property. He is more interested in the short sale and wants all information on it (minus the address, etc) and wants to move on that, instead...

Hello everyone.

I've recently purchased and read Dean's book "Be A Real Estate Millionaire", and have just placed an order for Profit from Real Estate now. I am a 20 year old bank teller, and would like to take advantage of some of these opportunities around me. Today, I drove around my neighborhood looking for possible foreclosures and distressed properties. I have a list of 20 addresses and a short list of phone numbers. Should I call and retrieve the information this bought has taught me to sought, or should I speak to a broker and try to get pre-qualified first?

For all of your HUD-1 needs go directly to the source: www.hud.gov and click on Index/Search in the upper right corner of the frame. Then search for "hud-1".
Otherwise, click here.

Remember to save a copy after you open it. Although you may not be able to save your text in the data fields.

Good luck, and stay the course!

"Failures are those who give up."

Kind regards,
Brian