Everything Else

Hey everyone!

Two years ago from today (11/05/2010) I wrote "Dominic's Guide for BRAND Newbies" and it seemed to really help some people out. I got tons of positive feedback from seasoned investors, as well as the beginners I wrote it for. So I am going to take a few hours out to write a new and improved guide for people just now getting into this. Most of the information in the old guide is accurate, but I have learned a few more things since my original post and wanted to rewrite this with the most up to date information I have. So here, I give you (drum roll please) "Dominic's NEW and IMPROVED Guide for Beginners!"

Went and met a real estate agent today that my mortgage broker told me would be a good one to work with because he has been in real estate for alot of years and knows alot of stuff. I told him that I was going to be assigning contracts and was going to need an agent to work with me. I asked him if he had ever work with someone who was assigning contracts and he said he had done it all they just have different names for it. So I started telling him how I was going to do it and he was dumb founded. I asked him didn't you say you had done it all.

I know that many of us have talked about, answered and posted ads on various Internet sites for sellers, buyers, investors, agents, brokers, attorneys. etc..
I think that it would be helpful for everyone on the site if we post any ads that have been particularly successful here in one place. The posts for ads are great but they are all over the place and I think that it might be helpful for everyone if they were easy to get to and all in one forum topic!
Angela.

Everyone of us have the same dream, of becoming a Real Estate Millionaire, but that dream may be obtained in more ways than just buying and selling property. I broach this subject because real estate is a vast field and there are many ways to profit from it besides selling and buying.

This was brought to mind recently when my son decided he and his friends needed some summer work to help support their very expensive hobby (future careers) of BMX Free-styling (trick bike riding).

Ok folks, now that you have the right mindset it's time to step out and take real action!

Note: Wholesaling can be done with NO credit and NO cash out of your pocket.

Here's the basics of wholesaling:

Find a motivated seller and negotiate a sales price around 40 to 75% of the after repair value (the value of the house if it were in good or live in condition). Of course, the lower the better. Put the house under contract (put your name and/or assigns) with as long an inspection period as you can negotiate. (45 days or more, the longer the better, you need time to market it.)

Discipline!!! and Commitment!!!

I am writing this post for the new person that is just starting to invest in real estate. This post is based around the importance of Dean's coaching program and this website. There is a timeline of events that will happen to you as you start this amazing journey. I want to prepare you for them so you know it's coming. It isn't an exact science but it will be close.

Day 1- You just saw Dean's infomercial on TV and everything he said made a lot of sense. You are very excited about a chance to make money in real estate so you buy his book.

I have been following an offer formula most of my investing career. Some have asked me what the formula is. I have listed my formula below. There may be some that use a different formula or disagree with me but it works for me. Enjoy:

"-" stands for subtract

Value of the Property
- Profit of at least 10%
- Fix up costs
- Holding costs (value of the property x 1.2% x number of months I will hold the property to sell or rent)
- Closing costs (3% of the value)
- Realtor Fee (6% of the value)
= the most I will offer on the house.

I am anxious to invest in real estate. I have a small monthly check coming in from a structured settlement, and a small chunk of cash. My credit is poor, altho it shouldn't be and all the steps I took to correct it in the past year have had no effect on my score. I also have no job. I am a homemaker, seeking employment. I need a job, so I can work for 2 years, and hopefully be able to get a loan in time. What would you do? Or, is there something I don't know about?