Rina

To be honest, I don't know TOO much about LLCs yet (Limited Liability Company/Corporation), but I was advised that was the best business structure for my real estate venture. It has the best asset protection with the least complexity. If you want to learn more with me, follow along in the forums as the days go by. For more info now, see some of the postings from cbrpower and Hazco Investments. I'm sure there have been others, too, that I'm not thinking of right now.

Sincerely,
Rina

Did you just check out the post about starting a REI Group on here. I had to laugh when I saw it, but thats great. You must email me sometime. Anita

Yes, I'll have to do that. Talk to you soon,

Rina

Hi Rena, I have aquestion, if you would be so kind to answer it for me it would be great. Well, my question is: What is the difference between a contract of sale and a purchase and sale agrement?

Secrest,
I have no idea. It sounds like the same thing to me. To be honest, I'm really here to learn all that stuff, too. I know how to invest and make money, but I have to learn all that real-estate "jargon". I just sign the papers when I need to. I read them thoroughly and can understand them when I do, but in order to teach someone else about them, I've got a lot of studying to do.
I'm sure cbrpower could help you.

Thanks for writing. If you read through all these forums (I know there are a lot of them) you'll find answers to all sorts of things you want to know.

Good luck,

Rina

Just wanted to say "Hi". Thanks for saying good "morning."

Okay, I will ask cbrpower to see if he can help. Thank you anyway Rina.

Yes, can anyone tell me how banks calculate your debt to equity to see if you quality for a rental property. I just had my credit ran and my debt to equity was too high and I am trying to find out how to lower it to get another rental property. Thanks in advance!

Mark, I see you're online now. You can probably answer this better than I can. (jeffmcnair, Hi. I'm just learning myself when it comes to a lot of these formulas.)

What city?

Tell me what you know personally about HELOC

So far, all I know is what it stands for. No, I'll tell you what I know and then fill you in more as I learn more by doing. We took out a 100% HELOC on our house last week. We could have gotten a better rate with 80% (prime - something), but I figured it would be better to have access to more $ in the long run. So it's at prime + .5, I think. So it is an adjustable rate. We used part of it to purchase the land this week, and have the rest left for immediate cash for investing. All you have to "pay" each month is the interest. They deduct it from your account, or add it to your balance, whatever. Starting tomorrow, I'm going to start "making payments" with my husband's paychecks. I'm not sure if I'll keep out the $ I need for bills in our regular checking account or if I'll transfer when needed. I have to call the bank tomorrow. I'm not going to ask TOO many questions, because sometimes it's better to just do something and ask forgiveness later, rather than be told "You can't do that!" I'm gonna try the Australian mortgage on my own. I'll call it.... the Wisconsin mortgage.

By the way, I have a great story about a house we bought at a sheriff's sale in January! I started to write it last week, but it's so long! It's mostly a "what not to do" story. Do you want to hear it? I'm warning you, it's more like a book.

cbr,
idon'tknowwhybuti'mavoidingyourquestion. ifeellikei'dbegivingtenmillionpeoplemyaddress.
it'sasmalltown.
isthatdumb?

hey check out www.realtytrac.com.. I think this site rocks.

lol!! I was just on the site where you posted it, thanking you for putting it in!

Although I have told everyone where I live and where I am investing.

Check your PM.

Has anyone actually made any money within 30 days yet? Just curious

within 30 days?

I have

Hi. I wasn't sure if your question was about making money in 30 days or if the coaching program only alloted that amount of time to turn a profit. Yes, I too HAVE made money within 30 days. If you use the coaching program, you have 12 months in which to do 5 deals for a full refund, within certain guidelines. Please, if you have any other questions, feel free to ask. Any of us who can will be glad to answer.

Sincerely,
Rina

hi i feel lost trying to figure out how to e-mail several people at once. Also how to use forums. and just getting started in general. i feel dumb. should i be looking for properties already or any suggestions?

mpaez,

I haven't found a way to PM more than one person at a time. (If anyone else knows of a way, let us know)

As far as using the forums there are lots of different ways to do it. What I did when I first joined was just start looking through them systematically. At the top left of the page under "Main Sections" click on "Forums" and just start reading one after the other.
You might get distracted into joining a conversation. That would be just fine. But I would really suggest reading the book and then reading through ALL the forums before you jump into anything. There is so much knowledge to be gained and answers to almost any question.

Looking at properties is ALWAYS fun, whether you're ready or not. Just drive around the neighborhoods you might be interested in and look at LOTS of listings online to get a feel for what people are asking.

Anyway, have fun reading and good luck in your quest for knowledge.
It will give you the power to become a real estate millionaire.

Rina

mpaez,

There is a new forum "Have Questions?" at the top of the list. Start there.

Rina

Have you started any deals yet?

We've bought 5 properties in the last 6 months and my husband has asked me to PLEEASE take a breather. He's/we're working on a couple of them right now. We bought 2 REOs, 2 listed for private owners, and 1 at a sheriff's sale. I'm chomping at the bitt to buy more because there are so many available and I'm STILL getting calls on the most recent rental I advertised. I know any I can pick up would be rented out immediately. Anyway, I could go on, but thanks for asking. If you mean assigning, I have never tried one of those. I might do one for my niece and her husband when they decide to buy.

How about yourself? Anything going on?

Rina

Greetings from New York City. I have read some of the blogs and advice you gave. I am very new to this, just got book like 3 days ago, but I am currently unemployed going on a week and I am very eager. I see that you have some experience so you may be able to explain something to me. It seems like it should be self explanatory, but what exactly is owner financing? You advised someone to make use of owner financing if they have no money for a downpayment. Thanks.

I just posted this info for you. Just click on the link

http://www.deangraziosi.com/node/4037

I'm a new member living in Cincinnati Ohio. I just received the book and viewed the DVD. At this time we own 1 rental property and our primary res. I look forward to helping and getting help from all members. I will see you all at the top!!!

Look forward to it!

the sun is finally out here...after 3 days of rain!

Nice to see the sun after 3 days, I bet. It's been beautiful here.
We could use a little rain, though.

Can I jump in here, secrest?

In my experience a contract of sale is usually also called a land contract, and it is used as a seller financing contract, where the seller agrees to sell and carry back a certain amount of the price as a monthly payment, with all the terms set forth, including when a Deed may be received. It is similar to a mortgage in some respects, and it may be recorded to show evidence of the purchase, but legal title isn't transferred until the requirements are met.

The purchase and sale agreement is merely the long form that lists all the terms of an offer, counter-offer, etc. so the escrow or attorney has a record of what the agreement consists of. After there is a deal, which may involve institutional or seller financing, a grant deed or warranty deed and a mortgage or deed of trust is prepared and recorded, to complete the sale.

Very happy to have you join me, but I'm guessing your post was meant for a different forum? I doubt that I can find where it goes, but I will try.

Rina

I missed the call and was signed up for it but my family and I went on vacation. I was just wanting to know when then call is going to be on again (if it is going to be on again) because it sounds like what I need to know to get started. So please try to get back to me at your convience. I just don't want to miss this great chance of gaining this knowledge. Thanks Rina

Somebody may have already answered your question about the conference call, but just in case, here is the link for the call and Anita's Homework Assignment.
http://deangraziosi.com/node/4814
You will really enjoy hearing Dean and Anita, and make sure you get out and do the homework assignment. It's good practice for ALL of us!

Best wishes,

Rina

Thanks Rina. I thought I was going to miss it.

Hey Rina I need some help my frineds are in the military and they are moving in a month they own a hose up the street from me so I contacte them today (they are both working) but I know that they wont to rent the house not sell. So I want to go with a lease opt. what question do I ask of them and what terms do I negotiate with them. please help. Thank you.

Since that is something new for me, let me read what Dean says in the book and what others have said in the forums. Also I will check in the PMI course. In the meantime, you do some research in here, too, OK? I know there's been a lot of discussion. I believe that is called a sandwich lease.
Anybody else, feel free to give pointers.
I'll let you know what I find, Lilie. If you find your answer before me, GOOD JOB!

Talk to you soon.

Rina

I've been gone all day, and I come back to find you answering your own question with posts to help other people! Good Job, girl!!! Way to do your research! I am VERY proud of you!!

Rina

Thanks sometimes I have to think on the subgect and it comes back what I read somewhere before.

I'm knew and am soaking in as much as I can. I'd love to her you story

so long? My story, you mean? Yeah, some of us do talk a lot, don't we? haha

I'm glad you're here. Have you been on much since you joined?

Hope REI is treating you well.

Rina

Hi Rina. I just wanted to let you know that I have read a lot of your comments and couldn't help but notice how giving you are of your time. This web site is full of great people like you i.e. Sully, Anita, Elena to name only a few. I also to let you know that I have 50 or more family members that reside in Wisconsin as well. Appreciate all your input. Nice to meet you. Troy

With all that I've been given, it feels good to give a little bit back. Thank you.

Nice to meet you, too! Sounds like you have a BIG family. That's great!
I'm sorry I'm not up much on sports but, yeah, Go Packers! LOL

Troy, I wish you well with your REI future! Keep in touch.

Rina

Hey Rina,
You're my first post, or comment, or whatever this is. I'm a "newbie" and haven't even figured out how to post yet. Maybe this will get me started. I started with you because I enjoy your stuff soooo much. I am truly learning a lot from you guys. I look forward to the day when I can have my our journal.
I've been actively reading, doing my assignments, researching, etc. I even came close to making an offer on a piece of property. I love all of your encouragement!
Jan

My name is Nichelle and I received DG's materials about a week ago. I missed the July 22 teleseminar but I did download and listen to it. Hearing about your experience really got me a little more excited about this but like some of the other ladies you've written to, I don't have money of my own, my credit is not so hot and my husband along with other family members are skeptics. Needless to say, I really need this to work. I did manage to get signed up for the mentor program in installments, should get materials this week but I want to get a jump start. I am a fairly quick learner and I know a little about real estate but I still have some hang ups on some of the implementations of DG's tools. First, like you were, I am afraid of having to put and or assigned on that line, I'm not shy, I'm just not a negotiator in that way. Secondly, do you have to close before receiving your profit of an assigned deal or finders fee? Last but not least, what do I look for in a piece of property? I live in Corona, CA and although the prices of homes has gone down there are many homes built before 1970 that are serious fixer uppers and still priced well over $230k. Most people here do not want the hassle of selling their homes themselves so most of what I've found are agents and bank owned. I know you may not have all the answers but from what I've heard you are head strong, determined and dedicated and I could use a female point of view! Thanks, Nichelle

That is so sweet of you to say. It is so nice to meet you and Congratulations on stepping out and taking action! One step at a time, you'll get to wherever your dreams take you. The sky is the limit with REI.
Jump into the forums and put in your 2 cents. You'd be surprised how much you can contribute and make a difference for someone else.

Again, it is great to have you join us!

God bless,

Rina

P.S. You don't have to wait to start a journal. Go ahead and start one now. It's a lot of fun, and you can keep track of your journey from the very beginning.