ADVISE NEEDED!

We have been reading all these posts and all are great, with lots of information. We ordered our book a week ago but have not received yet. We need some guidance from you . We were looking for ads and we found one that seller needs to get rid off right away because he cannot longer make payments. Owes 350K and is valued now around $280. What kind of strategy can we use?, it's not a foreclosure yet, is a seller don't wanter.
Any help reg. this will be greatly appreciated.
Thanks,

Hi,

I purchased Deans book and received it a week ago. I just finished reading it when I received a call from a woman from a company called PMI. She said she was interested to know if I wanted to be involved in a mentor program if I qualified. My husband and I will be taking a call from her again at the end of the week. I am sure this will all come, if we qualify, with a fee. My question is out there for anyone that has done this with PMI and was it worth it? I am not sure if I should do this "program" whatever it turns out to be or try to get started on my own. I was told there would be requirements of buying several properties within a specific amount of time. Is this feasible? I am new to this site and thought I would give this forum a try. I hope I get a response.
Thanks

Hey Carol, Why do you think you don't have enough room to try an assign. It appears there is equity in the house and his price is the asking price after repairs. It sounds like he has had a bad experience with a realtor. Anyway, have you considered a lease/option or rent to own. I think you have avenues that you are not exploring.
Also I will send an email to Geryette about using your thread.

Keep me in the loop Carol.....Jan

Let me know what you find out, I was so excited after going thru all the books and audio's. Then the call from PMI. It felt like a scam to me,

I hope someone can tell us is this the "Real Deal" or what?

Hi Trish, I am in the mentor program, like many on this sight and I for one can tell you it is a very intense and in-depth course on how to be a successful REI. the course is not for everyone though. If you do not have the time or desire, then it is not for you. I have been in the program since May 08 and since then I have been involved in 3 deals, and one of those deals was with another DG member. For some this is the right way and for others the book BARM fills their needs. The mentor program is not for everyone. There is a ton of info to absorb and work on, and believe me when they say you can call your coach or other coaches anytime they are right on the money. I just talked with a coach 2 weeks ago about a deal and Jeff was 100% on top of the subject. The question is, how bad do you want to become a REI. So, to answer your question, yes, IT IS THE REAL DEAL, AND THEN SOME. Welcome to our family and good luck to you in your new career......Jan

Oh Jan. Yeehhhaw or should I say like we do in New England "That's So Awesome". I think I will finish reading the book and then call them. Even though they told me they would have to move on to the next person because I needed more time. Do you think they would still take me? I have been in the most horrible job for the last 12 years. I am serious about RE. and will take the time needed.

So I'm guessing it's a litle more than the 5- 10 hours a week eeh?

Hey Trish, It is want you want it to be. If 5 hours is what you want to do to get started, then do 5 hours. People jump into this and get overwhelmed very fast. They get all caught up into how much money am i going to make and then when it takes more studying, they get fed up and quit. the end result is they have just blown a bunch of money without giving it a chance. It can be done, read the posts, everyday someone is writting in about a deal, and the best thing is you have got a bunch of people who you don't know helping you along the way. Watch posts by Elena, Anita, Sully, Hazco and cbrpower. These are people like you and me who are doing the dream everyday
As to will PMI let you get back in, I can't answer that, but I know it is the best move I ever made. I could make a realtor blush, with all that i know about this great business, and I am still learning. Go for your dream and never, never give up......Like my man Sully says "Class dismissed".............Jan

Thanks Jan, I'm going to read on(books). Then I will call PMI.

I'll keep you posted!!!

Best Regards!!

Jan,

Thanks for your reply. I am not able to purchase any property right now. I am trying to assign and build my capital to fix my credit and current mortgage situation before I begin to do my own investments. But yes this would be a great rent to own or lease option if someone was able to do it.

Do you really think this would be a good assign? I know that investor's are looking for 30%-70% which would require a purchase price of $156,500.00 for a RV of $223,500.00. Even if i could negotiate a purchase price of $160,000.00 I don't see where I can add an assignment fee. Again I am still new at this and learning which is why I made this call for HELP! I figured instead of passing by a good opp. I would present the property to my investors and possibly walk away with at least $2,000.00 for a finder's fee.

You mentioned sending an email to Geryette about using your thread. What did you mean by this?

First all, I am trying to crunch your numbers on an assign., So that will take a liitle bit. About your thread which is what I think I said. your post is your thread. You created this post to ask for help and info. It is kind of un-cool to jump on someone's post and ask for something for themselves on your post. Are you following me?? It is like me using your cell phone and minutes to do business for myself at your expense. Follow me now? I know people are new to the site and have a bunch of questions, which is great, but they should open their own post and then we can help them also. I am rambling on. Let me get back to my to counting my fingers and toes and see if your deal makes sense for you to do and make a quick fee to boot. Be back in a bit......Jan

Also make sure the addition the owner did was done right and is permitted or you could have problems flipping it otherwise.

Hello

I have really bad credit and I was looking into finders fees prior to getting into the real eastate investing. I'm trying to fix my credit prior to doing that. How do you locate property owners who are willing to sell to investors and and what are some questions you should ask them? I don't want them thinking I'm in this for the money.

Any advice is greatly appreciated.

Thanks much
Anne

Maybe this needs a forum topic of it's own. Sure looks like it's headed that way It's all good!

Welcome!
If you check out the forums you will find LOTS of answers to your questions about repairing credit and building a buyers and sellers list. I'm fairly new too & have found much of what I needed in the forums. It's a GREAT resource!
Dawn

Hello Anne,

You don't need good credit to receive a finder's fee. You can start receiving finder's fees while your fixing your credit.

The way that I have located property owners is by driving around neighborhoods looking for abandoned or neglected houses. Once I find them I write them down and then drive by the property at night to see if there are any lights on. This lets me know if the owner is occupying the property or not. (just for my fyi)

I then research the house and get the owner info. Contact the owner to see if they want to sell.

By the way... you are in it for the money and so is the owner.

Hi Carol

Thank you so much for getting back to me. If you don't mind, I have a couple more questions. Would you also pursue people who are in pre-foreclosure? Also, what type of questions do I ask the owner? I'm new to the real estate investing, so I'm kind of lost on what type of questions I should ask.

Thanks for your help. I greatly appreciate it.

Anne

Hi, this is Gerryette again. I didn't get a response from anyone about this program, but somebody else did. From what I read it is legit, which is good to know. I also read there are a lot of you out there doing it now. I would still like to know if you think it is worth the money you are paying for it. I can imagine there is a lot of info to absorb especially if you are new to this business, but what exactly do they have you work on? If you could be a little more explicit with your answer I would appreciate it. I want to start this but I don't want to get in over my head also. Do you have to try and invest in all the different ways Dean talks about in his book as your assignments or do you choose your own ways? Just trying to get some examples of what this will be like before they call me back about joining.

Thanks everyone for your time!

I think Jan had suggested you start a new thread for your question. That would probably be a good idea. You'll get more response (and you won't be hijacking Carol's thread). In the meantime, try the search box at the top left of the page under Dean's chin. Type in coaching or mentorship, or another key word. You will find all kinds of GREAT posts on the subject. I'll PM you a little bit of info, as well.

Rina

P.S. Welcome to the site. It's good to have you here.

Do you have Dean's book "Be a real estate millionaire"? many of these questions are answered in the book.

You can pursue pre- foreclosures. I personally find run down properties (houses that are vacant or distressed) and contact the owner to see if they want to sell. Some of these houses turn out to be pre-foreclosures.

As far as questions to ask the sellers visit http://www.deangraziosi.com/node/5911 this may help.

G back to your own profile and read the note that I left for you last night. I did answer your question about the mentoring program. If you have more questions, I will be happy to answer them for you. Just click on write to author and I will get your message.....Jan

I wish i could have commented yesterday on your post, are you still looking at that FSBO? By the way, Jan is right their IS enough room for an ASSIGNMENT FEE. Anyway, this is what i would do: You had said this house is pretty much perfect right?(needs NO work) Most Investors aren't going to bother with that property, BUT you can make a profit, Here's what you do: Agree on a BELOW MARKET price, and you can pay more than 70%(theirs NO rehab to be done) i would go up to 85% of ARV, both of you sign a "PURCHASE AGREEMENT", just like you would if you were planning in on ASSIGNING the property, then just run AD's in the local newspaper, craigslist, backpage, internet, etc. You would want to gear this property more towards OO(owner occupants), just ADD whatever profit you want to make on top of the AGREED PRICE(your kind of being their realtor), then do a "DOUBLE CLOSE". CLASS DISMISSED, CAROL

p.s. I knew you would like the CLASS DISMISSED, JAN

Thank you so much. I greatly appreciate it.

Anne

Thank you. I greatly appreciate it.