Getting it done

Hi Bernie,

Welcome to the DG family. It's good to have you here.

You've got a lot of the right steps listed. It just depends on what you plan to do with the property. If flipping, that's just about the right order, although you may want to line up financing BEFORE you actually locate properties. This could mean being pre-approval for a conventional loan, finding a partner, lining up private or hard-money lenders, etc.

When you find or negotiate a great deal you will want to lock it up as soon as possible.

If you intend to assign or wholesale the deal, you will first need to have your buyers lined up (create a buyers list ahead of time), or at least have a plan in place for locating your buyers.

If you are just beginning, it is important to build a team that will help you with all this and more. Experts in their own fields. realtor, title company, attorney, accountant, mortgage broker, hard money lender, contractors.

Well, that's just a fraction of what there is.
I'm sure others will jump in, too. Many heads is good.

God bless,

Rina

P.S. Again, welcome. And best wishes on your REI!

Rina's right start by contacting the sellers, so you can get used to making calls, asking the right questions, building raport. This is 'key'. At the same time, you need to contact other investors, realtors, lenders, you need to be building up your team AND your buyers list. These are the people that you're going to flip your properties to once you lock them up. So each day do something, make a call on an ad, call a realtor, join an REI club in your area. Just do something everyday that brings you closer to your goal, which is making money investing in real estate.

Continued blessings,

So I was out and about yesterday and checked out 4 properties and got numbers for all. Im going to call this morning and get info on them. Also I checked with my town and they dont have a list of tax sales right now, also dont have a list of pre foreclosures, they said it's too much and they dont have the list. My next few questions are>

How do I make investors contacts? Craigs list again sounds feasible.

How do I present this idea (market) it to the buyer?

Some people want pre approved notes from the bank saying how much your approved for

Where do I get the list if my town doesnt have it?

How can I get a property for wholesale

I've found nice properties with (Motivated sellers) How can I contact them and make an offer if I dont have money?

*Talked to a real estate agent about one of the properties wanted to get some voiced opinions.

Estate house set on 7 acres of land with 1.2 acres of possible sub divisions is zoned for non commercial.
Been on the market for since May, original asking price $995,000 price has gone down to $899,000. Property is in a great neighbor hood, kind of set back. Will post pictures later.

So I met with a couple of people today regarding financing. They said that the 80/20 are gone, and that the 100% dont happen anymore. Also I found out that there is some new requirements on financing as well. They mentioned I would have to live in the house for a year and have PMI this is sort of frustrating, can anyone help?

You might want to start with finding FSBOs where the sellers are willing to finance, instead. This doesn't require you to obtain financing or worry about your credit.
Also, glean as much knowledge as you can first before jumping in. That will give you the confidence you need in what you're doing. Don't let frustration get the best of you before you really give it a chance, OK? you've got to be in it for the long run. NOT that it has to take a long time, but you've got to determine that you're going to MAKE it work and then stick to it.
You're going to be meeting with and talking to a TON of people. The more you learn, the less confusing/frustrating it will be.

Do you have an REI Club in your area? That's a great place to start. You may even find someone who will mentor you, in person .

Rina

You can also work with existing investors and work either for a finder's fee or take the next step and get the property under contract with your exit strategy being to assign your interest in the contract to the other investor. You should be able to pick up a nice assignment fee for finding and getting the deal under contract without having financing to actually purchase the property.

hello everyone anybody in los angeles area ? that can help me with some ideas on how to start making some money with this system?
i would really appreciate it!
thanks!!!

I agree with all my family members here, but I am thinking that you have to talk with your money people first, unless you have a seller willing to hold back the mortgage. Next you should start to develop your buyers list and sellers list. It is great to get a property, but what do you do with it, when you have it? Sounds petty, but it is important......Jan