OfflineI wasn't sure if I put it in the right forum last time. So I'm re-posting it in this one. Sorry if this is a problem, just let me know.
Hello everybody!
I am completely new to real estate, and I have a few questions to help get me started.
I will first start off by telling you guys some info about me. I am 18, and cannot afford to go to college until 2011 (my college bonds will mature) because of the insane interest rates the banks are trying to charge me on the student loans. I don't have a job (I have been trying though), and I saw this infomercial on TV. I was skeptical at first, but Dean looked like someone who was honest so I trusted him and bought the book. I read the entire "Personal Secrets (Step 1)" section "Make Money in Any Economy" and "30 Days to $10,000" in the first day. I was extremely excited in starting right away. I want to focus on finding a Realtor and Assigning Contracts for now.
So here are some questions I have to help me get started:
1. I don't have ANY money OR credit to start with so I was interested in assigning deals to other investors. Is this the same thing as charging a finder's fee? I haven't really noticed a difference.
2. Being 18, would telling a Realtor I am interested in investing in real estate draw them away because of my age? Or would it actually draw them to me because they know I will need more help, which means more money for them? I can see both happening.
3. If I can't afford a Realtor for my first deal. I am going to try to do it myself, but I don't know how to fill out the paperwork or contracts correctly (basically the only thing that is stopping me from going out right now). I am actually trying to not tell my parents about this until after I've made my first successful deal (they are HUGE "dream stealers" lol), so they are not an option to help me right now. How can I go about learning how to fill these out myself? Without hiring an attorney or Realtor to help me.
4. From my understanding from reading the forums, the only things you need to use for assigning a contract are "Agreement to Purchase" and "Assignment of Contract". Is this correct?
5. What is the best way to find a Realtor? And what's the best way to contact them?
6. Can you give me an example of an "Escape Clause" in case I cannot find someone to assign the contract to?
I'm sure there are a few questions still in the back of my mind that I forgot to ask. If I think of them I will post them in a reply. Hopefully these are questions that can help other newbies out, not just me. 
I plan on going through with the Advanced Education once I can afford it. And I just need some help to get there, so I'm asking this amazing community
Thanks,
Dominic Errichiello
Dominic
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I am very interested in wholesaling, Who can help me make this happen? What is the best way to go foreward?
Join the mentoring program...
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
The mentoring program is probably the best option to go with, but it also costs money. So for us folks without money to start, we have to rely on these forums to push us through to the next step to actually afford this mentoring program.
Dominic
Are you new? Check out my NEW and IMPROVED Guide for Beginners! http://deangraziosi.com/real-estate-forums/everything-else/128413/domini...
There are a ton of variables, and people use lots of different terminology, but this should help.
It might be, depending on the context of the person describing it. Bird dogging is often described in the context scouting great opportunities for investors and receiving a fee for finding the deal. This may or may not involve actually "locking up" the property (putting it under contract with reassignment option).
When assigning deals you are essentially creating a contract to buy the property at a set price with the option to assign the right the buy to another party. You charge a fee/markup with the difference going to you and the original purchase price still going to the seller.
You don't have to work with a realtor, but if you want to, you won't know until you take action. Action, action, action... talk and speculation is easy. Action isn't, and it's the only way to make progress. Hit the phone book or email...
Secondly, you don't have to have a realtor. For more experienced or high activity REIs they find it invaluable. For others, they may prefer working with FSBO or other deals which eliminate some barriers such as realtors.
Realtors get paid when you get paid, so if you are working with a realtor you're not paying upfront except in a unique arrangement. If you're not using a realtor people on here can help. Bottom line, if you're in a zero cash situation you probably don't have to worry as much if your contracts are airtight if you don't have the capital to challenge it if someone tries to squeeze you. This isn't common as far as I have seen anyways.
Your requirements may vary by state. Let the forum know what state you are in and someone can probably let you know their first hand experience in that state.
Search forums. There are probably a dozen topics on this with tons of valuable info on how to get REI friendly realtor.
Search forums for this. This should be part of your basic contract. It basically states that their are no strings attached to your side, you can abandon the agreement without penalty.
I would say 95% or more of anything anyone is wondering about REI has been answered to some degree, often in detail, in the forums. It can be a lot of information to absorb to feel like you are a pro before you've done a deal.
So... what I suggest is instead of spending weeks researching every little aspect of REI, you simply start, just start at it. When you encounter a road block then start asking questions. Don't worry about what hurdle might be right in front of the finish line when you haven't even lined up at the starting line yet.
You'll learn faster from doing and failing then trying to uncover every what if in advance.
With a mentor you obviously benefit from having someone walk you through everything and steer you to the right decisions based on your situation. A mentor is a shortcut and motivator. Some can't do it without a mentor, others can without problem. It's kind of like some people can go to the gym and workout and meet their goals without someone motivating to show up and guiding them on what to do. Others might have a problem without a mentor, and others just prefer the extra help... but no matter what, until you start taking action (beyond educating yourself) you're still no further ahead with your goal than you were before you read the book.
Once you have a understanding of the basics, throw all the extra caution to wind and start mixing it up. Take each issue as it comes, and try to not to get the cart ahead of the horse until you're doing deals on a regular basis. A lot of people get started and get a deal done with virtually no issues and without knowing much about the process just by sheer action.
Great advice...thank you
There is no fear in love, but perfect love throws fear outside...1John 4:18
ask and it shall be given,seek and you should find it, knock aND IT WILL BE OPEN. God bess and this Q/A has truly took most of my mental blocks away!!!
to push the limits of limitation
Thank you for the quick and detailed reply. I am going to do a bit more research on Assigning Contracts and I think I'll jump in.
volark, I am happy to see that this Q/A helped you out
Oh and for any of you guys that can help me with what I need to assign a contract, I live in Northwest Indiana.
Thanks,
Dominic
Dominic
Are you new? Check out my NEW and IMPROVED Guide for Beginners! http://deangraziosi.com/real-estate-forums/everything-else/128413/domini...
i am in the same boat, and the answers and questions are great and helping me to find a way rite now! thanks...
Like the coach said, their is a TON of Information on this site, and I have personally written MANY Topics on "ASSIGMENTS", I'm sure ANY question you have either I have answered or someone else answered, so just do i little "Archiving"(looking through the Forum Archives), SULLY
YOUR HERO, SULLY
Once you convince the the seller to sell their house under 20% to 50% below market price.Who brings the contract to the table? You or the seller?Im getting so close on doing my frist deal and I need alittle help doing so.
Thanks
THERE IS MONEY TO BE MADE BUT NOT IF YOU KEEP SPINNING YOUR WHEELS,AFRAID TO MOVE FORWARD.JUST DO IT AND DONT LOOK BACK.AT SOME POINT YOU HAVE TO TAKE YOUR CHANCES AND PROCEED.
I was wondering what is the process for assigning a property without actually locking it up. Is it possible and are there any legal documents you must have filled out by the investor to ensure that you get paid for your research?
Set a goal to achieve something that is so big, so exhilarating that it excites you and scares you at the same time. It must be a goal that is so appealing, so much in line with your spiritual core that you can't get it out of your mind. If you do not get chills when you set a goal, you're not setting big enough goals." (BO Sundberg)
Vicky Diaz