How can someone invest in real estate with poor credit, and no job?

Mightmtdw, don't give up! You know "All things work together for good....."

Rina

Cindy, If I were you I would take out an equity line of credit- so that way you could borrow enough from your house to put as a deposit down on another house and persue "Owner Financing" properties. This could help you skip the banks processes all together. BUT be prepared to more than likely pay more for an "owner financed house" because the owner/seller feels as though he has to profit from somewhere for financing the loan himself. You still win because you did not have to go through the bank qualifying and you won't have to come up with a substantial down payment. And you can always refinance at a lower intrest rate.

Sully you are wonderful in explaining things.Assigning is a great way to obtain money. the deans list is helpful. I have a little knowledge from taking Real Estate classes, about 5 years ago.I failed part two of the state test. My sister died and I couldn't think to retake the test.So, doing this business is wonderfull for my future. Now I am disabled, and pray I will be able to do this. keep up the good work everyone. sharon

Rina I just want to let you know I'm not going to give up easily on this but it just is so mading when no one will give me a chance. Chance to see what I want to do will work or just listen and let me show them what I'm think about doing. Let me know a lender who will take high risk chance with somone. I'm not saying I'm high risk but My score shows that I'am. thanks Chris

Should you read the whole book before you get started in looking for potential findings? Is there a chapter that had more "finding" knowledge than others?

Start looking right away, ALWAYS be looking. If you have your eyes & ears open, you'll come across "finds" in the most unusual ways. But also, read through the book as soon as you can. There is SO MUCH great information all the way through! And Dean tells stories of personal successes (and "learning experiences") that will motivate you to START and KEEP GOING. This will be a book you'll want to read through many times. Have fun!

Happy I did,

Rina

I appreciate the advice. I've gotten through a couple of Chapters already and i think about it so much when i'm not reading it that i keep getting even more anxious to know everything. lol. Thanks again.

Shirley

I just bought " Be a real Estate Millionaire " about a month ago. I recently finished the book and went to explain the whole thing to my wife. Her first reaction was " How in the world do you think we can do this with no money " I have tried to explain how this works but she still either does not understand or she just is not buying it. She is scared out of her mind to have anything to do with any of this. How can I get her to relax and realize with the right help from the right people that this just might work. I have no money and not so great credit so I was looking at foreclosures and REO's. Is this a good way to get started? Where do I get the contracts I need to lock up deals? Could someone please Help?!!

Thanks Brian (in Michigan)

Hi! sully reading all the e mail and help input. i don`t feel so along. i will be writing you so for help also. Jay

My husband was the same way your wife is. Actually he kinda still is. But maybe if you show her the same things you see, she might understand a little better. Maybe you could get her to sit with you while you are on this website, and go through different places with her. And maybe ,if you want, if she feels more like your partner, chances are she will be more interested. Try to explain the finder's role in the beginning, and how you just sell and assign your information. I'm certainly no expert on this stuff, but that is what i have been doing, and it works fairly well..
I think that the contracts you are looking for are under documents and forms over on the left side of Home page on this website.

Good luck!!

JButcher,

So glad to hear from you, I'm not able to respond daily yet!!!
I have a job that requires much of my time, I too have been able to
contact investors and I've been looking for deals, no luck at that yet, I will find something. I'm still reading my book, I read at my break, lunch and before bed. Keep me posted. You go Girl!! Keep up the good work. You just wait and see ...
this time next year your going to be telling what a great vacation you and your family has been on . Take care..
TB

My wife and I are digging into the book and are excited about the massive potential out there we expect to tap into as we enter this new stage of our lives. We are tired of the same ol' same ol' we have known for so long. I am sure you will be hearing more from us and we will eventually be able to help others as they start down this path. Keep us in your prayers as we enter (what is to us)"the unknown world of real estate". I do seem to see a lot of you should do "this" first. Is there a such thing? Is "this" different for everyone? Thank you all in advance for your questions and answers.

Ron and Nancy

Hi Ron & Nancy,
And congratulations on taking that "first" step. You'll enjoy reading the book and starting to implement what you read. You're right! There is MASSIVE potential! How far it will take you only depends on how far YOU will take what you learn. The forums are a GREAT place, too, to gain knowledge & understanding. And, remember, there's no such thing as a stupid question. (I've asked my share of them! ) So ask away, and please share anything YOU learn along the way. We ALL learn from each other. That's the beauty of being here!

Sincerely,
Rina

hi,

i need to figure out the best way to lock in this buyer and also have a back-up offer in case this one falls. it is a froeclosure and the seller is ready to get out of the house.we have about tree weeks to close. I have a verbal commitment for a lower price, leaving the butyer with equity of at least $17,000. He has not given an earnest money check, does the seller hold the check until he sets up the closing? Also,he has agreed to let the seller lease w/ an option to re-buy her property 2-3 years later. Which forms do we need to lock the deal: i have the agreement to purchase,purchase and sell agreement, and the lease w/option. I think i just need the purchas and sell and mayb put the additional terms in the addendum. what about the property inspectio? the buyer says he does not need one, he's been buying for 30 years. Are we coevered? do we have to use an attorney? can the seller sign a quit-claim and the buyer have it recored on the deed, after he has paid off the note? help! we could raise the purchase price if buyer does not spend $2500 on closing--comments, suggestions; i need some guidance.

Patrice

thanks
Patrice

Brian maybe you should start with assignment deals and finders fees. You may put your wife a little more at easy and let you gain more field knowledge to get you to the point of actually purchasing. Look the info up on those two things on the forums pages.

Calm down....

You gave a lo t of info there but it kind of over lapped. Let me see if I got it. You found a foreclosure and you have a buyer for it.
You have an accepted contract that will give the buyer and instant equity of 17K.
The buyer has agreed to let the seller stay in property on a lease-purchase so they may buy back at a later date?
Buyer has given you no earnest money or down payment.

OK NOW QUESTIONS FOR YOU.

Do you have a signed contract to purchase from seller in your name or will the seller and buyer be dealing directly with each other? If they are and you have no thing but a verbal then the most you can hope for is a finders fee - a few thousand dollars.

If you do have the deal locked up - then the buyer is YOUR buyer not the sellers buyer and you should collect some sort of earnest money up from. He may be tying you up, and with a few weeks left you cannot afford to wast time like that. If he is serious he should show it.

Property Inspection - If the buyer declines a property inspection get him to sign off on that fact in the offer to purchase that he has submitted to you. Dont get caught later because he said you did not do the inspection.

Is this a Short sale? If not then owner can just quit claim over to you and you handle things as the seller.

Hope this helps

Hi TB,

You pretty much are on the same schedule I am on and reading the book inbetween life work and family. I found a ton of investors who advertise in my local paper in the business section and that is a really good source too. Actually is is even better because they are interested in the local referrals in your area. I am sure our first deal will encourage us both. Glad you are well and keep me posted.

JButcher

Ladies, ladies ladies, ok, and the guys too……if you live in the southern California area; Los Angeles county or Orange county please email me. I am a realtor and real estate broker.

My business partner and I are looking for diligent people to work with us. We manage property for small owners – less than 100 doors and we also need people to follow-up on leads that we get daily.

Some pan out and some do not. We do get leads tho. We get people who are looking for properties to purchase and those that HAVE TO sell. We do pay referral fees when the property you have been working on closes and if you get licensed as assistants we can pay on going commision fees to you as well.

Will this help? We need the help.

also tell the naysayers to stick it. or better yet open that account at an investment firm like TDAmeritrade, and keep all your "pin" money there; and share sparingly until they get the obvious; This Does Work; if you work at it,

Herm.

Hi

I just sent an email to your work email and I would really like to talk. I have some things in the works that could be beneficial to us all.

NinaNani this is for you ! You need to go to a tax sale or a tax lien sale it is a slow process but with great results. Nina all you do is pay for property taxes once a year and in three years the property is yours if they are not redeemed. Plus even if they do redeemed the property you get your money back plus a high interest rate. Look I was just getting into tax sale for 12% interest here but now I have 10 properties coming in to me and 2 are in the process of getting the deeds . So just take $500 to a sale you will be pleasently surprise! E-mail me if you need more info. Hope I have opened your eyes to something new. Sincerly Darrellf334

I'm having the most trouble finding an investor at all! i've searched through the news paper, and talked to some mortgage brokers... But no one can give me a straight answer. I also went to craigslist.com, but i just couldn't get anything but others looking for investors. what else should i do? Can Real Estate Agents help me or should i stay away? I feel so stuck.

Shirley Cheek

Shirley:

There are a number of things you can do to find investors. I guess that you've already called the "We Buy Houses" ads. You can put your own ads in the paper. Go to RE investor clubs websites or meetings, look, and let them know what you're doing. People that rent out properties, call and see if they're looking for more properties. Call RE agents: many times they'll know who the investors in town are. Hopes this helps.

hey darrell, what do you mean you pay property taxes once every 3 years? are you saying that if i go to the tax sale and buy, wait? just explain to me what your talking about? how does it work? cause i called and they told me that they only have a TAX SALE 1 time a year...YOUR HERO,SULLY.

Brian,

My wife and I are new at this ourselves, and we are still getting thru all the info. It makes sense to me to make a list of people you already know. People you have a relationship with already. They are your exhisting network, and it is sometimes easier to deal with people we know than strangers. If you dig and put some thought into it you probably already know people who qualify for what you are looking for. You may have to do some searching to contact them but they may offer a place to start. Also, Dean provided in his "Dean's List" report some answers and places to turn. I hope this is helpful.
Also, If you stay focused and as your wife sees that it is working she will come onboard. It may just take some time. Don't fight or try to convince her. Let her see you in action, that is the most effective convincing tool. Keep her informed and when possible let her be involved in the decisions.

Ron

What documents do we use or paperwork with the seller to get our cut from the home. ex. get the house from seller for 100,000 and reassign to seller for 115,000 how do we get the fifteen thousand to come to use without tipping the investor? Does he pay you that along with the finders fee?

Hi,

We have found a home that is 145,000 and is in decent shape but in preforeclosure. We want to buy this home and rent it out or lease it out. Can anyone give us the steps to take? We have spoken with owner who has the for sale sign out and he says he will take offers to the bank no matter because the last tennant he had in there really messed the home up..we have estimated by what we saw in the house it will take about 30,000 in repairs that is not counting the plumbing and electrical. So does anyone have any ideas as to how we can get started?

Make an offer.

You would be paid at closing by the title company.

so the title company will pay me the 15,000 and the finders fee in one check or two seperate checks? Also what contract papers do i need to get this started? I have found four investors in the dallas tx area and i found a few homes what do i do next? and is finders fee in texas legal? Thanks for your input i really appreciate it.

Does anyone know if a finders fee in texas in legal? how do i go about finding out this information?