over and over again and listen to the audio as well. I learn something every time I do this and then just put yourself out there. Start contacting real estate agents and find one or two you are comfortable with. Never divulge ALL oyou info to them but get what you need . Go to CL and look for investors, its free and a great place to find deals.
read the book,get a team together, like REAL ESTATE AGENT,APPRAISER,CONTRACTOR,BROKERS,LENDERS,ACCOUNTANT,INSURANCE AGENT,ATTORNEY, ETC. that's not overwehlming is it? you also need to figure out what srategy to do when and where.study how the different kind of MORTGAGES WORK and how to get creative when you structure deals,HERE'S A BIGGIE-HOW TO FIGURE OUT A CERTAIN PROPERTIES POSITIVE CASH FLOW,and weather to RENT OR BUY AND FLIP,and possibly RE-ASSIGN to another investor.ONE MORE THING MAKE SURE YOU KNOW WHAT THE MARKET IS DOING,BEFORE INVESTING IN THAT AREA.YOUR HERO,SULLY.
We find us an agent so they can help us get all of the pertinent information that we need on a property. This makes the process a whole lot easier. They can give up to date comps, history, tax information, mortgage info, title info and more.
If you find one you can trust and be very careful about that, never divulge all that you know to them. But when you find one simply tell them that you are looking to get started in RE Investing and you would like them to assist you by letting you know what on the market.
Once you get comfortable with this bring in a couple of good mortgage brokers that you think would work with you on getting your buyers finance.
It can be a lot of fun once you get past being scared.
Thank you for responding back and good advice. Where would i find a Mortgage broker? Would i have to pay them? I am trying to work with no money down because my credit is shot up (523) it is bad (F).
Well I started looking on Craigslist first. I was looking for ads that said things like we can finance you with poor credit, no credit, bad credit. Or ads that read we help you get financed. Using this method I found a very good broker and explained to him that I would be working with credit challenged buyers (those turned down by the banks) and what could they offer if I sent them clients.
I have two that pay me a flat fee upon closing for any referral that I send. I like the flat fee with the because I negotiated it on the higher end and it does not matter if the they buy a house for 20K or a mansion for 1million. I KNOW what I will make and can form my financial strategy to reflect it.
Agreeing with what Anita said. There are SO many bad realtors out there who do not work in their client's interest.
I would just tell them you are an investor and ask them about properties they might have for you, what thir strategy is, what services they can provide etc. A lot of it is "compatibility". I am VERY aggressive with the other party. So if I have a realtor who is a wimp, it's just a bad combination.
They really should be your advocate against the other party, advise you what needs to happen when etc.
Hi Anita,
I am a beginner as well, I have purchased and read the book three times now. I have also established my team, I have: two realtors, a mortgage broker, an appraiser, an attorney, an accountant, a construction team, and some private funding in place if needed. I have established an S-Corp and my first of what I hope to be many LLC's. What I am having difficulty with is finding properties that will be profitable. I am looking in the 100-200k range in Southern NH where I am most familiar with the real estate market. I go to the "auctions" and typically there are a few investors there and the bank which bids amounts that the properties are just not worth in todays market. They are doing this in order to obtain control of the property. Once the bank has the property, they higher a real estate agent who lists the property typically for what the bank is owed on the property, again out of range of what the property appraises for in todays market. When I find a property that is in the "right price" category it needs so much work that the numbers don't work again! I am getting extremely frustrated as I am going on my third month without my first purchase! The houses that I am looking at to hold and rent, the numbers don't work because the rental income will not cover the principal, interest, taxes and maintenace due to the selling price not being in line with the market. Last, the foreclosure, short sale and by owner listings I look through seem to be dated and any good deal is long over by the time I get to them. Any insight is greatly appreciated!
Have you tried doing what Dean proposed on the last call? Posting blind ads?
Like We buy houses, any condition. I have used that and seen it used and it actually works. You may end up getting people that want to sell their homes by themselves but quickly and maybe even those that just want to sell and don't want to deal with a real estate agent. Try something like that and see if it works. Craig's list is a good place to post and don't just post in your city. Post in neighboring cities. A few times a day and I am sure you will come across something you can use, but if not you have now established a nice database of properties that other investors may be willing to pay you a Finders or referral fee for.
When i started searching properties i used a neighbor who was a realtor. She did not have an investors mind
and after several trips i realized this. I then interviewed and found a realtor that is an investor as well and he knows
how an investor thinks. Of course you need to worry about him "taking" all the great deals but hes very interested in
finding me properties that can make me money. He knows he'll then make money when i resell the properties.
Still looking, but very dilligently.
Good luck
I just happened to come across my realtor on one of the REOs we purchased, she was the listing agent. It's really great because she and her son have tried the landlord thing, hate it, and don't want to do it again. But she's getting such a kick out of helping ME buy rentals, we make a great team! Plus she gets her commission on the sales. WIN/WIN.
__________________
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
We are just getting started . We had our first session and we are working on our assignment. We are a bit confused as to what to do once we have found some leads. We are also working on putting our team members together as well. Where do we go from here.
You may want to start by placing a few feeler ads on sites like Craigslist. If nothing else, thru trial and error you will learn what works for you and at least end up with the beginning of a buyer and sellers database.
We are just starting to get into real estate investing. We had our first session and we are working on our assignment.We were curious as what to put on our business cards.
Offline
READ THE BOOK!!!
over and over again and listen to the audio as well. I learn something every time I do this and then just put yourself out there. Start contacting real estate agents and find one or two you are comfortable with. Never divulge ALL oyou info to them but get what you need . Go to CL and look for investors, its free and a great place to find deals.
Good luck
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Assignments. Lock up a smoking deal and assign it to another investor.
read the book,get a team together, like REAL ESTATE AGENT,APPRAISER,CONTRACTOR,BROKERS,LENDERS,ACCOUNTANT,INSURANCE AGENT,ATTORNEY, ETC. that's not overwehlming is it? you also need to figure out what srategy to do when and where.study how the different kind of MORTGAGES WORK and how to get creative when you structure deals,HERE'S A BIGGIE-HOW TO FIGURE OUT A CERTAIN PROPERTIES POSITIVE CASH FLOW,and weather to RENT OR BUY AND FLIP,and possibly RE-ASSIGN to another investor.ONE MORE THING MAKE SURE YOU KNOW WHAT THE MARKET IS DOING,BEFORE INVESTING IN THAT AREA.YOUR HERO,SULLY.
YOUR HERO, SULLY
Hi Anita,
Need your help.
How do you find a real estate agent? why do we have to find a real estate agent? IF we do find a real estate agent what do i say to them?
I am very new at these i am a type of person that is very hard for me to understand a lot of things. Things have to be broken down to me like a baby.
Thank you,
Shonda
Shonda
We find us an agent so they can help us get all of the pertinent information that we need on a property. This makes the process a whole lot easier. They can give up to date comps, history, tax information, mortgage info, title info and more.
If you find one you can trust and be very careful about that, never divulge all that you know to them. But when you find one simply tell them that you are looking to get started in RE Investing and you would like them to assist you by letting you know what on the market.
Once you get comfortable with this bring in a couple of good mortgage brokers that you think would work with you on getting your buyers finance.
It can be a lot of fun once you get past being scared.
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
HI Anita,
Thank you for responding back and good advice. Where would i find a Mortgage broker? Would i have to pay them? I am trying to work with no money down because my credit is shot up (523) it is bad (F).
Well I started looking on Craigslist first. I was looking for ads that said things like we can finance you with poor credit, no credit, bad credit. Or ads that read we help you get financed. Using this method I found a very good broker and explained to him that I would be working with credit challenged buyers (those turned down by the banks) and what could they offer if I sent them clients.
I have two that pay me a flat fee upon closing for any referral that I send. I like the flat fee with the because I negotiated it on the higher end and it does not matter if the they buy a house for 20K or a mansion for 1million. I KNOW what I will make and can form my financial strategy to reflect it.
Hope that helped a little
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Thank you so much,
If i find a broker to i let them know i am a investor or a realitor?
If not then dont say you are. thats illegal
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Agreeing with what Anita said. There are SO many bad realtors out there who do not work in their client's interest.
I would just tell them you are an investor and ask them about properties they might have for you, what thir strategy is, what services they can provide etc. A lot of it is "compatibility". I am VERY aggressive with the other party. So if I have a realtor who is a wimp, it's just a bad combination.
They really should be your advocate against the other party, advise you what needs to happen when etc.
Thank you both for the advise. I am very nervous speaking with people.
Hi Anita,
I am a beginner as well, I have purchased and read the book three times now. I have also established my team, I have: two realtors, a mortgage broker, an appraiser, an attorney, an accountant, a construction team, and some private funding in place if needed. I have established an S-Corp and my first of what I hope to be many LLC's. What I am having difficulty with is finding properties that will be profitable. I am looking in the 100-200k range in Southern NH where I am most familiar with the real estate market. I go to the "auctions" and typically there are a few investors there and the bank which bids amounts that the properties are just not worth in todays market. They are doing this in order to obtain control of the property. Once the bank has the property, they higher a real estate agent who lists the property typically for what the bank is owed on the property, again out of range of what the property appraises for in todays market. When I find a property that is in the "right price" category it needs so much work that the numbers don't work again! I am getting extremely frustrated as I am going on my third month without my first purchase! The houses that I am looking at to hold and rent, the numbers don't work because the rental income will not cover the principal, interest, taxes and maintenace due to the selling price not being in line with the market. Last, the foreclosure, short sale and by owner listings I look through seem to be dated and any good deal is long over by the time I get to them. Any insight is greatly appreciated!
Have you tried doing what Dean proposed on the last call? Posting blind ads?
Like We buy houses, any condition. I have used that and seen it used and it actually works. You may end up getting people that want to sell their homes by themselves but quickly and maybe even those that just want to sell and don't want to deal with a real estate agent. Try something like that and see if it works. Craig's list is a good place to post and don't just post in your city. Post in neighboring cities. A few times a day and I am sure you will come across something you can use, but if not you have now established a nice database of properties that other investors may be willing to pay you a Finders or referral fee for.
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
The deal of a lifetime comes along about once a week! I you are willing to put in the time.
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
When i started searching properties i used a neighbor who was a realtor. She did not have an investors mind
and after several trips i realized this. I then interviewed and found a realtor that is an investor as well and he knows
how an investor thinks. Of course you need to worry about him "taking" all the great deals but hes very interested in
finding me properties that can make me money. He knows he'll then make money when i resell the properties.
Still looking, but very dilligently.
Good luck
I just happened to come across my realtor on one of the REOs we purchased, she was the listing agent. It's really great because she and her son have tried the landlord thing, hate it, and don't want to do it again. But she's getting such a kick out of helping ME buy rentals, we make a great team! Plus she gets her commission on the sales. WIN/WIN.
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
We are just getting started . We had our first session and we are working on our assignment. We are a bit confused as to what to do once we have found some leads. We are also working on putting our team members together as well. Where do we go from here.
You may want to start by placing a few feeler ads on sites like Craigslist. If nothing else, thru trial and error you will learn what works for you and at least end up with the beginning of a buyer and sellers database.
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
We are just starting to get into real estate investing. We had our first session and we are working on our assignment.We were curious as what to put on our business cards.