Getting Started Need Some Advice

I looked all over, and this site doesn't seem to have a 'Welcome' to new members. I am going to a seminar of Dean's on 03-10-12. I am looking forward to it. I use to invest in real estate back in the 80's.
Bob Jackson
OmahaGuy

What are some of the types of information I should request from an Agent such as listings, forcelosed propertys, handyman specials, etc. Please help.

Toni

So many of you are so eager to begin your adventure in Real Estate! Fantastic! May I suggest that many of your questions seem premature. You absolutely should not put the cart before the horse. Read Dean's books in its entirety!! You'll be amazed how all your basic questions will be answered there and in the beginning suppress some of your creativity and follow the successful track record and procedures provided for you..they really do work, so try not to reinvent the wheel just yet Once you are thoroughly familiar with them, then will be the time to branch out a bit and expand your horizons utilizing your creativity to personalize your business and become the unique Real Estate Investor you are. Semper Fi D-LO

Excellent Advice..Should help to keep us all out of trouble. Semper Fi D-LO

Excellent advice. Should help to keep us all out of trouble. Semper Fi D-LO

I havent started investing yet. Just attended the 3 day event for I will be attending the Boots-on-the-ground training on May 9-11 in MPLS. Was wondering if anyone had some sound advice about networking with local people in the class. Outside of having business cards, does anyone use linkedin, facebook, etc. to make inroads with others at the training? Any other useful tools for working with other? I am reading and reviewing every link I can for the information we are covering. I would just like to have others to bounce info off of dealing with our specific area (Twin Cities)
Thanks, Kris

see DG instructions and other links below

due to my personal curcumstances i could not pay for the course with dean but I am going through every word on this site today and I will make one million dollars by this time next year I am determined.
Thank you all of you for the advise imput and all the good stuff on this forum and thank you Dean I can see a way out of my poverty.

I'm new to this site and Real Estate. I just came across a FSBO on my way home recently. It's the tiniest, crappiest house in a decent neigborhood. Owner just inherited property from mom who passed a few months back. He owns it free & clear. I'm looking to wholesale it. It's a 1bd/1ba 345 sq ft; lot sz 4796. No work has been done on this property in years. It's pretty run down & owner seems to think the house should just be leveled. I'm going for inspection on Sat. with a Contractor friend of mine. Here's my dilemma. I can't find any recent comps for a 1bd. The last 1bd/1ba that sold in that area was a yr ago. I have no idea how to figure out the ARV or how much I should offer seller. I appreciate any sound advice.

Thanks a bunch!

Sonia

I can't believe my first day out by myself without a realtor and I found a seller who's interested in selling fast! It is a FOR SALE BY OWNER. I told him I work with investors who are willing to close quickly. I might have gotten myself too deep too fast. My question is ~~~ NOW WHAT DO I DO ?!?!!??

I did purchase the "30 Days to Real Estate Cash" and read the first 3 chapters and decided to just see if I can at least find a house. I do have a realtor I'm working with, but she has no idea about this FSBO property.

PLEASE SOMEONE HELP ME!!! I need to find an investor FAST!!!

Thank you!
Trisha

1. Determine the ARV of the property.
2. Determine how much work is needed and the cost to do the work.
3. Determine your offer price. One that will leave room for your fee and leave enough profit so that your buyers will take the deal.
4. You don't need an investor until you have a deal. First you must learn how to determine ARV and rehab/remodel costs so that you know what to offer.
5. Don't waste the sellers time if you can't produce. This is what gives real investors a bad name. A bunch on newbies tying up owners properties and then not closing.
6. This can be a great learning experience for you. Just "running the numbers" will give you real world training that no book, classroom or webinar can provide!!
7. Like I said before, make sure you HAVE investors that close quickly, just don't say so, have them ready!

It is GREAT you are taking action so soon!!!

Michael Mangham
Mentoring/ Team Building Nationwide
MD Home Acquisitions LLC

#4 v.s. #7 . . . .???

Contact your local realtor offices and inquire about getting a BPO (Broker Price Opinion) or a CMA (Comparative Market Analysis). Sometimes they can be free.

Carl

I concur in general. However, I must say if Carol can be successful never going to a property by assignments & PropertyDirect preps the houses & gets them rented for you, it's not cost effective to go see/inspect the property yourself if assigning. Not sure what your thoughts are about buying a rented/rehab rental from PropertyDirect. What do you think about that? I'm interested in your views. Thank you.

I'm excited. I love if when people with experience take time to share the road they've traveled. Thank you. I'll listen to the link too.

Thanks. This type of directive may seem small, but carries a lot of wisdom. Thanks.

You say assignment of contract deals are a good place to start...that's where I'll focus for now. Thanks.

Okay, I am having trouble figuring this out for some reason. Is there any way I can assign or double close on a short sale short term?

I have a tenant who is in the Army at Fort Bragg. He, his wife and 3 children are behind on their rent. Promised to catch up with tax refund, didn't happen. Does the Army help in these kinds of situations.

Hello

I have a question regarding HUD purchases, so I located an awesome deal with GREAT potential, It is a HUD house and I had been waiting for the price to go down on, which it has, I want to bid on this house, it need work the prior owners started rehabbing it and didn't finish, the house need some work, but as Dean teaches us we look at the potential, I know several contractors, plumbers, etc. to assist with the work, my question is using the transitional funding we received from the training what would be the best way to purchase this house and get started on rehabbing and flipping this property?

As much help as possible will be greatly appreciated.

I'm working with 'Purchase and Sale Agreement' and 'Assignment of Contract' and I'm finding it difficult on getting started. The Purchase & Sale Agreement states that an Earnest Money amount is to be placed in escrow.

Now, when do I open escrow? Is it that day when I place the property Under Contract (P.&S.A.)? Or do I wait till I find a Buyer and then open escrow? If I open escrow when I 1st place the property under contract, am I not going to be paying the title company for all that time that they're holding the contract and the time it takes me to find an end Buyer?

Can't I place the property under contract, state that I'll be putting X-amount of E.M. in escrow, then turn around and find an end Buyer AND THEN ask the Buyer for a separate NON-REFUNDABLE E.M. amount that will cover my initial E.M. amount stated in the P.&S.A. contract? In other words, waiting till I find a buyer to place ANY money in escrow...?

I'm just concerned over when to open escrow, when to place the E.M. in escrow (can I wait till I find a Buyer then place the said amount in the P.&S.A. in escrow), how to obtain the E.M. Is there a deciding factor to tell me how much of E.M. to place in escrow? If the property if under contract for $100K, $200K, or $300K... is there an amount of E.M.I should place in escrow?

I can also choose not to place any E.M. (from the P.&S.A.) in escrow right? But that may show the Seller that im not motivated to sell or that im not serious over the deal...?

It's this obstacle that I need to get over and has me concerned right now. I will greatly appreciate the feedback!

I'm doing the 30 days to Real Estate Cash book, and I figure the best way to do it is exactly as it is written, so here is my day 1 post. I have nothing to say as I'm just starting, but I have high hopes that this will work. Hopefully, within 30-60 days, those hopes will turn into a recurring reality.

Hi I Want to start doing some investing.

How do i build a buyers list in my area?

I'm located in Illinois North suburb of Chicago (Lake County)

My email address is bwicks21@****

Would you be able to tell me how to calculate repair ?
It would be greatly appreciated.
Nihjer

up

Hey there,

saw your post on DG. I want to buy, fix and sell. And I want to make a $20,000 to $30,000 profit.

Let's look at the listings that are "starter homes", properties that are listed "as-is", "vacant", and "price reductions".

Do you have a list of cash buyers of real estate within the last 90 days?

I'm happy to work with you together!

Greetings,
Udo Ginczek

small steps - one step at a time and you will eventually get to your destination. it doesn't happen all at once, just a little at a time.

Hey,

I'm interested in good deals.

You can send me property listings to my email at:

diversityhomes@****

Greetings,
Udo

.....

We are new to the program. We are now 3 weeks into it and running our bandit signs.

Our home market is Nashville, TN. And it appears that the market is hot that a lot of the houses get torn down and new one, or two houses get build on it.

My question is, how does the your calculation for the offer look If the Property allows for 2 new constructions to be build on one lot and sold as 2 separate new buildings, since it has not that much to do with the current house value?

Thank you for your input.

Markus