FAQ: Answers To The Most Asked Questions - Start Here

Can I assign it?

Very funny! I love it!

I actually added to that post today to explain about the points.

Where do I start????????

TY, By entering this forum you have already started your RI journey.

Welcome!

Welcome to the DG family. We are looking forward to hearing more from you as you interact with your new brothers and sisters.

Sandra

Hi, I purchased the book a few months ago, but between school work, I forgot about it. But I'm ready to get started now. I read in here someone ask about auctions. I would like to go to one, but I'm not sure how to find them. I live in Austin, Texas.

Also, any other advice for a college student getting started!

Thanks!!!!

Hello All,

I finally found a Short Sale and I am closing today on the loan. But the only problem I have encounter is the lender put the wrong date on the mortgage paper work, instead of 45 days the paper work shows closing in 21 days, what can I do to get them to change the dates to the correct date, the lender assistant is ignorning me. This is my first deal and I am a little lost?
I will appreciate any advice on this one.

Hey tylu6,

That's a pretty general question. So let me suggest a couple of possible starting points. Did you read Dean's book? That is a good starting point. Did you get Dean's THINK A LITLE DIFfERENT PACKAGE? That's also a good place to start.
Look at the different forums available by clicking on the forums link on the top left side of the home page of this site. (It's on many pages of this site) Find a topic that you are interested and go there and read up on it and get any questions asnwered.

Anyway I hope that helps. Good luck with your REI.
______________________________________________________

Michael B

Here is what I would do.
I would contact the lender in person if possible and get it corrected. If the assistant is ignoring you I would by-pass the assistant and get another employee to look at my problem and ask him/her to please help me with this situation as it is rather urgent.

Also, I might even try asking a real estate agent for advice.
Anyway that is what I would do. Hope this helps.
__________________________________________________________________

Michael B

Try googling "real estate auctions", and check out the different websites. See what is happening in your area. Also, depending on what state you're in, you may have sheriff's (foreclosure)sales that you can attend.
If you are just starting out in REI, I would attend these auctions just as a spectator to learn and get connected with other investors, as they can be somewhat risky and properties CAN end up selling for more than they're worth. Go to a few, observe, ask questions. They are fun and you will learn a lot.

As for just starting out, make sure you read your book thoroughly FIRST. Absorb as much knowledge as you can, and then start putting it into practice by "Faking it 'til you Make it". (See Dean's blog from May 7, 2008)

Read Dean's blogs
http://blog.deangraziosi.com/ (or click on Dean Graziosi's Blog on the left side of this site's home page)
and listen to the conference calls
http://askdeang.com/call_archives.html (also on the left side of the page)

There is also so much fantastic info in these forums, from gathering your team to evaluating a GREAT deal. Do a search on whatever topic you'd like.

Just take it a little at a time. The more you put into it, the sooner you will be successful in your REI!
I wish you all the best, and we're glad to have you here.

Rina

Thank you Michael B,

I spoke to them and the lender refuse to correct the forms. I might seek legal advice on this one.

Hello Arisma,

try Auction.com or REDC Auction. Hope this help you.

"Faking it 'til you Make it". I like that Rina. That's exactly what I have been doing. That's funny

Where can I find Dean's blog from May 7, 2008.

Rocko, I am on my 7th day of the Training program. I have put in about 12 hours reading it's material. I haven't really got past initial preparation, but I have no regrets, and real anticipation. I think I will find it a great choice to have gotten into it, but can't say a lot from experience at this time yet. You might want to stay in touch with me, and I can fill you in as weeks go by. Read my journal and you will be better informed about someone going through the training as well, as weeks go by.
I wish you the best. Pas. Greg

Your journal reading is quite informative. I look forward to whats coming next. Good job, God Bless.

Sandra

freeindeed wrote:

"Faking it 'til you Make it". I like that Rina. That's exactly what I have been doing. That's funny

Where can I find Dean's blog from May 7, 2008.

LOL. You sure make a convincing "faker".

Click on Dean Graziosi's Blog under Other Resources (left side of the page) to see all of Dean's blogs.

your DG sis,

Rina

What I meant was that when i talk to owners I never let them know I am new at this. I give the impression that I know what I am doing when in reality I have no idea if I am doing it right. That's why I thought it was funny that you said that. Made me laugh as I saw the reality of it all.

"Faking it 'til you Make it". That's hysterical!

When I talk to the owner I am a professional. I talk like a professional, pull out the contracts like a professional, sign my name like a professional. Same with the investors. Then when I come home I take off the professional and run like @&## for the computer to ask you guys what the heck to do next. It's that mental image that makes me laugh when I read the words "Faking it 'til you Make it".

I was picturing the same thing.
I can tell from reading your posts that you come across very professionally. That's why I said "convincing". lol You probably are farther ahead than you even give yourself credit for! I know I, for one, am very impressed. .

That's exactly what Dean talks about in his May 7th blog "Fake It Until You Make It!" (I stole the line from him. )
http://blog.deangraziosi.com/page/4/

Rina

P.S. Carol, you did a good job of solidifying that image with your last paragraph! LOL
I love it!
(I do that a lot, too. Especially anything new.)

I just received the book Wednesday of last week and unfortunately, it is taking me a while to read it. I am so afraid that I am going to miss something that I end up writing notes on every Chapter I read. Taking notes down on every Chapter is really slowing me down. The more I read all of these very interesting messages, the more I am beginning to realize that you actually have to build a team before you actually get started. Am I correct on this or am I misunderstanding all of this? Anyway, is there anyone in the Dallas, Texas area that maybe I could communicate with about getting started. Maybe they can point me in the right direction. Please let me know and God Bless.

Thanks,
Janie 777

Hi Gina,

Sorry what happen to you. I have some information that might be good for you. I have this service called Prepaid legal they are wonderful it does not cost anything thing for the attorneys to write you a letter on your behalf. It is only a membership once a month if you need them for anything even in the middle of the night. If you get pulled over and get any tickets the attorneys will go to court on your behalf like they did me. Let me know if you are interested.

Shonda

Hi everyone. I am a newbie here. I am kind of nervous because I am going to see a 2-family house and talk to the owner. The listing agent is away for two weeks. So she is trying to arrange me to see the house and talk to the owner directly. The owner is a motivated seller. She lost her son in a car accident a year ago and want to get over with it and move to other place. I am kind of feel bad. I don't want to take advantage of her situation and try to help her out.

I did some calculations. In order to generate cashflow, I need to either offer 20% below her asking price or get owner financing at a low rate(4-5%) with 30yr term.

Any suggestions as to what I should find out in the first conversation and how I should approach will be great appreciated.

Thanks.
J.

Hello Shonda,

Thank you very much for the information, my sister has prepaid legal service, I will keep them in mine next time.

I'm currently a real estate investor who has lost properties because of poor tenants causing us to loose our properties and now we have lost at least 5 out of 7 rentals, leaving us now with 2 left that we are barely making money to keep us a float. I don't know what we should do now should we give up, throw in the towel and admit our defeat or should we try to turn things around if we can? We need intervention. That is why I got his book to see what we did wrong and try to get back on our feet again. So how do we recoup from having bad credit now?

Lingling, i feel for you, however now is time to regroup and learn the art of WHOLESALING: It's the QUICKEST way to get CASH now and possibly get you back on your feet again, there is PLENTY of information that I and others like: Rina, Elena, cbrpower, have posted on this site about WHOLESALING, start studying and advertising, Theirs still HOPE, SULLY

Welcome aboard! Believe it or not most of us here are starting with no money so your not alone.

I think the first place anyone should start is by building a buyers list. Without buyers there is no sale which means you make no money!

I started by building my buyers list. Calling newspaper adds that say " I buy houses" etc... usually under real estate wanted section. I just asked them if they pay a finder's fee if I found them properties.

I also put an add on craigslist that simply said "Have multiple investment properties, serious real estate investors needed". I did not have properties then but I knew that I would in the future. I had a great response from that and was able to build my buyers list which is now 25 investors strong.

Once i had built a strong buyers list I began driving around looking for properties. Mostly vacant and distressed. I also call rental adds and ask if they are looking to sell. That's how I found 2 of the properties I have locked up.

I did my research and found the owner's name and #. (try propertyshark.com for basic owner info). Once I found the info I needed I contacted the owner. Once I had the agreement to purchase contracts signed I began calling the investors on my buyers list.

I have not closed any deals yet but I have 4 properties locked up and I am currently showing the properties to my investors. Hope to assign them soon.

I hope this helps. I do not know if my methods will work for you but they have for me. I want to continue to do assignment until I build enough capital to make investments myself.

Good luck!

Ok, I have been in marketing and sales, for different real estate guru's recently for Dean. I am so excited about his mentoring group, his ideas, and the ways he makes money!! Can anyone help me? I was on the confference call last week and heard Matt tell everyone how he quit his job and is now a full time investor. I WANT TO BE, AN INVESTOR. I have bad credit, and no money. I have a friend that said I can use her credit to build this business, so where do I start? Can someone please let me know? I am in the Phoenix area, and also I will be in Utah. Both of these markets are where I want to invest. My name is Jeremy, so if anyone has any idea's, please email me, or leave me a comment here. I would love to work with Dean, or his group, or anyone that is looking for a young ambitious student!! Thannks for everything. Jeremy

Welcome Jeremy. Becoming a full time investor takes time. I would suggest that you start by learning the real estate market and building your network. Investors, Real estate agent, broker, contractor, title co. etc. are all people that will be beneficial to you in your RI journey. Hope this helps.

Are you well versed in the 5 profit centers in REI? Will you know what to do when a homeowner calls you and says: "I'm going through a tough time right now and i've missed a number of my mortgage payments, due to my grandfather being sick, my property is a 3/1 1254 sq.ft. and i still owe $63,000 approx. on my mortgage, plus the $4,000 in arears, and theirs about $15,000 needed in REPAIRS,(lets say property has an ARV of $100,000) can you HELP me?

What is the BEST way to solve this guys problems and NET you the MOST MONEY?

O.k teacher Sully why don't you tell us the answer. I would like to know this one.

By the way, i'm NOT trying to act like i know everything or come off as i'm the greatest REI ever, it dosen't work like everyone thinks, and carol your response to Jeremy's questions was on TARGET, there's a LOT of self-training that needs to go into this business, thats why i asked that question, because if you want to get started NOW, like right NOW, then you need to know what the H$#% your doing(sorry), but this affects ALL of us REI, it gives us a BAD name,(this is NOT in any way directed towards Jeremy) when you dont know what the BEST option is for your "customer" and it dosent help when these so called columnists are writing these articles on REI's that "prey" on homeowners that are in Foreclosure and take advantage of them, that's a bunch of CRAP!, 99% of us mean well, and enjoy HELPING people while we make a profit at the same time. The BOTTOM LINE is: Everyone wants to get started as soon as possible, but you need to remember that, in order to have LONG TERM SUCCESS in this business you need to be EDUCATED, which could mean studing for 6 months or more until you have MASTERED a certain number of techniques so you can know when the RIGHT time is to apply them.

Now for the ANSWER: The BEST solution for this "guy" is to: Have the homeowner DEED you the property, otherwise known as "SUBJECT TO" the existing financing, and then Rehab the propery, i would then offer/Advertise a LEASE OPTION for 18 months with $6,000 down/option consideration, and lets say the homeowners payments are $700 month, then i would charge $1,000-1,200 month, depending upon what other RENTS are going for in the area. Then, i would sell the property for $110,000-$117,000 This would be the BEST option for you the REI and the homeowner, SULLY