FAQ: Answers To The Most Asked Questions - Start Here

FAQ: Answers To The Most Asked Questions - Start Here

This post will contain a constantly evolving list of frequently asked questions and topics for help or information. If you have a question, check here to see if has already been answered, or if there is an existing topic that you can build upon.

This is just a quick skim to get it started, so there is room for a lot more topics and posts to be noted here. If you notice a question or topic that would be helpful to be included, or link that should be added to an existing topic, please post the question/topic and links. Smiling

**** NOTE: If you have a question, do not post it in this topic. It will be deleted. Post a new topic for any additional questions. Replies in this forum are limited ONLY to suggesting new links to add or questions (based on repeated requests in the forums) to this list. Thanks!

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Some people have had incredible success by getting others involved. It allows them to divide and conquer, share resources and split costs. We have a great way for you to pass along the life changing opportunity to others in less than five minutes... Worst case scenario - you have extra cash for telling people about us. Best case scenario - you have a small team of like minded people to expedite your investing dreams!
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Getting Started:
http://www.deangraziosi.com/node/61
http://www.deangraziosi.com/node/1509
http://www.deangraziosi.com/node/2455

Reassignment:
http://www.deangraziosi.com/node/2022
http://www.deangraziosi.com/node/42
http://www.deangraziosi.com/node/1393

LLC/Company:
http://www.deangraziosi.com/node/927
http://www.deangraziosi.com/node/2126

Short Sales:
http://www.deangraziosi.com/node/655

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Owner Financing and Lease Option

How exactly does owner financing work? I have a house in mind that I would like to purchase, but I'm not quite clear on how it works or how to convince the owner on why this is a good deal for him. I get that I am asking him to be the bank, but why would someone want to do that? Is it just that it is resonable to assume he can't or won't sell his house? I would also like to offer a lease option to this same person...I'm not quite clear about that either..if the rent credit amount goes toward the down payment and say over the course of two years that's 24k, does the seller have to give me back the money so I have it for the bank loan or does it simply get subtracted from the purchase price at closing and I still have to come up with down money?
I just bought the book today, so my apologies if all of these questions are in the book...I welcome and appreciate any advice. Thanks!


can some one help me?

Hey Everybody,

My Name is Gerard, and I would like to know how to determine what market is all the local, regional and national factors in?

Also, are there websites to go to, that can help determine the Markets cycles?


Dean's new book

When can we get Dean's new book? He said the book is out, but I can not find it.


CD AND BOOK

DEAR DEAN AND COMPANY:

I HAVE BEEN SELLING REAL ESTATE FOR 25 YEARS. I WISH I WOULD HAVE READ YOUR BOOK EVEN 40 YEARS AGO. YOUR ATTENTION TO DETAIL IS EXTRAORDINARY

GOOD JOB!!
SPENCER SPEROS
LANCASTER, PA


New and eager to get srarted...

Im very new at this but I am so eger to get started in Real Estate. I've always wanted to do it but didnt have the guts to. Im 23 years old have no money and no established credit but I'm not letting that stop me. I've read Deans book and I think the book is awesome! I have a question though for anybody out there. I have a friend that is moving to my area in the next month or so and is looking for a house. I have got all his info on what price range he and his wife are looking for and what they have pre-qualified for. In my area there are 100's and 100's of pre-foreclosures and foreclosures that I have found {on foreclosurealert.com}that are a killer deal. I just need some steeping stones on what to do next. For example....I found a house in a great location. It's a 3bed, 3bath with 1653sqft with pool and it's in preforeclosure. The estimated value is 150,629(which is in their price range)and the Default amount on the house is 124,900. I just don't know what is the best way to go about getting a decent profit, helping them get their first house, and saving the home owner from being foreclosed on. I NEED HELP!!
Thanks, Brandon


Im very new at this but I am

Im very new at this but I am so eager to get started in Real Estate. I've always wanted to do it but didnt have the guts to. Im 23 years old have no money and no established credit but I'm not letting that stop me. I've read Deans book and I think the book is awesome! I have a question though for anybody out there. I have a friend that is moving to my area in the next month or so and is looking for a house. I have got all his info on what price range he and his wife are looking for and what they have pre-qualified for. In my area there are 100's and 100's of pre-foreclosures and foreclosures that I have found {on foreclosurealert.com}that are a killer deal. I just need some steeping stones on what to do next. For example....I found a house in a great location. It's a 3bed, 3bath with 1653sqft with pool and it's in preforeclosure. The estimated value is 150,629(which is in their price range)and the Default amount on the house is 124,900. I just don't know what is the best way to go about getting a decent profit, helping them get their first house, and saving the home owner from being foreclosed on. I NEED HELP!!
Thanks, Brandon


Coaching Program

Hi, I'm interested in knowing some information regarding the coaching program. Has anyone else here given it a try? If so, what do you think about it?
Has it helped you and do you really need it to get going?

I read Dean's book a couple of months ago and I'm very excited to get started but I'm a little stuck on where to begin.

Thanks for your help.


frustraded

i purchse dean book,aff and fal. So far everything looks and sound great. All the strageties mention are great. I have spoken to a couple of real estate agent about the finding a deal and lock it up and re-assign it and there response was nine out of ten this will not happen in this area (problem#1). Secound i already went and found a forclose home for very cheap and worth a lot more after some repair. I can make about 30,000.00 and still keep the house as a rental. But no money to start, I look in the internet for investors found thousand the only thing i have to paid a fee. It seem that everything is about a fee for this a fee for that. I"m ready to retund the program for a refund. I ready need to make this work for me. Where do I go from here? some help please


real life story

In "be a real estate millionaire" a couple goes into foreclosure only oweing 10,000. The investor made an agreement w/the bank to pay off the 10,000. Does this mean she now owns the property free and clear?


I met Dean yesterday

I had the pleasure to meet Dean yesterday. Is he as genuine as he seems, and does this system work?


Assigning the sales contract

I have a concern pertaining to the assignment of the sales contract to a third person and being compensated for doing so. Here in Arizona, as well as some other states, in order to be financally compensated in a real estate transaction a person must hold a valid real estate license in that state in order to receive a fee or commission for closing the real estate transaction. Also it is illegal in Arizona to receive or pay a finders fee to anyone regarding a real estate transaction.

It would be logical that you would close on the contract with your seller first then close on a contract with your buyer afterwards. The money you receive for selling the property to your buyer less what you paid your seller for the property and any closing costs involved would be your income or profit generated from the transactions.

What are your responses on this subject?


Lease Options

Does anyone have any experience or knowledge of Lease Options? I think I can get my hands on some pre-foreclosures using a Lease Option. I'm not sure what risk I have if the owners file for bankruptcy or other risk I may not be aware of. Does anyone have any input?


I am looking for a Budget Spreadsheet in dean's website

I am looking for a free budget spreadsheet in dean's website but I don't find it. He mentioned on his book that he has some samples. By any chance do anyone know where is it?

Thanks


I am looking for a Budget Spreadsheet in dean's website

I am looking for a free budget spreadsheet in dean's website but I don't find it. He mentioned on his book that he has some samples. By any chance do anyone know where is it?

Thanks


Don't give up!

It is not the 9 out of 10 you need to listen to. Those are the ones who wake up in the morning and tell themselves no and continue to go to work for someone else. It is the "1" of of 10 that says "It can be done". That is the 1 that goes out and does not listen when others say "no". Although I can't give you specific advise about Re-Assignments", I can tell you that there are many stratagies out there. You need to find the ones that work for you. It may not be Re-Assignments. It may be finding a friend or a family member that has good credit and some savings and wants to change their life but don't know where to start. With your drive and ambition, maybe the 2 of you can put your strengths together and make this happen. As far as returning the program for a refund. It is not because Dean's program failed, it is because you gave up. Don't look for a reason to quit, look at all the reason's you should not.


Assignment of contract

Is it possible to use the assignment of contract strategy with REO’s, homes that are in pre-foreclosures, HUD, VA, etc?


Foreclosures

You will need to go through the bank to try to purchase foreclosed properties. Many states have internet based records where you can search for property records on-line. Here in Arkansas one site is: http://arcountydata.com/. Once you find out who the bank is, you just need to contact the bank and ask who is in charge of their foreclosed properties, REO's. It may take multiple phone calls to get the right person. Let them know you are an investor and you are interested in some of their properties. They will be happy to hear from you and will normally forward you a list of all of their foreclosed properties upon request.


Training

Have you done the training???? The one where you have to invest $3000. to $5000.
I have the opportunity to do so and I was wondering if anyone did it.


Answer: NewBJ Most of your

Answer: NewBJ
Most of your Lenders for REO's will NOT Accept an "Assignment of Contract", So in order for you as a Wholesaler to Sell your Contract to another End Buyer, You will NEED to do a "Double Close", That's the Easiest way, their are other ways to get around this, But this ways is the Easier Route, SULLY

__________________

YOUR HERO, SULLY


Thank You Dean

I just wanted to thant you for letting me be part of your coaching program as well as your student. While I have been a contractor & an entrepreneur for many years, I lost my focus in real estate along the way. While seeing one of your ITV infomercials a year ago jan 2007, I ordered the book & tried to implement your ideas to no avail to me. I then just put the idea to the side until I just "woke up" in Dec of 2008 & said to myself, what the heck am I doing not getting in this perfect market for investing? I Have since re-read your book, ordered your new one "Profit from real estate right now", joined your mentorship thru PMI, joined my CTREIA, attended seminars on real estate, webinars, etc. I am currently working on a short sale, networking with other like minded people in my CTREIA group, talking with private investors, lenders, making many contacts in this field & learning many things I didnt know. I just thank Dean for waking me up & being such a positive driving influence to us all when it is so easy to get distracted, quit or be influenced by the nay sayers. Just keep believing, trying, learning & keep listening to Deans videos, blogs, etc. he is truly an inspiration to me.
Thanks for all your words of encouragement. Luigi (gino) Capilupi


investor

I found an investor with a 3% rate per annum. What does annum means? Does any one knows. Reply as SAP.


Where's my wings and Halo?

Hey DG....I know that I am NO ANGEL, but I am confused how the badges work.....I have quite a few posts, and get some good comments on them, and I see another guy who has NO posts only 6 responses to other peoples posts with the Halo and Wings.

..my issue is that he has been a member of the site for 2 hours....???

what factors has this guy come up with that I can't seem to get..? He is CT Properties. Nice guy, but what gives? I have 2 homes in escrow right now, so I will also be needing the Diamond badge...LOL....just tell me which Hoop I need to jump through. I know it's trivial, but I like my badges...Smiling

Thanks
Sam

__________________

BUILD your knowledge base....it is your ARSENAL to wage war against disbelief and the negativity of the status quo. You need your weapons......It's your choice whether you carry them or not.
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Build Relationships and open the door to opportunities that could once only be dreamed of......never take those relationships for granted.
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Don't let EXCUSES be the nails that keep you INSIDE the box.


Thanks DG

I appreciate your responsiveness...I know it was petty, but I really do appreciate it....and I know i've been naughty... UH....I guess I get my little Halo badge when I am a good boy right?

LOL
Thanks again,
Sam

__________________

BUILD your knowledge base....it is your ARSENAL to wage war against disbelief and the negativity of the status quo. You need your weapons......It's your choice whether you carry them or not.
------------------------------------------------------------------------------
Build Relationships and open the door to opportunities that could once only be dreamed of......never take those relationships for granted.
--------------------------------------------------------------
Don't let EXCUSES be the nails that keep you INSIDE the box.


Help..

Hi everyone. I just purchased The Profit From Real Estate Right Now book, and am currently reading it. I am hoping someone can clarify something for me: Dean states that you don't need any money down/good credit to purchase properties; however, am wondering if you have to currently be employed to be able to use this system? I am in the Aviation industry, and have been laid off since December. In this book, one of the success stories stated that she wished she would have never quit her job because it is next to impossible to get a loan.
Any words of wisdom?

Thank you,


The answer is NO....

You don't have to have a job if you find TREMENDOUS deals that allow for Hard Money lending. The most important part is BIG EQUITY....That secures the deal.

They may want to some Skin in the Game, but you don't need a job. Any positive assets you may have like a personal home, money in the bank , and good credit are all POSITIVES that will help you to achieve your goals, but are not necessary in every case which is NOT true with conventional financing.

Get out there....act like you know what you are doing and convince others to believe in you....Your posture at this time is the best thing you have going for you. That coupled with knowledge will propel you into your first deals, and later you will have those assets to back up your future borrowing.

GO GOR IT....!!!

__________________

BUILD your knowledge base....it is your ARSENAL to wage war against disbelief and the negativity of the status quo. You need your weapons......It's your choice whether you carry them or not.
------------------------------------------------------------------------------
Build Relationships and open the door to opportunities that could once only be dreamed of......never take those relationships for granted.
--------------------------------------------------------------
Don't let EXCUSES be the nails that keep you INSIDE the box.


How to get approved for a loan. Im new

Hi all,

I am very, very new to this. I am 24. I already own a home but I rent it out and have positve cash flow of $200 a month.

Ive recently found a foreclosure listed at 109,000 and could be a great money maker. I want to get into it for less that 100,000. The only problem is, I have no clue on where to get the money to buy the home. I even have as much as 20,000 to put on a down payment. But my income is somewhat limited right now. My wife makes about 2000 a month, and I am self employed, but dont have any significant income coming in.

What do I do and how do I get financing for this home? I am looking into buying this property with me, my wife and my brother.

Please help me!!! I know im new and young. Thanks

Trevor Scharer in Oregon


Forclosures

If the house is listed for 109....ask your Broker what it's actually worth After Repairs......then offer NO MORE than 65% of that value.....That way it's a GREAT DEAL, and is Hard money lendable.

Smiling Good Luck and Welcome

Sam

__________________

BUILD your knowledge base....it is your ARSENAL to wage war against disbelief and the negativity of the status quo. You need your weapons......It's your choice whether you carry them or not.
------------------------------------------------------------------------------
Build Relationships and open the door to opportunities that could once only be dreamed of......never take those relationships for granted.
--------------------------------------------------------------
Don't let EXCUSES be the nails that keep you INSIDE the box.


Can we get a tax reduction as the house value goes down?

An investment property I own has lost almost $150,000 in value in the last 2 years. Selling is a waste of money, refinancing is impossible as I will have to add more money in order to reach the 80%, and the rent in the area went down.
At the same time, as if nothing happened, the tax amount almost doubled - the evaluation was done before the crisis - and it's killing me...
Can anything be done to reduce the tax according to the new value of the house?
Thanks for your good advice.
Lagy


Go to the Assessors office

Go speak to the Tax assessor and ask them to give an HONEST assessment. They should be willing to compromise.

Smiling
Sam

__________________

BUILD your knowledge base....it is your ARSENAL to wage war against disbelief and the negativity of the status quo. You need your weapons......It's your choice whether you carry them or not.
------------------------------------------------------------------------------
Build Relationships and open the door to opportunities that could once only be dreamed of......never take those relationships for granted.
--------------------------------------------------------------
Don't let EXCUSES be the nails that keep you INSIDE the box.


Thanks, I'll try

From what I heard from others, this is hard to get. I'll try anyway and will be happy to tell you if it works!
Thanks,
Lagy