FAQ: Answers To The Most Asked Questions - Start Here

Great to have you here.
Although it seems like a really simple suggestion, try googling "subprime lenders" and read what you can on them. Sometimes you can find enough info to give you a basic definition, at least. Also, use the search box at the top of your page, as there have been discussions in the forums on the subject. I know it's hard to come in here and follow along when you're not familiar with the REI jargon yet. It will come to you. You'll learn more every day, and it just kind of "grows" on you. You may already know more than I'm implying, but I thought I'd answer for all the newbies, as well. Just know that as you keep reading and researching you'll get further in the knowledge you need to be successful.

God bless,

Rina

HI MY NAME IS SAMBA

I WOULD LIKE TO ASK ANY BODY OUT THERE FOR HELP, I'M INTERESTED IN BUY AND FIX AND RENT IN THE CITY OF DETROIT MI, I DO NOT HAVE ANY CORRECT INFORMATION OF THE CITY, I SAW A FIRE DAMAGE 3 BEDS ROOM HOUSE SINGLE FAMILY ASKING PRICE $ 3000 AND I DO LIVE IN BOSTON, MA AND DO NOT KNOW IF THIS WILL BE A SMART MOVE PLEASE I WOULD LIKE TO HEAR YOUR ADVISE ANY ADVISE IS WELLCOME PLEASE HELP SAMBA

I am not doing well in the employment market. I live in SW Florida and I want to get involved. I had to file bankruptcy due to a fall in the market and the rental home I owned lost it's value. I live in a 350K home and I am working full time hanging on for dear life.

Is there a chance someone can finance the deals I find down here?

Hi To All,
I purchased my "Be A Real Estate Millionaire Book", a week ago. I must say it is user friendly and a great read. Looking forward to beginning my millionaire climb. Will need some help.

Hi Rob,
Like you, I am also new and looking for help. I feel optimistic that we will achieve greatness.

Sandra

Ok, hello all. New here, with lots of questions. We read the book this weekend, even drove around town and found several "ugly" houses, then got info from a title company on them. First big question: How do we find investors? There were no ads in our paper for "Will Buy Houses For Cash" or anything like it. Looked on craigslist and found nothing but. Found several ads and sites for what sounded like the same thing we are trying to do. Do again, how do we find investors? I placed an ad on craigs list myself offering our service to find deals for a finders fee but so far no bites.

Excited to get started, but like others, need help. We are in So. California if that makes a difference.

Thanks!

N & R

Sorry for all the typos in this post. Guess I posted too quickly before previewing. Like I said, excited to get started...

Again, sorry
N

and good morning to everyone else out there. I have missed everyone. It has been a while. Unfortuanately, the summer months are my busiest here in the big apple, so I have not had an extra time for y'all, but I am back and looking forward to hearing from everyone!!!
N&R, welcome to the site, this is such an unbelievable resource for both beginners and pros. You will find so much information regarding all aspects of REI that it will make you head spin. Take advantage of this website as much as you can and always ASK QUESTIONS!! but before you ask questions, comb the other forums and threads and more than likely you will already have found the answers to your questions.
In answering your question, there are so many ways to find other investors out there, especially in your area. The best way to find investors when you are just starting out is to join your area real estate investment club. Surely there is one (or multiple) in your surrounding that are chock full of other investors looking for deals and also looking to unload deals. You can also find many other contacts in this business such as general contractors, attorneys, accountants, mortgage brokers, etc.... start there and let us know how you fare!!
All the best,
Nick

Nick, thanks for the response to my question. I will look into the Real Estate Investors club you spoke of. And yes, I will search through this site to learn all I can. I'll keep you up to date on how we are doing.

N&R

Thanx nicwalters13!

Sounds like a part of our team is to develop buyers and besides craigslist, etc. this would be a group of people to get to know because they are local AND interested in those of us who may want to birddog/assign...correct?

Also, nice touch on gently reminding us newbies to comb through some forums so that when we ask questions, they are not totally redundant! wib

When a property goes into Foreclosure, it can be a Tax foreclosure or a Mortgage foreclosure. If back property taxes are owned, it will go into a Tax foreclosure. Either will cause it to be auctioned off. In a Mortgage foreclosure the lender will start the bidding on what is owned on the property.

You can contact a Realtor for listing that are available in any state. I would contact a larger, more reputable real estate company, get a referral in the area and call them. they can send the current listings to your email. As far as the financing, FHA may want a 3% down, if so, you can always ask the seller to carry back the 3% to make a "no money down".

When was "Be a Real Estate Millionaire" written? I know it was published in 2007, but I was just curious as to when it was actually written? Thanks.

Thanks again for the info. Found forum and in it was a web site i bookmarked . Reonetwork.com. Put in my zip and i'm working on a team like you said. Called realtor and he gave me a number to an investor to qualify me and i'll be on my way, i'm hoping.Thank you and DG family. God Bless Failing to plan is planning to fail.

You're welcome, Fred.
Sounds like you've taken some important steps in getting your REI off the ground. That's a good sign that you are a serious investor, and not just someone who will fly in and out of here. Keep up the good work!

God bless,

Rina

I'm on line Auctions shopping around getting the feel of things. There are houses starting at 5k and worth over 200k.The market here is crazy and i want a peice of it,a big peice.But when they say Transfer Value what does that mean? What you think most of the time you become. Thanks DG family

Regarding a comment some days ago, we were told that tax sales don't happen in California. Maybe other states but not here. In California you have to pay fair market value, give or take, to buy even foreclosed properties. We were told this by a clerk at the Hall of Records. We aren't in a position at this time to buy property, but we're researching and getting prepared. Any thoughts?

N & R

as far as i know tax sells do happen ,just not every year , they have a tax sell section in there web site that the diffrent counties use , they just had some sells in the spring of this year, cali is a deed state. i know i my self looked at redding cali they had props go to your county website look under treasure or a place like that there kind of hard to find the tax
information in the websites but there there.
hoped i helped ya out
sincerly
mike

I am new and am still waiting on my book. I have however been practicing what I learn on this site.

I have recently found 2 houses in my neighborhood. I have found the one # to the first owner but the second owner is located out of the state. I found his address but not his #. This house is 2 quarters behind in taxes.

What do I do now?

How do I find the 2nd owners phone #. If I send him a letter what do I say?

I've recently read Dean's book, but I've become aware of the fact that the finder's fee is illegal in Texas. Since I live in TX, and I'm currently a full-time student at a community college (and working a minimum-wage job there,) I need another strategy as a beginner in real estate investing. I'm extremely dedicated to this idea and am willing to try whatever I can, whatever the risk, because I know that the rewards will be much higher.

Michael,

Thank you for your help. I'll check out our county's web sites, see what I can find. I just know what the clerk said about having to pay market value, not just back taxes. Being so new to this there are a lot of questions and it's not always clear who or what to believe, and where things are allowed and where they are not.

Thanks again, your help, it is appreciated

N & R

your welcome

heres a site you may want to look at for counties
naco.org

Hi everyone. We looked up Real Estate Investors clubs and found one having a meeting not far from home tonight. We are planning on attending the dinner and meeting, see what we can find out, who we can meet, etc. They are having a speaker as well, so it should be good for information purposes if nothing else.

I was wondering if anyone might have some pointers on questions to ask, what to exactly say about what we are doing, how long we've been doing it(being so new we haven't had even our first deal yet, still getting ducks in a row so to speak). I had business cards made up today to hand out, too.

Any tips would be appreciated,
Nancy

Ok. Here's a question. How do you work with real estate agents creatively? I mean doing real estate with no money down, etc. Is it possible to work with agents this way? Or should you avoid even attempting to work with agents in this fashion, because they receive their comission from the down payment?
So is it possible to work with agents creatively and how do you do it?

Thank you very much for your reply.
Michael B

I got a question about making offers. Normally when someone makes an offer on a property they use a real estate agent. What if you found a seller that is not listed with a broker and you want to make an offer? How do you go about this? Do you just submit an offer to the owner by yourself? Or do you use an attorney or a title company? How do you make an offer on a property without using a real estate agent?

Thank you for your reply.
Sincerely,
Michael B

I am really ready to start,but I don't know where to begin. I do not have good credit right now. I keep reading my book Real Estate Millionare over to get an Idea of where do begin. I have to do this. I am living from check to check and I have to be able to take care of my children. I know I can do this. Can anyone suggest how to get started with bad credit.

I believe you either misunderstood the clerk, the clerk misunderstood the question, or the clerk was misinformed. Tax sales take place, and the auction process sometimes causes the price to approach or even exceed the fair market value. That is the result of bidding, not any policy or law on the part of the county or state. When there are few bidders, the winning bid may be a lot less than market value. Of course, the true market value may be a lot lower than it seems that it ought to be.

Having worked for agencies many years, I learned that if an answer seems illogical, ask for the section in the statutes or administrative code that proves the answer. That is true in any state and for the IRS also.

cactusbob

Tina,
One thing you might want to check out is "Dean's List - Special Report'. It is available right here on this website under 'Student Resources'.
It should be visible to the left of the screen on the 'Home page', just click on "Dean's List - Special Report."
Dean explains a step-by-step approach to make quick cash... in as little as 30 days!
And you do not need good credit to use this method.
I hope this will help. (I'm sure it will, you have Dean to guide you.)

***ALSO-- there are a couple of links on this site you definitely need to check out.
It you do not have money or good credit you may want to try wholesaling or bird-dogging. "The fastest way to make money in real estate is wholesaling! Bar none! All you need to do is put two parties together. It's simple." Here are some links on those subjects. Good Luck.
http://www.deangraziosi.com/node/3783
http://www.deangraziosi.com/node/5585
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Michael B

Julio,
It was written in 2006.

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Michael B

I need advice. Someone help! I want to purchase a 4 unit home that is a distress property. The list price is cheap but the neighborhood is abandoned/ vacant but I know it will turn around. The units needs work but how much work should I put into it? What if the price double the list price. There will eventually be association tax for the tennis,basketball court, and swimming pool. What other amount will I need to be aware of? This area has potential. I want this to be my first deal. Help!