FAQ: Answers To The Most Asked Questions - Start Here

Hey everyone I just finished all three of deans real estate books and I'm very excited to get started. I have built a small buyers list and hope to find a great real estate agent and a mortgage broker real soon. I have found a few properties that I think may be able to make some money. I'm wondering if I don't have a real estate team built yet should I wait to start with deals until I have my team built or should I just go for it. Also if I'm doing an assignment deal where I lock up a property on an agreement of purchase with an assignment clause and assign it to the buyer with an assignment of contract, do I even need a team at all. I want to create a real estate team, but I don't want to wait until I do to start trying some deals and getting my feet wet. Any help would be great.

thanks
kyle

How Can I Put A Bank Owned MLS Listing Under Contract With No Money of my own?
I am seeing a lot of cheap houses in the MLS that is bank owned, but they
require Proof of Funds and A Letter From The Bank.
Is there a way that an investor like me, with no money of my own, can be
able to flip properties like this to other investors or potential home owners
that dont know about the Listings but do have the money and is interested?
Thank you for any replies
Gloria

Hi Dino

In case you don't hear from Anita I thought I would do what I can to help. I posted a reply to this same question on the 21st. Just look above your post on that page. I laid out the steps but if you want more details there is a woman on here that Dean himself refers to as the assignment queen, she goes by "freeindeed" and she has made a career on these deals.

Best of luck to you with that deal.

Steve

I am a little confused about your friends situation. I would like to help you with some advice if I can but you said he wants to sell but not that he needs to sell. Is the mortgage in default? Is he behind on payments?

If he is thinking of selling because he owes more than it's worth than that just doesn't make any sense. To most people this would seem more reason to hang in there and wait for the value to come back up. Right now his house is probably unlikely to lose much more, if any, value. The price should recover in the coming years, maybe not to what it was in 2006 but definitely improve. If he sells now he is selling at the bottom of the market, in which case maybe one of my buyers would want it. For your friends sake though I wouldn't recommend selling unless absolutely necessary.

Steve

1st and 2nd mortgage position
what is a strategy for buying a 2nd position and make it work?

Hi DG Members,

I would like to ask What is an Mortgage Assignment and is it legal?

Also where is this document?

Thanks,

God Bless!

Tony

"God help Them Who Help Themselves"

im new and am overwelmed with all the info i know you need to build a buyers list first so im doing addvertizing online for buyers/sellers but getting nothing yet i just really need someone to help me along,two heads r better than one,and i have soooo many ?s to ask and just need to talk to someone.

Did you mean just an assignment as in "assignment of contract" or did you mean specifically an assignment of a mortgage? I am not at all familiar with assigning a mortgage.

Steve

Where can I found home owners who needs help or who wants to save money with their monthly mortgage?

Looking for REO Tapes without including 5 people, if you can help me please send me a private message. In California 10 million Tape to start. Thank You!

Ok, if I close a deal to lease option from someone, do I make the payments to them, or to the bank they are making payments to.....?.....and if to them, what happens if they don't make the payments?

Just getting started in Miami here.
Anybody in the DG Family down this way?

Ernie

Hi,
I would like to get to know some Canadian RE investors. As I reside up North, it would be nice to get to know some of you who are also from Canada and have done this successfully. As there may be some difference between investing in U.S. properties by Canadian as oppose to U.S. residents investing in U.S., I really would like to get to know some of you folks who are in this program already but live up North here. I will be going to the Buying Summit in Vegas this month.

Best Wishes and hope to get to know you soon.

Okay I just joined this site last night and today a guy from [Professional Marketing International] called me. He said that he was able to help me get started and trained. Now I did call the number in the upper left hand corner of Deans site about 1am CST. He said that was how he got my phone number. I just want to know, are they the people to train the newbies on how to get started with this business? I just want to learn more about real estate and begin making money.

djkansas

Go to dean blog that will heip you get start. Adrianne Oliver Time: 7:13pm

i need a number to contact about the automated foreclosure finder? i have some questions before i purchase?

I am trying to decide if I should join the success academy. So help me out folks. Was it worth the price you paid? What about the list of buyers that they give you? Is it helpful? Seems like that could speed up a slow start if the list works. Thanks

where exactly are dean realestate class are going to located in the bakersfiel area

Does any body know if a person can buy a property with a forclosure on their credit report? If so how?

I see a propety for sale. Asking price is below 50k but in a neighborhood where the houses are between 300K and $665K. Help

Hi, I have a question. I'm new to this site, and very interested in getting into real estate. I've been looking through Ebay for a while now, and notice a lot of distressed homes for sale/bid, anywhere from $2000 to $50,000. I am aware that most are in very bad condition and not in the best locations. However, I got my eye on a few. Especially a 2 family in PA that is being rented right now for $600 each apt. This particular home is selling for $15,000 and doesn't look in that bad of shape. My credit is pretty bad right now, and I don't have much money to throw down, which is why I'm asking about ebay. I was just wondering if anybody had any experiences with real estate from the site?

Thank you,
Mike

How can I ask for a list of REO's from a bank? Do I go to them directly or should I go through the proper channels?

Hi,

I have found a For Sale By Owner property that I would like to go and look at and make an offer on.

What is my first step (besides going to the property looking at it). I don't understand what it means to "lock up in contract." Do I need a Realtor ... and how do I explain to her what I am trying to do?

Thank you for any information you can provide me.

Rose

I am a NEWBIE and just found a Short Sale for $259,000 ... it's a 4 Bedroom house, 2000 square feet 30 minutes from my home.

How do I go about making an offer on this property putting nothing down? I'm still not sure I understand how you can buy a property with nothing down. How does that pertain to Short Sales?

I can not find any place where I can edit an as I have placed on the Real Estate for sale site. Also, I clicked twice on teh submit'button' and, as a result, have the ad show twice. Is there any way to remove one without removing the other also?
Can anyone help me?

Hi Rose

OK first off the term "Lock it up on contract" means to get a contract (purchase and sell agreement) written up, and signed, between you and the seller with your negotiated price and terms.

Next you don't need an agent but you can get one to represent you and they will even negotiate on your behalf, write up the contract, etc.. The point of a FSBO is to avoid the realtors commission. The seller is trying to save money. Of course if you want to pay an agent to represent you for a 3% or whatever deal you can find, that's up to you.

There are some things that some investors do before looking at the property or talking to the seller, such as researching the title to see what they are dealing with as far as liens and encumbrances but that's a little advanced and you can have that done by the pros after you look at the house and make sure it even warrants taking it that far.

If you have not had much experience with buying real estate than you may want to either find an investor locally (or even here) that is willing to hold your hand on the first one. Either that or use an agent and tell them what your investment strategy and goals are. If you can find an agent that is an investor or at least works with them that is even better, and always a good idea to have one on your team anyway.

I hope that was helpful.

Best of luck to ya.
Steve

The buyers list is not something they give you. No one can give you a buyers list. It is something you have to create on your own. It means to find people that want to either buy investment property or perhaps buy themselves a home. You first have to decide what investment strategy/ies you are going to use based on your assets, knowledge/experience, and your market. Then you find buyers whom you can help by finding them the types of properties they want and either sell or assign it to them. This way you have a buyer for the property before you even find it. Next you go shopping for them looking for the deal that your buyer wants. This way you don't get stuck with an investment you can't unload. Also you aren't wasting your time and energy putting together a deal that nobody else wants. Get the buyer first so it's as good as sold from the start.

Whether or not the academy is right for you depends on how much you want to accomplish and how fast. Also how ready you are to put their assistance to work. They can save you time and heartache by coaching you but ultimately you must be prepared to work your business hard. This business is a lot easier if you have money or at least the access to it (ie: awesome credit, rich friend, cash investor/mentor) but even then you have to be driven and disciplined. If you don't have the money to finance your deals it's especially not for the feint of heart. Not to discourage anyone but as people on here say; "There's a reason not everyone's doing it". You should just talk to the folks at the academy about your goals and see what they say. Only then can you have an idea if it's for you.

Lastly I will add though that I have never heard anyone express any kind of regret over joining the academy, nothing but praise.

Best Wishes
Steve

Hi Rose

Now I don't want you to think that I am trying to discourage you from asking questions, far, far from it, but real estate investment strategy is a huge topic and learning the ropes is no small endeavor. I'm afraid nobody can give you a short simple answer to how you can buy or do a deal with no money down. Lots of ways to do it and no one way is necessarily better than another. There is a lot of personal preference involved and it's also something you have to be willing to take the time and effort to study up and learn a LOT.

If you have not already done so I recommend you order a book or two of Dean's. He has some two-for-one deals, that's what I did. Then keep reading the posts on here and absorb all you can. The folks on here are very helpful and many have a huge library of knowledge and wisdom between their ears. I'm not one of them. I know just enough to realize how little I know. Now I'm not trying to sell books on here. I don't get a commission or anything. I just know that is the best place to start.

Oh yeah and Welcome to the DG family.

Steve

What's the best way to market the general public to sellers willing to do L/O?

OK, i am new at this. Just finished reading deans book. I lost my job and no one will give a job to some one thats my age. I am looking to buy REO's how do i find them? Can some one help?