FAQ: Answers To The Most Asked Questions - Start Here

Hi! If I want to buy a REO property can rent to own option be used or this is too good to be true. Sorry for may be silly question. Irina.

It sounds like he/she wants to know what the seller's asking price was, not what price you negotiated it to. Of course that is irrelevant as the value vs. what he is going to pay is all that should matter to him/her.

As far as your buyer waiting until your set closing date to pass so he can make an offer; I don't think there's any real way around that but you also could keep that date a secret. If he thinks you have other buyers that will take it if he should pass on it then that is unlikely. If the deal is good enough for another buyer than perhaps you can get another buyer for your list and specifically this deal. You could run some well placed ads for a house of this ones description. When they call tell them the rest of the details.

As far as giving him the address; If you already have a clause stating that the deal is subject to your partner's approval or a suitable inspection or something similar than your buyer is safe in signing now and looking later. If he doesn't like what he sees he just walks away and so do you, unless you get another buyer.

I understand you not wanting to come across as suspicious of your buyer. I will tell you this though, while it's really none of your buyer's business what you are paying, an assignment is different than if you flipped it with two separate closings in that at closing the numbers are going to be out in the open. Unless your title/escrow people can be so discreet as to keep your profit a secret those numbers will come out in the end. This is why I was always advised to just be open and honest about my take in the deal.

Another thing I was told by a very successful investor in my area is that when he does an assignment his buyers never give him any trouble over his profit. So long as he get's them the equity that they need what he makes on it is irrelevant to them.

I suppose you may find some differences among your buyers attitudes on this subject. The bottom line is how good is the deal to them? The better the deal the more you can charge.

If you want to run the numbers by me I can give you my opinion of whether your profit is likely to seem out of line to someone. If you want you can PM me the info. I have seen a figure of 10% of equity as a ball park number for an assignment fee. For that reason I use a more affordable rate of "approx. 7-8% negotiable depending on the deal" to be competitive. I have not heard anyone balk at that. Maybe I'm being too competitive.

I hope this helps.

Best of luck on your deal.

Steve

Hi,

I would love to get started anytime soon, but I'm unemployed. The job market seems to get worser and worser and I just wanted to do something where I can make the income I need. I only got my tax refund and that's not really that much. How would I go about taking a giant leap to success like you guys did? Thanks

-Fey C.

Hi,

I would love to get started anytime soon, but I'm unemployed. The job market seems to get worser and worser and I just wanted to do something where I can make the income I need. I only got my tax refund and that's not really that much. How would I go about taking a giant leap to success like you guys did? Thanks

-Fey C.

You will not be able to do a rent to own on a REO property. The banks just want to sell these properties out right.

Here are some links of threads that talk about getting started with the same situation that you are in.

http://www.deangraziosi.com/node/61
http://www.deangraziosi.com/node/1509
http://www.deangraziosi.com/node/2455

I have two questions. In an assignment of contract how many closings are there? Just one? Who is at the closing? The investor(me), the original seller, Any agents and lawyers involved, and the end buyer, or is the end buyer at a second closing? Is that the right list?

Steve B

There will be one closing. The title company or lawyer (who ever is closing the deal) will need 2 contracts, the purchase and sales contract, between you and the seller and the assignment contract between you and the end buyer. The person required to be there will be the end buyer because he is signing to close the deal. I would look for a closing agent that has done assignments before to make the transaction smooth.

I have a question that i need help explaining to my Aunt...

What do we have to offer, as far as performance wise, that a Realtor or Real Estate Agent doesn't?
What would make a person selling a house choose US to be their middleman rather than a Realtor or Real Estate Agent?

There are several homes in my neighborhood that have been foreclosed on and are empty, is there a way to make money from these homes without accually buying or having to own them first?

Hi, i have been looking at several REO in my area. The Real estate person that has been showing me them informed me that i have to hold on to the FHA REO's for 90 days before i can flip them. So i am understanding that i cant buy REO's from FHA or is it all REO's? I need to flip some to generate some cash so that i can get started. My credit is bad do to the loss of my job this is why i need to make some operating cash. Then i can work on keeping some to help me with the cash flow. Can some one help?

I posted these questions earlier today, ON THE WRONG PAGE, so let's try again.
On a recent TV show (Hansen), Dean spoke of an "Investor Network" that buyers
of his latest book would be able to access. Is anyone using this "network"?
Who are they? How do I contact them? Thanks.

I posted these questions earlier today, ON THE WRONG PAGE, so let's try again.
On a recent TV show (Hansen), Dean spoke of an "Investor Network" that buyers
of his latest book would be able to access. Is anyone using this "network"?
Who are they? How do I contact them? Thanks.

Does anybody know how to get email notifications working on the site? I found some of the settings under My Account, but I'm not receiving anything.

I did subscribe using Google Reader to a couple of the forums so I could at least see new posts, but that's not the same as getting an email from a thread you are participating in.

I've seen something about "Subscribe to this node", but not on every thread or forum.

Any help is appreciated.

Thanks.

the seller would not have to pay Realtor commission and possibly get it sold faster

Mike

HI EVERYONE

JUST GOT OFF THE CONFERENCE CALL, LISTING TO WHAT MATT HAD TO SAY AND IT HAD SOME GOOD POINTS, BASICALLY UNDERSTOOD ALL OF IT EXCEPT FOR I AM NOT VERY REAL ESTATE KNOWLEDGE ON THE LANGUAGE EXAMPLE: WHEN MATT TALKS ABOUT REFI OR REHAB OR MORTGAGE OR EQUITY WORDS LIKE THAT.

I MEAN I THINK I NO WHAT IS REFI ITS REFINANCING OR REHAB IS REHABILITATE THE PROPERTY TO FIX AND REPAIR THINGS TO GET THE PROPERTY READY FOR THE NEW TENANTS OR BUYER ETC. I GUESS ALL THAT WILL ALL COME OUT IN THE BOOKS HOPEFULLY I JUST AM EAGER TO LEARN AND AM VERY IMPATIENT TO GET STARTED. I AM NEW TO THIS AS OF YESTERDAY SO ANYONE HAVE ANY IDEAS TO START, (YOU NO TO GET MY FEET WET) WHILE I WAIT FOR MY BOOKS TO ARRIVE.

THANKS EAGER BEAVER

JamesGang: here is a link to a thread that has all the RE language you could possibly need. There's another one here that defines what a lot of them mean. I will find it for you and post it. Good Luck!

http://www.deangraziosi.com/node/3208

Ok, I found the definitions one, and another one. Good Luck!

http://www.deangraziosi.com/node/3047
http://www.deangraziosi.com/node/9499

Do you have some information or tools in spanish?

Is a REA allowed by law to assign contracts?
Doesn't it bump with his duties as an agent??

Hi DG family! We're hoping someone can help.
We have a house under contract and a buyer lined up.
The buyer has bank financing / not cash.
The buyer already had the inspection done and is ready to move forward and has agreed to our price.

The seller's attorney does not want to disburse our investor fee at closing.
We sent him the Discharge of Agreement To Purchase from DG along with a new P&S with the new buyer information.

He states that it would be illegal for him to enter our fee on the HUD-1 form.

Has anyone dealt with this issue in the past? We really don't want to loose this deal.

Please help. Thanks,
Studio 4

I would re-post this as a new subject. That way you'll be sure to be seen! Good luck!

It's the start of a new month and in a few days I'll be another year older and I NEED HELP!

I'm hoping there is someone out there, living in Southwestern Ohio, Clermont County area, who understands real estate investments and is making a living using Dean's programs and is willing to help me get started to do the same.

I've read a couple of Dean's books, log onto the website read the material, listen to the audios and stories, and watch the videos. I know and understand that the key word is action and there was a time in my life when I could and would have done so. But over the pass five years live has beat me down. I no longer am sure of myself or have the confindence I once had. I've been unemployed more then not during that time, my savings, retirement and IRA's are all gone, I've sold everything of any value that I once owned, I've begged and barrowed every cent that relitives would allow, my checking account is below $50 and I don't know how I'm going to pay the utilities and other bills this month. I'm not telling you this for pity because I don't want your pity, I just need someone who is willing to teach and walk me through each step to help reinstate the confindence I once had until I am able to stand on my own two feet and do for myself.

I am hoping their is someone in this area who would be willing to be a mentor, partner or a friend helping me to set up my own real estate investment business or continue on as partners if it proves to be profitable for both of us. In return for the time and training I would be willing to offer, for an agreed upon time, the lion share of the the profits to the person who would be willing to teach me.

If someone is willing to meet with me and help me get going I swear that I will in turn reach out to help others, who like me want to make a living doing this type of work, but are afraid or don't know how or can't afford to get started.

One last thing, I hope I've posted this request in the proper area, haven't broken any rules or offended anyone and if I have I ask for your forgiveness and understanding that I know no other way to get help then to ask, which is what I am now doing.

Thank you,
Tim

Going to a real estate investors meetup, looking for investors. is there a half dozen questions i should ask to find out what they are looking for and how sreious they are. I'm looking for jv partners and to assign deals. Thanks Winston

I have a property under contract california where the buyer is a landtrust, i just found that you cannot assgin an empty land rust so how can i sell my rights to buy the property without changing the buyer,(land trust) the seller is a bank and they do not accept buyer chagne unless its negotiated as a new transaction and that means i lose the deal any ideas.

Is assignments leagal for real estae agent
I'm a new agent but i'm really interested in investments dosen't assigning contracts conflict with being an agent??

its not illegal to charge a finders fee,also you dont need a license in most states to have a business charging a finders fee because your not a realtor or mortgage broker your just finding a property for some one like you would if your cousin asked you if you knew of a good home to buy basicly all you have to do is claim the money on your incometax return if its more than 600 dollars that differs in every state in most states you dont need a business license to perform a service but dont listen to relatives or parents on the subject if their anything like my family they all work every day and dont think a average person can do anything like were doing so dont listen to the hype from family or friends if you want to find out about something ask a lawyer their the best source of information that i know of most of the time the first meeting is free and they wont charge you to ask them questions threw emails either so dont be afraid to ask them questions

ive read deans books and i have gained a ton of knowledge but im having trouble acquiring contracts. any suggestions? i dont know where to get the actual contracts. please help.

Please, Please don't be afraid of contacting contractors to get a recon bid. It will save you many headaches down the road and all that I have ever contacted were thrilled for the opportunity for a bid.

Kept in mind that most contractors rely on people like us to retain their quality workers. Your are doing them a favor! They need you, not the other way around. Trust me, I helped several contractors stay in business back in 1989-91 when lending rates were as high as 21%. Yes, I said 21%! Land contracts or the buyer holding a 2nd mortgage on their current property was the only way you made money in real estate during the time period.

You have to study the shifts to determine what is hot when. Right now, contractors are a dime a dozen. Just find one or two you can trust and give you quality numbers and work. Have then show you examples of their work.

Once you get a good one;treat them like you would dating your spouse or girlfriend. Compliment them and comp them accordingly. This way if you get in a jam; they will fell obligated to help you succeed!

Best Wishes! "Beginning is half finished" , Dr Robert Shuller, the Chrystal Cathedral.

Keep on keeping on...... Dan