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I would ask for a list of how to find deals. How do I find NMD deals?
How do I find motivated sellers?

I have no money and no credit, what are the 1st 10 things I need to do- as specifically as possible.

Hi, I'm new to the site, and my question is a little different. I ordered Dean's book about 2 weeks ago. I've already started reading it. But my question is not directly in reference to the book of earning income from real estate; I already know that is definitely possible. But unfortunately I'm at risk of losing my home. We are currently in forclosure, I'm unemployed but looking for work very hard. My husband is working but the income is not enough to sustain the mortgage or the bills inside the home. We are behind on my mortgage about 10 months. I haven't gotten through the book as of yet; but I'm curious as to whether there is someway or should I say some blessing out there that would able us to save our home and still by some miracle start investing. I know this question is different, but we are desparate. If you have any information, I mean any information at all; please, please contact me as soon as possible.

Thank you

oops, sorry. I forgot it was ask the coach forum.

Call you lender TODAY. Stay on the phone until you get the right dept (loss mitigation maybe?). Lenders are doing loan modifications ALL the time.

I would ask for the late fees and missed payments to be added to the end of the loan and maybe interest only until you can find work.

what to know:

How to find NMD deals? and I would want specifics, all details. Not just go here or look here. I want to be walked through step by step.....(if this happens then do this, or if that happens then do this...and so on).

I know there are forms on site for doing all the calulations.But there are alot of things I don't know how to calulate and also spell this word.can you refer me to a book or another site.there is not enough in the book or course
on doing the numbers thank you
Mr.Bill

To keep the post at least a little short I will focus on finding the motivated sellers.

No Money Down deals often come from the financing that is used and how the property is purchased however the motivated seller can be a great effect in helping us get no money down deals.

Motivated sellers are everywhere. They can be found from Realtors, driving your area, asking around and letting everyone know that you purchase real estate.

I feel the key to finding the motivated sellers is Marketing. I once paid to go to a conference here in our area with an investor that moves a lot of property. One of the statements that he said when I was there was "If you learn to market, you learn to succeed at this business". That statement has been with me through most of my investing career.

For me good marketing is getting a potential motivated sellers to call me before anyone else including the Realtor. If I can get the seller to call me and I am the only competition on the property I can work out a lot of ways to purchase the property without my own money.

Marketing is weighed by cost vs. return. For example if I am tracking my marketing (which I should be) and I find I am spending $2,000 a month (this is just a nominal number) and I get only one contact and purchase the house which makes $10,000 in profit this is a good return. Often people do no weigh the cost vs. return and do not know how their marketing is doing.

If I were to list 10 items to do to get to motivated buyers I would list them as follows:

1) Learn the Due Diligence process.
- I do not want to have clients find motivated sellers but know nothing of how the property should be looked at. This includes what is the value of the property, what are the fix up costs, what is my offer? (www.deangraziosi.com/node/3975)

2) Find a Realtor.
- My idea is the more poles in the water the better chance to catch a fish. Realtors can find motivated buyers in the MLS. If you find a good Realtor that understands investing they can do very well in bringing business to you and helping you get no money down deals.

3) Determine what you can do.
- Find out truly how much money you can put into properties, marketing and the likes. After deciding on the money you can spend, decide on how much time you can afford to use for this business. Then create a budget for your money and time so you can be most effective.

4) Do the marketing you can do.
- Marking such as driving your area (some may not call this marketing but I did), putting a magnet on you car, putting our fliers and handing our cards can be one of the great ways in bringing in deals.

5) Go to a Real Estate Club.
- Real estate clubs are an excellent avenue to get around other investors. You can find people that inspire you. You may find others that you look at and go “hey, if they can do it so can I”. Investment Realtors can be found here as well as excellent financing options. Lastly the real estate clubs have investors or sellers getting rid of property. There are investors, such as myself, who will only handle so much property; anything else is sold wholesale at great prices to other investors. This is in my opinion one of the best things to do when getting started in real estate.

6) Find Buyers.
- Creating a motivated buyers list can help us sell houses quickly and give us money while giving a leg up on the next property. Also, having a list of buyers and what they are looking for can help us focus on the houses we can look for. Lastly, if we have a buyer now we can just flip the property and never put money into the transaction – a no money down deal.

7) Market to NOD’s (notices of default) or Lis Pendens.
- Obtain NOD’s or Lis Pendens from a title company who will give them to you for free then market to them. If you do mail marketing to these foreclosures you will need to create a marketing campaign. Most sellers will not reply until the 5th letter or later. I have done 2 letters, a postcard, 3 letters; I have also done 6 letters as a campaign.

8) Market to less followed methods.
- Marketing to professionals can be a fantastic way to find motivated sellers. For example: Divorce lawyers. Divorce lawyers often know their clients intimately. They know their debts, assets and hatred towards the spouse. Often in a divorce the house needs to be divided. Sometimes the house is best sold then divided. You can help those clients by purchasing the house.

9) Read, Learn, Never Give Up
- Now that you are involved in the business continue to learn. Always, have the mentality that you gain something from everyone. With this attitude you will continue to improve your own business and never, never give up. Often people come into this business and get negative information or have the thought of I can’t (which is just an excuse) and give up – don’t do this.

10) Take what you have learned and improve you’re your business.

For terms you can use:
~Dictionary of Real Estate Terms, Sixth Edition (Barron's Business Dictionaries) by Jack P. Friedman, Jack C. Harris, and J. Bruce~

For working numbers such as for the mortgage payment:
~What Every Real Estate Investor Needs to Know about Cash Flow... And 36 Other Key Financial Measures by Frank Gallinelli~

I do not know if my earlier post above this is what you are looking for? Check it and let me know.

Thank you coach I am greatful for all the help I can get,coachs and all

thanks Mr.Bill

honestly I dont know, guess I dont know what I dont know...(ya know )Can you give us some examples of how to structure (write the offer) the deal so that it is NMD

I agree whole heartily with Mark. Call the bank and see what you can work out - this truly is the best option. If you get into flipping properties now, such as assignments of contract, you may be able to do this quickly and get money to cover your payments. Hopefully, and lets pray, you don't have to sell but... I would start thinking of this also depending on how much time you have(I'm not trying to be heartless just looking at what may happen)then after the sale look to get back on your feet as fast as you can. Even if you go through foreclosure you can still invest. Assignments of contract, private lenders and seller financing, to name a few are some ways to do this.

wmark1963 and hazco investments posts both asked - phrased the questions that I would like answers to, especially pertaining to my area (I live 100 miles southwest of Houston, Texas, in a VERY small community, so would probably have to do some traveling) The 10 steps necessary to find NMD especially with no money and no credit specifically and the steps necessary to not only find them, but specific step-by-step guidance. I'm the type that you can tell me this but until I actually get the chance to do it myself, with help/guidance, it's not going to "stick". I have to get my hands dirty or it may not gel, in my head. Hate to sound like a "dummy" but that's exactly what I am at this point, especially in real estate (been in the communications industry for 30+ yrs) so any step-by-step guidance I can get will/would be greatly appreciated. Thanks in advance, this could/should be a great year.
Slim

I appreciate the questions. I belive NO Money Down Deals are not found they are created. Motivated Sellers are found then the no money situation is created from this. If the bank is the motivated seller we may not be able to work no money financing with them so we may need to get outside financing such as private lenders or Hard money lenders.

Finding the private lenders has been touched on and I am happy to expound on any of the directions given.

I would like to comment on the person facing forclosure. Mark and Nate are right on the nose with this. I had a friend that want through a divorce and fell behind on her house payments. She was is constant communication with her bank and they were will to work with her through the situation. She did not lose the house and is now moving forward. Just know that banks do not want to forclose on properties, so if you take a proactive approach on a possible forclosure, by communication with your lender I bet they work with you.

I totally agree with what Darren is saying. If you could show us several examples of NMD techniques...it would help greatly. Pretty please:D

Wow, if you can learn to market you can succeed...no money down deals are created not found...i think im starting to get this...thanks bunches! And everyone, thanks for your questions! I don't know enough to ask intelligent questions yet and I learn so much from all of your questions and the answers to them.

4) Do the marketing you can do.
- Marking such as driving your area (some may not call this marketing but I did), putting a magnet on you car, putting our fliers and handing our cards can be one of the great ways in bringing in deals.
My question is whrer do I get the fliers or example for letters? Do you mean your own or do you have an example?

Here are a few examples:

Purchase: $330,000
Expenses: $59,900
Value: $420,000
Purchase the property with a hard money lender covered every part of the purchase. In fact the expenses and payments can be covered by the lender. No payments made until the property is sold.

Purchase: $250,000
Pro-forma Value: $488,000
Purchased the property by keeping the original loan in place of $157,000. The seller created a second note of $93,000. Money paid - $1,500 for closing which is paid from a line of credit at the bank.

Purchase: $150,000
Value: $220,000
Purchase the property with a conventional financing for 97% of the purchase. Get a partner that pays the 3% down.

Purchase: $80,000
Value: $120,000
Lease Option the Property with $100 dollars option credit money (from a line of credit). Sublease the property for $3,600 option credit.

Purchase: $60,000
Payments: $720
Value: $100,000
Homeowner transfers ownership to you with a quit claim deed. You make the payments on their loan...

Hi Coach,

I am one of those people who have no money and no credit.

I have come across a 6 acre parcel of land which is close to 4 cities, 2 of which are border cities. The land is flat with beautiful views all around and 2 cities are visible way off in the distance.

The closest city, 10 minutes away, is about to have a housing boom due to new industry in this city where all but one suburb, (5 minutes out), are completely built out (re: City Planning Director)

The land has been split & pinned for 3 x 2 acre lots already and does not need clearing.

I met with the owner this afternoon to look at the property. He is fairly young and a bit compulsive but very likable. He brought it 12 months ago with the idea of building the 3 houses all with solar energy. He then decided after 6 months that he did not want to be building 3 houses out where he could not keep an eye on them as he lives 40 minutes away and there are no close neighbors. He ownes it outright. (He said he changes his mind a lot!)

The parcel is not far from a couple of schools and a community college.

There is a strong water well that the owner had put down on the land that will easily cater to the 3 properties and the water is very clean and clear. (According to the owner, but I will check that myself).

Sewer will have to be septic and will cost around $5,000 for each property (to be confirmed).

Power is close already so I will check how much it will be to have it brought through to these properties.

There are no zoning/building restrictions in place!
6/10 of a mile of road which is all dirt and will not be paved unless there is major housing developed out there!

The owner is asking $79,900 negotiable. He will finance with 30% down and $1,000 per month payments with no interest?

Questions to ask/Information to obtain:

• Is this City or County land? (Ask City, although I am pretty sure it is County since no zoning is in place)

• Land prices/values in the area? (Ask City or County)

• Find out about the cost of septic and electric for each block.

• Taxes (Who do I ask????)

• Are there in fact no zoning/building restrictions.
  (County/City)

• Exactly how long does it take to each city and schools? (Self investigate)

What other things do I need to consider and/or do?
Thanks for your help in this matter!

on your NMD examples, please explain what SUBLEASING the property for $3,600 option credit means? SULLY.

my property is considered "homestead" where I also run a business (campground, retail). I'm selling the whole thing. What can I consider "goodwill"? How is the meaning of the word goodwill work in selling real estate?

Would any coach come to an investors area and walk him/her through a deal step by step for 50% of profit plus expences?

Referencing my own post in regards to the land for sale.

I contacted the county and they told me that this 6 acres of land is worth $550 TOTAL and the seller purchased it at $32,000 and now he is TRYING to sell it for $74,900.

They also told me that there was never a permit authorized to put down a well on the property so the validity of that now stands in question.

Hey, this was a great learning experience for me so no harm done.

The toughest part of marketing is getting someone else’s marketing. This is one of the tightest kept secrets in this business. Dean Graziosi has given his marketing in the Automated Foreclosure Finder. There are also a myriad of great books on the subject.

In a lease option you can create a sandwich lease. You, in effect, would sign a lease option to purchase a property with the rights to get someone else to lease option from you. The lease option to you is known as a sub-lease with an option to purchase.

It looked like you answered your questions. If there is more let's take a look at it.

Hello Coach, I'm a new member, but I want to do "Instant Equity Exchange" technique. I want to know can you supply me with the contract I have to use to lock up the deal from the seller,how do I get paid? Who pays me? What contract do I give the buyer to connect the two together? Is it anyway the Broker can pay me a fee as well for sending him so many people(buisness)? Thaanks for your time.

I phoned the owner and told him that the assessor did not have a permit listed for the well he put in. He told me that the permit was in the name of the previous owner so they had not connected the dots. This was confirmed.
I then told him that the assessor had told me that the land was worth. He did not know that you could find this out!
So I left it at that and told him I still had some investigating to do.

So, 2 days later, last Saturday, I get a call from him to say that he is dropping the price of land by $30,000! I told him I still had things to consider and would get back to him. He then gave me until 9am Monday morning to go with it or he will list it at the new price with the RE agent. Funny how he gave me Sunday to make up my mind knowing too well that I could not get any county information during that time. I told him I would let him know.

So he had the land on the market for 6 months at $74,900 and had no offers and now he drops it to $44,900 and puts it in the hands of an agent.

My problem is this: How do I know if the assessor's value on this property is what I should go on given that this land is in a rural un-developed area but only 10 minutes from a city that is going into a growth stage with the mine opening up again, and this city has no room for expansion so people will have to look out side a little. The land is close to a few cities and does have beautiful views all round but is not on a main road, but not far off a main road.

How do I know if this land will be worth anything soon or not for years?

I phoned the owner again this morning, after his 9am deadline, and just let him know that I was still looking at certain things. He wanted to know what I would need to know and so I told him I had to consider putting power through to the land even though it is close already, it is not there yet. The cost of setting the well up to service all 3 x 2 acre lots and how much to deal with the un-sealed roads?

So I left it at that.

I would greatly appreciate any advice on how to determine the 'ifs buts and maybes' of this. And of course there is the problem of me having no money!!

Should we pay attention to National Real Estate Cycles and Trends?