Ask Dean's Coaches a Question

No, HUD properties can't be assigned. But, you can do a double close with them.

Double closings don't have to be scary. Just make sure you find a closing agent who is familiar with doing double closings and have them walk you through it.

The key is networking and finding the right people to assist you.

Coaches:
Is there an example of a contract I could use, for friends who might loan me money to do a Real Estate deal?
Promissory Notes may not be enough.
Should I also place a Lien on the property?
Thanks.

I am possibly presenting an offer that is "subject to" but I am not sure how to set it up.

I want to assign the deal after to an investor. How do I put that together? I have been reading on it and I am getting different storys. One place states that you take over the loan, another says no. One source said that it could take 6mo, another said short. Not sure I get it, but it could help me to land my first deal.

What is the best way you suggest this occurs? Is there a way outside of using a realtor source?

Thanx!

I'm been part of the success academy for 4 yrs. now,and still looking for my first deal.I used to call the academy alot,until they started being rude,because I was calling to much.I know what you will say,you got to take action.I took so much action that it would make a billy goat vomit.I paid alot of money for the help,to bad I didnt get it.I will never give up,because I know Dean is the real deal.

ask

When you say a promissory note may not be enough I wonder you thoughts behind this.
Banks, private and hard money lenders use promissory notes because of the strength they have. Adding the mortgage or trust deed then allows whomever holding the note to foreclose if delinquencies occur.

Now, you may want a more creative note or some additional items to a note. A lawyer can help with this. If you search "Note" I believe there is a suitable answer here on this website.

All the best.

A subject to is Seller Financing for the real estate but the seller still holds a mortgage of their own on the property. It means then that your purchase is subject to the original mortgage (of the seller) not foreclosing on you.

If you pay the seller and the seller does not continue to pay their mortgage the original loan (sellers original mortgage) then has the rights to foreclose causing your mortgage in a sense to become void. Now, you still have the rights to catch the payments up and keep the original mortgage current ... but this is where the name subject to comes from.

I have done these. They are not entirely difficult. If you get a good closing attorney they can set the entire process up for you.

There are ways using land trusts that you can use to help protect your interest in the property and you can use an escrow account to ensure that the seller pays their mortgage.

Hope this helps.

Really one of the best ways to find absentee owners is through your county recorders office or county assessors office. Some counties produce a list of out of state owners. Other counties (which is most) require you to search their information. Depending on how your records are displayed and searched this can be very easy or very hard.

For example where I live I can search for specific states. Which means that if I do a search for California I will find the properties associated with California owners even though I am not in California. Those that I obtain from my list are then out of state owners that I can market to.

All the best.

Blackboard,

I read you post and want to issue you a sincere apology. If this is indeed the case I would feed upset as well. You will find that we are a great group of people and we are very willing to help. I would suggest calling again ... let's see what we can do and we can get this going for you.

Look forward to hearing from you,

hi
I took everybody advice on this website
and starting up as Birddogger
than diggng my way up
like i hooked up buyer with a seller
but who is the one to pay my fees? I assume the buyer
should i just take the word of the buyer? or i must sign forms or bird dogger contract??
I appreciate

hi
I took everybody advice on this website
and starting up as Birddogger
than diggng my way up
like i hooked up buyer with a seller
but who is the one to pay my fees? I assume the buyer
should i just take the word of the buyer? or i must sign forms or bird dogger contract??
I appreciate

Wow, Excellente! Marketing is the "KEY" to success!...I love the fact of no money down * is "created" Thank you all for all your question, you have made my job easier, because i do not have to ask questions in this particular area. You have no idea!!! from Carol's pages, forums, DG's, Reina, and Coaches and mentors and my own researches... wow!!! life is good!!! just started seriously after trying to find the time to securely be committed to one of my greatest passion... 'REAL ESTATE INVESTING" My biggest struggle was constantly adjusting to a schedule that I could work with complete focus with out any distractions. I know "I FINALLY FOUND IT" so far, I have true-ly invested a total of four days with a total of 40 hours. Thank you all of you for all your questions and answers.

Vida Vaughn
lobulife
Universal Life Investments

Hi, Coach!

I am preparing for a marketing campaign to target divorce lawyers (and actually for probate lawyers, too) .

I wonder if I should even send the letter (along with my business card) to a big firm with a bunch of attorneys. I thought maybe the letter won't get past the reception.

What is your thought on that?

Thanks!

Matt Inomata
Bothell, WA

My journal:

You are correct. The buyer is often the one who pays your fees. Consider for a moment that doing assignment of contracts is almost the same as bird dogging. The only difference is that you put a property under contract in an assignment of contract. There is also one other difference which is the amount of money that you can make.

We have actually done a marketing campaign to divorce and probate attorneys. From our results we have found that sending postcards and letters then following up in person gets the best results. The receptionist will put the marketing in the trash, but, if you follow up in person they seem to be more incline to keep the marketing as well as pass the information on the the attorney. Plus, you may actually be able to get into the attorney right at the time of your visit.

You sound ready to go. Welcome aboard to the group. One of the best items that you can do is pick a path to follow and... follow it. Pick the path that best fits for you and your finances and you can, as you have seen, find most of what you need from the professionals and coaches.

I just finished reading 30 Days To Real Estate Cash and am at the step to contact realtors and have them do research for me. The book says to tell them I am looking to buy, fix and sell the property, not to mention assigning it. I was wondering why not to tell them you want to assign the property? I was also wondering what is in it for them to do the research? Do they get a commission once an assignment is purchased by the cash buyer?

I also wanted to thank dean, the coaches and other members for the blessings they are providing for people, the gift of financial freedom. I come from a family that has struggled financially for many years and I believe that this education will change my life, which I plan on paying forward once I have the ability.

Josh

where do i find:
buyer info sheets?
seller info sheets?
investor info sheets?
thanks in advance for your time.
keep moving forward, rob

A lot of agents do not understand the concept of doing an assignment of contract, and it can cause reservations from a good agent. Having an assignment contract close will show the agent that it works and there is money to be made with this concept. Agents get paid their commission when the property closes. (ie the end buyer purchases the property.) The commission is based on the offer amount you and the seller agreed on, the assignment fee is only between you and the end buyer.

Please answer this question step by step I would appreciate it.

Thanks

1. Find and evaluate a property. What are the numbers. What is the ARV? What are the rehab/remodel costs? What can you offer and how will you make money?
2. Make an offer
3. If offer is accepted sign the contracts.
4. You now have a property under contract.

If you don't know how to do step 1. You don't have to worry about the rest.

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

Here is the deal I 've been reading DG book Your Town Your Real Estate Profits. I came across Greg Murphy who mastered The LEASE OPTIONS strategy I like this strategy because it's low risk and I have no money no credit. I put out a couple of bandit signs and got some traffic on my phone. A seller called me and said that a real estate agent couldn't sell his house and it's been 90days. I said to the seller well are you still under contract with the agent and he said yes but he is going to take it off the market. I said great because I may be able to help you sell your home faster. I received another call from a women who is looking to rent a home or buy.

I started thinking Hmmmmmm this is a perfect opportunity to do a LEASE OPTION deal. I talked to the seller again and brought the idea up to him about renting to someone with a option to buy and he likes the Idea then I spoke to the tenant buyer and she likes the idea. So so far I have cooperation with both seller and tenant buyer. I bought some time to next week to gather all the information I can to make this deal work I need forms And guidance from DG family I'm going to meet with the seller Monday I better know what I'm talking about and how to execute HELP

Here is the deal I 've been reading DG book Your Town Your Real Estate Profits. I came across Greg Murphy who mastered The LEASE OPTIONS strategy I like this strategy because it's low risk and I have no money no credit. I put out a couple of bandit signs and got some traffic on my phone. A seller called me and said that a real estate agent couldn't sell his house and it's been 90days. I said to the seller well are you still under contract with the agent and he said yes but he is going to take it off the market. I said great because I may be able to help you sell your home faster. I received another call from a women who is looking to rent a home or buy.

I started thinking Hmmmmmm this is a perfect opportunity to do a LEASE OPTION deal. I talked to the seller again and brought the idea up to him about renting to someone with a option to buy and he likes the Idea then I spoke to the tenant buyer and she likes the idea. So so far I have cooperation with both seller and tenant buyer. I bought some time to next week to gather all the information I can to make this deal work I need forms And guidance from DG family I'm going to meet with the seller Monday I better know what I'm talking about and how to execute HELP

I have the mls list for cash sales and wondering how to get the info of who purchased the properties in the last 90 days. Do I need to go to the county clerk to see who purchased the properties, if so what if the deed isn't recorded yet?

It would be nice if I can go contact the buyers immediately, because I'm surprised how many properties sold for cash in 90 day!!!
Any help would be appreciated

Realtors are reluctant to give agent remarks on the MLS listings, they say it's not permitted??

Thanks
Mark

Thanks, so how do I go about finding the actual new buyers. I went to county website and it only shows info on the 2011 owner not recent cash buyer. How do I get buyers info?

You are correct. The buyer pays your fees. This will often be an agreement that you have with them before you send properties over to them.

Bird dogging is very similar to assignments of contract. The only difference is that in assignments you make offers on properties. By making offers you can also control or demand a higher profit for yourself.

Commonly a bird dog fee is $500 - $1000. This can be higher but it is not that common to see a higher payout.

You can go to www.netroline.com. Go to "Public Records Online". Pick the state. Pick the county. Pick the clerk or recorders office.

If the information is available online you will be able to obtain the information from this website. It connects directly to the county websites throughout the United States.

In some cases you may need to contact the county themselves.