First Timer

Congratulations on stepping out in your REI. The first one IS the scariest, but most exciting, too!
Do you have any more details on the properties?
Maybe we can get some advice from our veteran assigners.

Rina

I would be looking to buy the 2nd in this case. Maybe along the lines of 8K. Instant 20K in equity.

Thanks for the shout out Rina. Well as far as info I do have the contract and appraisal available what kind and how much info would help for me to structer a no down deal and for me to walk away at closing with cash of my own for my next investment deal. The last e-mail I received from the lender had mention that I had till the 30th of the month to move on this one.I fell like I'm hitting a wall not knowing all there is to a creative win win for all parties.
Thanks Again.

Hugh

Please explain ? Im courious how to make this work and get instant equity in return with the property.

You have until 6/30 (6 days) to make a decision. Can you lock up the deal with a financing/inspection escape clause? I take it you are interested in going with just ONE of the properties. Mark really knows his stuff. Maybe you should go for what he suggested. The 8K on the second property. It's worth a try. Then put closing date out as far as you can to give you time to find a buyer. Have you seen the properties? Make sure you know what you're offering on.

Rina

Have you read Dean's book? This seems like a good deal to "try your wings", but I don't want to see you jump in blindly either.

Good luck, Hugh, and keep us posted.

Rina

Hello-

I am 20 years old and really interested to start investing in real estate... I dont have money, so I am trying to do an assignment. I have read throuhg alot of posts here and they are very informative.. I understand most all of it.

But IT would be great if anybody could just list out all of the exact steps for doing an assigment.. Mainly- while signing a contract with the seller with an assigment clause, where do I get a legal contract? and for the assignment clause, do I just write it on the contract?

Also, I went through alot of ads in the newspapers and craigslist and didnt find many ads from investors at all, so just getting a little worried on how to find potential investors that I can contact. should I run some ads after i find some properties? is that the best approach? I really HOPE SOMEONE CAN HELP ME OUT.

Guys, start here. http://www.deangraziosi.com/node/3355
It's #1 under main sections. Start Here-FAQs
Read those first.

Glad to have you with us.

Rina

Yes I have read DG book and has clearly open my eyes to the possible opportunities Im excited for the first time in my adult life to be working towards my goals as an investor. This property seems like a life raft from above if I can only see and impliment the right stragity to finance this deal with bad credit of my own and no money down will be a blessing for me and my kids.

Thanks for you coments,care and concern.

Hugh

Please explain what is a financing inspection escape clause and how it works.

financing contingency - just means that if you cannot get financing you are not held to the deal.

inspection contingency - just means that if, when inspecting a property, you find something unsatisfactory that the seller is not willing to fix you can walk away from the deal.

The whole point of an "escape clause" in your purchase agreement is to protect you from being locked into a deal that you cannot fulfill.

I'm learning more about this myself from the other experts here. Up 'til now, I've always offered with no contingencies. But of course, that means you don't have a way out if you need to.

Rina

Really, there are only 2 reasons why a deal will not close.

Either the property stinks or the buyer stinks.

Inspection clause covers the property and financing covers the buyer.

These let the buyer get out of a deal without losing their earnest money.