OfflineHello! I'm Candace , 27 , Going to College , I'm Disabled , Only Income Is Social Security , Bad Bad Credit , No Money for start up for my Business .
I've bought Both of Deans Books & The Think A Little Different Program , I'm wanting to Start my own Real Estate Investment Business but have No Money to Start my Business this Includes Buying the Proper Documents for my Business On Legalzoom.com , Renting A Office Suite , Buying A Domain for my Website , & Promotion of my Business ,highiering Lawyers for my Business . so right now I'm in A Money situation I can't start my business on Social Security its not enough & I have Bad Credit or lets be honest I've had creditors trying to Garnish my Social Security checks with no success of course .
I'm asking anyone out there how & or were can I get Money to Start my Real Estate Business?
In My Investing I'm wanting to do
1. Short Sales
2. Assignments
3. Buying & Re-selling Foreclosures , old Homes & Fixer uppers , & maybe even Luxury homes that are in Foreclosure or Brand new
I really want to do this but Just do not know were to start , Could I start by Finding Real Estate Ad's online E-mailing the Owner & asking if I can help them sell their Property & ask do they do Finders Fees & just start from there? What can I Do .
I went searching online & found A Lady thats selling Homes ,Land , Comercial builings & I sent her A E-mail asking her to allow me to help her sell her Properties for A Finders Fee & I Pray she'll allow me too & if so if any of you on here want to buy Homes,Land & Buildings let me know & I'll get you in contact to her to buy A property from her .
I'm praying the Finders Fee helper works cause I need money to pay off debts.
I just finished Dean's new book and am just getting started like you. However, I have been around real estate investing for years. To get started, you do not need any money and you do not have to start a business or have an LLC. You don't need an office, you can do this from home or your dorm. You can get a free website if you purchased the new book. All you need is a computer and some paper to make flyers to attract buyers and sellers. You can get all the templates you need off of this website in Student Resources and click on Forms and Docs. In your situation, you will only be able to assign deals you find through IEE or by finding investors looking to buy cheap homes to rent or flip. I personally think it would be easier to use the IEE startegy because everyone wants to own a home. Before you do anything, youshould find a mortgage broker and find out what they can offer your potential buyer. (Can they find loans for people with not so good credit, no income verification, low down payment, etc) once you have a good broker, you can start looking for buyers, which I think is more important than finding sellers. You can find sellers from FSBO's or through real estate agents. I think FSBO's are the way to go for assignments because real estate agents are less likely to deal with you if they find you property, do all the paper work, then do it all again when you assign it to someone else. I think most of Matt's deals from the book involve double closings in which he buys the property and then resells it to his buyer. His agent makes commision on both sales. Also, keep in mind that most lenders want 20% down, so if you find a great deal and can pass some equity to the buyer, they may be able to use that equity as part of the down payment.
Ex: FMV of home is 100,000 and you lock it up for 60,000
Thats 40,000 equity or 40%
If you assign it to your buyer for 80,000 they won't need a downpayment because most lenders will lend 80% of the appraised value. (assuming the property appraises for 100,000)
You put 20,000 in your pocket at closing with the proper paper work signed. Don't worry about paying a lawyer, the buyer will pay them at closing.
Keep in mind at closing (at least in PA) the buyer and seller must pay 1% of the sale price. The buyer must also pay title insurance, lawyer fees, property taxes that might have been prepaid by the seller. Since you stand to profit $20,000 , you may want to offer to pay the sellers closing or help with the buyers closing to make the deal happen.
The only thing I don't know is how to finesse your profit to prevent paying maximum tax.
Hope this helps
Do you mean For me to buy A Property using IEE & assign it to A Investor or buyer ?
I'm Confused..........LOL
You are not buying the property. You are finding one and then using the IEE strategy to transfer it to a buyer you have that needs a loan. The assignment strategy is only used if you assign the deal you found to an invester that does not need financing. After reading the book, I would not use the assignment procedure that is taught. I would use the IEE strategy for investors and buyers that need a loan. IEE is more paperwork but seems better than adding "and assigns" to the sales agreement for assignment deals.
Hope this helps! If not let me know
Ok so I find Investors & Buyers who need loans & find Property for them & use the IEE Strategy to transfer the Properties I find over to my Clients , & get A Mortgage broker to help my clients to get Loans for the Properties I find for them is this Correct ?
so I need to find people who are trying to get A home but who can't get A loan for one?
i'm writting your Instructions down on Paper .......lol So I can use them .
So IEE can be used to transfer Properties to Needy People who need loans for both Buyers & Investors ?.
Ok so How do I get Paid ? do me & my client discuss how I'll get Paid ?
so Could I start with Investors ? trying to find Investor's who need loans & find Property for them ?