Found seller and buyer whats next....

The best strategy I took was to get a business partner that was just as motivated and hungry as I. This is a current deal going on right now. We have a seller witch listed a 9 unit condo for $800,000 and now she has it listed for $345,000. We offered her $315,000 and she just faxed over a description of the property along with the projection income sheet. We have an investor already lined up and will be faxing over the paperwork. Once we get the go ahead, and now this is what you have to do as well, you need to download the following form: Investor Disclosure and Seller's acknowledgement, Investor Purchase Agreement, Property Disclosure Notice, and the Discharge of Agreement forms.Refer to page 154 in Profit from Real Estate Right Now! It's time get the property under contract. If this deal goes through we will profit $15000!

Thanks for all the advice I rerally and deeply appreciate it. I dont have the book, Ive been just reading article after article and studying real estate on my own. What is a projection income sheet? and how do I get the property under contract step by step? sorry for all the question but I really want to make this work! Im currently a college student and these loans are starting to build up and I need some type of income. Good luck with closing that deal on the condo! I will keep pray that everything goes well!!!

You have to buy the book, its just 20 bucks and it answers all your asking and beyound...its worth the 20 bucks...thats with out a doubt.

David

I will certainly buy the book, it seems i can get all my question answered on here by just networking with people!

But All your questions have been answered before. Go to the search link of this page and type a keyword you wish to be answered. You will find the answer.

you have your agreement with end buyer

Owner/seller wants to net $160k

You sell it to end buyer for $175k

You pocket the difference

Its great that you're doing this now, but don't go into this half-assed and before you ask every question, research for them first as googling a question should lead you to the answer(s) you search.

Okay so I too have a seller and a buyer. I have all the training materials but I'm just not sure how to make the offer. I remember the materials saying send it buy email. Is there a formal form that I need to use? Can someone just send me a copy of what they have used before. I have those PDF forms but I am not sure where to enter "Assignment or Assignee" so I don't get stuck with the property. Please Help!

Welcome to the business and I sincerely mean that. Please know that you are not alone here. There are many new people as well as experienced here, so when Dean says ask your questions and get almost immediate help, he means it.

You are ahead of many here in that you have a seller and a buyer, that's a great position to be in, however, allow me to ask a few food for thought questions.

First, how do you know if the deal is a good one or bad one? if your relying on the seller to sell you on that, then you need to look harder. The next question is about the buyer. Have you asked him/her about where they get their funds at, meaning do they have the cash or do they need to go and get a loan?

If they have cash, great, however, if they need to go get a loan, then two things could happen. The first is that they could be denied. The second is that they can get a loan but it may not happen fast, unless they use hard money or transactional funding.

If your convinced the deal is worth pursuing, have you looked at the neighborhood? You need to look at how many houses are for sale within a three block radius. If there are alot of homes for sale, you need to find out why?

Is it that the area is made up of older home owners who are retired and can no longer afford the home. Are they owners who have lost their jobs and need to relocate.

There are many free and clear homes on the market, and this means that they no longer have a mortgage debt, however, just because they have taxes and other ownership expenses and not a mortgage, this does not mean that they can still afford the home.

I looked at a home in Boston last week. It was a foreclosure. I could have picked it up for $113,000.00. It is worth $233,000.00. However, the taxes are $8300.00 per year. Now that does not sound like alot of money, but in these times, this could cause a homeowner financial hardship, believe it or not.

When you look at a property and you want to move ahead, you need to figure out your exit strategy. Are you going to immediately resell, are you going to sell using a lease option strategy, rent it out, you need to fugure that out so you know where your headed with the property if you can buy it.

If your going to rent it, you need to know all your costs of ownership. Just because you have a tenant in there, you still have costs. This is one of the reasons people get in and get out of real estate. They lose money because they never factor in all the costs. They think because they are getting lets say $1000.00 a month rent and their mortgage payment is $500.00, that they have $500.00 per month in their pocket.

You don't and you won't per se. You need to factor in the taxes, you need to factor in the cost of property insurance, your portion of operating costs.

This sounds hard, but it is not. It is a business and not a hobby. You need to order Deans book. I would recommend his latest offer which is his book Your town your real estate profits as well as Profit now.

Order it through this site. Here is why. When you order it here, you immediately get the download for both books. You will within minutes have access to all the information you will need.

I had a friend who went out and donated blood plasma to get the money for the books. I reimbursed him because I knew he needed the money badly. He went out and did his first deal in twenty two days and made $4400.00.

I also recommend networking through sites like biggerpockets.com and other networking sites. You need to also establish a facebook account and a twitter account. You never know who you will meet there.

Drop me a note if you need help.

Im almost positive that its a good deal...I found the seller on craigslist and I contacted him. He explained to me that his mother passed recently and he now owns the house but hes trying to get rid of it asap. He originally wanted 65k for it but I managed to talk him down to 45. I visited to the property in midwest city, ok its a pretty nice home. On the other hand I found a buyer who is willing to with hard cash. Whats the step by step process in getting this deal off the ground? Like you said this deal seems like a good one but it seems like alot of underlying factors in this business that I dont know about. Im a beginner and this business seems hard but hey I love a challenge. Being a ex oklahoma sooner!!! boomer sooner baby lol...but anyway my freshman year was pretty hard probaly one of the hardest things Ive done In my life but as timed went on and I learned the ends and outs, It became second nature and its wasn't hard at all. This is how Im going to approach my goals in being successful in real estate. I will work hard at this everynight until I get this down. This site is really electronic gold. There is so much info on here and people helping people, its great. Theres so many great minds on here its beautiful we should all join together and create one lucrative real estate business. Jimmy I added you on facebook if you dont mind so I can keep contact with you. You seems like a great guy with alot knowledge. You are a water spill of knowledge and Im a sponge here to soak it all up lol...Hope to hear from you soon.
God Bless!!!

Just want to say thank you for the helpful information that you posted. Right at the moment we are trying to master wholesaling and the Lease Purchase Method. We don't have the latest book but we will be purchasing it and we have the home study course for "Profit from Real Estate Right Now" We also took the 3 day course which was packed full of everything that people discuss here but taught at turbo speed for individuals who don't know much about real estate. I guess we are dealing with the fear that we will get caught up somehow. We are willing to give whatever it takes to master this and move on the next step.I hope you won't mind if we contact you to ask questions along the way.

Thanks again and God Bless!

When I was a trucker, I always did the Texas-OU game at the Cotton Bowl in Dallas. The last game I did was when Sam Bradford was QB for the game. I was a semi driver for ESPN at the time.

I applaud your desire to work at this. Nothing comes easy in life without hard work. I don't have to tell you that.

This business is not difficult, it really is not. There are alot of techniques that can be used, and what I suggest is to decide which one's you'll use and adapt it to your deals.

If you feel it's a great deal, and you have a buyer willing to buy and a seller willing to sell, then it is a no brainer.

I need to tell you that if your strategy is going to be to flip/assign it, flipping is technically no longer permitted. One of the really dumb things Obama's Government did to protect a seller.

You need to get the deal in your name first as a stand alone transaction, then you can then move to immediately sell. What I do with transactional funding really helps investors.

Here are the steps:

1. You enter into the part of the transaction where you go to contract with the seller. This is the A/B. This indicates what your buying it for.

2. You enter into the part of the transaction where you go to contract with the End Buyer, or the B/C. This indicates what your selling it for.

3. You get all parties to agree to do a double closing.

4. You get the End Buyer to place funds or send proof of funds or loan approval to the escrow agent or attorney doing the closing.

5. You send both contracts and the escrow receipt to a transactional funder along with the date of closing and other information funder needs to do the deal.

6. The deal closes twice in one day. The A/B goes first, then the B/C goes second, usually about one to three hours apart.

7. You make your profit as the spread between the buy and the sell transaction.

Your profit in the deal is determined in the following manner:

A. End buyer purchase amount minus

B. Amount of money paid to the seller minus

C. Closing Costs minus

D. Fee(s) to Transactionbal funder for use of their funds equals

E. Your Profit.

Transactional funders provide the total funds to buy and close.

I hope this helps. Also, I do not mind you adding me on facebook, however, I do not recognize your name per se as I have many people connected with me.

Jimmy