OfflineHello DG Family
I have read Dean's book 30 days to real estate cash and I am in the success academy, I have buyers and a RE agent that's sending me listings but every time I get going I stop because I don't have any money and not having earnest money makes me think that I can't do it this can someone help me please? Another thing is I live 2 hours away from where I'm investing its not a problem to go there just want to know if I need to go look at all the properties that I make offers on or only the ones that get accepted any help with this would be appreciated.
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You do not need to go look at every property you make an offer on. You just need a good real estate agent in the area that will be your eyes on the property. You need them to send you some good pictures and you can make a rehab evaluation off of those.
Second, you don't need any money for earnest money. There is usually 3-5 days after the offer is accepted to fund the earnest money. Within this time you should market this property to your buyers. If one of your buyers bites within this time frame you can have them pay the earnest money.
This would shed some light on how important your buyers list is. If you only have one buyer on your list and he/she doesn't want the property then you are out of luck. If you have 25 buyers on your list then there is a much, much higher chance of one of your buyers wanting the property.
Hope this helps.
Hi
I just put an offer in for a client to purchase a home with only a $200
earnest money check. The other agent wanted more, and the typical amount
for the price of the home we made an offer on would be $1,000 but we said no. Usually a COPY of the earnest money check accompanies the offer so there can be a lag time of a couple of days before the check gets deposited.
No harm in starting with the smaller deals.
Hi we also invest two hours away, we only go inspect the ones that get accepted, and like they said the deposit is negotiable. I had one deal they wanted 5% about $4500. I said NO my practice is $1000. they said Ok. You have to take control, they would not be talking to you if they did not want to unload.
Best of Luck
Scott