IN NEED OF GUIDANCE

One of the first things you should do is find a Real Estate investment club in your area and join it. In real estate you need to be around people who know what they are doing and are doing it at this time. You can go online and do a search on google to see what clubs they have in your area. From there join it which is usually a annually fee. They should have monthly meetings {along with other things} that other investors in your area attend that you can network with to learn more about the business. Than most new investors start off wholesaleing that have little money and no credit. Cause it is really no risk and no money out of pocket just assigning a contract to some one for a fee. Hope this helps out.
GOD Bless

Yeah, it is alot of information especially if you are new to REI. I don't know about you but I am kind of on information overload. LOL Being new to this as well I read Profit In Real Estate Right Now all the way thru then I went back a week later and read it again, took notes and highlighted certain areas and of'course came to this site and soaked up everything here.

I am in the same boat as you and the way I am starting out is by building my buyer/seller list and putting the sift, sort and screen into action. I am getting my team into place with RE Agents, Mortgage Brokers, etc. I am starting small with bird-dogging to get my feet wet and learn the ropes as I go.

Everyone is different as far as their financial situation and their "gusto" level. I started out with bird-dogging because of my financial situation and my comfort level. I will then move into assigning. This works for me and in my mind it is doable and not overwhelming to start out with.

This is a great site and there is alot of information and awesome people here. Take it step by step and then make a plan that you can implement and go for it. Good luck!

The Best Guidane I can give you is Keep at it, Grow your network, You need your team of real estate pros, Buyers and sellers, and other investors to bounce ideas off of. Real estate in about relationships and filling others needs and getting yours out of the transaction. For your credit, put alittle money together and get a prepaid credit card. the book will tell you what to do.
You should find some good support and encourgment from this site. Its tuff to keep going so when its hard and you feel down about it give a little prayer look for a little support and get back with it.

Good luck

I wanna say to you don't give up..........

If you wanna get into real estate starting out your gonna need a steady cash flow. Watch your credit. Because you wanna be able to finace a deal if you have to. Never buy a property for full retail value. You can start putting properties under contract now, but you gotta have money to tie the property up. You gotta find a realtor and a lawyer that knows how to do double closings.

Thanks for the advice. I really appreciate it.

1. Location: Where will you be doing this business? At home, at an office
2. Role: What “role” will you play? A retail salesperson, where your clientele comes to you, or a salesperson that has to initiate the contact, or a consultant, or a motivator that must keep a team excited about your products?
Question: What are you best at? Don’t put yourself into a situation where you are doing things you hate or your’re not very good at.
3. Money: Do you plan to use your money? Or will you be looking for investors to help you get started? Are you looking for partners to fund your business or borrow from investors?
4. Time: How much time are you willing to spend in your new business venture? Time is a very important commodity. Are you planning to spend five, ten, or twenty hours to get your business going?
5. Living expenses: Do you have funds that you plan to use to sustain yourself or do you have to keep your day job until you get your new business going?

i'm not too computer literate and i've benn on this site asking a few questionsand i was wondering what i have to do to set up my private message?

When I just got started out I was told by my mentor to find a credit partner.
It took awhile but while I was walking one random morning I just started to network with this lady, "Joyce" and told her what I do, and to my suprise she had $100k very interested to invest in Real Estate. She is Korean and her english is very bad. But I just kept in touch with her and told her that I will find the deals and we can split in right down 50/50. But use her money and credit. Hope this helps.

LilyfrmL.A.

Thanks, I have to start networking. I have a few contractors who I can use to help fix up houses and get them in move in condition. Also, I talked to a real estate agent but he didn't seem to interested. So I'm still looking until I find the perfect person who excited to do business with me. I have a couple houses that are at extreme discounts and have been on the market for 3 or more months.

Hey Tuck!

If you do not have Money you need to go out and find someone who will Joint Venture with you. Yes, It is a PAIN but this action can mean the difference between getting a Deal or having to pass one up.

NOTE: If you do the first one just as you say and show your Joint Venture Partner that you can make him EASY MONEY he will most likely be glad to loan you money in the future.

Estimate how much equity is in the property before any Realtor Commissions, Profits to you or any Expenses have been figured.

Figure out your Agents Commission Amount. If the Agent has brought the Property to you or you found it on the MLS ( Multiple Listing Service ) then the Agent will be receiving a Commission regardless. If your agent has to split her Commission with another Agent which is frequently the case you will have to be Creative and Design a Transaction that will motivate your Agent. This most likely would be done before you started working with the Agent but you would be wise to periodically review this. A happy Real Estate Agent will work harder for you.

Add any expenses. Newspaper ADS for Buyers, etc. More below. Assignment of Contracts have less expenses than outright purchases.

What is left over is your Profit from which you can decide how much of your profits you would be willing to give up to make the Deal work.

Negotiate with your Realtor about their fee. Be freindly. You want to keep them on your side but you also need to make a buck. They may be sharing their Commission with another Broker. They are only receiving 3% of the Sales Price here in Massachusetts. If the home was selling for $200,000.00 and they had to share the 3% Commission with the Lsting Broker then your Agent would only receive 1.5% of $200,000.00 and that equates to a mere $3,000.00 If you can make it so you will both split the profits after the Joint Venture Partner and Expenses are paid.

The MATH --------------------------------------

Total Profits that will be earned on top

Your Agents commission and/or Earnings added to your profits plus add any home repairs, title committments, and other expenses that you may occur. These all need to be added up. If this is an Assignment you will not have some of these expenses.

Now Subtract your Profit, Your Agents Commissions, and Any Expenses from the Total Profits that will be made from this deal and you will have your profit amount from which you can decide what to offer a Joint Venture Partner. If that Partner will not do it, you can always accept less profit yourself or shop around for other Partners. You can also place an advertisement in your Newspapers in the Financial Services section if your budget allows but you are better off using Craigslist if you are CASH STRAPPED. After you get some money setup a Automated Phone System to get pre-screened Buyer and Sellers. "Dean recommends COAPHONESOLUTIONS.COM"

Now after you have all the information above go to Craigslist and create a posting. Make SURE that it does not have mispelled words. You want it to sound Intelligent and you want it to sound Attractive.

ALWAYS DO YOUR MATH AND NEVER EVER PROMISE SOMETHING YOU CANNOT DO. IF YOU ARE SOLICITING INVESTORS BEFORE YOU KNOW EXACTLY WHAT YOUR MAKING TELL THEM EXACTLY WHAT YOU ARE THINKING AND THAT YOU WILL HAVE EXACT FIGURES IN A FEW DAYS.

Pay SPECIAL ATTENTION to the HEADLINE! See below for examples

INVESTORS! Double your Money in 45 Days!

$4,000.00 now will earn you $8,000.00 in 45 days. (In this scenario your Joint Venture Partner will receive $88.88 per day profit on his Money once the Transaction closes. Do you think you can find "Joint Venture Partners" with this type of ROI ( Return on Investment ) They would be hunting you down. All you got to concentrate on is the Profits that will be available. There HAS to be enough money in the Property to pay ALL concerned.

Make sure your posting pulls them in to read your AD and then when you get them there you do not have to be fancy, just tell them the HOW, WHEN and WHY of your proposal.

HOW DO YOU PLAN ON PAYING THEM BACK. ANSWER: --> YOUR CONTRACT WITH THE SELLER WILL HAVE THE NEEDED PROFITS BUILT INTO IT TO ALLOW YOU TO PAY THE JOINT VENTURE PARTNER, THE REALTOR, ANY EXPENSES AND MAKE A PROFIT YOURSELF.

WHEN WILL YOU BE PAYING THEM BACK AND HOW MUCH. (THE ANSWER KIND OF OVERLAPS WITH THE BELOW ONE BUT THAT'S OK) --> 45 Days from signing of your contract with the Investor who will provide you the funds. They will receive $8,000.00 for loaning you $4,000.00 (Make sure that the title is clear and the home has been inspected.) You can have the Investor who is buying the property from you at 70% of FMV pay for the Inspection.

NOTE: If you were selling to an FHA approved buyer you would want more time than 45 days. The FHA can be notorious for holding up closings.

WHY SHOULD THEY INVEST THERE MONEY WITH YOU. YOU WILL BE ABLE TO ALLOW THEM TO DOUBLE THERE MONEY IN 45 DAYS AND THAT IS NOT BAD AT ALL.

NOTE: I am not an Expert. I have not done ANY deals yet, but I just wanted to provide some "Creative" ideas on how to find money when you do not have ANY!

If I am off on something here please feel free to correct me.

I would LOVE TO hear more DETAILS here on this website. Especially when it comes to CREATIVE PURCHASES and NO MONEY DOWN PURCHASES. I see a lot of good postings but the REAL NITTY GRITTY DETAILS on how the deal actually came together are frequently overlooked.

If the house you are mentioning TUCK are truly at Extreme Discounts and you have not found a Buyer within 3 Months then something is wrong.

Either the homes are not discounted enough to attract Investors or maybe your marketing method is not the best one.

I WOULD LIKE TO WORK WITH MS.ANTITA WILSON INVESTMENT CLUB.I TRULY BELIEVE THAT WITH PEOPLE LIKE MS.WILSON,AND WORKING FOLLOWING THE PROGRAM OF DEAN GRAZIOSI I CAN GET MY WIFE AND MYSELF OUT OF DEBT.GOD IS GREAT! BOBBY DEFRANCE

Tuck have you tried tax sales ? Buy properties for the back taxes. That is how I started.I started with a couple of hundred dollors. And know I have properties I can sell and make 5-10 thousand dollors on each deal. And you can do it all by mail!Think about it Tuck!

Hi Darrellf334,
Just curious. How are you buying them by mail? Much success.........Lubertha

It appears you have been getting some great ideas in this thread. Once you try and gather more information, I am sure you will find an area in real estate you excel in. Be sure to update all of us on your progress. I wish you luck on all your deals. Believe and Achieve! Indiana-Joe

Thanks for the advice and guidance it is greatly appreciated. In the early update I left out looking at when referring to houses at extreme discounts. I am looking for people with capital, other investors, etc. I have a hard time getting people to take me serious because I am so young.

Here is a link for you to inspiring things to check out on this site.

http://www.deangraziosi.com/real-estate-forums/everything-else/17408/sug...

Angela

Jeremiah,
This thread is the answer to your prayers!
Keep us posted!
I expect great things from you!

http://www.deangraziosi.com/node/11192

Angela

I am a Newbe to Real Estate Investing,The first thing you might want to do is find a Real Estate Investors Association Club to join. There you can meet
seasoned Investors,Title company agents,real estate agents that will help show you the process.Have your buyers list in place before going after a deal so when you get one under contract,you will have a buyer to flip it to.If you do not have any money,use an Option Contract and Fip the deal.

Hope this Helps - To your Success

William