New Forum Idea - New Investors: How to get started, how we got started, a Mentor for everyone, etc.

Hi Folks, this is my first posting.....

I bought the book, quit my corporate job and signed up for the academy (two weeks ago) and I am super super excited and motivated.

My issue is that I have had so much information, which is all good, but I don't know where to start....I think its because I don't know my target area.....

I thought I wanted to start with assignments and anything else that allowed me to invest without having to get a mortgage or use lots of money so I got all the course work related to this topic...but now I don't know.

My area (Hollywood, CA) has nothing for sale under 300k and I am a little nervous about my first deal being on a property in that price range.

Do I change what I want to do and look at other areas or try a different strategy? Or do I just bite the bullet and do what the course said....

I am just getting myself in a bit of a state about this and really need some direction from all you experts out there.

Also, if anyone lives in the WEHO area, as its affectionately called by the locals (West Hollywood) and can offer me any advice about our area I would be most grateful.

Warmest regards

Deborah

Im in the Dallas area near Euless Texas.

I have make a BIG research in the area, have a very good idea about prices and have a little group, w is growing to start buy/selling houses.
I believe that every person can bring Ideas to a group and at the same time learn.
One person by himself or herself canot achieved the same or at the same speed that all minds together.
Let me know.
ABC

Welcome to the DG website community and congratulations for reading Dean's books. The books are packed with a tremendous amount of inspiration and information. The best advice I could offer would be to get to learn your local real estate market area and the local markets near where you live. Once you have a very good idea on the fair market values of the properties, it will be easier to spot the deals and determine a few exit strategies and options. The better the deal you lock-up on paper, the more options or exit strategies you will have. Good luck with real estate investing. Believe and Achieve! - Joe

Thanks for sharing your information and insight. Often real estate investors can beefit by sharing their knowledge and resources with each other. Some of the best people you may find will be through a word of mouth referral. As you leverage information and resources your investing knowledge and base will grow. Good luck with real estate investing. Believe and Achieve! - Joe

Just wanted to drop you a line and say think you for all your tips and advice. Thank you for all that you contribute to this site. You do your part to keep this site active!!
Thanks!!

Earl in MI

Hi Joe,
I think this website is the right one for me. I have Dean's book but have been nervous about putting anything into action. Reading about how some of the students have went down different avenues but have found success is really inspiring. Since I have little cash and no credit I didn't know if this would work for me. But here I am going all out to do it. Any advice will be greately appreciated. I saw an ad for Bird Dog/ Deal finder wante. However they want a resume. I don't dare tell them I am new to this.

Thanks for the nice comments, I appreciate it. I am glad we have the DG website community to share and expand our knowledge. How great it is that Dean offers us this tremedendous free website community and all the content for us to learn and grow as investors. It is exciting to see more new DG Members each day. We all are like minded real estate investing pursuing our goals an dreams with real estate investing. It is always great to have others to share in the knowledge and excitement along the way. Good luck and continued success on all your future deals. Believe and Achieve! - Joe

Welcome to the DG website community and congratulations for taking action with real estate. You may want to look into a local investment club. They provide good information and provide you the ability to network with more local investors. This can be a great way to meet a future equity partner or a potential buyer for a deal you find and lock-up. There are several options you can explore from doing assignments to lease options. Greg Murphy has perfected the lease option strategy and provides some great information in Dean's book. The better deals you locate the more options for exit strategies you will have. You can do it! Good luck with real estate investing. Believe and Achieve! - Joe

Hi Joe, I've been reading your (and everyone elses)post in this thread. I'm not so much nervous as I am a bit confused. I get a local paper that has those public notices - you know the ones "ficticious business name statement" "notice of petition to administer estate" etc. In there is lot of notice of trustee sale for properties in my area. Are these preforclosures? Can I use this to contact these people to use as assignment properties? It gives all the info; How much is owed on the property, the property address, the owner etc. Also where do I find all the forms and docs ie Investor Disclosure Statement & Sellers acknowledgement, Property Disclosure Statement and Discharge of Purchase Agreement. How do I go about getting a RE attorney in my area?

So what are the e-mails and what are you using to have them sign. This sounds great. Let us in on it so we can try it.

by the way I am in Park City, UT and I know there is stuff out here. Just don't know where to find information.

Would love to know what you are sending out.

personal message from what i read so far,you can send a pm to somebody,have not tried it yet cause this is my 1st week on this site.good luck,hope that helps

Hi everyone,
Iam still getting familiar with this website on how to post and reply to the comments. I have been taking notes of the comments by the other members and I found the information about realizing that the assignment contracts are only interests in the property. The deal is what is being assigned.

I also went to an investor club meeting last week and have gotten additional information and resources about creating a buyers list.
Some of the people at the meeting were explaining their deals and it seemed that most of them found run down houses in bad neighborhoods, repaired and remodeled them and then sold them for a profit. Another speaker talked about how they go to the trustee sales at the courthouse steps and get reductions in the price by waiting until the bidding is over.

I am still reading Deans book since I purchased it a few months ago. There is so much good information that you have to read it several times and take notes before putting anything into action. I keep trying to figure out how I can start out buying some properties myself first using Deans methods. It seems that jumping right into finding buyers for other peoples properties has more variables and potential problems (legal & otherwise) then going into it as a buyer myself. Any thoughts about this?

I live in an area that has new houses selling for $100k and I have found a few short sales where the house is about $45k. When I called the realtor she basically talked me out of making an offer. The seller wanted a down payment and I should have followed the stratagies from Deans book. The realtor also started saying if you own another home (which I do) then my income would have to be even more because I would have to have enough income for both mortgages. Well that discouraged me because I do not have the down payment and my income is limited right now. So these are some of the problems that I am coming up against.
This makes me realize that finding buyers and assigning properties is a way to make some extra cash. Iam reading Deans book between trying what is recommended in the book. This website is also helpful so I will continue to educate myself in between getting started.I have also gone to Craigslist and want to get familiar with that site.

in order to rent properties you have to go to that town city hall to apply for a rentle applacation of some sort,is this true?

i have a 30 yr.fixed but my payment went up also,i was told because taxes included with payment were raised

Where can I join this new group?

Pounder

It sounds like you have found some good leads for estate probate sales, and other sales through public notices. Based on the notice it should inform you the type of sale it may be. This information can be helpful to approach the seller in the case of an estate or a final judgment. It gives you the opportunity to gather information and then follow the leads. In regards to a real estate attorney, research attorneyin your area that specializ in real estate. Talks with other invetsors at real estate clubs or realtors and inquire about referrals. Good luck with real estate investing. Each day work your action plan and learn a little more because you are getting closer to the next deal. You can do it! Believe and Achieve! - Joe

You can use emails to inquire to sellers and make multiple offers. Based on the situation or the deal you can craft an email for each type of deal you run into. Sometimes when a seller has time to think over an email they can become a little more flexible to the terms or conditions that you are requesting. Good luck with real estate invetsing. Believe and Achieve! - Joe

Welcome to the Dg website community. The websiteis packed with informatio nand inspiration. Congratulations for taking action and reading Dean's books. You are correct because his books are packed with a tremendous amount of information, tips, techniques and strategies. As you read the information it does help to re-read the chapter to get every tidbit of information.

Based on the information and your local market area you can determien your own startey or approach for your local market area. Then over time you may develope a niche with certain techniques, etc. Usually a buyer's list is helpful because you can't purchase evry great deal you find. Having a buyer's list can help you locate a potential future partner or give you some contacts to assign deals for a profit. Good luck with real estate investing. Believe and Achieve! - Joe

Welcome to the DG website. In regards to your 2 questions:

Registering Rental Properties at City Hall
Some town and cities require that you register each rental proeprty you have. You may be required to compelte an application or even pay a small fee to register the property. In most areas they wil leven provide a rental sticker that you should post on teh door of the property.

Monthly fixed payments
If you have a monthly fixed mortgage payment the "fixed part" refers to the interest rate for the 30 year mortgage. Chances are your mortgage may incluyde property taxes and insurance. They often call this (PITI) for principle, interest, taxes and insurance. If either your porperty taxes or your insurance goes up, this will increase your monthly payment.

I hope this helps. Good luck with real estate investing. Believe and Achieve! - Joe

Welcome to the DG website community, just feel free to jump into the forum discussion, share any insight and ask questions. The DG members are helpful and provide some great information and support. Good luck with real estate investing. Believe and Achieve! - Joe

Thanks,
Just kinda confusing to get started communicating here as a newbie.

Pounder

PS......Anyone here from Spokane/Coeur D Alene area?

Any one have advice or experiences with online real estate auctions?

To find auctions in your area try searching on-line at a site like Google. To find some auctions in general you can also search on-line at the following website www.Auctionzip.com. The 3 largest real estate auction company websites are as follows:

Hudson and Marshall - website is at www.hudsonandmarshall.com
Real Estate Disposition Corporation - website is at www.ushomeauction.com
Williams and Williams - website is at www.williamsauction.com

With real estate auctions you buy as is and in most cases are required to pre-register and have proof of cash deposits. There is usually an open house prior to the auction that you should attend if you have a desire on building on a property. Some auctions will provide financing options with a deposit for pre-approved buyers, while other auctions require all cash at the close of the auction. I hope this helps. Believe and Achieve! - Joe

Thanks Joe,
I already am registered etc for auctions in spokane area.Just didn`t know the nuts and bolts so to speak.
Pounder

Joe have you had any experience with the foreclosures? If so, what is your first step after finding them. Try and speak with owners or attorneys?

Not sure if this is a dumb question or not. Is the paperwork different for commercial properties in CA or is paperwork just paperwork?

Yes, I believ you can find oppportunities with foreclosures. When banks foreclose and take back a proeprty it is known as a REO for "real estate Owned". Some of the best banks to work with are your local small community banks in your area. Yo umay want to check-out my other forum post on REOs, "Indiana Joe's Guidemap to finding REO Gems...let the adventure begin!" at the following link:

http://www.deangraziosi.com/real-estate-forums/buying-foreclosures-reos-...

Good kluck with real estate invetsing and REOs! Believe and Achieve! - Joe

Good morning,
Hey Indi Joe, got a question for you!!
do you and can you explain what Non-Recourse means?
I found this as a general discrition:
"The broad meaning of having no personal liability and in real estate a type of note whereby a lender agrees that in the event of default, to take the pledged property as satisfaction for the debt and have no claim on any other assets of the borrower." Found it on 'Real Estate Words' web site. Hey and if you got an example that would be great.
Hope all is well for you!! TTYL