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

I am like everyone on this post. I am a newbie, coming on Nov 15, 09. I live in Washington,DC. I recently ordered Dean's Books and got them this past Friday Jan 15, 10. Which was my Birthday, WOW!! what a Great Birthday Gift. Enough of that, I need help and a mentor also. I recently read a post about finding Investors who are looking for Birddogs. I was given the following link to search, www.biggerpockets .com/forms/bird-dog-agreement.pdf I found a good contract there. I found an investor who was looking for Motivated Birddogs on www.backpage.com. We have discussed what he wants and I am in the process of going to search the records for owner info and take it from there. I too am dealing with Newbie Fear, but i Take your BELIEVE AND ACHIEVE statement to heart! I am on this website daily absorbing as much as I can. In the Army we went by a motto when teaching skills - LEARN ONE, DO ONE TEACH ONE!!! Bruce..........

very true and Informative...

Great Question ...

thank you for inspirng....

Thanks for the question. this is one to really understand the importance of "recourse" debt and "non-recourse" debt. The bottom line is for non-recourse debt the lender can only go after the property securing the debt and none of your personal assets. With recourse debt the lender can go after "any and all" of your assets to satisfy the debt obligation. For example, if you purchased a home and due to the change in the market became "upside down" and wanted to "walk-away", the non-recourse debt is usually just secured by the property. If the lender had a "recourse" debt they could go after your other assets such as other proeprty, cash in the bank, etc. Any other means to satisfy the debt. I hope this explanation helps. Believe and Achieve! - Joe

I really need a Mentor, I am looking every where. I recently tried out calling up a few of the "we buy houses" Guys and just about begged one of them to let me work for him and assist him with his House Flipping.

Turns out not to be a bad idea...

I used to belong to the RichDad Community (one of the many Real Estate Courses we have spent money on)

So long story short turns out this Guy calls me back and says Arlene I know you and you know me I go WHAT? are you kidding me? he says no we played Cashflow from Richdad together for a while.

I could not believe it... its a small world, we have not spoken in about 7 years now, but he ended up buying all of the Richdad Real Estate Training and has been in Real Estate for the last 2 years flipping houses.

He is getting me into his Investor Group for free next week so I will see how it goes.

Thanks for the post and nice comments. Whenever we start something new there is always a fear of the unknown. However, information can be power. Information and knowledge will also lead to more confidence. The more we understand about real estate the better position we will be in. Dean's books and the DG website are filled with a tremendous amount of knowledge, tips, techniques, strategies and information. Try to learn a little each day and soon your confidence will grow along with your new found knowledge. Try to build a buyer's list because through a buyer's list this can help you become a bird dog for cash buyers. The DG.com website has a ton of information on building a buyer's list. Attached below are links for building a buyer's list that I believe are very helpful:

Dean's Success Academy Coach Jeff Jenson Building buyer's List Tips:
http://www.deangraziosi.com/real-estate-forums/marketing-buyers-and-sell...

Video by Dean on Building a Buyer's List
http://www.deangraziosi.com/emd/videm/buildbuyerlist

Conference Call with Dean and Jeff Jenson on building a buyer's list
http://www.deangraziosi.com/content/conference-call-tuesday-december-22n...

I know these links will give you enough information to help you build a buyer's list today! Try to do a little each day to get you closer to your goals and dreams. Good luck with real estate investing, I look forward to reading about your progress. Believe and Achieve! - Joe

Thanks for stopping by the forum discussion. Good luck with real estate investing. Believe and Achieve! - Joe

Thanks for sharing your story with us. The key to any business is networking with as many people as possible. You never know who knows who or where a potential lead may come from. As you network and your sphere of influence expands, you will meet even more people that can help open doors for you. It is like neighbors helping neighbors. Good luck working with your mentor and please share tips and insights with the DG group. Believe and Achieve! - Joe

Thank you DG family for taking the time to share yourselves with all those that are new like myself. After reading both books what i understand that this is a way of life change more than anything. It takes time to trust yourself to believe what you are learning.The ending being the fear that we can't do what Dean say's and everyone else on this site says is possible. The begining being to continue to learn and trust that this is somthing we all can do! So as i move forward and sometimes it does'nt seem that way but i am. So the journey continues, Now i understand why it's called the DG FAMILY! Because win or lose family stays together. And we all win because really we are all a part of somthing bigger than just ourselves. So as one novice( I like that term better than newbie) to all the others just keep learning and moving,(Just reading this is moving) It will happen Trust that, Trust yourselves. And continue LEARNING>

Thank you for the insight and additional thoughts. The DG website is such a great site because we are all trying to accomplish being successful with real estate investing and we can share our thoughts and ideas with others. Good luck with real estate investing. Believe and Achieve! - Joe

Articulated very precisely, great job....thank you!

Thanks for post Indiana Joe. I have been searching for a "Success Partner" here in central TX for a while ; or a Mentor who i'm compatible with and feel confortable around. I have had good and bad experiences with this search. The good is if i find someone compatible-it will help keep me moving forward because I get disappointed easier than i would like-so a Success Partner helps both of us keep going. I worked with a "so-called" Mentor for a little while-but since most of her bandit signs were taken(which I put out)-I have not heard back from her. She also told me the things in Deans books were already outdated in this part of TX. Sometimes the more people I talk to about what is it like to be an investor in reality world-I get a lot of "its not like it talks about in the books"; and "positive cash flow is a good book theory-but in reality something goes wrong; and that net cash flow will get eaten up with an emergency (mechanical breakdown; etc.)." So i wonder out loud if I should put on blinders and try to take much of deans infor and keep it close to the vest; or if much of it is "book world fantasy"? What thoughts do you have?

THANX for sharing.....continue to inspire others (with your golden-nuggets) while we all swim upstream against all challenges toward our collective $UCCE$$!

BE 10 FEET TALL & BULLET-PROOF!
John

Again, Big THANK YOU to IJ for answering the recourse question. It's funny when I have read sooooo many books and took a realtor saleperson coure and never even hear this term and then I go to a meeting and see a couple other postings for homes and hear this term pop up a few times. GO FIGURE. That you for the clairity of the term!!! Have a rockin' day man!

It is true in any business that some competitors "play nice" while others do not. I have known many business people and the truly successful people understand the benefits of sharing knowledge and collaboration of efforts, while others "down play" things that may be a true advantage to their perceived competitors.

The DG.com website is so successful because we share and learn from each other. Also, I believe that is why therea are so many real estate investment clubs across the country because of the power of sharing information. A real estate club is another great way to find a mentor. Network, network, network! People that have like mind and share inforamtion can go a lot farther. When you share information it shows your true character. Often in the business world I have met people that did not want to share and it hurt their professional growth "up the corporate ladder".

In regards to Dean's books, they are the real deal. There are so many students, including myself, that are the living proof. The concepts do work in today's market and I believe they can work anywhere in the country. In Dean's new book "Your Town Your Real Estate Profits" it reflects how average students are making money in almost every market. From Florida to California! Even students with bad credit and no money are still doing it! As you get excited about the book and share your goals, beware of the people that want to "steal your dreams". It is ok to share thoughts but watch who you may be taking advice from or being influenced by. You can do it and Dean's books and programs are your roadmap to get you there! Believe and Achieve! - Joe

Thanks for the comments. I hope to keep the gold rush of nuggets flowing. Each day is a new adventure with a chance to learn, grow and prosper! Swimming up stream can build our strength for future opportunities. Believe and Achieve! - Joe

Your welcome. I have learned that the things in life we don't know can cost us more than what we do know so the best way to get ahead is ask a lot of good questions. Continued success in all you do as we keep on this journey to move a little closer to our goals. Believe and Achieve! - Joe

I am a beginner and there are alot of things i don't know. Onr of these is knowing if assigning contracts is legal in Ohio. Do any of you know.

I spend alot of time learning. I am starting with literally nothing. I hear everybody saying no money methods work. I can't afford the automation, or car for that matter. i have thousands of awesome deals and can't take advantage of them. uuuuuuuuuuuuggggggggg

Hi Stephen,
I do not of any state that has made assigning illegal. Have you built a buyers list? That is where I would star. That way you have someone to assign to when you get these great deals under contract. Keep reading and it will come together. And utilize this site it has a lot of great things to work with. Welcome to the DG Family!

Folks,

I guess I am not alone in my fears. Every time I pick up Dean's books and read, I get that excitement inside me and feel incredibly eager to go out there and make money. My biggest problem is that I am unemployed and therefore banks will not offer me a loan. I did speak with a mortgage broker who says he might have an investor that can help, but, I need to put a business case together. PLEASE. Someone, offer me some guidance. I think I just need a little push in the right direction. I know that once I make my first sale I will have the confidence to make it happen again and again.

Any words of advice, from anyone?

Thx - Bill in Massachusetts

Make sure you get Dean's newest book "Your Town Your Real Estate Profits". Greg Murphy's chapter (Chapter #4) is very good on how to do sandwich lease options. They require virtually none of your own money and your credit does not matter. Greg is the lease option King. Dean and Greg do an awesome job in giving you a step by step roadmap to how to do these successfully. You can do it too! Just try to learn a little each day through the books and the DG website. Believe and Achieve! - Joe

Some great ways to get started is try assignments, lease options or find an equity partner. You can network and meet a variety of investors at your local real estate investing club. Dean's new book "Your Town" has so many great tips. I especially like Greg Murhy's chapter (Chapter #4) on sandwich lease options. There is inspiratio nand information from Dean's student's from coast to coast. You can do it. The more knowledge you gain the more confident you will become. Good luck with real estate investing. Believe and Achieve! - Joe

Hi,
I just got approved for a loan of $190,000. I live in Washington D.C are and i would like to find a multifamily property under $130,000 that way i can use the rest of the money for rehab etc.... I also found a cousine who could loan me about $50,000.00 cash. How do i invest? Where do i start?
Thanks

first time taking action, long time dg books owner. i have questions too. i'm getting offers out. i talked to a gri. here in town, she is well known here.i took dg's advice & asked her to make my 1st offer. 3 lots with 2 run down homes on them. owner wants 16,000 for all. 1 lot is empty and worth 7500 fmv.1bdr home is cosmetic problems, paint job, & flooring, furnace. offered 2000 at closing, payments, balance end of 1 year. said no. but would consider 6 months. [other lot is 2bdr w/ same probs.] he wants 1/2 down & payments, bal. at 6 months. SOOOOOOOO. IF FIXED WILL SELL FOR 60 OR 70000 FOR ALL LOTS. $1000 WILL COST TO FIX 2 HOUSE. QUESTION: NO $ AND NO CREDIT, DG SAID ADVERTISE, NEWSPAPER ADS, CRAIGSLIST, ETC. FREE ADS ONLINE TO GET A BUYER OR INVESTOR. HOW DO I GET THIS TO FLY. IS RUNNING ADS THE ANSWER TO GETTING THESE LOTS SOLD? THEY HAVE TO SALE AS PACKAGE DEAL. COUNTY SAYS SO. THERE IS A WAY! HELP! I LOVE MY NEW LIFE. I KNOW THIS IS A NO BRAINER FOR U TEACHERS & investers. its hard to walk away .
central ks. new investor

Does anybody know any investors club in Washington DC or Alexandria VA? I would like to join them. Please let me know?
Thanks

You are absolutely right! We have the power of information at our fingertips! Just start walking and you will eventually get there.

Glad to see al lthe new DG members and the DG member veterans sharing information, insight and inspiration. keep up the good work as we all move a little closer to our goals each and everyday. - Believe and Achieve! - Joe

I've had Deans books for about a yr and havent done a thing like most of all newbies I've been fearfull. I just recently ordered Deans Book (Your Town Your Real Estate Profits!)along with the CD's to listen to on my way to work. This book has motivated me that I recently started building my investors list and tenant list. I also enrolled in the academy. I havent been able to find an agent, one never contacted me back and the other said she didnt think you could find discounted property for what I would be offering, but she did say if I had any ?'s I could contact her. So for now I'm targeting FSBO. I have an offer I'm suppose to present tomorrow maybe he'll agree or he wont. But until you start somewhere you wont get anywhere if your're just reading Deans books and not applying it you just have a head full of knowledge like I did. Maria