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

Here, I've gone and done it again....I sit down to FINALLY participate in this website and I've (AGAIN) sat here for over 2 hours pouring over and over the enormous wealth of information, support and encouragement.I've done this for a month now since joining the Success Academy..It's not that I'm shy..I guess I'm just hesitant to jump on this big ride!! The only reason I even got a computer was to be involved in Real Estate and have access to the training via the Success Academy. (I'm kicking and screaming into the 21st century!) I'm exhausted, my brain's saturated, and I've STILL got midnight mulch stains in my toes after 3 baths and scrubbin's, but TONIGHT'S THE NIGHT !!! I'm going to ask my question on this big cyberspace real estate machine somewhere out there in the universe....(sorry to sound so red-neck...my apologies to fellow Tennesseans)

Here goes...

I agree with many of the new members...I too am feeling overwhelmed and anxious...I am so excited about finding all the great deals out there, but the reality has hit me - what's the good in researching all the foreclosures, REO's, short sales, etc, etc, etc if you don't have an abundance of buyers lined up??? The reality of having to market MYSELF has begun to sink in and I must say I've been a bit stunned. Not to mention the fact it took me 2 days to learn how to cut and paste on Craig's List. Ha! (I called my first batch of kids for help- ages 26,25,and 23. They're all grown and gone but attempted to give me their best phone tutorial on cutting and pasting. I didn't even attempt to ask my 10 year old. We're competing for computer time as it is.

I, too, am also starting out without much extra cash. I'm fortunate to still be employed as an ER nurse, but have been rebuilding my credit and savings after going through the dreaded divorce several years back....Enough of that....I am raising a 10 year-old daughter on my own, so I can't afford to be irresponsible with this business venture.

To condense a long story....(I'm rambling...forgive me... it's nearly 2:00 a.m. now.) Eric, one of the coaches, noticed my floundering and came to my rescue...I was feeling overwhelmed with my new computer and internet, and my brain was overly saturated.... He gave me some much needed direction and is having me take baby steps...Due to my limited finances, Eric has suggested that I aim my marketing towards wholesale buyers. I've had no responses to my CL ad "Attention Investors and Rehabbers: In this history-making, money-making market, contact me for your next great deal". (Any suggestions???) I've got a total of 1 person on my buyers' list so far. (I got him from calling a number in the free local paper - he wasn't very enthusiastic - I was trying to sound very professional and all his responses were.... well....Let's just say I've nick-named the guy "BUBBA". Who knows... BUBBA may be a great future business associate - Ha! I'm keeping him as my first ever fella on my first ever buyer's list.

Any suggestions for advertisement strategies to attract a bevy of buyers? There's no sense in going any further with this unless I can harness this market. Don't know why I am feeling this resistance...It just seems so vast to me. To be truthful, I feel like an imposter..I feel like when this thing takes off I won't know what I'm doing and I'll be hangin' on for dear life.

Sorry this first one was so long-winded. Should've "jumped on" sooner. I look forward to hearing from you - Thanks for listening...

Hey, congrats on jumping in!
There are a lot of ways to find buyers. Of course, one of the best ways (you'll hear it again and again) is to join an REI Club in your area. This is a great place to find all sorts of people to network with. You can also run some ghost ads to see what buyers are looking for in your area. I would also do a "search" on this site for all the other great ways that have been mentioned here. The DG site is also a great resource for buyers. You've done a good thing here just starting to make yourself visible. That is one piece of advice I would give everyone. Be active on the site! You never know who's watching!

God bless,

Rina

Congratulations on taking the next step and continuing your investment career. We hope to see you at the next Gain the EDGE Event. Good luck with your future deals. Believe and Achieve! - Joe

Congratualtions on taking action and jumping in on the website. You should celebrate your decision to want to make a change in your life and taking the necessary steps such as getting a computer and being a DG website member.

Rina has provided some very good sugestion to help you to continue to move forward. I believe information will make a difference in the knowledge you acquire about real estate.

Sometimes even if you are currently not buying and selling homes, you are in the game and ready for action. I believe if you read, understand and apply Dean's concepts, once the opportunities come you will know your plan for dealing with each and every one. Sometimes the deals can be like an avalanche, you need to keep moving and following the best path forward. Therefore, today you are gathering knowledge for tomorrow's deals! Good luck with your investing. Believe and Achieve! - Joe

Thanks for the comments and tips you provided. I enjoy reading your tips and it gives me even more ideas on what to do next. I really like the idea on the ghost ad. I hope all your deals are going well, continued success. Believe and Achieve! - Joe

Thanks for the response, Rina. Who-hoooooo!! This thing really works!! Before I forget, what's a ghost ad? I vaguely recall hearing that term but am unfamiliar with it. Please explain. And yes, I did join a REI club here in Nashvile last week - went to my first meeting. I felt a little (a lot) lost, but I put my big girl panties on and waltzed on in there. I'm looking forward to the weekly classes the club sponsors. WIN - Women Investors of Nashville - meets 6/22. I'm really looking forward to that. It's a smaller setting and I think I'll feel more comfortable there just beginning.

And it's like Joe said - you hear something over and over again... you think you got it the first time,(then other things squeeze it out) Then you hear it again, read it again and hear it again and BAM!! It's a light bulb moment! Real Estate Investors Club. Duh!!!!! I bet there are some buyers there! Duh!!!And the DG site as well. I thought we weren't allowed to advertise on this site...I'll research that.... Thanks again for helpin' out...I see your postings and respect what you've made of your dreams. (And I've always loved Jeremiah 29.11) Later...

Well hello there, Joe!

Thanks for your words of encouragement and guidance. And yes, even though I'm not buying or selling yet, I AM still in the game and I'm preparing for action. I feel like this is such an AWESOME opportunity for EVERYONE - there's so much out there to succeed with - I DON'T WANT TO MISS IT!!!. Like Dean said, it'll probably never be like this again, so I feel the pressure to get it right! It's sort of squeezing me right now because I'm so green. I really, really want this to happen. (Settle down, girl...)
I can't let myself get stalled because I want to do too much, too soon. "Read, understand, and apply Dean's concepts". I'm going to keep moving in the right direction and master one thing at a time.
Thanks so much for listening and writing to me. Later...

I've been reading these remarkable posts... it's comforting to know others are feeling as icky & as challenged & as ready to start something new using skills, abilities & talents we already have. This week, #2 in the success academy, has been frustrating. I'm looking for a part-time job while tackling a steep learning curve in real estate knowledge. The more I learn, the less I know, the more overwhelment feels stronger than lighter. If I could be past all this & just know what to do & how, I'd be fine. If one more person throws me 'the journey' adage, I'll spit too.

One thing has become clearer: goals that are out of my reach are motivating or demotivating. Rehearsing the outcomes I want sometimes feels positive, but during overload, it just adds to the despair of 'getting it to work financially'. Another thing I've discovered this week is trying to listen to, read, & figure out too many people's information without laying a strong foundation to stand on. We can't fly without wings, & in this case, we can't stand strong without knowledge. So... I'm soooo grateful for the advisory line, teleconference calls, & books. Mostly, it's not the successes themselves that I can use now to inspire me as much as the steps to those successes. I've been putting the cart before the horse. Obviously this doesn't work... but once we see we're doing that, expecting results without having the info, practice & understanding, it's kind of like making a gourmet meal with plastic fruit.

We're going to get it. Maybe sooner, maybe later... as Dean has already noted in his book, it's not necessary to race to the finish line if we're competing with ourselves. There's enough to go around. Keep doing something every day, whatever that is, that builds a little more of the foundation success stands on.

I'm like a lot of you...read the book(s), been a few weeks, haven't done much but to look for properties online, joined a mailing list for short sales and foreclosures, a lot of potentially good deals a lot of which are represented by an agent. Should i make offers on these directly to the agent or should i contact the seller through snail mail given that the address is listed but not their number?

Bought the new real estate millionaire book look forward to maybe learning alot in the next few months through extensive research and studdy. want to have financial freedom or even make the same what i am making now without working sixty plus hours as a restaurant manager haha.

Hello All. I have decided to take the plunge!! I want to get involved in RE and am excited with the idea of actually making something work. BUT GET READY DG FAMILY. I'll need a lot of help. And from what I have read on these posts, this is the place to get it.
BTW, is there anyone out there from middle Georgia?

Elaine

Congratulations on taking action and we are happy you are part of the DG website. I know in an early post you inquried about a "ghost ad". A "ghost ad" is an ad you may run just to see how many inquiries you get. Say you think a city may be a good rental city for a 3 bedroom 2 bath home and you believe it could rent for $1,000 per month. If you run a ghost ad you will see how many inquiries you get. You can then inform them it is no longer avilable but inquire to what they are looking for.

I am glad to see you are reading Dean's book and wanting to take action. This is the greatest time for real estate investing. I belive if you follow Deans techniques, make a plan, and keep consistant with the same level of eargerness to learn and succeed, you will be doing great in no time. Good luck, Believe and Achieve! - Joe

Congratulations for reading Dean's book and being a part of the DG website. It is great that you are taking action. Try not to be too hard on yourself. I always believe no matter what you are doing, you are always learning. Real Estate is no different and I really enjoy the DG website because I learn a lot of new things each and every day. So we all want to get to financial freedom and we are all learning as we go forward. I believe one day all the new found real estate knowledge will "click" for you and the plan of action will be there for you. Make sure to celebrate each success along the way. Good luck with your REI. Believe and Achieve! - Joe

You may need to decide what is the "WHY" that makes you want to succeed. Dean has stated that if you know the "WHY" the rest is easy. I would offer a suggestion, if I may. Come up with a plan such as what areas do you want to invest in and what types of homes at what prices. Then contact local real estate agents that may have these types of listings and also request them to forward you any other listings that meet your desired criteria.

Use the real estate agents to present offers on listed properties and approach home owners when they are FSBOs (for sale by owner). If a real estate agent has a property listed, it usually saves times to find out the basic facts and information.

Thus, have these real estate agents help in the search and receive information by emails. Check out the best looking deals, have an exit strategy for each property, and run the numbers. If the numbers look good then make an offer on the best potential deals. I hope this helps with your REI. Good luck. Believe and Achieve! - Joe

Congratualtions on reading Dean's book and wanting to take action with the techniques and concepts. The DG books and the DG website are filled with great amounts of information and friendly people that want to share knowledge. Like any new venture the more time you devote now should create more benefits in the future. Learn as much as you can and the hard work should pay off with future deals. You may be working more hours but having fun as you are working on the journey to financial freedom. Good luck with all your investing. Believe and Achieve! - Joe

Welcome to the DG website community and congratulations for taking action. You will find a wealth of information and knowledge here. Dean's books are packed with the tips, techniques and the information you need to arm you for success.

The desire to learn and the desire to succeed will propel you to new heights, to accomplish things you never thought were possible. Good luck with your real estate investing. Believe and Achieve. - Joe

well, my plan was to look in to single family units, distressed properties such as foreclosures and short sales and basically assign (or refer) them to investors or someone who just wants a home. I have a real estate agent that emails me daily listings of short sales and foreclosures in the areas of less than 300,000 which in california is a steal. Now you say to approach home owners when they are FSBO's which is where my confusion lies. If i were to contact the homeowners of these distressed properties couldn't i make them an offer before the foreclosure? I can get the basics from the agent but wouldn't he be less open to taking a lower offer than the homeowner's themselves? Or should I submit an offer to the agent and see if he/she bites?...when you say "run the numbers" what numbers are we talking? example...

short sale
148,000
2/2 condo...clean area, Encino ca.
"motivated seller"

Can't I just offer 142,000? The agent might reject but the seller might accept. That was my plan. even if the agent accepts too. Then I would show proof of funds, lock up the deal giving me 30 to 60 days to find a buyer if not, bail. Find a buyer within that time, assign the property over for 145,000 as is. deal done.

Do i make it sound too easy? Cause that's how Dean and his people made it sound like in his book. Sure I would have to find out if there are any back taxes still owed and so forth but couldn't i just deduct that from my offer or let the end buyer deal with it if need be? Elaborate if you can on my assumption.

Every state may have different laws and I am not sure about California. However, in any event the old saying is true when you hear..."try not to burn any bridges in a deal". If you try to go around a real estate agent, this may not work to your advantage and a commission may be required to be paid based on the agreement the real estate agent has with the seller. If the listing expires, yes than go for it and try to make an offer.

With my real estate investing career, I am trying to create a reputation of creating win-win deals for everyone involved. I want others to view me as an honest, keep my word, type of real estate investor. I want to cultivate and develope relationships with proefessionals in real estate so we can all prosper and create not only today's deal but additional future deals. In the event you close or assign a deal and someone feels they did not know about liens or taxes, they may not want to purchase a deal from you in the future.

By running the numbers, I mean what is the FMV of the property, what can you purchase it for and is there enough proift for you, a partner for the deal, or another intrested party to assign it to. If you get a condo for $142k and the FMV is only $148k there is not enough profit margin. Now, on the other hand, for example, say you offer $142k and the FMV of the condo is $250k based on other recent sales of similar units in the same area, then you may have a winner. The better or greater the margin for profit, the better the deal. I hope this helps. Believe and Achieve! - Joe

Joe, this sounds like a great idea! Like many other newbies I am scared to death to step out onto these new waters. I would love to learn from others and to have those who have gone before on this path to comment, give suggestions, etc.

Thanks!

Kim

Thank you so much DG friends for helping me lose the fear.

Bob

You know, I really like the idea of having an area for newbies, even though I have been around these threads for quite some time now, I haven't posted a lot, but I have been reading a lot, and making a lot of contacts and new real estate investing friends! I also like the idea of having mentors as well! It helps to use the books, mentors, and any other source possible to get the job done, instead of re-inventing the wheel so to speak. Success leaves clues-Anthony Robbins...I believe in following the success of others!

Rina,
Thank You for your encouraging word from Jeremiah 29:11. I am a 61 year women who likes to say that I am 28 and will always be 28 years old(smile) I joined in September of 2008 and I am ashamed to say that I have not done much of anything. I have been on three conferences and tried to attend the big Event in Az. I have no credit or money but, I know I can make this work. I have read the jump start report but not the book I bought in Sept. I feel all alone and people are telling me that the real estate is about to boom and I should not get involved. I would love to prove them wrong and promote Dean to the highest. I pray and then do NOTHING. (some Faith huh?) Dean's blogs are also encouraging but, as soon as I listen to him I get lost. I'm not trying to push you into being my mentor however, if there is anything you can say or direct me to, I could surely use it. I wish there were a school or office here in Atlanta that Dean has so I could attend. Thank you in advance for your help. Hazel

why can't I?????????

Hi, I'm still new, but have been making a few offers here and there. The information on this site is amazing, and very, very helpful to us newbies.

I have a couple of questions. I had a Realtor send me the forms to make an offer on an REO, and told him exactly what I plan to do (the and/or Assigns and everything). When I received the Offer/Purchase agreement from the Realtor via scanned email, requesting I sign and send back, it had my name Or Signee (rather than and/or assigns or assignee)as buyer.

Does signee mean that I'm allowing someone else to sign for me? Should I have the Realtor rewrite the offer? Should I include and/or assigns when dealing with REO's or just do a double closing?

Will using $500 rather than $1K as an earnest money deposit when dealing w/ RE agents (offering on REO's) cause my offer to not be taken seriously or be rejected altogether?

Hey Joe,

Good Greef dude! You hit the nail on the head! Since I'm new here as well. I haven't really dug-in because, well, I'm scared out of my mind. I mean, I have zero money to my name, yet I want to do this so very bad, but I'm so afraid that I'll somehow screw up and end up owing money, or worse. As for posting here. I was (guess still am a little) afraid to post questions because I really don't want to look like I don't know anything. Just seeing you make a post like this helps more then you can imagine.

As for the Mentor thing. I really like the idea. I can say from a new members perspective, it would be more than great to have a personal mentor to answer any questions that I have and walk me through my first deal or two.

Rest assured, I'll post any questions I may have, and no holding back. "The only stupid question, is a question that's not asked"

Thank you so much for making this thread. Your the coolest

SuperMoneyMan

Hi guys, I am new in this I've read DG book three weeks a go and I trying to start? If somebody can help me will be great. I know the owner of a property that is in short sale in florida but she already sign a document with an agent, so the question is if my offer is accepted by the bank how can I put adds to try the sale the house if I do not have any right to do it untill the closing.
thanks.

hi i just joined the forum recently, i am happy i am here. i just want to spend most of time reading ideas of like minded people. when i tol all my friends that i was getting into real estate they sighed and laughed at once. so right now my friends are people like you who have chosen what i love an thats real estate.by the way i am only 20 and still determined i have attended seminars bought books but nothing comes close to deans books.he is the best mentor and teacher i ever seen why he is so down to earth. thanks oscar . MA

Thanks for your comments. Congratulations on taking the first step toward achieving your goals. Dean's book and the DG website are the tools you need for success. There is so much great information and people here, you will over come that fear and uncertainty. As Dean has stated understand you "WHY" and it will drive you toward a commitment to success! The water is fine so be sure to jump in and take action. With the right information and knowledge, the fear will go away.

Thus, learn as much as you can, understand your target market investment area, network with others, look for people to help on your team (lawyer, cpa, real estate agent, etc.), make a plan and work the plan. Best of luck with your investing. Believe and Achieve! - Joe

Knowledge is power and you control your destiny. With the knowledge, the fear will go away and confidence will become the norm. It is great you are ready to take action and work toward your goals. You can do it! Good luck with REI. Believe and Achieve! - Joe