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

I am happy to see so many new DG Members contributing on the DG website. The more information we share the more our knowledge will expand and grow. So take an active part on the website and watch your knowledge and real estate abilities grow to new heights. Good luck on all your deals. Believe and Achieve! - Joe

Hi, I read the book about a month(+) ago, then promptly moved, so I haven't started yet because I was busy with all that and a bunch of other stuff.
I wanted to know in a real simple step-by-step way how to start?
I'd really like to make a deal ASAP because I don't have money to buy food yet.

Thanks in advance~!

Edit: I forgot to mention that in the hustle and bustle of the move, I forgot my copy of Profit from Real Estate, so I can't exactly consult the book directly to remember how to do it step by step. I would if I could!

The best advice to start is to find the best deal that you can where you currently live. To make an immediate profit try assigning a deal or two to build up a cash nest egg, if possible. Also, reference back to Dean's books, programs and the DG website for information, ideas, strategies, etc.

The better deal you find and have control over (executed accepted purchase agreement/contract) the more options you will have. To get started in your new area, begin to network as much as you can at real estate investment clubs, realtors, banks, and various other professionals associted with real estate. Pass out plenty of business cards, post ads/fliers on-line and in the local store that have bulletin boards. You want to build a buyers list to be able to act quickly when a deal comes your way. I hope this helps. Good luck on your future deals. Believe and Achieve! - Joe

I am a realtor/investor with over 20 years experience. I have read many, many books and attended countless seminars on real estate. Dean's program is easily one of the best I have read so far. It is clear and practical. Most of all, it is for today's market.

A good place to start for newbies is by building your team. Both Dean and Matt have stressed the importance of having a real estate agent who fits your needs perfectly and can help you identify a great deal.

Start with a good investor/agent and he/she could help you assemble the rest of your team through his/her contacts.

From my experience I know which mortgage brokers, title companies, attorneys etc. give me the best and quickest results. I share that contact list with my investors, new and old. This way everyone is on the same page and deals get done much easier.

Knowing that you have an experienced team working with you helps to eliminate a lot of fear.

Thanks for sharing you comments and insight. A good team can make all the difference in the world. You can add to your team and always find other team mebers to network with. Yo ucan always accomplish so much more by having the people available when you need them. Good luck with investing. Believe and Achieve! - Joe

Joe,
This is a great post for everyone to explore and remind,Why we are here! The one thing i will keep to heart after reading BE A MILL...Market cycle!
We are in a new Market Cycle that has not been seen ever,For that i will watch where the funds go (Money)...Gov. and private!

I have read many comments about who is accepting assignment and who is not. Let's face it,It is only an idea of buying and selling property. Still if you have your ducks in a row...The sky is the limit in how you choose to do business...Cash is king and it is alright to use buyer (cash).

Thanks, Joe for caring! I am sure many others would agree.

Thanks for the nice comments. This is the greatest time for real estate investing. Dean has provided us with his books to provide wisdom, capabilities and direction for real estate investing. As we take action in this market cycle anything is possible for our futures. It is a very exciting time for all of us. Continues success on all your real estate deals. Believe and Achieve! - Joe

I couldn't agree more with so many of the previous comments. I'm in the same boat as many others. I started my own business 7 years ago with perfect credit. Things didn't go well and I ended up having to file chapter 13 bankruptcy. Now my credit sucks and my family is struggling more than ever. To top it off, I was just laid off July 31st from the construction industry. Yes, things are bad, but I'm not using that as an excuse. I'm going to get back on my feet and I have a gut feeling that following Dean's path is going to do it. I've read both books twice and refer back often for advice. I've set up my recorded info line, found a good realtor, have started building an investors list, found several properties and even tried to submit an offer on a forclosure. There is the one problem I keep running into that I hope someone can give advice on for me and others who probably have also had the same obstacle.....I have been repeatedly required to provide a prequalification letter to submit with an offer. Obviously, I am not going to get prequalified with my history and current financial situation. Is dealing directly with homeowners (and not realtors & brokers) my only option or does someone know how to get around the prequalification letter requirement in order for an offer to be accepted? Thanks.

Continued from my last comment...I should have mentioned that I am focusing on doing assignment deals on short sales and preforclosures.

Congratulations on moving foward with real estate investing. Dean's books are apcked wit a lot of great information, tips, strategies and techniques. In regards to the proof of funds letters, many members on the site have used Coastal Funding. They can be found at www.coastal-funding.com

Another idea might be if you have a local banker, real estate attorney or your CPA. They can also provide you with a (POF) letter. If you find a partner for future deals, they may also be able to provide a letter through their contacts for future deals. I hope this helps. Good luck on all yoru deals. Believe and Achieve! - Joe

i`ve read both books by dean and love to join the academy but single parent can`t afford it so i`m scared, but willing.I work in the factory which is dead end no money living paycheck to paycheck.failed bankrupt last year so it`s new going to a open house and check out a few others.don`t know foreclosure site to get their expensive
i`m on a budget.

Make the commitment that today is the day that will change the rest of your life. Dean's books are packed with the information, insight and inspiration that can provide you with the roadmap to success. You may want to make a plan and check and adjust your plan each day. If you learn one thing new each day you are more successful than the prior day because knowledge and information is what can change your life and prepare you for your future.

You may want to reread Dean's books for each and every tidbit of information. Take action and do things that may get results on your budget. Also, visit, read and contribute to the DG website for a few mintues each day to have the focus as you move forward. Good luck with real estate investing. Believe and Achieve! - Joe

I realize that I'm one of several "newbie's" scrounging around the website for help. However, I do have some input and questions.

I read all about staying away from the "naysaysers" and negativity. Unfortunately I am trapt in the epitome of discourgement. Engulfed with pessimists who reject that of which they have no professional knowledge of. My situation is not the worst of the worst but is certainly is difficult. I have been an emotional wreck due to it.

I heard Dean on TV early in the morning and my initial thoughts were, 'That would be so nice... I would love to do that' Then I started thinking, 'Why not? Why cant I do it?' I had $60 in my acct. After a bit of arguing with myself I picked up the phone and placed the order. At first I was thrilled. I always liked the idea of real estate but never took the time to get into it because of all the media about how real estate is so horrible. But Dean had inspired me to the point of excitement. I was fired up with a big to-do about getting this book and telling everyone about it. The first person I told was my fiance. Immediately I was shot down. I couldnt believe it. My fiance, the one person who I count on to back me through it all, tells me, "I cant believe you wasted the only money you have on a book!" Distraught over his reaction I called the customer service line to ask if I could just cancel the transaction. Fortunately Dean has great friendly logical people answering his phones. Obviously, I kept my order.

Since I have gotten the book I have read it cover to cover several times. I worked really hard to get internet access to become a part of this website. I have spoke with Dean's people about the coaching to keep me on track. Being stuck in this house full of people who are suppose to "be there" for me, support me, applaud my desire for change and success that do nothing but strongly oppose and dishearten my drive to better myself. No, its not even myself! I want to help them out of it too, we are all stuck in a rut and I want us all to be happy. To live in a house, a real house to call home. One with insulation and space and one that is just livable.

I fight everyday to keep my excitement about real estate alive but every morning I feel like im standing still. Stuck in square one. Like no matter how many times I read this book I dont understand. So I circle back to the coaching. Coaching. Coaching. Coaching. Its perfect! Right? Of course it is. I have tried for credit cards but came to a dead end. I have spoke with some loan companies but they want collatteral that I dont have. I have asked for help from relatives. Offered friends and family notorized promissory notes with intent to repay. All have brought me to the conclusion that Dean was right. The only person that is going to help me... IS ME!

I have been working like crazy but so far I have only saved up $82.14. Bills are obviously an obstacle in saving. I thought about selling my truck. I could get maybe $2,000 but I would have no way to work and lose my job along with my benefits. I've sold my cameras. I cut out grocery costs by just eating at work and skipping out on dinner. I understand that any cost of a program with Dean's system is priceless. So I will strive to save every penny I am blessed with to get the help I know I desperately need.

I wrote all that in hopes to encourage someone else that may be feeling dismal by the stress of inauspicious friends and/or family.
You can do it. I will do it. You will too. It will take time and a bit of hurdle jumping, but with a bit of faith and pinch of hope and the sincere will to succeed, (I'm pretty sure that I read that from Dean's book or heard him say that on TV) we will all meet at the top. Not to point and laugh or belittle, but to offer the help we one begged for and to share the knowledge of our success so that someone else can come out of a bad situation and become happy. To simply educate the nonbelievers and hope that they can bring to reason with others who refute the idea of doubt.

I seem to drag on and on when I start writing on a topic. I have always done that. I always feel better after though. It's just a nice way to be able to let it out when no one will listen. So thank you for listening. Thank you for reading. I dont have much of anything but I would love to help anyone who feels like they cant do this. I havent done anything other than read the book and register at this site, but I just feel it in my heart and know that this is possible!

Once again, Thank you for reading.

Congratulations for getting Dean's books and being a part of the DG website family. It is the best real estate website anywhere! You are in the right place for information and inspiration! It is great that you are committed to real estate because the information contained in Dean's books can change your life!

You are learning more and more each day to better prepare you for the deals you will discover tomorrow. As Dean often says, if you know your "WHY" you are doing this, those naysayers or even nothing else will matter. Stay focused, stay driven, work your plan and visit and contribute to the DG website for continued support and information. The naysayers don't stand a chance because the DG website community is there for the investors that want to succeed. We look forward to reading about your progress and future deals. Believe and Achieve! - Joe

Joe,

You mentioned Coastal Funding as a way to get a proof of funds letter. My
husband and I are about to buy a house (submitted offer 9-4-09), we have the
funds, but with the holiday weekend I wasn't able to get all my ducks in a
row. I need a couple more days for that. So, here's my question, will
Coastal let us use a proof of funds letter just to get us to the acceptance
stage? We don't really need to use their financing and we're buying the
house for us to live in, we just need a letter to bridge the gap, so to speak.

Myra

I have heard that they are very responsive to inquiries. You may want to call or even email Coastal Funding and inquire about it. I know other investors have had success with getting their POF letters from Coastal. Also, many sellers will understand the holiday dilema about most banks and professionals being closed for the holiday. Thus, you may be also able to get a letter from your banker or CPA to help out in the next day or so as another option. I hope this helps. Good luck with your purchase. Believe and Achieve! - Joe

Hi, I have read Dean's book, Be A Real Estate Millionaire, more than once and although I can understand the examples well enough, I still seem to be missing something. I am more of hands on learner. I would like to know if there is anyone in the Northern Nevada area doing this program? I am interested in REO's since there seems to be so many of them. My problem is where to start, do I talk with the banks or do I start with realtors, I don't know. I'm not sure what strategy to use and it would have to be a no money option. Any ideas.

Kay

I have been peaking and reading the DG Website for a few weeks now. I ordered both the the books and read them. My credit is shot and so I am looking into the assignments. My biggest hold back is fear and I don't know why that is. If I could get passed the fear, then I think I would be successful. My husband is very supportive for anything that I want to do, so he is very supportive about this. I have a list of FSBO, but trying to get up the nerve to call and talk to them. Any ideas, tips, hints, would be greatly appreciated. My income is stretched since I am a stay at home mom, and so I am saving up my money for the academy since I think that would help me out greatly. In the meantime, would love to talk with other people in the same boat as me but have overcome the big four letter word of....FEAR.

Destrie

You may want to try small local banks that have REOs in their inventory. The following is my REO action plan that I created and I hope you will achieve many results with REOs. So be sure to take action and let your adventure begin!

1. Make a list of all the small local banks and credit unions in your local area.
2. Visit each website to learn a little more about each financinal institution
3. Have a notepad available for each call. Always note the date, the financial institution and who you speak to. Write down as much information as you can.
4. Make sure you sound friendly, polite and confident with every person you speak to.
5. Inquire who at their bank would handle or be in charge of their REO properties.
6. Once you get the name and phone number of the Asset Manager you are half way there.
7. The Asset Manager of the REOs may ask what you are looking for. You can reply that you and a group of investors are looking to acquire a few additional properties this month and you would like to know what they have available. Draft your question around your area of interest such as single family homes, Multi-family, commercial properties or vacant parcels of land.
8. The longer you speak to the Asset Manager, the more information that will become available.
9. If they have some REOs find out all the information and then state you will need to discuss with partners and contact them about next steps such as viewing the REOs. This wll give you time to run the numbers and locate the properties. The Asset Manager may even inform you about new REOs that are not even listed yet! How great is that?
10. End the conversation by thanking them and if they do not have any REOs inquire if you could check back with them in a few months

I hope this helps. The REO Asset Manager holds the key to the treasure chest of REO gems! I hope you achieve much success with REOs and good luck with real estate investing! Believe and Achieve! - Joe

Hi,

My husband and I are new at this. Bought the books and signed up for the
academy 4 or 5 months ago. We still have not done a deal. We have had to
look for a house for us, we really, really need to move. We have made offers
on houses to invest in, but so far have not managed to get an offer accepted.
Now with buying the house for us, we are using all of our available funds. I'm
really not very sure of myself, when it comes to trying to do a deal without
money. I've read the material over, several times, but I think my feet are
anchored in concrete. HELP!!!!!!!

Here's a thought, wouldn't it be great if one of Dean's successful students,
that is in the same area could meet with a new student and hold their hand through a deal or two and then that student could do the same for someone else
and so on. The successful student could help with whatever it is that seems to be the stumbling block to the new student.

Dean, if you're out there, think it over and let me know what you think. I
think you have to be one of the most genuine, generous and giving people on the planet.

Myra

Have faith in God and He will have faith in you!

As with anything new there is fear of the unknown. I can tell you that Dean's books are packed with great information, tips, techniques and strategies to help you create an action plan for success.

Just try to do your best and each day try to achieve a few things on your action plan. Knowledge will lead to confidence. Find the best way to overcome fear by maybe joining a real estate investment club, going to open houses, or just calling on ads. Through practice comes experience and the experience will lead to confidence. Good luck with real estate investing! You can do it! Believe and Achieve! - Joe

Hi everyone!

I received both of Dean's books (PFREN & BAREM) and have been concentrating on reading PFREN because of the RE market right now. I have it both in book form & on audio. I have been listening to it over & over. Sometimes I think I am getting it. Then later I have no idea why I thought I was getting it because I am back to being confused. It is so frustrating!

I know my fear & lack of trust in my ability is keeping me from making that first move. I also know that once I make one deal happen I will be off & running. It is just getting moving that for me is the (seemingly) impossible thing. I would like to buy some properties to hold as income properties & rent them out. Additionally I would like to do some assignments to provide some more immediate cash income.

I am afraid to send out that letter/fax to the RE agents because I don't have any investors or buyers lined up. Or anything, really. I am afraid to start looking for RE to put an offer on because I think I will do or say the wrong thing. Or not know which form I need to use. Etc.

I really need to have my hand held in some way through my first deal or two, I think. I am the type of person who learns better by doing something as opposed to reading about it. I also know that once I have gone through the process a time or two the fear will be less, if not gone. And when that happens I will be on fire with my RE investing career. I plan to be in a position to quit my job as a Nanny in the next two years & do RE full time!

I have thought about the Academy, however I am not sure how much the Success Academy costs. I don't really have any extra money to spend at the moment.

I am in Lancaster, CA & the market is a good one to get into right now. Anyone who has any words of wisdom or anything, I would greatly appreciate it. Thanks in advance!

This is my first post and I hope it will be helpful. My husband and I purchased a 4-plex 9 years ago as our very first investment property. At the time it kind of turned into a little bit of a nightmare because we purchased a much older building that our inspector overlooked a lot of things to help our realtor get the sale. We managed to turn it around and it cashflows very well. I don't want to discourage you from multi-family property because it can provide good income and great tax write offs. Make sure you purchase a building that is in an area where you yourself would consider living and also make sure it has all the amentities that you would want if you were living there. Things like washer/dryer hookups, diswashers, decent square footage, storage, and good parking for everyone including your tenant's visitors. I would also recommend that you make sure it cash flows well enough for you to be able to hire a property management company to deal with the tenants for you. If you do decide to manage it yourself, make sure you learn about the tenant/landlord laws for your area. Finally, make sure you keep some of your profits for repairs and upkeep because tenants will never take care of your property like you would. If there is anything else you would like to know about owning multi-family property that I can help with, let me know.

Billie

I was very excited to see this new forum idea to offer support and knowledge to us newbies. I have been reading the posts and have received a lot of encouragement, but what I really need is concrete suggestions. MikeHutch gave a great outline of important questions in an earlier post (much of which I will admit can be found in Dean's books), but it is still just academic to me at this point. I want to hear SPECIFICS from you guys who have already completed your 10th or 20th deal. Encouragement is great!!!, but I need the down to earth gritty detail.

Kathy

I agree with Kathy. That is what is missing for me, too. The nitty gritty specifics. I just don't know which steps to take first.

Okay, in Dean's book it talks about Matt lined up his buyers even before he had his sellers. I have a few buyers that I can call (cash buyers) but they are wanting to get properties now. When I get my seller, then how do I know if the buyer will buy the property that I have. I think that this is my biggest fear is that I won't be able to move the property once I get it. I'm looking to assign the properties for immediate cash. I don't want to let the sellers down by not being able to find a buyer. Who should I concentrate on first, the buyers or sellers. I live in a very very remote part of Iowa, and the nearest Investment Club is four hours away and with limited cash flow that I have right now, making the four hour drive one way is not feasible. If someone can point me in the right direction, that would be greatly appreciated.

Destrie

You can do this! You have to first believe and then create an action plan and work the plan. All the information is in Dean's books that discuss strategies, tips and techniques. It may be helpful to join a local investment club or network with other professionals in your local area. Most people are helpful if you inform them you are new and want to learn. The DG website is also a great place to ask questions and find a lot of very good information. Good luck with real estate investing. Believ and Achieve! - Joe

Congratualtions for getting Dean's books and being on the DG website. It is also great to have that optimistic point of view "as your cup is always 1/2 full." I would recommend creating a plan of action and working your plan.

To overcome the fear of starting maybe network with other professionals in real estate and joining a real estate club can be very helpful. You may be able to find a more seasoned investor in your area to work with. You may even offer to work wit the experienced investor for free to help them and learn the business. Then you may gain additional knowledge and insight.

Experienced investors may also be interested in partnering on a deal that you find if the numbers have a good profit margin potential. Thus, some action steps may include, create your plan, work the plan, network and try to find some equity parterns for deals. I hope this helps. Good luck with real estate invetsing. Believe and Achieve! - Joe

Thanks for sharing the tips and information on multi-family building. You first post was a very good one. It is so true that you must be able to make sure you have a positive cash flow and your building is based on market rents with comparative amentities in the rental units. Thanks for sharing your insight. Continued success on all your future real estate deals. Believe and Achieve! - Joe

Thanks for the comments. There are several different avenues to pursue in real estate investing, can you be a little more specific on what areas you would like additional information? For example, a member earlier today had a question on finding REOs and then I posted a step by step guide on finding REOs.

Do you have a specific question? If so, please post the question and we can do our best to get you an answer with some action points. Good luck on your future deals. Believe and Achieve! - Joe