OfflineHello Everyone,
First, I would like to introduce myself a little... I am a 28 year old College Student. I first became interested in Real Estate several years ago, but purchased Dean's book about three or four months ago. I purchased his book as a means of paying the bills for myself and my family, begin paying on my massive college debt ($100,000+ dollars and still going), and to become financially free. Plus I've always wanted to own my own business, and I can do this in my spare time while away to college.
I have been around this board for a few days now. I guess the actual term I'm looking for is "lurking around," ha ha, to try to find where things are located around the site and see what this message board is all about, so sorry if I accidentally break any of the rules. That said, I would like to say that all of you seam to be very VERY knowledgeable in Real Estate, so I am extremely glad that I took the time to come here and join.
I just finished reading all but the last two chapters of Deans book, and I must say that it is a great read. However, I have a ton of questions to ask before I begin. I would call Deans Success Academy or Coaches but at this moment I have zero cash, literally. It is my hope that you guys will be able to help me get going so I can finally begin bringing in some cash. Well, with that said here are some of my questions:
1) In his Book, Dean talks several times about building a "crackerjack" team consisting of a Real Estate Agent or Realtor, a Mortgage Broker, and a Real Estate Attorney. My question is, how do these folks get paid? The way I understand it most of my profits will go to these folks. If this is the case, How do I pay them without it coming out of my profits?
2) How do I go about finding an honest, hardworking and extremely good Real Estate Attorney that knows what their talking about, that I can trust and work with?
3) I'm wanting to start building my Buyers list. Since I have no cash, I would like to list my home phone number in my ads looking for Investors. These ads will be placed in places like craigslist, and other online locations, as well as on flyers located just about anywhere and everywhere. I'm pretty sure my phone will be ringing off the hook at all hours of the day and night. My question here is, is this a good idea to do? And is there a way for me to do something like the "Coa Network" phone voicemail thing without using any money for awhile?
4) The earnest Money Clause. Quite frankly, this scares the holy crap out of me. Well, actually the part where the Seller could use this to force the buyer (possibly me) to buy the property. Is there a way that I can simply leave this part of the contract out, and the deal still go through?
Well, that's all of the questions that I have for now. I'm sure as I get going, I'll, have lots more. I look froward to spending time here on the board. I also look froward to being able to lend whatever advice and help I can in the future as well. Thank you in advance for all your help and for allowing me to be apart of this wonderful site.
Thanks,
SuperMoneyMan 
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i wouldn't use your own number, I believe Dean has an 800 number that you can use and tweak to your liking. There are other sites that provide 800 numbers for a small monthly fee. You are right, if you put your home number you will get calls all the time especially the kind you don't want. I'll give you an example, I advertised for a realtor on craigslist and I got emails from people answering and sending me junk mail.
Fortunately once the ad ended so did the junk mail. I created a separate email just for real estate. If I give my number out it will be for someone who is really interested on what I have to offer, After i have spoken to them through email first.
If you want to build a buyer's list, I would recommend joining an investor's group in your area (google with your zipcode)...you will find all sorts of investors there. You may not find some your first time there so join 2 or 3. I joined one and spoke to a mortgage broker that wants to partner up with me who already has buyers. She's a bird dog for them and she said i can be one for her. She also has some attorneys that she works with so If we end up working together the attorneys are already in place. She's going to call me tomorrow to figure out how we can come up with a way that will benefit us both...we'll see.
The earnest money clause...dean spoke about this in his latest book, i would suggest re-reading that part for more detail but basically for assignments there are documents that you have the seller fill out giving you a "backdoor" to get out of the deal if you can't find a buyer within a certain amount of time.
As for paying these people, i'm not too sure myself how it works with real estate attorneys but most attorneys get paid after a case is settled but real estate attorneys are basically needed to look over the papers and make sure they're "clean". They may charge an upfront fee of a couple of hundred or so or they may charge a small fee and then agree to another fee once you close on the deal. I would think if you can find an attorney to hold off til the closing than hang on to him/her...
that's just my 2 cents based on what i read from the books and around here...good luck.
Needs some serious motivation...Should i contact agents with short sales or the sellers themselves, Have the address but only agent's number.
I agree with Optimus, find an REI group in your area. For a quick directory, start at http://www.realestate-invest.com/index.html. The group I went to last night has a name tag system Red=Seller, Blue=Buyer, Gold=Funder. It will cost you $15 or so as a guest.
Also, I have met buyers by going to open houses for completed rehabs. These guys are buyers too, and since they are selling this one, they are looking for their next deal.
Welcome to the greatest thing that ever happen group! You can go on line and send emails to real estate agent who's specializes in foreclosures and send them a short message as to if they are willing to work with you. By meeting an agent whos famliar with the oreclosure process. They can offer some advice to what attorney will work well. Also the mortgage brokers availible. Or pick up one of the free homes magazine and look for agents and mortgage reps in there who also specialize in foreclosres. When submitting offers there are some clauses that you can pt in place to protect you from being forced to close o a deal. Like subject to financing. Subject to etc. Earnest money down can be any amount of money that tha two parties agree on even if it is a dollar. Some sales you can get the end buyers earnest money deposit to cover yours. You can give a check with a contingency saying earnest money will be given within 24hrs of acceptance. There are ways to get around your particular sale when it arises. The main thing is to start building your circle of influence. The realtor, attorney and so forth. Set a goal each day. Get your business cards. Determine what strategy works best for you. Re-read the chapters that apply from Dean's books and keep on this forum. You will find you can get most questions answered here in great detail. Congratulation again to taking a step foward to improving your life. Continued success............Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
Hey Everyone,
THANK YOU so much for all the great advice. YOU ALL ROCK!!!
April09 - Thank you very much for the link (http://www.****.com/?id=April09) I might just join and see what going on over there
mrmike - Thank you also for your link (http://www.realestate-invest.com/index.html) I'll use this link to start my search for investors to add to my Buyers list. This REI groups thing sounds great. I can't wait to dig in and see who I find.
Optimus - I'm so glad that you explained about the phone number thing. My family would have a fit if our phone started ringing off the hook at all hours. I'll create an e-mail address and use that till I get a deal or two under my belt then I should have some cash to get an 800 number. As for paying "my team", when I talk to each of them, before I add them to my team, I'll just make it clear that they will be paid AFTER each deal closes. Otherwise none of us will get paid, myself included. I'll also use Google as well as mrmike's link to search for other investors to add to my list.
mydestiny - Thank you so much for mentioning the fact that I can look for Real Estate Attorney's and Mortgage Brokers through Real Estate Agents. That will probably cut down like crazy on my searching time. Hummm, the "subject to financing" clause you mentioned sounds interesting, I might look into that.
If anyone has any advise, please feel free to add it. At this point, I still have no idea what I'm doing, so I'll take any and all the advice I can get
I'll let you guys know if I have any more questions.
Thank you again to all of you so far that have replied. It really helps knowing that there are people out there behind me 100%, encouraging me, and actually want me to do well. You all are the best.
Thank you,
SuperMoneyMan
Fortunately once the ad ended so did the junk mail. I created a separate email just for real estate. If I give my number out it will be for someone who is really interested on what I have to offer, After i have spoken to them through email first.
If you want to build a buyer's list, I would recommend joining an investor's group in your area (google with your zipcode)...you will find all sorts of investors there. You may not find some your first time there so join 2 or 3. I joined one and spoke to a mortgage broker that wants to partner up with me who already has buyers. She's a bird dog for them and she said i can be one for her. She also has some attorneys that she works with so If we end up working together the attorneys are already in place. She's going to call me tomorrow to figure out how we can come up with a way that will benefit us both...we'll see.
The earnest money clause...dean spoke about this in his latest book, i would suggest re-reading that part for more detail but basically for assignments there are documents that you have the seller fill out giving you a "backdoor" to get out of the deal if you can't find a buyer within a certain amount of time.
As for paying these people, i'm not too sure myself how it works with real estate attorneys but most attorneys get paid after a case is settled but real estate attorneys are basically needed to look over the papers and make sure they're "clean". They may charge an upfront fee of a couple of hundred or so or they may charge a small fee and then agree to another fee once you close on the deal. I would think if you can find an attorney to hold off til the closing than hang on to him/her...
that's just my 2 cents based on what i read from the books and around here...good luck.
HOLA como estas Optimus Creative artistic pen minded ENTREPRENEURIST INVESTOR:
Graicas for the info (KNOWLEDGE) ...
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