Okay now the fear has set in!!!

Sounds like you hit a goldmine. For most people the fear is finding the buyers!! Most of us would like to have your situation so do everything you can to run with it. Your Realtor sounds like a perfect person to work with.

yes sounds great for you to take action on. in my own opinion you should first decide what area you want to invest in.
2.have her send asap a list of properties in that area
3.find at least 10 narrowed down to take action on that is below fmv
4.u will have to do your research on zillow.com or realtor.com or other to see if these r in fact the best 10 to work on
5.also u need to decide if u r going tobe doing an assignment,or flipping or holding to rent
6.go inspect these properties and make a list of repairs or get a contractor to give u free estimates.
7.get comparable sales on the surrounding area on these 10.
8.take your fmv- subtract your closing costs ,realtor fees,what you plan to make on the tranctionand less 5-10% more if you wish and that will be your offer.
DONT BE AFRAID TO MAKE A LOWBALL OFFER IF YOU R NOT EMBARASSED BY YOUR OFFER THEN YOU R OFFERING TOO MUCH!!!!!!!!
GOOD LUCK AND TAKE ACTION NOW!!!!

The fear will pass, do not give up! You have an amazing asset right there in front of you! Everyone is afraid in the beginning, do not let it hold you back. The fear is temporary, you can gain a lifetime of success if you take action!

You may not realize how truly valuable a resource you have available in finding this Realtor. Especially since she knows you are new to REI and she obviously has extensive experience. If you tell her the things which are holding you back, or atleast ask any questions you may have, I almost guarantee she will gladly help you thru the process. If she told she will help you thru your 1st deal, then she is already on board!

Take advantage of this situation! This is probably the single greatest resource you could ask for at this point, honestly. If my Realtor was an investor himself and was familiar with everything I needed him to do, I would be ecstatic! MANY people have a hard time finding a Realtor/agent to represent them who is even willing to do what they demand, let alone one who understands REI and what is entailed.

Think about it like this.. She had her 1st deal also. She was new and scared at 1 point just like you are now. I'm not telling you not be scared, its natural. But I am telling you to FIGHT THRU THE FEAR! If you push thru and persevere, you will not regret it! I guarantee!

If you ever have questions/concerns which you do not want to ask her, for whatever reason, ASK HERE! There is so much knowledge to be soaked up here and so many people who are willing and able to help. Just don't give up!

Good luck to you and keep us updated as you progress! Don't forget how valuable a resource you have here with the DG Family as well!
-Mike Hutchins

Regarding your above posting:

Are contractors in the habit of giving free estimates? If they are, thats fantastic. I was unaware. Do you need to find a particular contractor who is willing to do this? Or is this common practice? I could really use a contractor on my team that would be willing to do so.

Thanks in advance and good luck!
-Mike Hutchins

Most of the ones I know give free estimates. I wouldnt pay a contractor to bid on a project.

Put in that context, I definitely agree. I guess I hadn't thought about it like that (or put much thought into it at all haha). Good thing no question is a stupid question, because that felt borderline lol.

Thanks for the help! Good luck to you!
-Mike Hutchins

Lots of great suggestions above! The more prepared you are, that will eliminate a lot of the fear. But the rest (the part that some of us were born with! lol) you have to just overcome. I had to keep telling myself, "This will not kill me.", "There are LOTS of people on DG.com doing this.", "Even though my heart is racing and I feel sick to my stomach, I REALLY will NOT have a heart attack.". The more I talked to myself and MADE myself DO the stuff I was scared of, the more that feeling subsided, and now there is very little that gets to me. So, YOU CAN DO IT! It's ok to be scared. It will go away. Maybe practice what you're going to say at home. Or write it in here.
We're all rooting for you! Go out and take that opportunity!

God bless,

Rina

yes most contractors at least in my area will even advertise free estimates.i used to be a contractor for a number of years and did free estimates .thats how u get clients just ask dean how many FREE things he gives us to keep us coming back to this site.MANY!!!! but yes use the free card but dont OVERUSE IT. it would be wise of you to build rapport with a contractor,electrician,building supply store workers,painters,etc to absorb any experience that they can teach you and i am sure they will in turn love to be learning things from you at the same time!!!
phoniex....as rina has said we all have a certain feeling of fear inside us but that is exactly what it is a FEELING So YOU HAVE CONTROL OVER IT AND YOU CAN OVERCOME IT .....JUST DECIDE TO DO IT !!!! go get um!!!you will be glad you did and just remember the dg team here is behind you all the way!!!!

Thank you for the information. I feel like I should have known this, but I did not. I appreciate the insight. I will certainly keep that advice in mind and take action with it! Great example with Dean! How many other people would provide access to all the resources which we have, provided by Dean and his staff, for simply purchasing a $20 book!? I say NO ONE!

I apologize, I did not mean to side-track this posting. Which I feel I did. I am sorry Pheonix, this was not my intentions!

Good luck all!
-Mike Hutchins

Having fear is perfectly natural. We are all human. I have made about 10 deals and I am still nervous before closing on each one.
However, you have two options.

One: you can let your fear keep you from moving forward and get nowhere.

Two: you can let the realtor, who, by the way, is a gem, a goldmine, help you out as well as do your own research as well as come here and ask any questions you don't know the answer to.

My advice: go for it!!! Don't rush, take things slow. Look at many properties before you decide what you can bid on. Listen to the realtor, do your reasearch on zillow, homestead, etc. Come to this site and we will help you as much as we can as well.

Good luck!

Hope it helps!

Yuri

Thanks for all the support you have given me. It really helped me to make up my mind and just do it! On a even brighter note I have landed yet another realtor who will walk me through my first deal and make the low offers for me and works with investors in different sections! ie: commercial, single family, reo's, short sales, etc. So by the time this is read I will have set up an appointment to meet with both of them to discuss working together and formulating a plan of action. Will keep you posted. Note: I must say that it must be meant to be because I've been asking the MAN above for this and everything is falling into place! Not 1 but 2 realtors. Maybe they'll help me build my buyers list too.

Okay, here's the deal. I have an appointment with the second realtor as I mentioned in my last post. He is an IndyMac REO Broker(what is that exactly and how can I use him to my benefit?) He has investors who are in the single family homes,shopping centers, and industrial user/owner or investment. He has committed to walking me through my first deal, he knows about assignments, this is good right? Do you think I will have problems because he is a IndyMac REO Broker? Whatever that is. Get back to me and let me know.

Go for it. It sounds like you hit the jackpot. Make it work for everyone!
Take a deep breathe.. and.. "let it out" and go for it. Keep us posted

Does anyone know of private lenders willing to lend to folks with horrible credit? If I can get a small loan $25k-$50k I believe I will be better positioned for attack with my first deal. Not to mention I could probably get a heck of a deal from my REO broker. What are your thoughts people?

Randy,
I knew i had to take action and a blessing across the street from me came true.My target was a home being REHAB right in front of my eyes,I told myself...Go ask them if they're investers! The only problem was ME being afraid to take action,So i did nothing for many weeks! I knew this was my test to prove to myself that I AM REI...Still i did nothing!Well it turned out someone started living in the house(Remember this is where i live).I really thought to myself..."You know you need buyers and you can not even cross the street"Now i am fired up!
A couple of days later a truck pulls into the parcel in question(The REHAB person is back)I did not even consider my feelings anymore at this point,I knew what i had to do.I walked over and made myself PRESENT,I asked the person...I see you REHAB,Do you buy houses?Yes with a discount.

Long story short,The person i was so afraid of meeting! Turns out is a mortgage consultant and the partner is a REA and is willing to help me (BUY and HOLD).

I must say after meeting my first buyer,The blessing it was to talk with someone that shared my REI language (All aspects of buy and sell).
TO: DG and everybody,Thank-You for sharing your knowledge and passion.

Phoenix360,
I did not mean to step-on your post,I had to let it go!The person i meet is running(Private with no points,Looking to hold for a invester seeking cash flow when the up-trend BEGINS).

Rosefield gave you some good advice, about taking action and networking with people. It is often true that everyone knows somesone that can help o assist in what your trying to do. In this current economy its all about networking and many people from many different industries are going to benefit so this is a win win situation.

Some suggestions for finding cash include, network at the local real estate investment clubs, if the deals have really good profit margin try to potential find a partner and lastly make a list of everyone you know to try to find a private lender whether be a family member, friend, relative, neighbor or professional you may know such as a doctor, dentist or lawyer. Good luck with real estate investing. Believe and Achieve! - Joe

I am looking for someone to lend me some money as well. I don't even care about % at this point. So, if you hear of a Private Money Lender, let me know LOL

Yuri

Thanks for all the advice you guy are the greatest!