Holiday season slow down?

Hey, welcome to the DG Family!

You would be surprised, but this is one of the best times to get a great deal, in my opinion. People are focused on the Holidays, so there aren't as many buyers. And sellers are looking at either moving before the cold sets in (private owners) or having to pay utilities or winterize properties for the winter (REOs) and keep their "listings" shoveled out, etc.
Not to mention (at least in some states) property taxes will be due in about 8 weeks!

LOTS of great opportunity! Good time to keep your eyes open.

Rina

Rina, I would like to thank you very much for your response. I have seen and heard what you have done and I know you must keep a very busy schedule. I would also like to thank you for putting in place the resources and funds to help others.

I hope to achieve my goals in the time I have set.

I have been spending anywhere from 2 to 5 hours a day after my 8 hour day at my JOB "Just Over Broke" and up to 10 hours or more on my weekends. I have been reading exploring and absorbing the books, action steps, blogs, posts and any and everything else I can find.

I am looking at the phone system, I already have one in place that I have been using with another business however this is not a 1 800# so I am trying to decide whether to switch to a 1 800# or not. I have started a flyer work up, and will work on my business cards today as well. I have looked through creagslist.org and kijiji.com for the fist time the other night. I will soon be posting there for buyers, sellers and Realtors. I have also talked with many coworkers and let them know what I’m doing and asked for brokers and realtors they may know and like.

I’m really looking forward to getting the robotic system setup, and my team in place to get this thing rocking. I’m not sure what the cost on flyers will be but I will have a little hurdle getting started when it comes to the financial part we are living paycheck to paycheck with no savings as many others are right now. Just a hurdle I will overcome.

My wife and best friend Julene is disabled and will need a liver transplant in the future. In her 20's she had a tubular pregnancy and almost died. Julene was given 9 pints of blood which saved her life at the time, but unfortunately infected her with Hepatitis C. At the moment in Oregon she does not qualify for a liver due to weight issues which is no fault of her own.

Julene was a very active person most of her life and in great shape. Always riding bikes, hiking, fishing, dancing and even a amateur down hill ski racer while living in Aspen CO. Due to illness, leg and back injuries as well as fibromialgia and other issues, she has been unable to work for over 12 years now and we just squeak by at the moment.

We have been in a position due to my one income and her disability that we have not been able to afford to go anywhere or do anything which has really cramped our stile. Julene and I have not seen her 2 now, adult children and grandchildren, one of which we have never met in over 9 years now. The children both live in different parts of the country. Due to the economey we have not been able to get to gether. When the Kids were still living with us we were always going somewhere or doing something. We need to get that back. Julene has many things she would like to see and do and I am ready to make this thing happen. I’m not sure if it will do any good, but I would like to get to $500.000 (The cost of a liver transplant) in equity in the next year and half. I want to be ready when she needs it. I’m not sure if cash talks or not but I want to have that option.

I did not include this for sympathy for my wife or I, but to show what my motivation is.

We both are looking forward to getting this rolling. Julene has good days and bad days but she really wants to contribute to this. She is the brains of the operation as well as the researcher.

I know this is going to be a lot of work but also a lot of fun and we look forward to the day we can help others.

I am just curious are there many people who have took off and succeeded without the use of the success academy?

We are excited to be part of the DG family

To all have a great Thanksgiving

Mark & Julene

"To continue doing what you are doing and expect change is a sign of insanity"

P.S. Sorry this was so long

Millions of people think that the RE business takes a holiday "nap" from Halloween until at least New Year's, if not Valentine's Day. NOTHING could be further from the truth - this is actually the BEST time of the year to buy! Combine that with the best buyer's market in decades, and I'm kicking myself because I'm typing on my computer! I should be out buying a house right now! Think of it this way...

Everybody wants to sit at home and be with family this time of year, but life doesn't stop because there's a turkey on the table or a tree in your living room. NOBODY wants to move in the snow, yet millions still have to or need to. I've had to move in the winter several times, and I still have yet to buy a house. If we all hibernated like bears when the snow flies, yeah, the whole RE market would be on "pause" till spring. But we're not... People are relocating for work, or they hate snow and they want out before spring. People who have already bought the house they're moving to may want to start the new year at their new place. Sellers are most flexible, and prices are lowest when the weather's cold (especially if your market area gets snow).

I could go on forever about why this is the best time to buy, but I have a turkey to eat, lol. So, look at your MLS and you'll see what I mean. Most sellers are relocating, and they don't want to pay 2 mortgages at X-Mas time. They will likely be more motivated in winter than any other time of year. Hope this helped, and good hunting!

Are there issues I'm going to run into if I do go ahead and purchase a property before the end of December?

Am I going to run into possible problems with having to come up with money for taxes?

This is all new to me. Due to circumstances threw out the years we have never owned our own home. We have been throwing away money on rent for way to long.

I was planning to buy investments properties and raise our income then purchase a home for ourselves.

Am I going about this the wrong way maybe?

I do know there are advantages for first time home buyers. I am a veteran and I have never used my VA loan. The $8000.00 first time buyers credit as well as by owning a home you gain certain write offs. I don’t have a down payment of any type and we can not afford a very large mortgage. I’m not sure if or how we might be able to get in a home. We have not used credit for anything in over 11 years so as far as I know we have no credit rating. The only proof of our credit worthiness would be from our rent (We have never been late) and I have worked for the same company for 12 years now. If I'm able to structure a "killer deal" and purchase a home with good positive equity should I be able to pull the equity out or use it as collateral to purchase more investment property right away?

Am I missing a big opportunity here? I know this may seem strange I am just now thinking of some of these ideas as I am writing this.

Should I be getting out there and talking to a broker and realtor about my situation or focus on investments first.

Thank you and have a great Thanksgiving

Mark

"To continue to do the same thing you have been doing and expect change is a sign of insanity"

Mark
I agree with Dave, now is the best time for you to find killer deals while realtors and others are taking off for the holidays. here are still alot of folks out there needing to sell thier home.

I'm a newbie still working on my first deal but I've chosen to ramp up my marketing now to hopefully get a deal done before the end of the year.

If not, then hopefully I'll have a few deals in the queue heading into 2010.

I encourage you to read as much as possible on this site. There are alot of knowledgeable and supportive people on this site. I'm also sure there are a number of folks who are doing big things who maybe haven't enrolled in the success academy. Hopefully they answer your thread.

Best of luck to you and Happy Thanksgiving!
Fish

No, you're not missing out on anything if you pick up a property right away. What I meant was, if you collect rents from someone before Jan. 1st, then you will have to pay income tax on them when you file this coming year. It's no big deal when you buy, so don't worry. If you've rented for years, and you want to start REI, the most comfortable way for you might be to find a property you can lease option or land contract yourself, then turn around and lease option it to a tenant.

What you should do first, above everything else, is pick up all of Dean's books, starting with "Be A Real Estate Millionaire" (BAREM) and read it cover to cover. You will learn a great deal from it. Also, find a mortgage broker, and explain your situation to them. Follow the directions in Dean's books, in order. Don't worry about time passing you by. When you're truly ready to invest, there will be opportunities everywhere.

The Obama Homebuyer tax credit has been extended. I don't know until when, the last report I saw was at least until this coming March, it may be even further by now. If you can get a VA loan, you have a solid advantage over the majority of us already. A mortgage broker can explain those (and all other) loans to you. Just relax, and do what Dean says in his books. Keep up to date with everyone on this site, and don't worry. Hope this helped... Happy Thanksgiving!

You are welcome and thank you, too, for the kind words. I will be praying for Julene, and that you two can soon be back doing all the things you love.

Congrats on all the steps you've taken so far! That's incredible, being the circumstances you are overcoming. I know you will make this work.

Great advice from Dave and Fish. One thing I'd like to add is that when you have rentals, two of the biggest pluses are being able to claim the depreciation and the fact that there is so little tax on passive income (you could easily get money BACK!). Also, if you DO purchase before the end of December and put the property "into service" you can start claiming depreciation this year, and also any expenses you may incur will come off of 2009 tax return. I want to close on as may as I can by the end of the year, myself. Of course, like Dave says, when you are ready, there will be just as many opportunities. You just want to pick or "create" the cream-of-the-crop deals. That's what is so cool about what Dean teaches. He has strategies for EVERY turn of the REI cycle!

Have a great Thanksgiving! (And please give your wife greetings from me, too. )

Rina

Yes, there are many people who have succeeded without going through the Academy. It is a wonderful thing if you choose it and can certainly jumpstart one's REI career, but Dean surely gives us everything we need in his books/programs/and on the site. Most important is the mindset of the user. Only YOU can make the action!