TO ALL THE NEWBIE'S THAT WANT TO SUCCEED

In doing all of this I have had a lot of no,s, But the way I look at it is for every no I get I am one step closer to a yes.

Randy

It is great to read of folks taking action and improving the quality of their lives.

Keep it up ..

Randy S.
Elkton , MD

I really think the biggest key in succeeding is how bad do you want it and how much time are you willing to put in to make it work. I know when I first got Dean's book I did not put it down until I read the hold book. and have read it many times since and learn something new each time.

Randy

Glad to here from you, Hope things are going great.

Randy

If you are really wanting to succeed, Start today buy taking action. its not that hard. If you want to start slow take one chapter in Dean's book and say I am going to read this over and over until I know it by heart. This is called taking action. Remember ROME was not built in a day.

Randy

Thank you Randy for starting this post. I am a newbie, and this site is encouraging. Carol and Allison - love your comments as well. Reading keeps me positive and motivated. It's nice to know we are all like minded and want others to succeed in their journey. Keep up the great work!

Like I said early, If you want to succeed keep taking action.

Randy

Wow thank you Carol and Randy you guys are the best.
You both have showed me exactly why we call this site for students a family.(DGF)

I do have another question I hope you can answer.

Well to understand my situation, I didnt know exactly where to start.

So I decided to stop thinking and start doing and Just face my fears so like I mentioned in my last post I placed A few ads one at the hospital and one at the grocery store I couldnt believe that today I was called 3 times all generated from these ads.

These were all motivated sellers in my area and one of them wants me to help her before she forceloses.I am going to meet with her to look at the house and talk with her about her current situation.

There is one thing, I have not yet built a buyers list and I was wondering if an auction (like explained in chapter 11 of profit from real estate right now ) is possible to do on a property the owner is still paying the loan on.

Thank you guys for everything I extremly appreciate all the help and motivation. God Bless

But the big thing is to see were the property is setting as far as FMV. I always use the number of 65%, If I don't have 35% equity I let it slid.

Randy

So if the numbers dont add up and shes to upside down on the loan compared to the true value (witch I will be finding out that info today)if thats the case and there is know room for me to make profit is there any way I can figure out how to point her in the right direction in getting off her house and saving her credit, because she ultimately just wants to down size. and if I cant make a profit off this deal I can help her down size save her credit and find her family a new house and make a profit in the near future.

If she is behind in her payments, Its always possible to do a short sale.

Randy

Hi,
this is Curtis over here in Charlotte,NC.So glad you are doing so well.Got a question I see where you said your first deal was an assignment, What do you usually do Buy, and Flip, Buy and Hold etc? Also if you do those you also do those with NO MONEY DOWN?
Thanks for your time.Take care

Curtis Fillers,
(Charlotte,NC)

For the most part I have been holding, I do have 8 right now that are flips. And for the most part all mine are 0 down.

Randy

Randy, thanks for the input. i am still trying to get the courage to go through with a deal. Im 27yrs old and moved back home. I just feel as though renting is a waste of money, so i am looking to buy my first place. Possibly buy a forclosure/REO property and live in it for a year or two, just am nervous to make the right deal that will be able to turn orund and sell for a profit in this shakey economy. anyway you say that buy and hold properties and put 0 down, but do u get these properties and rent them out right away? how do you save yourself from not having to fork up money as far as mortgage payments and other costs? thanks for the help, im still trying to figure out how to make my first move and just want to make sure i do it the right way.

ps. is the success academy really worth it? im skeptical with things like that but i do think i could use the help of a coach to get me through my first deal.

I had the on site mentor, But I used the coaching staff alot. If you are willing to do what they ask of you, IT's worth every dime and more. But its like anything else you have to do the footwork. So far its all been pretty good as far as my tendents.

Randy

Sorry if I'm asking to many questions or any dumb questions I should already know the answer too,just let me know if I'm bugging.
I am just so anxious to get started that I decided to stop thinking and start doing and sort of learn as I go.

well can you tell me what contracts I will need in order to complete an
assignment and witch ones to have signed first and in what order.
and when I will need to contact my attorney, with all the paperwork signed or before any contracts are signed?
Also will I need an agent during the hole process or just during closing?
What is the benefit of a short sale? or how can I learn this method.

If you dont have time to answer all the questions I will understand
thanks for all your advice thus far. God Bless

I went back to the book and figured out witch contracts I will need to complete an assignment.

Great job. Most answers are in the book and on here if a person really wants to find them, Glad to wee you took the time to do it. This is what separates the winners from the losers.

randy

I am going to meet with my motivated seller in the morning and evaluate the true value of the house so far I know the fmv is listed at 221,000 and she owes 175,000 she is a few payments behind.
Do you think this could be a potenial deal to make profit or have any ideas on how to calculate a fair offer that will allow me to make a profit.
just to let you know this house is on a 5 acre ranch its a 13 yr old house 3br and 2 full ba 1400 sq. feet one layer so no upstairs no basement,it also includes an 1800 sq ft shop red wood deck and much more.

Thanks for all your help.

Randy, Thanks so much for starting this forum. Although I still consider myself a newbie, I am getting our there and pounding the pavement. Through this website I have found a friend nearby that wants to work together. It has definitely been a big help. Last week we went to an investors club meeting together and then today we went to a Parade of Homes in an up and coming arts district. It's in the area that our investors are looking so it was a win win for us to get to know the area. Like so many have said on this site, you just have to "do something". Whether it's putting out signs first, making calls, reading reading reading, or doing research on the internet. You have to start somewhere and anywhere is better than nowhere. All of this has truly been a learning experience but I love it! Thanks so much for all those who take the time to contribute even though we know you're super busy making deals!

Dawn from Birmingham, AL

Hello everyone and Randy,
You'all mahe good points and it can be a little intimedating to start, but stick with it and set goals! If you go past your goal it's not the end of the world. Just keep plugging away til you get there and all of a sudden you'll be saying "I did it" and you'll be ready for the next one.
I also am a NEWBIE just got started Success Academy last week and have been setting small goals for myself,"Get thru this lesson today" and review it all tomorrow and then move on to the next one. It's tough going back to school at 50, so I find myself reading everything at least twice and watching the interactive programs 2 or 3 times and taking notes like a mad man. And I have to tell ya that it's working. This real estate stuff was comepletely forign to me and I now feel a great welling up of confidence within me and I feel that I will have my first deal on the books before I finish the course.
So like Randy was saying "Read some, take notes, read some more and read some more and then read some more." The knowledge they make available to us is invaluable and any questions you might have need to be answered are just a phone call away. Everyone keep plugging away and supporting each other in these blogs and forums ect... and thanks for the inspiration Randy.

Glad you stoped by, And taking action is the key, And going to a REI group is different a plus, Its like Dean said in his last blog. you want to learn from the people doing deals. were better to start then the REI group. But at the same time don't forget about the success acamandy if you haven't already joined.

Randy

Hey Randy,

Thanks for this post! I'm driving towards doing assignments to start out, but I have a major problem with paralysis by analysis. As such, I've decided that I won't absorb anything right now that doesn't move me forward toward doing an assignment deal. There are so many avenues to take with REI and I find whenever I start absorbing information about other investment strategies, my brain starts taking on water and I get flooded with questions and don't get anywhere. I know you did really well with using all Dean's strategies, but do you think I'm really handicapping myself by being exclusive with assignments right now? I'm willing to check out other areas later on, but I want to get a couple deals done first. Thanks!

Vincent

Thanks Randy, just starting, and want to start with assignments as well. (NO job, no money, no credit, but I'm gonna make it happen!) I think I found my realtor, looking to build a buyers list, once you get to closing what prevents the buyer from finding out what you are making, back out of the deal, and deal with the seller direct?

Thanks for the encourgement!!! I have been working really hard leaning everthing I can for the last 6mos, Everything is finaly making since and coming together!! I have 2 investors that I am going to start bird-doging for! It is hard sometimes with no support!! I have to hide what I am doing, because I have been told by my spouse this does not work!! I need to find a real JOB!! In my heart I know it does!! It is so nice to see real people on here that have done it!! Thanks everyone!
Faye

Randy how do I find out how much equity a home has and how do I calculate a fair offer.
Thanks for all your help and motivation.

You guys are so awesome and inspiring! I do have a few questions. First is with the earnest money thing. How do you guys deal with that if you have none to put up? Also with the paper work. What is the actual contract? Offer to Prchase? Agreement to Purchase? which one to I actually submit to the seller? Then once an offer is accepted (whichever paperwork that happens with?) but once the seller accepts my offer then I know to start marketing to buyers list BUT what do I do with the signed paperwork that officially makes it a contract? do I or does the seller take it to a closing attorney? or a title company? or who? Thanks for any advice! By the way I just got my edge 2010 homestudy course and ya'll are incredible! Thank you for sharing your experiences, strenth and hope!

By all means, Its a lot easy to learn one strategies at a time and master it and then move on. Assignments deals is all some people ever do because they like the quick cash with no money involved.

randy

Most of the time they will know. But if its a good deal it doesn't matter. The key is getting the numbers to work so its a win win for everyone.

Randy

Glad you stopped by. That's what i really like about the EDGE, Getting to meet everyday people like myself that is making this work.

Randy