WHO MADE THERE FIRST DEAL EVER IN 2010 PLESAE JOiN IN

Hello Sandy,
A HELOC is a Home Equity Line of Credit.

Bob and Sandy, be encouraged and don't give up. I know how you feel. You try everything and still no answers, no help and no money. This bothers me because there are so many great deals but no one is willing to step up with CASH and fund a deal, be a Private Lender.

There may be some HML'S (Hard Money Lenders)that are good and work with you. I have not found them yet. The HML'S that I have dealt with are the worst. They want more information than a bank, could care less about the deal and more about you. They make it impossible for you to succeed. Alot of folks say they use HML'S all the time. How's that? With no money the HML'S still want a payment every month.

CASH is still king. If you have access to it you can make money. This is why I think Private Lenders are the way to go. Who, What,and Where are the Private Lenders.

1. The Who - Private Lenders are anyone who has cash maybe in a CD's or low interest accounts or just money they could loan for 12-15% interest for a short term. Could fund deals when needed.

2. The Where - Private Lenders are everywhere. You just need to find them. How about right here? Yes that's right. How about DG family members that have made it and have money in the Bank to spare, Help other DG Family members fund their deals @ 12% interest. Now once that DG member makes it they would help another member.

Advice is good but action speaks louder than words.

I challenge DG members that have made it to help other DG Members fund a deal, be a private lender or share a private lender. I am also asking Dean himself to help in this area.

Mike

First, thanks Mike re HELOC, I remembered after your reply, just drew a blank when I saw it.
For Hard Money Lenders, I remember in the Set For Life, someone had said, they only deal with Private Lenders.
If you go under the forums, to Financing and Credit, then scroll down to Hard Money Lenders & Private Lenders, where Laird property has his posts. He gave tons of lists on both HML's & PL's, if you told him what state you were in, he sent some web sites.
I also went on line and did find private lenders. Just check them out before using them.
But I think Mike has a good point. I still avoid some deals because I am too nervous to call any lenders. But I intend to call around this week. First to find some I can work with, and tell them of some properties I looked at. Then hopefully will know if I can use them in the future. You have nothing to lose by calling and asking, but everything to lose if we don't make a call.
I am posting craigslist ads in other cities too, looking for properties.
Glad we have this web site, this sure helps us to get some answers and encouragement.
Sandi

We to could use some PML help.We have two property's were woking on right know,from an investor that is starting to sell her potfolio,she has been doing it for i long time and wants to leave the state and retire completely.
We are prying this works out,She is willing to owner finance,We haven't talked terms yet but i did say i was looking for no money down to get started and she didn't say no.SOOOOOOO we are supposed to meet her this weekend and look at two of her 2-unit prperty's.One is a 3/3 fully rented and a sec-8 needs no work asking 28k the taxes are 1k a year in a good area,the rents total 850 a month thats some good pos.cash flow.the other is a 2/2 fully rented 1k taxes a year same area about 2k to make it perfect, asking 22k with 800 month rent.These would be a great investment with great pos.cash flow.We will post the out come on monday.If we get these deals to work it could lead to more with her in the future.We are keeping our figers crossed.If we had money this would be a no brainer!!
Lets keep this thread going strong i know it's working for us and I'm sure others are getting pumped also, so lets keep the great info comming in.
Lets all get to the set for life statis we deserve
Bob & Sandy

sad to see nobody here for two days,has everybody quit i know we haven't
We will keep trying till we succeed,even though it can get very frustrating at times,but what else will we do.All i have to do is look at sandy's face when she leaves for work and it makes me sick, and that is all the motivation i need to never ever give up.And when i leave for work and drive 1hr each way and work a 50 hr week Then we talk to each other on the phone,I know i have to make this work so we can work on REI togther full time together
Have some things we are working on this weekend,looking at some multi units that we might have a chance to have owner financing and also a very rich man who just might let us tap into his money.hope we will post good news on these but if not next week is a new week and one of these weeks something will happen in our favor as long as we keep tying.Have a great weekend every body and success to all who keep on keeping on
Bob & Sandy

5 property's tomorrow two need total rehabbing,2 are sec.8 fully rented and would bring in about 1,150 pos. cash flow between them, owner is willing to talk some terms about owner financing we would love to hold onto these two.The last one needs about 7k in rehabbing,the three rehabs we will try to assign to our buyers or lease option to our rent to own list.still a lot of details to work out but it is a start. will post the results when we know the outcome. Also are agent sent the list of expired MLS
and she will be sending out 50% offers on all property's that have been on the list for 120+ days that is awesome.It took some talking to get her to agree but the bottom line was, do you want to start making soon serious money and she said yes I do.Thing's are progressing forward..

Best of luck to all..
Bob & Sandy

Bob I'm in the same position as you, I work an hour away in Chicago with a 50 hour week so its 60 hours including the drive (not to mention I work nights 8pm to 6am), make enough to be comfortable though. But it's not enough for me, I want to be MORE than just comfortable, to work on my own hours, and to enjoy what I do. I am currently partnering up with Investorinmissouri (as you see her post on page 1) and we have our first deal in the works.

We offered 4k on a property worth 60k after making 15k repairs and it got accepted. We used my money to buy it since it wasn't that much. And we have a potential lease option buyer coming to look at it today. If this goes through we will make a few hundred on positive cash flow per month, get money from the down payment, AND refinance it for a 8-16k profit right away. We would use roughly 4k to fix up the necessary items.

Another deal in the works is a short sale worth 120k, we offered 19k and it was accepted. It's a short sale though so we are waiting on bank approval.

My partner and I might be interested in doing a few deals with you guys depending on what area you are at. PM me your email and we can chat on there.

Best of luck! You got this!!!

Another thing I thought of is that not everyone goes to the bottom of all the posts, so maybe making a Bob and Sandy Journal would let people know that there are updates to it and to check the latest post. Just a thought but I understand you want people to post their deals too. I just wouldn't be too let down if the post gets inactive at times

As you can see your not alone.Sorry it took so long for me to see your post,but I too am a newbie trying to get that first deal.It does get frustrating at times but when you think of the success that Deans teachings brought to others on this site,then six months to a year for anybody struggling to get that first deal isnt bad at all. Like they say failure is not an option.Also like Dean says on The edge 10 dvds,people go to college for years to study for the success they want but people try realestate for a few months and get upset when they havent made any money yet..So keep that in mind.I am positive this is going to work for us all,just as long as we put the work in and do what Dean tells us to do.

I fell on this website researching a REI seminar I was supposed to attend tonight with Armando Montelongo. Needless to say, I'm not going. I have always wanted to invest in RE, but as many of you have stated, the money and credit obstacles, not to mention the economy for buyers is a great challenge. My husband (a journeyman scafford builder) and I need to prepare for retirement, and we desire REI as the road to take. I refuse to invest thousands of dollars for training. I have read of many people (if they are telling the truth) that have been successful without having to spend thousands of dollars. I am going to purchase the books and investigate the other programs Dean Graziosi offers. I haven't seen his TV program.

You really won't be let down! My partner wasted thousands on other peoples' programs before we became partners and showed her Dean's site. Now we did our first deal with barely any money.

Hello fellow DGF, I have been involved with Deans Program for about 3 months
I have one buyer on my list that is buying constantly but he wants a 12 % return but I dont know the formula to crunch the numbers and do the math to figure out how much of a return A property would give you.This was not explained in the books I have read.
If any one could provide this information I would greatly appreciate it thanks in advance.

Hi Bob and Sandy
I started with the success academy in July. Read Deans books this spring. Trying to learn everything I can to get started, not having very much success in finding investors, have talk to two. Met with a real estate agent today that I use to work with in another business, she was about the first one that has been positive and interested in working together. Need to find some houses now and put in some bids.

Have not had any success putting ads on Craigslist, and other sites,just don't get any response. Anybody have a good advice there?
I am enjoying your post and everyone else that is writing, it does help to hear from others in the same position as we are in.
I talk to a fellow DGer last night from my state of Ohio and we will talk further I hope. He said maybe we could work together.

Thanks for your help

Donna

If he means he want's only 12% off the FMV then you have a pretty good profit potential here. Most investors like at least 30% off the FMV. Here is an example formula I use to determine what we should offer:

If After Repair Value (ARV) = 100,000
100,000 - (in your case 12% of ARV, which is 12k) = 88,000
88,000 - Repairs (lets pretend 10k) = 78,000
78,000 - How much you want to make (lets say 10k) = 68,000

In this scenario, if it gets accepted at 68 just turn around and try to find buyers for it at 78.

ARV - (ARV * % of Discount) - Repairs - Assignment Fee = Maximum Offer

Therefore in this case your maximum offer would be 68,000. Usually its way lower than this because we would change the 12% to at least 30% which would bring the maximum offer down to 50,000. It's all pretty simple math once you wrap your head around it. Hope this helps a little! I'm not sure if I explained it the best way. Let me know if you are having trouble figuring it out still.

Donna, It all depends on the area really. My partner is out in Missouri, she posts 20+ bandit signs and internet ads every week, and we get about 1-10 calls or emails a week. I just started doing it out in my area, all I did was post 4 ads on craigslist, and we got 10 or more hits in the first DAY! And that was just from online! So just keep on trying, some areas are slower than others but its possible anywhere! Try mixing up the ads a bit also.

Another good way to find buyers is networking! Go to your local REI club meeting and talk with all the investors there. If you have a good Realtor, they also can be a key source in finding buyers.

Also, if you are apart of the success academy be sure to USE THEM We call them everyday almost. They help out a lot with any obstacle or question we have. As long as you are paying for something you might as well get what you are paying for! They should have some really good tips on where to go next.

Well I know the formula you explained, but I dont think thats what he means by a 12 % return I could be wrong but I believe this has to do with the rental income. he is mainly buying and holding multi units.Example Will say there is a duplex thats rental income is 1000. a month each 2000.together and the seller is asking 200,000 I believe that would be a 10% return.

Wouldn't that be a 1% then in that context? Email or call this guy and clarify what he meant. I've never heard someone request something that specific.

Well you see he wasn't that specific all he said was that he is mostly looking for multi units and he likes to buy and get a 12% Return on his money.
I talked to an agent and had him search for multi units that could possibly get me at least a 12 % Return on my investment and he is going to be shooting me over some leads soon.

I had seen an ad the other day on **** from a wholesaler that said 3 unit for sale ##000.00 Rental income ##00.00 12 % return guaranteed how is he doing the math as to know it will be a 12% return?

Well I think I have figured it out.

If the purchase price was 200,000 and the monthly rental income was 2000
That would be 24,000 a year so that would actually be a 12 % return the first year.

I could be wrong if so please correct me.

Thanks for all your help dominic.

Hello Bob, Sandy it’s Eugene from Jax, Fl.

I was just able to get on this morning; I’ve been a bit distracted for the last few days.
But I read your complete post and believe me I KNOW WHAT YOU ARE GOING THROUGH! I to have bad credit and NO MONEY. And like you this is a BIG deterrent to making this business a bit harder that it should be ***BUT*** it can still be done.

I hope you had a chance to read my post on my first deal. If not here is the link for it. Read it through because there I detail exactly what I did it.

http://www.deangraziosi.com/real-estate-forums/investing-journals/61006/...

Listen I know how your feeling I was about to give up too because with the limited amount of time I have and not having any credit, I’m like Greg Murphy, my credit is in the crapper. And having no money I felt that I was never going to happen. But you know I kept plugging along day to day. I would talk to everyone about what I am doing and what I would like to accomplish. One day I just happen to be talking to a friend of mine that has a great job and has some money that he was looking to invest. After talking to him at length we partnered up and he provides the money and I do all the legwork.

I may have jumped into this partnership a bit hastily because I agreed to give him 50% of the profit. But you know with out him I would not have been able to do my first deal where we came away with $10,000.00, 5,000.00 each. That was 5K I didn’t have before. And it saved my butt because I was getting behind on my bills big time.
You see, I am self employed, I rely on jobs big or small to pay my monthly bills. That 5K paid all of my September and October bills. But you know what the bad thing is, I didn’t have any work AT ALL during October and November is going the same route. Not Good!

But I’m not giving up, I’m going to continue because I know that Real Estate will, sooner or later, help me to be debt free and breath easier. OK so much about that, now let me help you out here. Let me share with you some of the things I have recently implemented in my quest for financial success with Real Estate.

Over the last year or so I have been going in about 3 or 4 different directions to see which one was going to work first and I have spinning my wheels. I think anyway! One thing that I realized with some of the stories in the YTTREP book was that each one was doing one particular aspect of the business. At least the one’s, like Greg M or Joe and Stacy J., Carol S. they picked 1 aspect of the business and LEARNED that one and ran with it. Then after they have had success with that then they ventured into the others.

That’s what I’m doing now. I am focusing on “WHOLESALING”. I have gone back and read everything that has to do with wholesaling. I referred back to my course in the Success Academy in the set for life program and everything in the books that talks about wholesaling. Go back and read chapters 14-16 of the YTYPREP book and put each one of these techniques into practice if you haven’t already. Do what you can 1 at a time, if you can do 1 per week depending on you finances DO WHAT YOU CAN.

Have you found a Real Estate Investors club in your area? If you can afford to join, join it! If not go to all the free meetings they will allow you to attend. Many times it’s about 2 or 3. Here in Jax I went to 3 meetings as a guest and then went to 3 tutorial meetings free and then paid 20.00 each that was applied to my membership. Get on their mailing list, read all of the information they send you. Most of it is good stuff, it will keep you informed as to what is happening in YOUR area. When you go NETWORK – NETWORK with every body you meet. Let them know you are a newbie, DON’T BE AFRAID TO SAY THAT, they will help you get started or give you the encouragement. I have found 3 guys that I keep in contact with at least every other week just to see how they are doing.

Find out how to locate PROBATE properties in your county. Go to the clerks office at the court house and ask where you can find information on Probate. Find out if they have all that info ONLINE then do it from home. In my area there is a legal newspaper that I access from home online and there are always 15 to 20 new probates being announced everyday. I print them out and then send the Representative a letter letting them know that I am a Real Estate investor. At DG.com there is a probate forum join it from time to time and read the post you’ll learn a lot from that too. I’m still learning this but it will yield me a deal soon because I have one in the works right now that I happened to stumble on. It’s a challenge but I think it will turn out to be a good deal. Watch for my posts on that on DG.com.

Next, advertise on Craigslist try to put at least 2 to 3 ad’s 3 to 4 times a week. Use the ad’s in the ytyp book that Greg uses.

Next take the time to look for FSBO on Craigslist call them or email them use the emails in the book. You may hit upon a deal that way. If you working during day time hours send emails and they will respond to you via email.

Well I hope that this helps you. What ever you do DON’T GIVE UP ON YOUR DREAMS. By the way talking about dreams have you WRITTEN OUT YOUR GOALS?

I hope that you are not like me thinking that it was to tacky to write out my goals because I am here to tell you that even though it sounds tacky it works. I also found that I had to be realistic about my goals, I like what Dean said “SET ACCOMPLISHMENT GOALS”
When I did that things started to change. If you haven’t done it yet, DO IT!

Well I have to go I hope that this helps.
Eugene A.

P.S. if you want PM me with any specific questions and I’ll answer them as soon as possible.

I started in 09 and did 10 deals in 2010. Just keep working at it and change your tactics as needed. Also try to find a local mentor who specializes in creative real estate , that really helped me. Keep at it kid.