OfflineIMPORTANT!!! Before you ask a question, please go through the thread's Table of Contents via the link below. Your question may have already been answered!
http://www.deangraziosi.com/real-estate-forums/everything-else/86517/30-...
Topics of regular discussion:
*Finding the Perfect Real Estate Agent
*Building a Buyer's List
*Ghost Ads and Bandit Signs
*Assignments VS Double Closings
*Contracts and Purchase Agreements
*Earnest Money
This will be updated as progress is made 
__________________
~Michelle Casey
"Now all glory to God, who is able, through his mighty power at work within us, to accomplish infinitely more than we might ask or think."~Ephesians 3:20
Oh man!!! I got another offer accepted!! It is in one of the areas I am looking at in Central Illinois! Never seen the house at all. Probably never will. It's a short sale got it at 50% off the asking price! I'm so excited. 2 in a week!! I will have to use a double close since it is a short sale. After repaired value is 95k and I got it for 39k. I hope I can close these deals and get them under my belt!
Wow! This stuff actually works and is awesome. 2 weeks ago I didn't know anything about this and now have 2!! Keep going everybody! We are so close!!
The best part all of this happened while I am on the road working my job that I am going to quit using all of the techniques and support from all of you. You guys rock!!!
Get rich or die tryin!!
The call was great!! I would advise if you did not listen in, try and catch the replay. He gave a lot of tips and great info!!!
I can't wait until next weeks call!!!
Everyone the Thread is looking great keep it up!!
Reynold Orozco
Can someone answer question #832. That has been one of my questions also.
Seeking overall prosperity in life,
Carlos
You can change the POF to not have a specific address on it.. it just simply says you are approved for X amount. Then you can use that letter for all 10 offers.
Keep up the great work everyone. You are keeping me inspired! I now believe I can do this!
Les
As a man thinks in his heart, so is he!
Think on these things: whatever things are true, whatever things are noble, whatever things are pure, whatever things are lovely, whatever things are of good report, if there is any virtue and if there is anything praiseworthy- meditate on these things
Wendy... thanks for the info. I'll go to the next meeting and see what it's all about... and more than likely join.
Shine... you are too funny... forgetting about a trip to Vegas! Thanks for the input on the REA. We talked for quite a while and he is definitely positive and helpful.
Now to sift out those cash buyers.
One step at a time...
Aniko
Wow! This stuff actually works and is awesome. 2 weeks ago I didn't know anything about this and now have 2!! Keep going everybody! We are so close!!
The best part all of this happened while I am on the road working my job that I am going to quit using all of the techniques and support from all of you. You guys rock!!!
Congrats - that is awesome! How many offers did you have to make to get those 2?
Aniko
Congrats..Why to work hard..Im on my way also.
It dont give me the option to not have a Address,it say I need one..So what do i do
Recipient of Letter: Name of Bank if a short sale. If this is an REO and you are unsure of the
Bank/Seller, it can be the listing agent.
Name: The person to whom you are sending the letter. This can be left blank
Address of the lender if a short sale. Can be left blank.
(XXX STREET NAME, CITY, STATE, ZIP)
It dont give me the option to not have a Address,it say I need one..So what do i do
Place Your Email Address Here:
Place your name, or your Company/LLC here that is purchasing the subject property:
Place the Address of the Subject Property Here:
(XXX STREET NAME, CITY, STATE, ZIP
CITY AND STATE ARE REQUIRED.
Must Be a Specific Address - Can Not Be a Blanket Request
In the address section.. just put this...
Single Family Home for Investment Purposes in Your County, Your State
Details to come... I am stoked on this.
As my son says... Got my swagga back!!
Pushing onward!!!
Just had to share this with the RBBP group...without influence of dean when I read one of his books (Feb '11).. this one would not be happening.
Now I'm doing the RBBP. RBBP is RIGHT ON and REAL, ... We all can do this!!!!
Jill Holden | San Diego
Investor Services
Team Development
They also ask for the listing agents name..put me agent even if it is a different one for each property
I just put my Agents name at the top and they just sent me a letter for up to
$250000...How neat is that
This is my first post. I bought the RBBP on 8/1. I called and talked with one agent so far. I don't think it's going to be a fit but he seemed encouraging as to me being an investor. He said he was an investor himself.
All of you are inspiring with your posts. I needed your inspiration. I'm only on page 11 of reading and all of you are already on page 29 of the posts. Great job!! Thank you so much for all of your sharing.
Debbie
just plan-e!!! That was awesome!!!
If I want to walk across a street, I could stand on the corner and think up all the different ways that I might end up in jail by doing it wrong.
I could cross against the light.
I could jaywalk.
I could cross in the middle of the block.
There are probably a thousand laws that make it illegal to cross the street...if I do it wrong.
I could hire a team of lawyers to tell me all the laws and how best to avoid breaking those laws. I could stand on the corner with all my lawyers and spend years learning everything humanly possible about the legal ins and outs of street crossing. I could research street crossing history to learn where all the laws came from and read the life stories of all the people that first did something to cause those laws to be created.
I would be the Worlds Most Legal Pedestrian! and afraid to move at the same time.
Or, I could look both ways. Wait for a break in the traffic. And cross.
__________________
LOVING IT!!!
Actions Speak louder than words... make it an action packed day!!!
http://www.CashBuyers.TV
Great job at everything, especially all your posts here. I have been getting a lot of that's not legal in this state and am really getting bummed out. I am starting to think I need to go to another state to work this. Has anyone been getting told that this is not legal. Oh, You can't do assignments of contract, or you need to have at least money down without making an offer. I am at a brick wall and will be looking for any and all advice. I Live in NY state. Thanks.........Paul
Paul02, just do something on a daily basis and do not let all the legal issues hold you back. You see the problem I was having in the past is that I was constantly thinking of what i can't do or what will happen if I do this. This is what will hold you back in your comfort zone for the rest of your life. If your comfort zone was fine and dandy you would not be trying to do real estate investing. So, my 2 cents would be like a certain shoe company says to do and JUST DO IT!
I am tired of just getting by and working for someone else, so this is my new lifestyle and thats the bottom line because I said so!!
When do we use the Purchase and Sale Agreement?
Linda
"...be; not greedy for money....but eager to serve"
1 Peter 5:2
Let's make it happen. Let me know what's on your game plan.
Actions Speak louder than words... make it an action packed day!!!
http://www.CashBuyers.TV
Hello,
I've come across some folks here in diego that are on this program. I'm curious to know if you all would like to start a meet up or a group where we can compare notes and help one another. From some of the feedback I'm getting from some san diego, REA's included, it's a little tough here for real estate investors. Maybe 3 or 5 heads can be better than one and we can figure out some ways to crack the code. If you're interested in doing a once or twice a month meet up, phone conference etc. send me a message and I'd love to coordinate it.
Take Care,
Karemah
Asalamu Alaykum,
I'm trying to figure out what is meant about having 50 offers out. Does this mean you are sending multiple offers out on one property, via one real estate agent? I dont' understand this. Why do you send out so many offers and what purpose does it serve.
Thanks,
Karemah
Hello,
I have one more question. Has anyone gone through the process of mailing the cash buyers that you looked up at the county assessors office? If so how many buyers did you mail to and how many actually contacted you back. I spent a little over $50.00 on envelopes, stamps, and copies of my letter and I'm curious to find out what type of response I can expect to get.
Thanks,
Karemah
Hi,
I have another question. What happens when you lock up a property with a purchase contract and then you cant find a buyer within the 30 days that you're alloted? Just curious because I know that you have 30 days to find a buyer, but what happens if you don't?
I got a call from a person who saw my "we buy houses any condition" bandit sign!
Turns out he still owes $32K on the house, which is almost exactly 70% of the ARV but I'm sure the house will need repairs so I don't think this is passable to an investor. He isn't going through foreclosure or anything, just needs a bigger place.
My question is, is there another way to work this? Or is this person just SOL???
~Michelle Casey
"Now all glory to God, who is able, through his mighty power at work within us, to accomplish infinitely more than we might ask or think."~Ephesians 3:20
Michelle, we had similar experiences with the responses from our Bandit signs. We got at least 7 or 8 calls on them, but we didn't find any that we thought were workable. Now that we look at it, I think we were missing some opportunity. One angle my husband put on these deals was figuring out the ROI for the house as a rental. For example, if someone bought the house for $32K and then put $5K into it for repairs, then another $5K for the assignment fee, they'd be in at $42K. But, if they were able to charge $1,000/month in rent, 10% to the management company and another $100/month for insurance and maintence (I'm just throwing out numbers, I'm sure I"m way off), then end rent would be $800/month. So, 800x12 months would be $9600 per year return on $42,000 investment, so the ROI is 22.8%. Now, I made these numbers up, but depending on what kind of cap rate your investors are looking for, this could still be a great deal for them as an investment rental. You can find the average rent rate in an area on the website www.rentometer.com You just type in the address and put in the amount you are thinking and it will tell you if that's too high or low.
I hope I did OK explaining this, but if you have any other questions, feel free to PM me. Or, if anyone sees any errors in my theory, feel free to speak up.
I checked out the rent rates for the area; the average rent for this prop type is only $465/mo (which I'm sure would cash flow a little). Someone did mention owner financing or mortgage assigning but I have NO idea really what they are or how I'd be able to get some kind of fee for it.
Unfortunatly, the ARV on this house is only about $45K and he still owes $32K which almost exactly 70% of the ARV and I'm pretty sure $$ will need to be used toward repairs. I'm gonna keep looking for ways to work w/this before I tell him there isn't much I can do for him...
~Michelle Casey
"Now all glory to God, who is able, through his mighty power at work within us, to accomplish infinitely more than we might ask or think."~Ephesians 3:20
Sandwich lease option a la Greg Murphy?
Unfortunatly, the ARV on this house is only about $45K and he still owes $32K which almost exactly 70% of the ARV and I'm pretty sure $$ will need to be used toward repairs. I'm gonna keep looking for ways to work w/this before I tell him there isn't much I can do for him...
Mark K.
Life Disclaimer: Past Failures are NOT indicative of Future Results.
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View My Everyday Blog - Click Here
Hello Everybody!! I'm a newbee here and following Dean's Rockbottom Blue Print with a post here and following the steps. I want to first focus on Wholesaling and do the 30DQCF which I am excited about. Great information posted here and I like how everyone wants to help each other. Indeed, Dean was right about the family atmosphere where everyone is filled with love. I'll be back to share and ask questions as they arise. I'm looking to create some quick deals in the first 30 days. I have always wanted to be in real estate despite everything. Wish you all a super success!
"Whatever the mind can conceive and believe...
it can achieve." - Napoleon Hill, Think & Grow Rich
Turns out he still owes $32K on the house, which is almost exactly 70% of the ARV but I'm sure the house will need repairs so I don't think this is passable to an investor. He isn't going through foreclosure or anything, just needs a bigger place.
My question is, is there another way to work this? Or is this person just SOL???
I don't see SOL in Rina's Glossary
Good question to put out for alternate possibilities --- I'm sure borderline cases like this will come up a lot. I would want to at least be able to point someone like that in the right direction if I were not able to solve their problem, but I imagine that could easily eat up a lot of time dealing with situations which would not be viable business opportunities.