IMPORTANT!!! 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
I have a approved by bank short sale in garden grove, I need a cash buyer,that my first deal, if you guys can look on it and tell me what do you think i'll be appreciate
that's what i posted under my deals
Hi DG family
I recently find a short sale which is approved by bank , it's old property 3 bed 1,5 bath it needs about 8K in repairs,the lot is about 17000 sf
is huge , i check with RE agent hi said that's closer size of the lot that on Total View
that's data from total view
Lot Size: 23522
Property Type: Single Family
Year Built: 1941
Beds: 3
Baths: 1.5
Garage: 2 cars
it need to be cash transaction, I'm not sure if I'm ready for that deal so if any one has a cash buyer,I'll Pass it to you for a finders fee
More info
the zoning is R3 which means you can turn down the house and build there a multifamily units or divide it and build 3 houses there . a potential for a future development
I appreciate any suggestion from you guys
Hello family,
I have a problem...An agent i talked to said that all the offers that i want to submit is alot of paperwork for her...I guess she dont believe i will purchase any.how do i overcome or streamline all the work for her?Thanks Family.
Michael Rambo
michael rambo
First sit down with your agent and go through a contract once. Show them that you are interested in their knowledge as a Realtor. Then once you have their contract - add in your contingencies. ie Inspection Clause and Partner's Approval. Review the contract now....
Okay, so then say "let's make a template out of this."
1. Remove the Seller's name
2. Remove the address
3. Remove the puchase price
4. Remove the dates
Okay now you've got a template so for each property you want to offer on they have to enter in those 4 items. If they are set up with eSignature you can sign online.
Now the only thing you need to give them is a earnest money check. Leave the "to" line blank to put the title company's name in and the "memo" line blank to put the address. Make lots of copies and now they just need to fill this out for each offer.
Finally, proof of funds. Visit insiderscash.com or coastal-funding.com print out multiple copies for varying $ amounts. Give these to your agent to match up with each offer.
Now what do they do...
1. Keep sending you listings (5-10 minutes a day or a week based on how fast you want to go)
2. Fill out the contract template based on your offer, your proff of funds, and your earnest money check copy (5-10 minutes per offer)
How much time is that...not to shabby!
Best of luck. Get out there an make those "agressive offers"
Chip & Andrea Weule
AC Investment Group, Inc.
Just starting out. Looking for CASH INVESTOR to lend 35% for aquisition of property I will pay 25% return on small short term loan.
Please Help
Pam
Chip & Andrea... I know what you mean... if you don't check in here daily you are left in the dust!
Michelle... congrats on the find!! I will be watching for your updates.
yooohooo... Waterloo... I'm with Smurfy... enquiring minds want to know how you are coming along!
Tom... I PM'd you.
As for me, I have found that DG.com is an addiction. Altho my J.O.B. does need tending to, so I can't spend as much time on RBBP/30 Days as I'd like (that being ALL of my time LOL). I have found a private investor tho. I know him from my J.O.B. I talked with him about being a hard money lender for me a year ago. We were supposed to meet and talk some more, but we never did, and I didn't want to push it. So a couple of days ago he called about a business matter and we ended up talking RE. It is very obvious he has spent the last year researching investing. Rather than acting as hard money, what he wants to do is have me find a deal, rehab and sell it, using his cash, and split the profits. I am extremely excited, and extremely nervous as well. Here I have been focusing on wholesaling and all of a sudden I have the opportunity to fix/flip. So any and all thoughts/ideas/suggestions/warnings etc would be greatly appreciated! I thought I'd share something he told me... apparently he has been talking with the investors who buy properties on the courthouse steps. They told him that when a new investor shows up, they will outbid the new guy, even if the numbers don't work, just to keep him out of the game. Interesting. Altho we all know that all we want at the courthouse steps (at this point anyways) is the contact info of those very guys in the old boys club!
Hope everyone is enjoying their Labor Day weekend...
Aniko
Hi Everyone -
I am totally psyched about Dean's programs and the success you all are having. I am in Nashville, could be a great market, but we are moving to Houston in the next 2 months and that is where we will start to build our RE empire. We're going there for medical reasons (for my wife, the best care is in Houston), but also because the Houston economy is outstanding, the housing inventory is vast and the markets are mixed (some neighborhoods - no change; others - on the rise; others dropping like a stone as you read this.
I've already recruited two hot agents in Houston who are itching to go. Multiple offers and wholesaling not a problem.
In fact we found a great neighborhood outside Houston with a band of houses in the $295K - $350K range. If we could find investors to go in, these houses would be outstanding investments for buy-holds or lease options. Some of them are worth up to $500K FMV. In fact there's one we LOVE right now for around $300K, and if we could find someone to purchase now, we'd do a 2 year lease-option - we have the income and score to even qual for FHA but not enough down and a few dings on credit (med bills) that have to be addressed...
Appreciate any thoughts or suggestions - or possible partners!
God bless you all and God bless you Dean!
Norm
Aniko:
The same rules apply for flipping that you use for your wholesaling, "Have a buyer before the property."
Here in FL, the REI giants at my REA meeting all talk about having a buyer who needs credit repair. They then go out and find a house that meets their buyer's needs, they buy it and they do the rehab on it. While they are doing the rehab, they have the buyer going through credit repair. Once the house is completed, if the credit repair is done, the buyer applies for a mortgage and buys the house. If the credit repair hasn't been completed, they rent the house to the eventual buyer until they qualify for the mortgage. There is a stipulation somewhere between the eventual buyer and the investor that the buyer has "x" number of months to complete the credit repair so that the investor doesn't get stuck with the house. I do know that the investors were talking about screening the potential buyers extremely carefully so the likelihood of problems is diminished.
Hopefully this will help.
Through another GURU's webinar, I heard the same thing about the "Good Ol' Boys Club" when it comes to the auctions so I guess it's not a myth. However, if you're going to the courthouse auctions just to get info, you wouldn't be bidding on the property. If they are already at the courthouse auction, why would they need you to get them an auctioned deal? Truthfully, if they are so brash as to overbid on a property, I might consider finding them a great deal and telling them that there are others interested in this property so the highest offer takes it. Maybe they'd overbid on your deal too
Anyway, I hope this helps.
Have a great Holiday Weekend
Andy Sager
DG's AndyS
Andy Sager
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni
Thanks for your comments. This isn't the first time I've tried to correct public opinion. I've even taken on a local TV station and the Miami Herald with some success. I just hate it when people are wronged by public media!
Just to follow up-
I received an email from the agent about 2 days later stating that she wasn't being derogatory but that she had seen an ad for one of Dean's traveling workshops so she was "preparing" the other agents for what may be coming their way. She also stated that she was on her way to a meeting and would respond more in depth later that day. ( I still have not received any follow up. Maybe she didn't like being called out from a public forum! )
I know it's a long shot but maybe we need to have Dean do a special invite to Re Agents across the country to become members of the site and the RBBP system so that they can get educated about what we do and how we help. Maybe that will ease the problems we all have with finding an agent to work with us. We are in a "New World" and need fresh ideas to help this country get out of it's funk. The "Old World" thinking is what got us into this mess. I'm tired of it as I'm sure you all are too. If Agents want to keep doing things the way my Mother did 40 years ago, I hope they have a good nest egg to carry themselves through cause I doubt they're making a good living now. Newer agents aren't going to be making good money either if they don't wise up and change the status quo.
That's my rant and my 2 cents.
Andy Sager
DG's AndyS
Andy Sager
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni
Wow thank you so much Chip and Andrea...I want this so bad..You guys are awesome.
michael rambo
She's ex-military (was an Airborne Ranger [a real life "GI Jane"--and she loved the movie too :)]) which is major plus in my book, and that fact was partly why I reached out to her in the first place.
She and I conversed for nearly 2 hours, and I never asked her a single one of the RBBP script questions. She naturally addressed every single point--and much more--without any prompting. Her interview was the easiest one I've ever done, and she clearly established herself as the right one within the first 5 mins of the call.
Incidentally, she also does some investing, so she's one of us too.
dp2:
Please ask your agent if she knows another Rock Star agent in Polk County Florida. I'm in desperate need of one!
Thanks,
Andy Sager
DG's AndyS
Andy Sager
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni
Thanks,
Andy Sager
DG's AndyS
I used a slightly different approach to find her. First, I did some market research to figure out some ballpark figures for where I needed to be for wholesale pricing. Second, I combed 20-30 "fixer" posts (especially ones that explicitly stated cash or hard-money only) on craigslist.org for properties in that price range to see which agent(s)/broker(s) kept showing up. She crushed her competition with her advertising campaign. Third, I called on one of her listings. Finally, she proceeded to address all of our concerns without any prompting.
Then again she also invests, so it's almost not fair for her competition (ie other agents).
can some tell how I can access the "30day welcome video" that is mentioned in Dean's 30days to Real Estate Cash. when I key-in the address it takes me to a blank page with "Home" on it and the number 2 under it and i can only go to home page and nothing i can see where i can see the video.. thanks
Immediately after you log in, you should have been redirected to the webpage that contains the welcome video.
I actually had the same problem watching that welcome video,
even in the beginning. It might be a glitch or bad link...
Just don't accentrate on that too much, there is lots of other
information in RBBP.
And good luck to u, Michelle, get this deal finalized!
Thanks, everybody
Dennis
- Truly believe in yourself! -
Dennis
I actually had the same problem watching that welcome video,
even in the beginning. It might be a glitch or bad link...
Just don't accentrate on that too much, there is lots of other
information in RBBP.
And good luck to u, Michelle, get this deal finalized!
Thanks, everybody
Dennis
- Truly believe in yourself! -
Dennis
It's posted somewhere that that video is inoperable at this time. They're working on fixing it. Can't remember where the post is.
"Persistence Pays, Procrastination Delays!" - smurfy
"I can do ALL things through Christ who strengthens me." - Philippians 4:13
"He will keep in perfect peace whose mind is stayed on thee" Isaiah 26:3
"Those who wait on the LORD Shall renew their strength; they shall mount up with wings like eagles, they shall run and not be weary, they shall walk and not faint." Isaiah 40:31
View my journal here: http://www.deangraziosi.com/real-estate-forums/investing-journals/59850/...
Okay, I've received a letter from my agent and she has stated as follows
"Hi Karemah, I changed the email address for the notifications. I also got an email back from my broker and he shares the same concerns I do. I would love to be your agent, but I need to do it one of a few ways: 1). You are the Buyer and you can provide a statement showing proof of funds,2). You enter into a fee contract with your end Buyer and I write the offer with that Buyer’s name and proof of funds, or3). You form an LLC with a group of investors that become the Buyer and I write an offer for them with their proof of funds. It would not be a prudent use of my time or worth the risk to my license to do it any other way. If you think we can do business together in any of the ways shown above, I would be thrilled and honored to participate. However, I do understand if you want to go ahead and try making offers in the manner in which you are being taught. I wish you the best of luck and I would love to hear how it works out for you. I will continue to send you notifications regardless of what you choose to do and if you have any questions, please feel free to contact me. Thank you,"
So I have to reply to this, what should I say. I think I'm stuck without an agent again.
Karemah
Thanks for the suggestions Andy. I will add buyers who need credit repair to my list of potential buyers. That's another strategy that I can add to my bag of tricks. I even know a person who does credit repairs. He told me he could get foreclosures and bankruptcies off of a credit report in two years. He said there's a company in Florida he sends them out to, but I didn't get into any of the specifics.
As for the "Good 'Ol Boys", Greg Murphy says that we can offer them better deals than they can find on the courthouse steps. As long as we're not competing in their (overpriced!) auctions, I'm sure they wouldn't mind dealing with us.
Cheers,
Aniko
Hi Karemah,
If you are trying to do a double closing, I think the way you do it is that you use your agent and title company A to buy the property. You do NOT tell that agent (or title company A) what you plan on doing with the property. Then you find your buyer and use title company B... title company B should be YOUR title company that knows how to do what you are doing... and do the second half of the deal. I read somewhere that as long as you disclose to your buyer what you are doing, you are ok. But you don't need to disclose to the seller what you are going to do.
In your case, you have notifications (I assume these are properties that meet your criteria) being sent to you. When you see a property you like, contact the selling agent (not yours) and make your offer thru him/her. (They'll like that cuz they'll get both ends of the commission). Once you get a property under contract you proceed to the second half of the deal.
Hope this helps...
(Please be sure to verify this, as I am a newbie myself...)
Aniko
So I have to reply to this, what should I say. I think I'm stuck without an agent again.
Karemah
Option 3 is your best choice provided you already have an entity (eg LLC, S-Corp, C-Corp, etc). If you don't have one, then option 1 is your next best choice.
Either way, tell her that you'd like to make the offer assignable, because you and your partners don't know which entity that you'll use to close this, and that it's possible that you might close using a newly formed entity. Additionally, tell her that the alternative is that you'd submit the offer without the assignment, and that she'll either need to submit an addendum or rewrite the offer later (depending upon the seller's desires). Finally, tell her that you're not trying to tell her what to do; rather, you were simply trying to help her to save time.
In your case, you have notifications (I assume these are properties that meet your criteria) being sent to you. When you see a property you like, contact the selling agent (not yours) and make your offer thru him/her. (They'll like that cuz they'll get both ends of the commission). Once you get a property under contract you proceed to the second half of the deal.
Hope this helps...
(Please be sure to verify this, as I am a newbie myself...)
Aniko
Hi Aniko,
Thanks for your reply. I like the idea of contacting the listing agent and submitting offers myself. Only problem is my agent wont get any commision. I like
her, she's a real go getter, but very leary right now.
Also I'd like advice on the 25:1 rule. Is everyone using this? How is it going? Do you do this everytime you want to submit offers, or just the first time to get how much you should be taking off from the properties?
Thanks Karemah
[/quote] Option 3 is your best choice provided you already have an entity (eg LLC, S-Corp, C-Corp, etc). If you don't have one, then option 1 is your next best choice.
Either way, tell her that you'd like to make the offer assignable, because you and your partners don't know which entity that you'll use to close this, and that it's possible that you might close using a newly formed entity. Additionally, tell her that the alternative is that you'd submit the offer without the assignment, and that she'll either need to submit an addendum or rewrite the offer later (depending upon the seller's desires). Finally, tell her that you're not trying to tell her what to do; rather, you were simply trying to help her to save time.[/quote]
Creating an LLC is not an option right now. I guess I'd like to see this venture produce some consistent cash flow before I form an LLC. My question about making the offers assignable is that, I was under the impression that if the property is bank owned they will not accept assignments. Is that correct?
Alright thanks for your reply.
Karemah
I see that many of you all are getting more than one agent. Is that because you all are submitting more offers than your one agent can handle? Also are any of you obtaining properties mainly through the FSBO venue? If so, how is that working out, and why do they ask so much more than fair market value for the houses?
Thanks,
Karemah
As for the "Good 'Ol Boys", Greg Murphy says that we can offer them better deals than they can find on the courthouse steps. As long as we're not competing in their (overpriced!) auctions, I'm sure they wouldn't mind dealing with us.
Cheers,
Aniko
Hi Aniko:
Glad to have been of some help
If you get the name of the credit repair company in FL, please let me know. I'm not crazy about the one I know now. Also, FYI: I believe Dean has a credit repair deal through this site.
As for the "Good Ol Boys", I used to be one of them in my other field. I changed so as to help the newbies so it irks me when I run into that mentality. Mom always said I was "a man alone, out on an island." I believe I am just a visionary who sees past the BS. It's only lonely at the top if you make it that way.
Anyway, keep up the good work
Andy Sager
DG's AndyS
Andy Sager
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni
her, she's a real go getter, but very leary right now.
I would hate to see you not take action because of loyalty to an agent who is hesitant to work with you. You can always use her in the future, in deals that she feels comfortable doing with you.
Aniko
As for the "Good Ol Boys", I used to be one of them in my other field. I changed so as to help the newbies so it irks me when I run into that mentality. Mom always said I was "a man alone, out on an island." I believe I am just a visionary who sees past the BS. It's only lonely at the top if you make it that way.
Anyway, keep up the good work
Andy Sager
DG's AndyS
The credit repair guy I know is in CA. I came in contact with him in my J.O.B. when he needed to get his ducks in a row for a loan modification he was working on. I don't know if he'll give up the name of the company he uses in FL, but it won't hurt to ask. If he is unwilling, I'll see about getting you his contact info and maybe you can work something out with him.
"A man alone"... didn't Dean say somewhere the we are all "different"?!
Aniko
Alright thanks for your reply.
Karemah
Creating an entity is an option if you factor that cost in your numbers. You can create the entity after you've received your non-refundable deposit from your end-buyer.
Yes, some banks will accept assignable offers, but many don't. (A bank accepted one of my offers with an assignment in it.) That's why I recommended 2 things. If the bank rejects the assignable offer, then you could buy the property via the entity, and you could sell the entity to your end-buyer. Another option is to simply do a double-close (with or without the entity).
not sure if the seller of the property you're pursuing is living it in...
At one of DG's seminars the coach suggested giving the seller some 'relocating money' when they live in the property and have to move out. Seller will appreciate the gesture, welcome the money, and leave the house without causing any further damage to it.
Learning and progressing every day,
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
As for the "Good Ol Boys", I used to be one of them in my other field. I changed so as to help the newbies so it irks me when I run into that mentality. Mom always said I was "a man alone, out on an island." I believe I am just a visionary who sees past the BS. It's only lonely at the top if you make it that way.
Anyway, keep up the good work
Andy Sager
DG's AndyS
The credit repair guy I know is in CA. I came in contact with him in my J.O.B. when he needed to get his ducks in a row for a loan modification he was working on. I don't know if he'll give up the name of the company he uses in FL, but it won't hurt to ask. If he is unwilling, I'll see about getting you his contact info and maybe you can work something out with him.
"A man alone"... didn't Dean say somewhere the we are all "different"?!
Aniko
Thanks Aniko
Andy
DG's AndyS
Andy Sager
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni
I was wondering why we need to form an LLC as opposed to just a partnership when we get started. In CA an LLC is taxed a minimum of 800.00 per year, whereas the initial costs for a simple partnership can be a low as a fictitious business name filing... which I believe is about 50.00 to 100.00, including the publication. Once the partnership is formed (with you and a willing co-conspirator), you can add partners (your buyers) IF you need to. I understand that an LLC has more liablity protection, which we definitely want down the road, but when we are just starting out why is a partnership not an option?
Aniko