Other peoples money?

My Suggestion for now is to do some birdoging for someone Get paid in the middle. This way you can find the property and get paid just for finding it. No money involved from you point of view.

Everything you mention will come to you once you have the ability to find REAL deals. What do you need other peoples money for when you have no deal??? The money is everywhere but you have to have something REAL to sell. Get properties under contract and flip them to your buyers. Is this easy? NO! Will it happen over night? NO! Does it take determination, perseverance and a ton of COMMON SENSE? YES!
You can do it just like everyone else that has done it. Knowing how to find and control deals and real buyers (OPM!!) to flip the deals to is step one. Soon you will have money partners if they like and trust you! It takes time to find and build these relationships. This is not an overnight get rich quick business.

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

Hi, jools!

First off, your OPM does not need to come only from whom you know already (referred to as your warm contacts). Basically anyone you know/meet is a potential lender.

But as Micheal right above me here states, you have to have a deal to present to your potential private lender.

So, the question now is "how do I find the deal?". Are you comfortable with that?

I suggest you find a good realtor willing to work with investors. He/she can run an MLS report using key words, such as motivated, estate, moving, reduced price, etc. He/she can also run a report on 'expireds'. You can also call for rent numbers to see if the owners want to sell the houses. Some owners are sick of dealing with crazy tenants, etc (ie, potential seller). You may also end up finding owners that want more houses! (ie, potential buyer)

When you find a motivated seller, negotiate and get it under contract with a good escape clause or just have an option to purchase signed. Present the deal to your potential lenders and hope for the best!

Also, it really IS true that you don't need much cash or credit to get started. I had a seller financing deal with a balloon payment at the end, etc which required only a bit of my own cash. This was like three years ago, and I paid off the seller with the rents I collected. He didn't care about my credit or even asked for a credit report because he knew that if I defaulted, he would just get the house back and also get to keep the payments I would've made to him.

I hope this helps, jools!

Matt Inomata
Seattle Moo

the answer is WHOLESALING!!!!

you don't need money, you don't need credit!! just go out and find a great deal, join a rei club in your area, and find yourself some buyers!

if you haven't read DG's books- you need to get them and read them several times until it all sinks in! Everything is in his books!

For wholesaling I recommend 30 Days to RE Cash!!!

Wishing you success,

Thank you all for your help! I'm jotting down these ideas on paper. Now to find that great deal. Thanks all. I noticed this site has a blog. i just might type my proggress on here so I can get help and\or it may help others get tid bits of info that may be useful for their work. Thanks again R.E.I. professionals.

hi
I started up like you
I posted ads
and i got a buyer
now searching for good deal on a house to the buyer.
I am working all by myself without Real estate agent.
should I also draft a contract with a real estate agent, so I guarantee my fees?????????
can i buy with the technique 0 down a hous from the bank or from other real estate agents to flip it or wholesaling?

First things first. You need to go to your bio and fill it out completely. That is the first place we go when we read your posts, to see where you are located and a little bit about you.

You need to keep building your buyers list. You need to have at least 8-10 SOLID buyers. Just beware of the fact that because someone says they are a buyer doesn't mean they will really buy. Don't depend on ONE. Even 8-10 is a low number until you know if they will or even have the ability to come through on a deal.

You don't have to have an agent. You can work FSBOs, Drive For Dollars and find your own deals, search on CL, etc. Often, those are the best deals. These are also the ones that you can often get for no money down.

You do NOT want to sign a contract with an agent. Often, they will try to get you to sign an exclusivity contract with them. Don't do it!

As far as that contract with an agent guaranteeing your fee... You don't get any fees from the agent, so I am not quite sure what you are meaning there.

REOs and any deals that you are doing with a bank are going to require money down.

Make sure that you read all of Dean's books. Several times, if need be. You want to have a good understanding of what you are doing before you just start doing.

You may want to check out this thread: http://www.deangraziosi.com/real-estate-forums/everything-else/123235/yo...

Best of luck to you.

Karen

Hi,
It is a good idea to get at least one of Deans books. He explains different ways on finding a deal or deals. What I am doing on my part is working with a real estate agent. As we work together, we can find motivated sellers on the mls by certain key word criterias, "must sell", handy man special", "fixer upper", etc. Its okay to find your deals on your own. Finding motivated sellers or tired landlords by placing ads on newspapers, online, and flyers, ect. Once you find a deal, you can have a Real estate lawyer, title company to close. But I think it is still a good idea to find a real estate agent that has experiance working with investors. The agent can also close on your deals. No need to sign a contract with the agent. Just let the agent know that their are your primary go to agent for deals. Well, thats what I told my agent. Haha. None of your own credit, none of your own money used, touched , moved in making a real estate deal. Go For it!

thank you all
but i have this buyer
with preapproved loan for 100K
I have dean book
and i read it all skin t skin
than i posted ADS
I wantto start somewhere
with 0 down
how to make win win out of this buyer????????