new investor, need some help

The buyer, if not buying with all cash, should come into the deal with a preapproval letter from his bank already. It's not your job to "take the buyer to your mortgage broker or bank". Certainly you can assist the buyer if required. But if you have a deal already, you want a buyer who's already approved and can move to close the deal quickly.

Hope that helps,

- Tom

MY buyer got approved by a lender.now am in process to search house for the buyer, within the requested zip codes. I don't have real estate agent. ANy word on how to guarantee my fees whe dealing with Seller real estate agent?? should i draft contract between me and the real estate agent?? or a contract between my self and the buyer???? I apreciate all assistance

It sounds like this buyer wants to live in the property. I wouldn't even touch tenant buyers if I was new to this. Tenant buyers are very picky on what they want because they will be living there, and they typically need financing which makes the closing process a hassle. Investors, on the other hand, are only concerned about the numbers, plus they have cash to close quickly. Wait until you get a few wholesale deals under your belt to deal with tenant buyers. But that's just what I'd do.

How do you plan on making money with this deal? Do you want to wholesale it, bird dog it, sandwich lease option it, or flip it?

I really am proud and impressed with you taking action so far! But we need to know a little more about your plan of action before we can help.

PS: I'd look into a sandwich lease option on this particular deal. But I still think your first deal should be a wholesale.

I am looking to flip, and get out as quick as i can
the tenant buyer already preaproved for a loan with lender
so you would say this is not good deal for new REI???

I'm not saying that this is a bad buyer to have, it's very possible to make money with what you have. I just think it's a little too complicated for a new investor. For buyers, anyone should target INVESTORS (preferably landlords) that can pay with cash in full. Cash buyers can close fast, and buy anything they want. On the other hand, buyers that need financing typically don't close fast, and they have restrictions on what they can buy, plus they're picky.

When you say you want to flip this deal, that means you want to buy it with cash, repair it, and sell it to this buyer, correct? Go into a little more detail on your plans please.

Keep up the good work, and ask more questions!

Knowledge + Action = Results

I got REI, and RE agent just now on board . I am like just doing referral.
How to guarantee payment of my referral fee? do i need contract, like partnership contract?
I got 0 to start as REI, an bad credit, i don't own a house. i found DEan book with my roomate, who did not even read the books since 2008. so I read it.
I want to make deals happens. Save some money, and go deep inREI, buy my own house.
Thank you for ur time

Sounds like you want to be a bird dog. If I were you, I would study as much as you can about wholesaling. "Profit from Real Estate Right Now" or "30 Days to Real Estate Cash" are good books from Dean on how to do this.

I don't have that much time to go into major detail on the difference between wholesaling and bird dogging, but there are plenty of posts on this website you can search for using the box at the top under Dean's chin.

The main difference is that you can make more money in wholesaling, and its ALMOST the same as bird dogging. Not quite though.

PS: I wrote this guide for new investors about two years ago. Check it out!
http://www.deangraziosi.com/real-estate-forums/everything-else/63961/dom...

Ive been reading the course for 1 month now, and i really need some help with my first deal, im lost and i dont know where to start, ive spent my last of my savings $2000 on the course, and my credit is poor right now, and is there anyone out there that can help me with a no money down deal, i'l do what ever it takes, i have no more money, and i working on homlessness, and this is all i have left,and i really need to buy soon, thanks and god bless.

It sounds like you are stepping over the line here into Real Estate Agent territory where you would need to be licensed to do what you are doing and expect to get paid.

A real estate investor does not sell a PROPERTY. You sell your rights in a CONTRACT. That is what is legal. You would not be entitled to a fee in this situation unless you have a RE license.

Karen

Hi
well i want to have partnership venture for the poperty that i found for this specific buyer. as i learned from DG, line up the buyers. and I lined up my buyers. than search for properties according to the buyers demands. And I did as DG said.
but my other question was when doing like Bird Dogger, should i have contract as Bird dogger???
Thank you for your time