New to Investment-- Using Dean tools--HELP!!!

Welcome to the DG website community. The website is packed with information and inspiration. These sound like they might be good potential deals. Some of the keys with a deal include:

1. Value of Property - figure out how much the property is worth in its current condition and after repaired value (if repairs are necessary)
2. Exit Strategy - is what will you do with the property if you are able to lock it up under contract? This is called your "exit strategy". Some people will do assignment deals, take in a partner or buy and hold as a rental. The better the potential deal the more options you will have available.

In regards to the REO deal, try to find out who the decision maker is of the bank. Build up some rapport with the bank's asset manager and see if they would consider 100% financing. Some of the best negotiations can be accmplished throguh email. If the bank is motviated their could be a deal here in the works for you.

In regards to Connecticut State Law, you may want to reference Connecticut State Law Title 49 MORTGAGES AND LIENS for more information at:
http://www.ct.gov/dob/lib/dob/legal_nonhtml/title_49.doc

There are so many other great ideas in Dean's books. Try to reference them early and often to build and expand your investing ideas. Good luck with real estate investing. Believe and Achieve! - Joe

Congratulations for wanting to take action with real estate. I know real estate investment clubs and real estate attorneys can be very helpful. Often a real estate attorney can provide a free consultation especially if you establish a business relationship by providing future work. It can be win-win for everyone. Good luck with your potential deals, by finding the deal and the buyer you are almost there! Ask your buyer about some of the recent deals they have done. This will give you an idea of the types of deals they are looking for and how they structued the deals. Carpe Diem! :0) - Stacey

I would like to know if anybody is from Texas, I am in the Rio Grande Valley
and I am having a lot of difficulty getting started. I hope somebody gets in touch with me and see if this can take off, I am anxious to do my first deal, but one of my fears is that I would do something wrong in the sense of putting a deal under assignment and not knowing if in the State of Texas you can do
this or not, if you need to have a Real Estate Agent, and to tell you the
truth what to tell the Agent, what is the purpose of me calling, if I should
introduce myself as an Investor, (of course with no money) etc., etc.
Really and truly I will appreciate all the help I can get. Thank you in advance and God bless everyone of you........Adamina

Hi, I'm new to real estate. I have read Dean's book Profit from Real Estate Now. I want to do assigned contracts. Can anyone tell me what i say to the Real Estate Agent when i cal them. Any info would be helpful. Thanks.

Hi Lady,
Believe it or not there are Realtors out there that have and do work with investors. As Dean and Matt have said, this may take a little time to find the right one for you. Read and reread the chapter on finding realtors. As new investors we automatically think that no one has ever done this kind of thing before and any Realtor will think we are crazy for what we are trying to do. Just be transparent with any agent you speak with, Tell them you are an investor and searching for an agent in the area to work with, They don't have to know you have no experience, because of course you do have the info in the book and the whole Dean team. Let her Know your goals, ie: I will be purchasing 1 property each month, or whatever your personal goals may be. If she is an aggressive realtor and is interested in making money she will be interested in what you have to say , then give her your criteria for the properties you are interested in. It has taken me some time but I have found several agents wanting to work with me AND are willing to put in the time to send me properties I'm looking for.
HANG IN THERE, DON'T GIVE UP,this system works!!!!!!!!!!!! GOD IS GOOD

First, welcome to our community. It is as much yours now as it is ours and has been.

You have a deal, you have a buyer. You are 99% there. There is a way to get this done, and make money.

There is a new trend in deal money that has come along and it gets bigger everyday. It is called Transactional funding. This is deal funds to get the deal closed and in your name from the seller and then the same day, you close with your buyer. These funds are for one day use. There are fees involved but not really exhorbitant if the deals are not high dollar transactions.

If you go to Google and look up transactional funders, transaction funding, transactional funding companies, you will find these companies.

If you are not buying low enough in order to sell high enough in order to make a profit or make money after you factor in the fees to get the money, then don't do the deal with that buyer.

For example: If your buying the property for $65,000.00 and you add in lets say $5000.00 for closing costs, that amounts to $70,000.00 base costs. Now you factor in the transactional funders fees of lets say $2500.00, that brings your total costs to buy the deal to $72500.00. Now lets say the property is a REO and it's value is $150,000.00, so you could realistically sell it for $102,500.00, so if this were a real deal, you would have walked away from the transaction with $30,000.00.

Hope this works for you.

Thank you so much for responding; I did try to reach the bank, the bank is out of state; unfortunatley I cannot find a contact number on the internet the name of the bank is US BANK NATIONAL ASSOCIATION AS TRUSTEE; 9350 WAXIE WAY; SAN DIEGO CA 92123---I have tried every keyword and cannot find the contact information for the bank; I made an offer my real estate agent is not helpful at all, therefore I am changing agent to someone I dealt with in the past, he knows the area well and very aggressive and that's what I am looking for; someone who is ready to put in the work and make some money; this was my offer

No money down
offer $45K (asking price $16,000 FMV $121,000)
$29K difference would pay closing and necessay repairs
3 months no payment or interest
I am willing to keep the tenant who is living there now.

Sounds crazy!! but I have to try, they can only say no; but my agent doesn't like it and that's why he has to go. Will let you know what happen, if my agent place my offer.

Any idea how I can find this bank info?

Since you have the banks address, send a letter addressed to the assets manager.
Give him the info on the property your interested in and a contact number and e-mail and ask him to call or e-mail you about the availability of that property and if he can give you his e-mail and phone#.
Like Joe says, do you home work on it to make sure its a good deal. If there is equity in it already than like Dean says full price can be your best friend.
Ask if they will fund it 100% with no payments for 60 days. They get full asking price and the property off their books and you get the home no money down. cant hurt to ask.
hope that helps

Richie.

Thanks for the advise, I wasn't thinking to do that; I am on it right now. The real estate agent told me today they didn't accept the offer, but honestly I think he didn't put the offer in; he's young in this business as I am and also do not know any of the tools Dean teaches. I will keep you updated on my journey. Thanks again

Thanks Stevie for the word of encouragement, I was depressed today, like nothing is going to happen; I hate my job and just want to scream while I was in a managers meeting this morning, I can't wait to get up and leave; with this obstacle I know I will push on. My hsuband found someone who has 20yrs experience in real estate and he knows our area well; he actually sold one of our property in less that 30 days and he went out of state for the buyer, he's great; we couldn't find him so we started with this young guy. But I believe god have something in store for me. I can do it!! thanks

Oh my god!! great information; I will get on it now. believe it or not, all our money is gone from buying properties at the auction; we own them right out and cannot get any refinancing on them; we want to take the equity out so we can do more investment but the bank keep turning us down; we have no money to put down and my credit is 681; also the properties are in our LLC and some banks keep telling us because of the LLC they cannot help us; I do not know where else to go. any idea?

I looked up the information and I am amazed!! ok, how does the funding company get their money back; I understand when it's a A to B and B to C, they get pay back with the B to C transaction; what if there is no B to C and the I decide to keep the property because it looks promising, how do I pay them back if in the beginning I didn't have the money to close in the first place? Thanks

Just find one that you want to work with; then let him/her know what you need; but from my experience get an experience agent, someone in the business for a while. Start looking for properties in your area; use the tax assessor office on line for additional info like name of the bank if bank owe etc... and just take it one day at a time; I am also new doing this.

Your in luck today. I bank at US Bank. First, they are not located at that address. That may be just a branch location.

They are headquartered in Minneapolis, MN. Their contact information is:

U.S. Bancorp
800 Nicollet Mall
Minneapolis, MN 55402-7014

Tel: 651-466-3000
Fax: 612-303-0782

Website: www.usbank.com

They are the holding company for US Bank and handle all transactions for real estate and investments.

Hope this helps you.

Jimmy B.

Thanks Jimmy appreciate it; I will call them and let you, keeping my fingers crossed.

You won't be able to use transactional funding if you are going to keep the house. They are strictly A-B & B-C lenders. You would have to use HM or PM.
Good luck
Richie.

split the pie

Better to have something than nothing

I see, what is HM and PM? I was able to contact the bank and got the email address for the Asset manager; I didn; make the offer as yet, but I did let them know I am interested in the house.

Jim, I was able to get the email address for the asset manager, I send an email just waiting for the response.

HM = Hard Money
PM = Private money.

That's ok, I already started looking at hard money; but I thought that they only help with rehabing; because I have a four story I need rehab and I have decided to go thru hard money lender, but they are only 6 months to a year; I am not planning on selling I am planning on renting using only section 8; I already have a property rented on section 8, so I am good there; I plan on keeping this property for three years them sell. Its a good money pit once rehab.

Hi All,
My real estate agent told my husband today not to deal with pre-foreclosures; I know that you can make a deal with the owner and in turn lease/option to buy with a renter. I need some tips on how to deal with pre-foreclosures. Thanks

Why would your realtor tell you not to deal with pre-forclosures? If you do your home work I dont see a problem with them. As long as you make sure there are no other liens on the home and the deal makes sense I would do it. JMO
Richie.

Anyone use the success academy? I already paid for the 3 day training session; but a guy called me from Arizona and was telling me that it cost between $1500-$5300; but another guy called my husband asking to put up $20000-$25000 for a coach; I love Deans tools but this is becoming a little scary. Can anyone shine some light for me on this issue? I haven't heard anyone speak of the success academy.

hi my name is antoine. i live in hampton roads virginia. i am new at this and would like to start rite now. wholesaling is the strategy i wanna use considering my credit is bad and i dont have any money would any body please tell me the steps to finding a

I am also new, in your postion you have to first make up your buyers list; find an agent and start learning how to find properties, the buyers list I come to understand is very important. My husband was already into real estate so there is not much for me to get ready just my list of buyers and getting to know more people in the investment world; you might also need a LLC. Best thing is to read the book and follow the steps; but your buyers list is the most importnat right now.

Hi there DG family!

Actually i am in Success Academy for like almost 3 weeks and it is cool thing but the key is ACTION exactly what Dean is teaching in his books. I have read a B.A.R.E.M and Profit from real estate right now, and also finished his course which is Think a Little Different and now reading "Be Fulfilled" like a chapter a day just to keep me going. But tell you honestly sometimes i have this feeling like i am not going to be able to pull it of Sometimes have this thoughts like, "i have never done it" or "I am to young(24yrs) and people might not take me seriously enough" or "am i going to be able to close the deals?". By the way now i am building my Buyer's list, DG family or my "RealEstateDGF"- REDGF Please if you can give me few words of courage and maybe the best way or easier way to start building Buyer's list based on your experience.

Thank you.

I just got my two books in the mail this afternoon. Profit From Real Estate Right Now and Be A Real Estate Millionaire.

Im on the fifth chapter in the first book and exited to learn and put all the strategies and techniques that the book applies to work as soon as I finish reading both books. I gave myself a goal of two weeks max to have both read.

Im going to get my Real Estate license and see about getting a job a Remax or Century21 to learn more about it and explore the career in Real Estate.

-Garrett

I feel the same way soemtimes, but be strong, at your age its the right time, focus on the what your future will be like after pulling off some deals.

Yeah... you are right, thank you.