OfflineFirst let me tell you all, I have absolutly no money( I mean none!) My credit is wrecked!! Haven't even had a checking account in over 5 years. Dean says his tech. will work for anyone but I haven't even been able to afford more than a free sim. and study on this web site and reading his books. So I am all in if you all can help! I already got out and locked a property in at 47% below tax appraisal! I am excite but scared to death...I understand the concept and know that if I don't take a chance I won't do anything. So Where can I get the funds to make this happen? I really need this to work and I don't want to burn the Seller...I spoke to a realtor and she can't believe I want to sell for only $30thou ( she knows the property) she says she can totaly get it done and has even agreed to list it for 1% less than her usual commission...so can anyone help me please? My family and I really need this to work!
Please Help Me Put Money Where My Mouth is!
Posted on: Mon, 07/25/2011 - 23:29
Please Help Me Put Money Where My Mouth is!
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Have you read the books? It sounds to me like you need some quick cash. Why don't you advertise and find another investor who will buy the prop for 5-10k more than what you paid for it? The investor may make more money in the end but you are ahead too. It is called an assignment. If you don't have the cash to close on this, take the money you can get and run with it!
Cathy B
Follow my progress at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/44397/...
I agree with Cathy. If you have a property under contract and you have "and/or assigns" either on the same line as your name or within the body of the agreement, simply assign the contract to an end buyer and make the quick cash. Congrats, by the way, for joining DG at this time. We are here for you. If the property is an REO (foreclosed), or in other words a bank owned property, you will have to buy it for a period of time (according to your state) and then sell it to an end buyer (possibly using a double closing). Hopefully, you are building a buyers list with qualified investors that you can either bird dog for, assign a contract to or buy and sell in a double close situation. You can do this. Let us know how it goes!
i have not done a deal as yet, but you are in the right place and that is on the DG WEB SITE.you will at all times get answers or be tld what steps to take.Hang in there, light is at the end of the tunnel
Donna SIMON.I am interested in doing all of the strategies, then deciding which will be the one I am most comfortable with, but for now I would love to do wholesaling. This would definitely create fast cash, that I can use for investment in properties that I can eventually buy and hold.DEAN thank you for always creating that time to think of THE DG FAMILY AND WHAT WOULD be best FOR US.
I am kindly asking any DG family of New York to let me know if I do need a license to do deals in NEW YORK.Which would be wholesaling, flipping, assigning,holding.PLEASE would someone PM ME, SO I would know if I have to get one.
Donna SIMON.I am interested in doing all of the strategies, then deciding which will be the one I am most comfortable with, but for now I would love to do wholesaling. This would definitely create fast cash, that I can use for investment in properties that I can eventually buy and hold.DEAN thank you for always creating that time to think of THE DG FAMILY AND WHAT WOULD be best FOR US.
I will not speak about anything other then wholesaling... and take this with a grain of salt because I am still learning as well.
But from all of my readings... To simply get a property under contract... and assign that contract to someone else.. it is legal. You do NOT need a license for that.
I am very confident in that piece.
The others.. no clue since I live in South Florida.
Try putting out bandit signs in the area where the property is located. If you see other signs or ads that say "We Buy Houses" contact them. You need to line up a Buyer. Properties everywhere are easy to get under contract. Without the Buyer lined up is very tricky in this economy. Try to find a local REI group where there are other investors to network with.
Good Luck...read and re-read Deans books!
P.S. Also up in the Search area on this page if you type in what you are looking for, it will pull up information on the topic you are interested in...
You do not need a RE License to do this business...
If you are flipping or wholesaling should you even bother with a LLC or should that still be in place
I don't know if you are self employed or not...but if you are you know there are tax benefits to being and LLC or Incorporated... Depending on how much money you plan on making doing RE. An easy way to explain the difference is if you are doing it as yourself no LLC or Corp. You pay taxes first on earned income. If you are Inc. or LLC you pay everything else first then any money you have left over is what you pay taxes on.
There are other benefits too, one is if you are doing your deals through and entity, people won't know who you are. But if you are flipping or wholesaling and not taking title that won't matter. If you start making a lot of money then I would consider getting Inc. or LLC for tax benefits...
Hope that helps...
Barbara
Spoken like a true "oil tycoon" ...