Adam's Journal!

Here's the list I was talking about:

1. I should start with Assignments

2. I need to build a buyer's list (placing ads on Craigslist seems to be a favorite method). Beyond placing some sort of ad, I’m not sure exactly how the list is made.

2a. When the buyers/investors contact me, I let them know that I am an investor and that I want to have a list of people to call when I have too many properties to handle myself; at which point I could assign the contract to them.

2b. I need to ask these investors several questions to determine what type of properties each of them are looking for. That gives me a specific direction to begin looking, rather than just blindly checking listings, because frankly I have NO idea at this point what would be a good property or not!

3. Place an ad looking for a Real Estate Agent willing to put in low bids, be aggressive, etc.

4. Search for houses using the descriptions I previously received from the investors.

5. Use this Agent to gain access to the MLS to determine FMV, or are there other ways to get that information? Also use the Agent to put in offers for me.

5a. The Agent uses a contract I provide specifically noting my right to reassign, or do they use their own contract, but with some sort of clause or addendum that I provide?

6. If an offer is accepted, I sign the papers to lock in the property, preferably for as long as I can (I'm foggy on this process, but I'm sure the REA can fill me in).

7. I contact either all of my investors or just the ones that I know specifically are looking for the type of property I just locked in. I give them the address, price of the property, my reassignment fee, and the FMV. They go and look at the property in order to decide if they want it or not.

8. One of my investors decides to purchase the contract from me.
8a. I've seen two schools of thought about how I get paid. Either the investor pays me when I hand over the contract, or I get paid when the property is in his name. Either way, the investor and I have an agreement in place that guarantees my getting paid.

So that’s kind of where I am right now. I’m sure there are gaping holes, but I already feel more confident about this process! I read a bit about finding a Title company, but is that necessary when I’m only doing Reassignments? I got the impression that I would need a Title company for more complex deals, i.e. buying and renting, or some other method of holding the property in my name for an extended period of time.

Also, I haven’t researched HUD, Fannie May/Freddie Mac, or any of those types of situations. And as for REOs, I’ve noticed in the forums that people have had terrible luck with banks allowing Assignments and instead have to resort to another method of purchase.

Thanks for any input you all may have!

Just finished reading "The Dean's List". That really helped out a lot as far as just giving a concise overview of the assigning process. It also shows me that I'll probably need to wait for the books and at least go through PFRERN in order to fill in more of the gaps.

Congratulations on ordering Dean's book and being an active part of the DG website. The information on real estate that is available on Dean's website and in his books are tremendous. Good luck with your Real Estate Investing. Believe and Achieve! - Joe

Congrats ordering Dean's books and you will be a winner like the rest of us.
We are glad you are part of our family tree.

God Bless

Paul

Thanks, Joe and Paul! I'm going to continue to gather information and hopefully begin putting my ads out within the next couple of weeks.

Let us know how you make out when u put your first ads out. Looks like you are working hard putting things all together.

Warm regards,

Paul T. La Moy

Hey man,

I live out in a small town. About 8,000 or so. I just drove around and looked at properties this spring wondering how all this was supposed to work for investors. Later, after having observations for months and seeing Dean on TV one night, I thought well I could spend the 28 dollars (tax included) and read a book - couldn't hurt me right! Well almost as instantly as the next day I was at the court house and forming my team (that is very important RESEARCH AND FORM A TEAM).

I just put in my first offer today on an REO. More lined up in the next few weeks! I have no money and the last year was hell on my credit just like everyone else in the U.S. I asked a friend to loan me the grand to make the ernest money deposit, I told him the house had 35,000 in equity as it is listed. He said "ok". So thus far, I have an offer in and no money down (not of my own anyway). I stand to make a huge profit on this place and also the next property on the list.

Just read the books bro and do what Dean says! It will work out, I promise! It is that simple.

Good luck!

Jeff

I have less than 2 dollars in my bank acount and about 60 in my wallet. That is about the extent of my assets. Yeah it's a bit scary at times but it can work out, it will work out! Keep on truckin and work smarter, not harder. Read the books and do what he says - it will be an awesome experience!

Jeff

When I ordered Dean's books I literally had just a few dollars above what they cost, so I can definitely understand! I want this to happen so badly. I've talked to my brother, who is a contractor, and he said he'll do any inspections that I need. I also talked to a good friend and he really wants to get involved as well. I told them both that they will be first on my list once this really takes off. I was afraid to even mention all of this to them, but I took a chance and they are both excited about the possibilities. They know I'll go all out for this!

Thanks for posting your story Jeff, it's amazing how amped you can get from hearing how others are making this happen for them!

-Adam

Congratulation's Adam on joining the greatest opportuinity out there by far! Looks like your getting off to a good start. Much success to you....... Lubertha

Thats great that you are pulling in all the people to help you with your REI projects and its going to be lots of fun once you kick off. Best of Luck !!

Warm regards,

Paul T. La Moy

Hey! Nice to see you here. I added you already to my facebook. It's great to have the support of someone in the same town. !!!