OfflineI am trying to gather more info from those who have been investing for some time now or from those who have just started. I went to Dean's Event this weekend here in Dallas, TX and he had one of his students doing the presentation. By the end of the conference, it was basically trying to sign us up to his academy for the 3 day course and we would have to invest about 2K of our own money. now, it seems like a great deal, because of the return we get from them, however, if you do not have the 2K then what? I am eager to make this happen regardless of being able to join the success academy, and take advantage of the perks. I am new to real estate and am really doing everything I can. I have read the books, and i just bought my bandit signs. i have also made my prerecorded message, and now am hoping to get the calls to build my buyers list. Now, my concern is, what is the possibility of still making a few small deals under my belt without this academy? I really want to prove to myself that I can be successful at real estate. No one believes me, and it seems that even the people i speak with that are in real estate tell me this isnt possible, and im driving down a dead end. I am a little nervous about what properties to out bids on without having any of my own money to purchase these properties, and furthermore, not even have a buyer ready. I really hope that I can make a deal soon to give me some confidence that I can make it happen, and maybe later once I can save some money join the academy, and really start off in my investing career. any advice or information on how to make that first deal would be greatly appreciated. Thank you DG Family and hope to hear from you soon. I look forward to sharing all my news, and efforts on getting closer to my first deal!
NEED HELP
Posted on: Tue, 02/28/2012 - 18:25
Hi
I did as you did and I said $2000 how can I do this , so I am going to save up and next time this opportunity comes along I will be able to do it, I live in Fort Worth and have been thinking and buying Deans books and just educating myself until I get the nerve and know how to do it. keep in touch and lets share our journey
Rick
Rick,
I live in Arlington man. you should really start looking into his books. They have really helped me a lot. i get on here all the time, and people are usually willing to offer any and all advice. i didn't have the money to get started but that isn't going to stop me. I know that i can still do it even though i can't join the academy right now. i have found a realtor and title company who is willing to work with investors like me, and now all i need are buyers. so hopefully i can start putting in my bids next week, and start advertising for cash buyers!!! hope to get my deal soon. I have been reading and taking small steps towards the strategy. I didn't start seeing results until I started taking action. being afraid will only delay the start of your dream come true. I am not waiting any longer and will not take NO for an answer. I am hungry for making this work, and through enough persistence, it can be done!
i am hesitant to start running numbers and making offers without having buyers. I don't want to be locked into a contract that i can't get out of. I feel like i am getting closer and closer. I work full time so its impossible for me to attend the auctions, but i will look into the rei clubs in my area. where could i find these? i have searched everywhere, but can't seem to find any. i even tried to make a group here with those in my area, but can't get anyone together to meet. i don't say this with the tone that I have given up. I just feel like i don't know some things, and don't have the confidence to start making offers without having buyers. should i just go for it and start locking up as many offers as i can, and then look for buyers?
Don't make offers if you don't know what you're doing.
It's easier to rebound from having a property you control and losing the deal to losing any credibility when you don't have the deal, but want to try and wing it.
If i'm correct, Arlington and Fort Worth are college havens, so why not look around the areas for 'For Rent' signs and ask the owners if they'd be interested in selling; its so much easier dealing directly with the owner than with a real estate who knows you have very little knowledge of what you are doing(trust me,....I know)
Good luck to you.
Thank you for that advice. i will start looking into that. To be honest, that didn't even cross my mind. i am new at this, and was really just trying to do assigns or double closings, since i don't have the funds to start investing myself. I hear that it is easier to deal with the actual buyer than the agent, so maybe i will start driving around and look into that. thanks for the tip! this is what I have done so far.
1. found an agent who sent me a list of about 80 properties
2. have a recorded message like Dean suggests
3. found a title company willing to work with investors like me
need to do:
1. find buyers
2. find my comps
3. make offers!!!
does this seem like i am headed in the right direction?
thank you again for your advice. i will start with what i have gathered here, and report back with some results. thanks again for the assistance!
1. found an agent who sent me a list of about 80 properties
2. have a recorded message like Dean suggests
3. found a title company willing to work with investors like me
need to do:
1. find buyers
2. find my comps
3. make offers!!!
does this seem like i am headed in the right direction?
1-10. Get educated. Know what you're talking about when you meet with someone. Nothing worse than a time waster and like i've always said, people talk about time wasters and not sure how big your area is, but you will be branded and not in a good way. At the very least, know the basics; be able to sell the property(s) you have and the area especially. Know what stores or/and what new zoning laws will be implemented and how that can help/hurt the buyer(s). Be on par with an agent if you come to that realm, so that they can feel comfortable working WITH you.
11. Find properties to sell. I'm one of few on here that will tell you this and this is the main reason; a buyers list with no properties to sell is the same as a woman giving you an 800 number to call her at. Useless. You can have 100 people on your list and I bet 97 of them are in the same boat as you; no money.
12. Find buyers. When you have a property in control you can control who you want to sell it to. You can then decipher whether they want to flip it or buy outright. You can dictate the time you want to see the close, etc. To me putting in random offers does nothing but make more work and just makes for bragging on this site.
13. Cash your check. The more checks you cash, the more others are cashing as well, and normally if you're happy they are happy as well.
Hope this helps.
Wow. this really is GREAT information. i can't thank you enough. I do have a question regarding find properties to sell. Do i only look at the properties in the areas that I want to target ad get comps, and do the math (formula)? times it by 70% and subtract the repair costs etc...then place bids on those properties? I ask because you say submitting a lot of offers is a waste of time, does this mean the 25:1 strategy isn't really one that i should be focusing on right now? Another words, I have been preparing and reviewing the list my agent sent me, and i need to get back with him with a list of houses that i would like to make offers on. So i need to go do the math on these houses, and submit offers? i feel like there is so much information to read up on, and really don't want to wait any longer before I start taking action. I will be posting my bandit signs this weekend around my target areas, and hope to get some good leads from there too. what do you think? wait on submitting an offer then?
Know what your doing, but you can still take steps today to move you forward.
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
Google "real estate investor clubs Dallas". I just put it in and lots of club links come up.
This can be done for any area of the US that anyone lives in.
Good luck!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Thank you Karen. As simple as that is, i can't believe i never thought to do that. i basically have searched everywhere else. lol.
thank you for the tip
LIKE I MENTIONED BEFORE, IF I WERE YOU I WOULD CONCENTRATE ON HOMES THAT ARE CURRENTLY PRODUCING INCOME LIKE THOSE THAT HAVE COLLEGE STUDENTS IN THEM OR ARE IN COLLEGE TOWNS; THE TURNOVER RATE IS QUICK AND THERE IS GENERALLY A LARGER REQUEST FOR HOUSING. IF YOU CAN, STEER CLEAR OF PROPERTIES THAT NEED WORK; WORKING WITH CONTRACTORS AND HANDYMEN AT THIS POINT IN YOUR SKILL LEVEL IS PUTTING THE CART BEFORE THE HORSE.
I ask because you say submitting a lot of offers is a waste of time, does this mean the 25:1 strategy isn't really one that i should be focusing on right now?
NOT SAYING THEY ARE, BUT IT IS NOT SOMETHING I WOULD DO PERSONALLY AS A REAL ESTATE AGENT, FOR SEVERAL REASONS. AMONG THEM BEING 1. I DO NOT WORK WITH MLS PROPS, 2. TO ACCEPT THIS DUTY TO ME IS TOO TIME CONSUMING IF I AM ONLY GETTING ONE CLOSING OUT IF IT 3.NOT AN OPTION THAT IS MY BEST INTEREST.IF YOU CAN FIND AN AGENT THAT IS WILLING TO DO THAT, MORE POWER TO YOU, BUT I GIVE THE OPTION OF DEALING WITH DIRECT OWNERS AS AN EASIER WAY TO GET YOUR FOOT IN THE DOOR.
Another words, I have been preparing and reviewing the list my agent sent me, and i need to get back with him with a list of houses that i would like to make offers on. So i need to go do the math on these houses, and submit offers? i feel like there is so much information to read up on, and really don't want to wait any longer before I start taking action. WORK SMART, NOT HARD. THAT'S THE BIGGEST PROBLEM MOST 'INVESTORS' DEAL WITH NOWADAYS, WHICH NORMALLY LEADS TO A HIGH TURNOVER RATE AND PEOPLE GETTING FRUSTRATED AND QUITTING.
I will be posting my bandit signs this weekend around my target areas, and hope to get some good leads from there too. what do you think? wait on submitting an offer then? NOTHING WRONG WITH POSTING SIGNS, BUT I WOULD CONCENTRATE ON FIDING DIRECT OWNERS; YOU'RE IN A REAL ESTATE GOLDMINE. TAKE ADVANTAGE OF IT.
My answers will be after your questions in bold.
Hope it helps.
YES. This helps me TONS!!! Thank you. now I can go get started. i will let you know with my updates
Thank you again for taking the time to answer my questions and point me in the right direction!