Deal # 6 - Bank Provides 100% Financing on REO!....Dean Graziosi’s books, website and information made this happen!

Thanks for the congrats. Believe it or not we made the deal without the bank pulling our credit. The bank was motivated and I believe they were in a position where they just wanted the property off their books. Thus, we were probably in the right place at the right time. Thus, I hope other DG students can do the same. Good luck on all yoru deals. Believe and Achieve! - Joe

You are grabbing those deals like a true warrior. Your achievements enlighten us all. Good Luck. Congrats.

Sandra

That's great. If you listen to conventional wisdom they say those days are long over.

With every post that I read I grow even more confident, thanks for sharing.

Thanks for the nice comments and the congrats. It is so exciting that Dean's techniques and information has inspired us to new heights. We are so excited about this home and the what the future may hold. Good luck on all your deals. Believe and Achieve! - Joe

Thanks for sharing your comments. It is so true that others may state things can't happen, but they can if we keep the faith and try. I always feel it is better to try because you never know what may happen. I am glad to hear your confidence level is growing. I believe confidence is key and can set the tone for any deal. Good luck on all your real estate deals. Believe and Achieve! - Joe

I can't believe it, but i believe your words. how did you present the offer to them? Did you actually go to the bank and present it? Can you tell us how your process went?

Thanks, Ron

Indiana-Joe wrote:

Thanks for the congrats. Believe it or not we made the deal without the bank pulling our credit. The bank was motivated and I believe they were in a position where they just wanted the property off their books. Thus, we were probably in the right place at the right time. Thus, I hope other DG students can do the same. Good luck on all yoru deals. Believe and Achieve! - Joe

what about your current DTI ratio(debt to income) did they even check that?

Thanks for the comments. We started out by making a few phone calls to find the right person. After we talked and I viewed the property, I asked the bank employee that showed me the home whom the decision maker would be. He told me the bank President, thus I contacted him the next day via a phone call. After we spoke, I requested the Bank President's email address in the event I had any other questions.

Then, we communicated via email. I find email to be the best way to present offers because people can think and take their time before they respond. Thus, I believe this helped move the transaction forward. I believe we presented ourselves as seasoned investors (Thanks to Dean!) and we could walk the walk and talk the talk. Yes, we are still pretty amazed over the entire deal and still learning along the way. What a journey it has been! Good luck on all your deals. Believe and Achieve! - Joe

Can I make money on REO's from the bank with 100% financing with no money down, if I ask for a higher term, interest, price and receive cash closing through repairs and renovation and it reappraised and refinanced?

Every deal is a different deal. You would need to knowthe fair market value of the home and if it needs repairs what the after repaired value would be. You need to analyze each deal on a case by case basis. One you know the costs and what the home is worth the numbers should tell you if it is a good deal. That way you may decided to hold it and rent it or assign the deal, etc. I hope this helps. Good luck with REI. Believe and Achieve! - Joe

I've been following the "Saga's of Indiana-Joe" since I first signed up here about 1-1/2 months ago. Everytime I sit down to read the next chapter I just get more and more excited and enthralled lol. I'm still trying to put everything in place (advertising, buyers list, etc.), but I'm on vacation next week and have made a goal to write 25 offers next week. If nothing else, just to say I took some action. I know I'll be loging in everyday before I leave the house just to get something new I can try for the day. So thank you to Joe and all the rest in the DG comm. who inspire, boost spirits, and give advice. For a leat one week my part-time job will be my full-time job, and hopefully sooner rather than later it will replace my current job.

All the best to everyone,
Elkhart-Randy
(hey I'm gonna try to do everything Indiana-Joes does, even copy his name lol)

Thanks for sharing all the great comments. I am glad to see your a Cubs fan. It is a key series this weekend against the White Sox. It is always good to refresh and take a vacation. I find that sometimes I get most of my ideas when all I have to think about is relaxing and having fun. When my wife and I went to Dean's live event in April we came up and finalized our plan of action. I can't stress enough how packed Dean's books are with real world tips, techniques and information to jump start your investing.

Thus, it really went int ohigh gear from there. Have a great time on vacation and it is always fun to imagine doing that full time. Good luck with real estate investing and I hope Indiana-Joe has many more chapters and novels of information to provide in this real estate adventure! Believe and Achieve! - Joe

Joe and Stacey, you are doing great on the call! It is awesome to hear your stories in a more personal form of communication.

Thanks a lot!

Both of you guys inspire me more and more so much! You guys sounded great. I am so pumped. You guys rock! I love how you proved all of the dream stealers wrong!

Jeremy

Good job on the call! Inspiration!

Thank you Joe and Stacy for sharing your story. It really does inspire us all to hear someone like us who have been successful. I wish you continued success!

Wow, you two sound like you've been investing for YEARS! Great job on the call as well as all your deals! Way to keep inspiring others with your success...I hope I can do the same shortly!

Lenny

Thanks for the very nice comments, we really appreciate it. We are very grateful for the opportunity to share some of our information with the DG family. Dean's books and programs have made such a difference in our lives and we are so grateful. Thanks again and continued success! Believe and Achieve! - Joe

Thanks for the kind words. It is so true to never let anyone steal your dreams! You may encounter nay sayers or obstacles, but it is always important to stay focused and positive. Continued success on all your deals! Believe and Achieve! - Joe

Thanks for the nice comments, we appreciate it. Good luck on all your deals. Believe and Achieve! - Joe

Thanks for the nice comments. We are glad to hear you enjoyed it. We just want everyone to know that they too can do this. Just apply Dean's principles and establish and work their plan. Keep the faith and good things will happen. Continued success on all your deals. Believe and Achieve! - Joe

Thanks for the nice comments. We were so glad to have the opportunity to share our information with the DG family. It is just a great feeling and anyone can do it! Good luck on all your deals! Believe and Achieve! - Joe

Thanks Joe after reading your post I was very inspired. There is a great REO opportunity near my school. The house has been on the market for quite some time and has gone through auction several times without being sold. The property is being sold for 78,000 but the FMV is around 150,000 and its in a great neighborhood. The comps are right around 160,000 to 200,000. From the outside it looks to be in decent shape. I dont know about the inside yet. I am going to contact the agent responsible for the house and the bank on Monday. I dont have any money and would like to try and do a 100% financing deal and get a concession for the repairs to make it ready for rent.

Any advice to give to me before I talk with the agent on Monday would be appreciated. I plan to be honest with them and let them know that I will plan on renting it out.

It sounds like this could have potential as a deal if the numbers hold for the current market. One thing to consider is why the property has not sold even at auction. Youe may want to inquire about full disclosure of any known issues or code violations by the selelr or realtor handing it.

Try to find out as much information on the property asd you can. If everything checks out and the inside is good and you want to move forward youi can make the offer contingent on inspections or partners approval. Try to determine what your exit strategy may be and this may guide your offer. Do you desire to assign the deal, bring in a or bring in a partner, this can impact your offer strategy.

If the property requires repairs and you may not have the cash funds available this could also affect your strategy. If the bank is extremely motivated they may offer 100% financing and funds to complete the repairs. You don't know if you don't ask. I hope this helps. Good luck with this potential deal. Believe and Achieve! - Joe