It's really real

Thanks for the words of encouragement, as well as your story. I am sure there is alot of people on here who has felt the same way at one time or another. I am sure your first deal is right around the next corner just waiting for you to find it.

Brian

It is all real... for some, it can just fall in their laps, for others they grind and grind thinking it won't happen, and then out of the blue it does.

Per your post, it seems you were putting a lot of effort into the preforeclosure properties. This is a valid strategy, but it can also prove to be difficult for some and one that is more of a longer term play.

For instance, if you are talking preforeclosure, if the person doesn't have equity then a short sale is the option. Short sales are usually the more difficult deal to complete. Not impossible, but if you want the path of least resistance you would go short sale last IMHO.

Those with equity are a different story indeed, so when you throw out your net, you will probably get a bunch of people upside down, but when you get a lead with equity you have a possible deal there.

But, right now, at this moment, the feedback I have from a lot of active investors is FSBO is the ticket. Whether you are doing wholesaling (assignment), buy/flip (with or without rehab), or cashflow... most are saying FSBO is where the best deals are.

Why? Several reasons:
1) FSBOs have less competition.
2) The realtors (LAs)/Banks are playing tricks to induce bidding wars among both retail buyers and non-savvy investors.
3) For most REOs the only way to assign is to do double closing. This isn't something that is actually really difficult to do, but it does add another layer to it all.

There are SO many strategies to do, and virtually all work and some are better for different goal types and financial situations... but for the novice who wants to do assignments, I would get started by trying FSBO properties.

Simply search the FSBO sites, find ones that have been listed for a while. Generally these are overpriced. Use the www.totalviewrealestate.com tool to see what they paid for it. If they have a nice chunk of equity you know you have a house you can try to make a deal on. Once you have a list of target properties just start making offers.

When you have a good deal lined up it is a lot easier to take it to an investor and get them knocking down your door for the next one.

Now, I don't want to say foreclosures still don't have huge opportunity, they do, and I mean huge... it is just for the new person, the climate has changed and when you have no money and no experience it is easy to get discouraged with REO's and especially short sales.

Thats good look at the house that you could not get a buyer for like a practice to get a piece of the pie.One thing that I tried really hard is to keep my head up high to keep my focuse on the R.E. and somedays is hard cause I work two jobs but I whant a better life.Thanks for the good words you typed in this page,best of wishes.

It's so true that we have to stay focused, keep the faith and believe that real estate will make a difference in our lives. If we want to make a difference and it won't be with real estate than with what? So often people do not realize how real estate can quickly change their situation.

DG Admin stated some very good points to consider. Sometimes we need to look at a variety of ideas and try and apply the ones that may work out best for us. As you learn and grow with real estate you expand your knowledge base (foundation). Over time that foundation gets stronger and stronger as we expand our knowledge. That way once we start those deals we can accumulate a skyscraper of properties and our knowledge base is their to support it. I also like your "diamond under pressure" example. Good luck on all your future deals! Believe and Achieve! - Joe

Feeling a bit overwhelmed after my first few days at this. Getting confused which piece to do first...get a realtor?, get a mortgage broker?, get a buyer?, get a property? What I do need to do is get a grip (LOL). I know I can tend to get so wrapped up in the details that I get stuck in the process. Honestly I'm apprehensive about coming across as an idiot to any professional I speak with, and hence blow my chance to have them work with me...

So, I decided to just read a few posts from some of you guys on here, and it's helped me to settle down, take a breath and just keep going doing SOMETHING. I know it'll all get clearer as I keep moving forward...

Thanks for the support system provided on this site : )
Suzi
(A REI Newbie and proud of it)

I would like to thank everyone on this site that always take the time out to show support to everyone who's starting this new venture...

Great posts everyone. We all need to be encouraged. That one deal is out there waiting for us....and we will find it. Stay strong everyone!

DGAMIN,

Thanks for the reassurance. I, too, was getting a little discouraged but I need to make this work...for me and my family. I have a lot of things I want to accomplish and believe real estate investing is the way to go. I will focus on FSBO's and keep going forward until I persevere and sell/buy my first property.

Joseph Arredondo

Thanks for opening our eyes to reality. I will use my story. I have been on this site for more than a year. Even though I had properties prior to joining, it took some time for me to understand and I am still learning everyday the concepts of success through real estate investments. I always appreciated the successes that the DG members shared, but I guess my route to success was not realized until now. Joining forces with Lubertha made REI seem like "a walk in the park." We challenge and feed of each other as we seek to achieve our attainable goal of multi-millionaires. For those like me and our new DG members, do not be discouraged. Things will not happen overnight. Remember a baby is not born today and get up and walk tomorrow, unless he is an alien from SYFI. As I, we need to spend as much time as possible reading and re-reading Dean's books, programs and participate in the interactive website provided by Dean and his team. There is no where else you will get the type of support that you do here. And the best thing of all, disrespect, negativity and insults are not entertained on the site. We are hear to learn, make money, enjoy a good life and give back to society. May God continue to BLESS us all.

Sandra

Wow that just proves you cant give up on your power of determination we are all stronger than we think we are. Never give up! His words hit home so true we can all share on our ups and down's in life. Its all about taking Action once we start its like a train coming down the tracks. MichelleNicole
Just Take Action.

I worked on a pre-foreclosure for over a month. Babysitting the sellers. (Whatever it takes to get the deal done, right?) Met with them at least four times for several hours. Initially, it looked (thru court records) that the sellers needed a total of $167,000 to pay off mortgage, a POA lien and $7,000 to them for equity. Great deal considering that the property in "todays" FMV was averaged at $181,500. (Just last year this exact models' FMV was closer to $210,000) equaling approx. $14,000 instant equity in current market.

Question...would this be a good enough profit margin for most investors to bite? (I got the deal before I had investors. Still having a problem building investor's list. Any advice or websites would be appreciated!)

What is slamming the door shut on this deal is that the sellers just want $7,000 ASAP and I don't have it! I have NC mountain property accessed by the county at $10,000 that I was willing to use for a secured promissary note, but can't find a lender.

Initially, I was planning to assign, but when can't find investor, was considering buying myself for my two teenage boys. We've never had a home to call our own. But still need the $7,000 to assume mortgage.

Just wanted to share my first "deal" experience with the DG family. A little discouraged after spending so much time on this one deal. (Iwas determined to make it work) but I know "you win some, you lose some" and just go on to the next....

Any thoughts out there as to what I could have done differently? The door closes for good today. The sellers needed an definitive answer yesterday. Please share any thoughts or ideas!

Thanks DG family!
Phoenx

Hi Everyone, Im just writing on this for the first time so, Let me say that I am excited about this new endeavor and scared at the same time. I am not quite finished with the book, Profit from Real Estate RIGHT NOW , but with every page it gets better and the Wow factor for me. Look forward to this opportunity in RE.

Thanks for the support

Jimmy

I have been watching The Edge DVD's every night before bed, and i have to stay, it is a wealth of information on how & what other people are doing to make it work. I am formulating all of their experiences and i am creating mine that i feel will work for me....something that gets me excited about closing the deal the way i feel confident.

Now, i have a great cash investor, have a wonderful motivated Realtor, working on the buyers list and have been putting in offer after offer. what we are finding is that the offers that we need to place, in order to get a deal that has enough equity, we are not winning....so, we have changed our strategy a bit. we have an in with wholesale REO's right from the bank. This will enable us to buy at a great price, remodel before we close (my brother is a contractor) and do a double close. This will give my investor a great ROI and myself a great commission. my goal is to keep making money with the same investor for a bit. I know that i need to find more investors and buyers (either purchase or lease options)

The one thing i am finding is that with a motivated realtor who is hungry, they attract investors...so, she is coming across them daily, which is good for both of us1

I will keep plugging along until it starts rolling. i KNOW it is right around the corner....BTW, i have only told a few of my family members what i am doing.

Good luck DG family! Margie

Suzi,

Know how you feel! I was justing thinking this morning about, "Well, what if I go into a bank to talk about what I want to do and my vision and screw up? Next time I try to come back, won't they say, 'There's that lunatic again!'?" I think fear of failure is something we'll all deal with at some point! As far as what to do first, I'd say just pick one and set the others aside for now.

Margie,

Can I ask why you've only told a few?

Vincent

Elias,
thanks for your story. i was wondering how i was going to start doing the things Dean advised in his book. the pre-paid cell phone idea was great. i'm looking for investors in my area to do assignments to build up my funds.it's a little hard with only one income.but i'm excited. i'm working my goal to do something everyday to get me closer to my 1st deal.
thanks to everyone who has supported us newbies. and Elias, keep on going, we'll all get there.

serena

Welcome to the DG family. This will be a ride of a lifetime. Buckle up and get ready. The books need to be read and re-read; the plans need to be made; the time-line need to be set; the strategies need to be examined and the actions need to be taken. The feedback and outcome of all this is success. There is no room for failure here, not in life or REI. You have a family here, knowledgeable in different areas, ready and willing to support you along the way. Wishing you all success in your real estate endeavors. God Bless.

Sandra

This is my first comment ever on this site. I just thought I would comment because I'm having the same experience with REO's and the banks not coming down to the right price. It's getting a bit frustrating but I'm definitely getting good practice at making offers. I also have a very eager and willing real estate agent which is an invaluable resource. I just need to get the in with the wholesale REO's with the bank like you have now. That would make a big difference. thanks for your comments.

Jeff

Thanks for sharing your story, it was truly a motivation boost.

Elias, you never know when/how someone will come in your life and encourage you to keep going. That's what you've done for me and for that I say again "Thank You". I had becomed overwhelmed with other obstacles (debt, late mortgage, not enough income coming in,...), and honestly it was starting to get to me. Until I read your post and got fired up again to keep moving forward. Time is moving on, so I gotta get with it, or soon it's gone...
Peace & Blessings to you and successful investing

and don't give up. Rome wasn't built in a day and either was the heavens. I'll keep you in my prayers. God Bless in your REI endeavors.

Elias,
thanks for sharing your story. I too feel like tjis is not as easy as Deans book makes it sound. I am finding that joining my local real estate club has been a big help. I learn more with each meeting i attend as well as the opportunity to network face to face with people who are out there doing it and are willing to share advice and resources. still looking to make my 1st deal but I feel like its not going to be too far away.

Barb