Chapter 7 - Identifying a Killer Deal

Chapter 7 - Identifying a Killer Deal

I enjoyed Chapter 7 because I believe if I can find one "killer deal" or "gem of a deal" it can be worth up to 3 or more regular deals. Thus, if it takes the same time and effort, I am trying for the "killer deals". This chapter provide so much information, that when I read it, my head was over loading with great information and ideas. I had to take an ice cream break to clear my head of great information over load and then reread the chapter.

Th trigger words on page 141 gives you the keys to finding some great potential deals with the help of a real estate agent. "Matt's Magic Money Making 25:1 Formula" is incredible and it works and works well!

Be sure to read the Action Steps on Page 145 and be sure to take plenty of notes in Chapter 7 because the ideas will be flowing faster than you can write them down. Good luck on your REI. Believe and Achieve! Smiling - Joe

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I am having a hard time

finding the deals- there are so many houses for sale that I dont know whether they will even take my offers seriously! I look on the MLS for key words but I guess I have to make an offer in order to find if they are motivated, right? How about houses on the MLS that dont have the key words but have been on the market for a year? Should I try those even if they are not in a bad shape? Also, in my area there are REOS that are about 50,000 below the FMV, you think I can use coastalfunding and resale to another investor- for example its a single home, 3/2 needs some cosmetic work listed at 155,000 houses around here normally sell close to 215,000-240,000 depending on the condition of house- think I can make an offer for 100,000? How fast do they want a closing?

Please help-I need a deal ASAP

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Hard time

Hi Ivanessa89,

Sounds like your sitting in the middle of a gold mine! You can use coastal fnding to do a back to back closing. Any home can bring you great results. It depends on the individual sellers needs. I would make an offer until I got a rough estimate of repairs. What if you offer 100,000 and ther is much more repair work invloved. Make sure all expenses are considered in your offer. I would always start with a low offer and then work my way up verses down. Closing as soon as possible is great for you. Most serious investors want to close within 30 days or less. Your end buyer. Assiging is also another way to make profits. Chapter 8 in Dean's book. Continued success.......Lubertha

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ivanessa89,

The most important thing is to know your exit strategey before you make an offer. You want to ensure there is enough profit potential to make the deal attractive for you as well other investors if you decide to assign the deal. The greater the profit potential the easier it will be to assign.

The homes that are on the market for a really long time, just make sure these are homes that are attractive to renters or other investors. If you buy a home in an area where people do not desire to live or investors are not doing many rehabs, it could be very risky. Thus, you exit strategy is very important.

The best deals can be found with homes on the market a long time because the sellers should be more flexible. Just know what you want to do with each property before you draft your offer to purchase. You can also have your real estate agent search for available properties in your area with the search criteria words to include the following: REOs, Bank Owned, Corporate Owned, Short Sales, Estate Sale, HUD etc. These types of homes may require more work but you should be able to purchase them at a greater discount and if they are in a good rental area may be worth running the numbers and considering as an investment or future deal.

Another key is to really get to know your market so you can spot the great deals from the good deals. I hope this helps. Good luck with your real estate investing. Believe and Achieve! Smiling - Joe

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reply--having a hard time

When there is so much to choose from and you don't know where to begin, sometimes it can create anxiety and sometimes panic when you're just not sure where to start. Break it down to a few and investigate those. If those don't make sense, continue on to a few others. Otherwise you're just flailing around and going to make a decision that you might later regret because you were led by the fear of losing out rather than the confidence of knowing where you are going. Understand your "plan" and then align those properties into your plan of where you intend to go.

Dalkren1


Lubertha,

Thanks for the comments, information and sound advice. It is always a great strategy to start out low because you can raise your offer from there, great point. Thanks again for the insight and continued success in all you do! Believe and Achieve! Smiling - Joe

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Dalkren1,

Thanks for taking the time to share your comments and insight. You made a great point about taking time to come up with a plan and work the plan. This is so key. It is like the old saying of "people do not plan to fail, they fail to plan."

Also, as you work your plan and consider properties, keep them on your radar to know what has sold, for how much and what is still on the market. This gives you a great sense of what is happening in your local market area. Thanks again for ths insight and good luck with your real estate investing. Believe and Achieve! Smiling - Joe

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Thanks Joe. Really do enjoy

Thanks Joe. Really do enjoy reading your blog and insight also. Your motivation is very inspiring and you seem to have an endless supply of energy! I'm sure it is fueled by keeping positive and seeing the results of your efforts. Keep up the good work!

Dalkren1


thank you

I was listing to the conference call today and I have a sense of direction-I have a huge buyers list and am trying to make it even bigger. Now I am working with 3-4 agents so I should close on deals soon. Thank you again for responding, its nice knowing that I can always count on the DG family!

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Dalkren1,

Thanks again for the inspiring words and nice comments. Dean has ignited a burning passion for success with us and we are so inspired by Dean's books, his programs and the DG website that our desire for success grows each day with the support of Dean and the DG members. Thanks again and good luck on all your real estate deals. Believe and Achieve! Smiling - Joe

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ivanessa89,

Thanks for the comments. I am glad to hear that things are moving in the right direction for you and you have a plan and sense of direction. This can make the process easier and the journey better planned with less surprises. Good luck with all your real estate investing activities. Believe and Achieve! Smiling - Joe

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Joe

I agree that it's a great thing to have the support and boost in this process. sometimes the info or situation can become confusing. So to have Guidence from Dean and the site is wonderful. It keeps you focused on the important things! Continued success......Lubertha

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Lubertha,

Thanks for the comments. My wife has tabbed each of Dean's books and we often use them as a point of reference. I believe it always pays to fully understand the deal as much as you can so you do not run into "unknowns" later. Good luck and continued success. Believe and Achieve! Smiling - Joe

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Joe

You are on your way being a millionaire at no time and hopefully I will get there too but I am very limited right now because I cant hear. Hopefully soon I will be getting my cochlear implant so I can be a winner like you guys. Best of luck !!

Warm regards,

Paul T. La Moy


REO's and assignments

I've read alot of discussion on problems trying to do assignments with REO's. It doesn't seem like there's any black and white method for this strategy. Perhaps I've missed it in the mass of information here...SO HAS ANYONE DONE A STRIAGHTFORWARD ASSIGNMENT OF AN REO? I've contacted an agent through my REI club. I told her this was the strategy I was using and she didn't balk. She's sent me a flood of REO's and I feel like I could find a great one but don't want to be stiffed at the closing table. I have some buyers lined up and they have agreed to use the assignment strategy. I'm in Nashville. Any suggestions?
I'll continue to investigate here with my REI club but just wanted some feedback from the site. Thanks - Kara


Paul,

Thanks for the email and the congrats. I hope to one day become a full time real estate investor and be able to leave the day job. That will be exciting and make me feel I am on the right path and the hard work is paying off. Dean has great tips, techniques, and information in his books and on the DG website, so I am sure as you continue to work your plan you will be on the path to financial freedom. Good luck with your real estate investing career. Believe and Achieve! Smiling - Joe

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Kara,

I have not tried to assign an REO yet, but I believe as long as you close in the timeframe the bank wants, they would move along with the process. As you meet more investors and real estate agents in your local area, inquire if they have every been a part of an REO assignment. They may be able to offer advice and information on your local area. Good luck with your REI. Believe and Achieve! Smiling - Joe

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Joe

Hi Joe thanks and look at my member journal posting as my cochlear implant

good luck and u will get there soon and i will catch up behind u someday

Warm regards,

Paul


I like the whole book but I

I like the whole book but I think my fav. chapter was all the forms! For some reason I like contracts and forms! When I see them I just want to fill them out! Like really what up with me like that! IDK! But that was my fav.

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Reo Assignments

Hi Joe,
Just trying to understand why a bank wouldn't do an assignment. This is something they practice most of the times doing. They do alot of assigning loans everyday. Am I correct in saying this? Continued success.......Lubertha

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Lubertha,

I have found that each bank may handle their REOPs a little different. The best advice is contact some local banksin your area and inquire how they may handle their REOs. I know the larger banks just want to sell their REOs and usually want to create competition to setup a "best and final offer" scenario.

However, if you get a purchase contract accepted as "Lubertha Smith or Assignee" and the bank signs and accepts the offer, you should be able to assign the right and that person would have the same rights under the purchase contract. I hope this helps. Good luck with REI. Believe and Achieve! Smiling - Joe

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Real Estate Master,

Thank you for the comments and your thougths. Dean's book is great and there are so many great parts that appeal to different investors. Good luck with real estate investing. Believe and Achieve! Smiling - Joe

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banks assign, we should be able to too

Yes, you are correct...it happens all the time...You may get a loan through one bank, and not even realize, but your loan may end up being paid to a different bank eventually cause they assign it...So banks do assignments, but don't like investors to do that...

MyDestiny wrote:
Hi Joe,
Just trying to understand why a bank wouldn't do an assignment. This is something they practice most of the times doing. They do alot of assigning loans everyday. Am I correct in saying this? Continued success.......Lubertha

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Joe

Keep on going Joe !!

Paul


Joe

As always Joe, Thanks so much for your opinion. Continued success........Lubertha

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Marc

Thanks also Marc for the response. Your opinion is valued! I'm looking at this as how anyone could ever say it is an illegal transaction. Assignments. If it's done daily by lender's to buyer's. A law is a law. Thanks again. Contined success........Lubertha

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Marc,

Thanks for the update and the information. It is great that we all can learn more and more each day as we share the knowledge of our efforts. Good luck with your REI. Believe and Achieve! Smiling - Joe

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Lubertha,

Thanks for the additional comments. It is great that we all can learn and support each other as we pursue our real estate investing dreams. Believe and Achieve! Smiling - Joe

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