Getting Started Need Some Advice

Getting Started Need Some Advice

I'm new at this investing thing. I just got a mortgage broker and a realtor today. I'm ready to start, but I have a delima. I have a great house I can flip. It's a HUD foreclosure that was forclosed at $146k. It's in a small college town, great neighborhood. It's the worst house on the block in a stable market. It went by today and happened to see the appraiser. He let me do a quick walk-through and let me know the bidding would start tomorrow. Just from that I noticed it needs carpet, paint and up-to-date appliances, but that's all I could tell from that short period of time. When I was talking to my realtor about it, she suggested that I might want to start with something a little cheaper to learn my numbers ("make sure I don't get in over my head"). Now I'm wondering if I should just look for some small condos to rent out for my first investment, but they are in a comperable price range. Should I start with rental property first then move to flipping, or should I take advantage of this opportunity? I'm unsure of where to start to figure out what to bid on the forecloser. I would really appreciate any advice.

Missy

__________________


Sully need your help none is helping me

Im starting the "Instant Equility Exchange program"

Question #1- Do i type up my own Iron clad invoice or is there a sample one i can use?

Question #2- Do i tell the buyer im going to set up an oppoitment with owner or seller?

Question #3- Can i put an add in the paper for motivated sellers and for motivated buyers?

Question #4- do i meet with the owner with the buyer?


getting started too

Ive done my home work by looking for houses, getting owners info., prices in the area and printing out my forms I need for purchasing and reassigning the property. Im confused about the purchase form from DG. Where do I write the clause for reassignment of contract and once that is done do I take the form to get notarized? Please help me out Im determine and nervous about this. Thanks!


sangria

In the purchase contract where you enter the name of the buyer, put "your name and/or assigns". This gives you the ability to assign the contract. You do not need to have the agreement notarized in my state. If your contract is set up for a Notary, do it.

Al

__________________

"NOW GO FIND A DEAL"

Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.

Frank Outlaw


question about bankruptcy

Hi, I have a question.
My husband and i went thru bankruptcy 2-4 months ago and we are very interested in the real estate stuff but our question is since we did go thru bankruptcy do we even have a chance or do we need to wait a couple of years to try and build our credit up ..how do we get started...we wanted to know before we purchaced the book..
any help would be highly appreciated..
Thank you
Treena


help

Hi my name is Julio I am 18 years old and i have recently bought deans book and found it Very interesting and i was wondering how i get a loan from the bsnk or anywhere i can get a loan when i have no credit score.


newbie

I'm new to this and I have read BARM, read most of the post on this site, and I'm motivated to get my feet wet, i was wondering if i had to get a tax number before i assign a contract. I want to start finding my investors but was'nt sure if I needed to actually have a business before getting my own business cards(to pass out). Thanks to anyone out there that can help


Finding Real Estate Inventors

I live in New Jersey and haven't the slightest idea how to go about finding a real estate investor!My credit is very bad and don't have money saved up! My husband and i live pay ck to pay ck.Can't afford any programs right now.Would like to earn money with finder's fee but need help from someone that has been in my situation.I am looking to being from debt bondage.Can someone please help me with honest info!Thanks


What happen

Well what happen at first yall was talking about buying houses with no money down; now u are saying that u need a job. I don't understand.

__________________

ARLENE
Please dont post my hold name out there.


Could you

Could you tell me how u got started?

__________________

ARLENE
Please dont post my hold name out there.


Foreclosure List

How do i go about getting a foreclosure list?

__________________

ARLENE
Please dont post my hold name out there.


MIAMI

HELLO EVERYBODY,

I JUST STARTED THE PROGRAM ON THURSDAY 01/26/2009. I LIVE IN MIAMI, I WOULD LIKE TO KNOW IF ANY ONE HERE IS FROM MIAMI AND WHAT IS WORKING FOR YOU

THANK YOU


Getting started with no money down

I'm anxious to flip some houses for a finders fee. There are many houses for sale by realitors. Should I contact the realitor and ask for a finders fee, or do research to find the home owners phone number in hopes of locking up a deal with them and cutting out their realitor?

ronnyj


ronnyj,

If a property is listed with a realtor, ethically you would want to go through the realtor. You can still offer low and lock up properties to flip. And you can still talk with the owner, but not with the goal of cutting the realtor out of the deal. Actually, having a realtor is a definite plus because they do most of the work and will be there to assist you with the transaction.
However, there are a lot of properties that are NOT listed that you can do your own research on and make some good money on.

Can I ask you, have you read Dean's book yet? If not, that is the best place to start. It will give you a base of knowledge on which to start your Real Estate Investing, and TONS of ways and places to find great deals. Smiling

To your success,

Rina

__________________

"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)

"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11

For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249


HUD foreclosures

If you bid on a HUD property and it is up for owner occupants only, I believe you do have to use it as a personal residence for 1 year (at least in MD), but if you bid on it when it is open to all bidders, there is no such time frame.


listed information

Being a new user, I want to say, 'thanks to all' who have contributed here with questions, suggestions or answers. This is a great network of information.


new to real estate

I read a lot about real estate and how much money it can bring in, and it seems very exciting. I wanna get my feet wet, but im new to the game. Im a college student earning about $1000.00 a month part time work, but I have around $400,000.00 in a savings account. I talked to a real estate broker asking about investment properties in the area and was shown a nice fourplex selling for $225,000.00, and was fully occupied. I was shown a worksheet showing it brings in $3200.00 a month gross from its tenants. The place looked like it was in good shape, and its in a very convenient location.

My question is since I do not bring in a lot of income a month, am I eligible for financing at a bank? Does me having such a huge amount of equity in my savings mean anything?


xforeverminex,

Awesome. You are in a great position for starting out in REI!
Go ahead and see what you could qualify for at the bank. Good info to know, no matter what. But know that with the leverage you have with cash in the bank, your options are limitless. With your own proof-of-funds you can make some powerful offers on REOs and such. You could even consider being a short-term Hard Money Lender if you have access to those funds right now. Since you are new to REI, I would highly recommend calling the Success Academy to see if that's something you might want to use to jump-start your investing career with the best tools and mentors you can find. (that's not a push for you to do it, it just has made so much difference for me I would recommend it to anyone!)

All THAT being said, on the 4-plex get the rest of the numbers to see what the Net income is, get some comps to see what the FMV of the property would be. Then calculate an offer that would make it a great deal for you! Also, once you have all the numbers, bring it to your banker to see what they can do for you. If it's something you want tobuy & hold (I'm assuming), you'll want to use as little of your own money as possible. You want to KEEP that to re-use over and over. Eye-wink

Oh, and hey all you guys above this post, welcome to the DG family. It's good to have you here. Smiling

Rina

P.S. Have you read Dean's book yet? MOST important place to start.

__________________

"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)

"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11

For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249


Julio

I am 18 also. I don't have much credit yet either. Do you have any credit cards? Someone from this site offered me some great advice which I took. Go to Bank Of America, open up a secured credit card for a few hundred bucks, make purchases every month and make sure you pay back on time. Go to another big bank and do the same thing, open up a card there and eventually both banks will give you a regular credit card. This helps you open a few lines of credit and with help you start to build good credit.

Did you find a property yet that you like? How much money do you need to be loaned to you? Jeremy

__________________

This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams

Bruce Springsteen


And only use up to 30-35% of

And only use up to 30-35% of the credit on the card. Once you start going over that amount It will hurt your score a little.


HELLO

SIMPLE QUESTION


I'm new and I don't where to

I'm new and I don't where to start can give a few pointers


Do I really need a Real Estate agent?

I just want to know...
Do I really need a Real Estate agent? Or is it just to help you find
properties more easily or more of them or what? Because from what I'm
reading in "Profit from Real Estate RIGHT NOW, it seems you don't necessarily
need one. (or are there things we as an Investor just can't do?)
Also, where does the Agent make his/her profit or commision?
I didn't see that in the book so clearly.

Please someone set me straight. I am a newbie here and am very
excited about getting started!! (actually, I've been out of work for some time
and being in a rural area, it's been tough! I may be driving taxi soon...!)
I just want to do the No money down thing at first.
Then try some other methods of investing, like the foreclosures & FSBO's.
Any help will be greatly appreciated.

Thank you ahead of time for responding... Smiling

Michael8


Finding a Rehaber

I'm new and just won a bid on a HUD house. I can do some of the rehab work myself, but waht is best way to find someone to do the stuff I can't? Any advice would be appreciated.


Rehabber- 2 ways to get burned out, poor or both in real estate

I don't recommend you doing rehab for the following reasons:

1. Takes a lot of time and money, and both of those are at risk.

2. Finding qualified buyers is difficult, because they can buy any house they like.

3. Dealing with contractors as a new investor is going to be risky because contractors that are trained will overcharge you.

4. Fixing the properties yourself is fine if you like making $6 per hour, if you like paint fumes, and if you hate spending time with your family and friends, and if you don't want to make money.

__________________

"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote


Finding Rehaber

OK, so what is best way to get this house fixed up?


1 800

Hi everyone..!! It's great to see so many people trying to help each other. I just finished Dean's book, "How to profit from real estate now". And I must say that I'm excited and nervous as heck (lol). I think dean blew a fuse in my head (lol) because some of it made sense and some information sounded like he was talking in some foreign language. I would like to say "Thank you" to the people that have posted their questions and to the others that reply. Your past post has answered a lot of question that i had. Anywho, I do have some questions that i couldn't seem to find the answers to. I was wondering is their anyone in the TN area that is using Dean's system? I was looking for someone that wouldn't mind me asking them some state specific questions as they come up. I am brand new to real estate (other than my own personally homes). Second question, was about the 1 800 number.. Does anyone use this? Is there somewhere else? I looked online to try and find the address that was in Dean's book and could not find it (www.coaphonesolutions.com). What is the charge if you do? Do not mean to sound cheap but my budget is very tight (lol paid for book with change that i had been collecting). Thanks in advance and God bless


1 800

I just got hooked up with coaphonesolution this week. It costs $29.95 a month.

They also charge $25 if you want a number beginning with 1-800.

Another charge of $15 for the first month.

The whole thing cost me $69 for the first month and $29.95 for each month after.

I set up my message. It was very easy to do. You can also receive faxes, get additional lines, etc. And you don't need a physical phone.

I really excited because now I can start leaving flyers around town with an 800 number!!!

Go for it.


Really....!!!!!!

Thanks sunshine38!!! I really appreciate you response... I'm really excited about what i have learned. I just can't seem to get past step one..but i'm given it heck (lol). Could you tell me what search engine you used to find it? I tried google and got nothing.Once again thanks


Fear

Fear is our greatest enemy. You have taken the necessary steps thus far. I don't know much about this topic but I believe you know the answers to your questions. Look within you and the answers will come. I agree with Rina that you should go to the auction at the very least. Please let us know how it turns out. Good luck.

Francisca


Banks want too much for a downpayment?

Hello-
Have a question! The bank accepted my offer on a single family home but now they want 25% for a down payment. I spoke to two different lenders and they said we need you to put 25% down. Is there anything else that I can do? I would like to put down 15-20% or even less for down payment but not 25% down. That’s ridiculous! My credit score is very good and I got a secured job. This will be my 2nd property that I will be buying and renting out and maybe in the near future selling. And the 1st property that I bought I cannot refinance it yet because it has only a little over 3 months since I bought it so I can't pull money out of it yet. Any help or advice will be appreciated!

Thank you.

Prub


Syndicate content