How to have success in REI? Study, learn and apply the concepts, tips, techniques and information from Dean's Books.

How to have success in REI? Study, learn and apply the concepts, tips, techniques and information from Dean's Books.

Hello DG Members,

Many new DG students have a passion and desire to succeed with Real Estate Investing. They want to succeed, but may not know the best course of action to take. The best advice I can offer is become dedicated to your education and learning. Use Dean's books, such as "Profit from Real Estate Right Now" as your information guide to success. Be committed and truly dedicate yourself to reading, studying, learning and applying the concepts, tips, techniques and information from Dean's Books.

There is a major difference between reading and studying. If you need to reread a section, then do it over and over until you understand the concepts or how to apply them. How do great athletes and performers make it look so easy?....Practice and Preparation!

How often do we buy something and it has instructions? It is usually easier to follow the instructions but most of us will use the "faster and easier way" and not follow the instructions. After I put together a new toy for my children there are usually parts left over? Then I realized I needed to look at the instructions for the "extra parts". Smiling

Thus, your real estate investing should be the same approach. Take a structured approach to your studies. Study each and every part so there is nothing missing at the end, when you are ready to take action. Good luck with your investing. Believe and Achieve! Smiling - Joe

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Not good to cut corners

This comment came to me at a perfect time. Just as I was so geared up in making 7 offers today, my REA emailed me and said, "Please remember that I will need to provide financials, credit score, proof of funds and copy of deposit checks with offers even if it will be assigned to another investor." This really put me off-balance as I didn't know what to think. Do we really need these items to make an offer? If nothing, I'll just go through Dean's book again. Maybe I missed this part. But I do agree with what you said that we shouldn't be cutting corners and not to use the "faster and easier way". If you could please answer my question here.


RodBB,

Thanks for the comments. It sounds as though you REA is requesting a lot of information. That may depend on who your making the offer to. If they receive a p.o.f. letter and a earnest deposit, this should be more than enough information. You may want to "cold call" other agents in your area and gather more information on what is typical for your area. Sometimes it pays to look around and gather additional information. Good luck with REI. Believe and Achieve! Smiling - Joe

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thanks

Thanks Joe. This is something I do all the time. Read over and over. Until it makes since to me. It all starts with you believing. Because if your not sold on the concept. Then no one else will be either. The power of conviction. So looking at it once again won't hurt. But I have to be careful not to over do things and take away the simplicity of things also. Continued success.......Lubertha

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"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"


Lubertha,

Thanks so much for your insight and comments. As you have stated sometimes the best principle is to keep it simple and be committed. Thus, the more we all read and understand the better prepared we will all be. Good luck and continued success! Believe and Achieve! Smiling - Joe

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Thanks but...

...what is a p.o.f.? sorry for my ignorance.


RodBB

P.O.F is just short for "proof of funds" letter. And its not ignorance, your just like me and everyone else making certain of what you know and dont know. No question is a stupid question because even if you might know the answer, there are others who do not. Good Luck.

Tim


Thanks, Tim

Is it right for me to assume that these POFs and earnest deposit should be provided by either my retail buyers or wholesalers (end or final buyers) since I'm just doing assignment of contracts? And how much earnest deposit is required? Is this a % of my offer?


Tim,

Most people usually request an earnest deposit amount to be around $1,000. However, it can be any amount that you request and your buyer is happy to comply with. You do not want to make it too high, but high enough for them to complete the deal. When you are the buyer you want it as low as possible, when you are the seller as high as possible. Smiling I hope this helps. Good luck with your REI and future deals. Believe and Achieve! Smiling - Joe

__________________

YOU TUBE CHANNEL - Follow me on my You Tube Channel at Joe Jurek Real Estate Investing Adventures
https://www.youtube.com/channel/UCiko62V79zLKX_owbirAYNA

TWITTER - Follow me on Twitter at Joe Jurek CPA
Joe Jurek CPA
https://twitter.com/JoeJurekCPA


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