2 strokepower


All About sully

sully's picture
Name: 
joseph sullivan
Location: 
pennsylvania
About Me: 

I am new with Investing in real estate, I'm kind of just trying to get my feet wet.I have been looking pretty hard for my first deal,but it's hard since i have a number of things working against me such as: credit issues (terrible credit) oh and No Money to start with.So at this point i'm trying just about anything (meaning re-assigns,possible partnerships?)

the trouble with not having a GOAL is that you can spend your life running up and down the field and NEVER score...SULLY

Interests: 
bowling,baseball,football,dirtbikes(2 strokes)

Topics I've Participated In

TitlePosterRepliesUpdated
Getting Started Need Some Advice frymissy21637 weeks 1 day ago
Assigning question benbeka44247 weeks 2 days ago
How to Attract Investors to Assign to Your Deals Madison41048 weeks 1 day ago
Paying a Realtor in a Wholesale Assignment nstreet4651 weeks 5 days ago
What Is Owner Financing Anitarny1241 year 4 weeks ago

Basic Info

Occupation: 
finance manager
Children: 
Have Child(ren)
Education: 
Completed High School
Status: 
Divorced

Sites I Visit

Mainly Just This One

Guestbook

THanx

NinaNani's picture

thank you for responding to my post with advice. i appreciate any prsonla advice i can get. hope u do well, and with an answer like that, i'm sure u will.

Hi there!!

Sully, just want to thank you for your response to NinaNani!! BUT are you available for consulting on the matter?

It's great to find people willing to share and support others...

Good luck in all your future deals!!

how you doin?

cbrpower's picture

Sully, how is the real estate investing going? What kind of deals are you seeing out there? Are you locking anything up? How is the market in your area?

Finders Fee

HI Sully,

I left a message to an gentle that is selling his property for $124,900.00
I asked him do he pay a finders fee. If he says yes, "What should i do next?

need more information

sully's picture

sglover5, i need more details,as to who you left the message for? the homeowner or a investor? Then i can tell you what to do next.YOUR HERO,SULLY.

keep me posted

cbrpower's picture

Hey Sully,

Keep me posted on the deals you are working on and if I can help.

REO, VA, HUD

Rina's picture

Hi sully.

Your question: "marcus, i would like to ask you about the REO that you purchased, do you have a seperate real estate agent, when looking for REO properties? like do you have a regular agent, and also a REO agent that just deals with properties like REO's,VA's,HUD homes?"

I know you were asking Mark, but I thought I could help, too.
I imagine there are some agents who deal specifically with those ares, but you should be able to use any agent.
My agent has established herself with the banks pretty well, so when they have an REO, they call her. That gives me somewhat of an advantage. She CAN’T tell me any details ahead of time, but she’ll say “I just did another one (market analysis)”, so I know to be watching. Once it’s on the market, she does have to take all offers through other agents and send them on to the bank, but at least, as the listing agent, she knows if there ARE other offers.
Most of the time you can get an REO for less than what they’re asking but let me tell you about one a couple of months ago. She was going to list this house (beautiful colonial) for $169,000. But when she went there, although it had been labeled “winterized”, it wasn’t and all the baseboard heat pipes had frozen & broken and had to be replaced. So they dropped the price to $64,500 (why THAT low, I don’t know). We offered up to $84,500 but there were 12 offers! the first day! ( we couldn’t know what they were, of course) And it ended up selling for over $100,000. That person can fix it for around $15,000 and turn around & sell it right now for $170,000.
So, to make a long story long Smiling, you really can use any agent but some are more knowledgeable than others and may have more “in”s.

Keep up the good work sully,
Rina

thanks for all your posts

cbrpower's picture

Sully,

Thanks for all your posts. You are a good teacher and very patient. I sometimes get frustrated and could learn some things from you about being patient with people. I also get a good laugh from some of your comments-thanks.

Oh yeah

cbrpower's picture

Just curious how old are you?

cbr, I'm worried about

Rina's picture

cbr, I'm worried about sully. Sully, come back!!!!
Do you think he can't get on the site yet? I haven't seen Mark yet either. Maybe they just have something better to do on a Sunday. Smiling

Single mom of 4-Tired of living paycheck to paycheck

Hi and congratulations to all that have invested in this program and their glass is half full. I am determined to become financially free in the very near future. I currently work in Advertising for the past 9 years and am tired of working for someone and having them determine my self worth and when I can take vacation and when I can buy my kids some shoe/sneakers. Help Dean and team of professionals. I have become involved in RE in Sept 2007 and have been lucky that my brokers believe in training and strategy. So I am on my way. I just need a little encouragement. I have invested in so many selling techniques and have a list of preforclosure opportunities, but am afraid to step out. The responses I have read tonight has helped me tremendously. One thing, my job takes so much of my time on a daily basis. I am considering leaving very soon, but of course, everyone is telling me not to leave without five deals behind me. I can't wait that long. Its killing me there. I am safe guarding my currently mortgage and monthly expenses for four months and want to step out on faith. Can I make a deal happen in three months

absolutley

sully's picture

yes,you can make a deal happen in 5 DAYS...YOUR HERO,SULLY.

new

hi I'm new to and I also have credit issues and financil ones to so we are in the same boat what are u doing to get started?

looking for....

sully's picture

some LEASE OPTIONS and RE-ASSIGNS, they are good ways to get started with not much money and horrible credit.YOUR HERO,SULLY.

Can you help answer some questions for me?

debbiejo's picture

Hello,

I have been surfing the forum site and looking at all the top users to see what their backgrounds were. All the top users except you had been in real estate already AND very highly educated. You are a finance manager so you have the high education, but you were the only one who is new to real estate.

I am so afraid that I cannot do what all the top users (you included) are doing! I have never done anything in Real Estate!

Can you PLEASE tell me where you are up to in the real estate investing and how you got over the fears. Also, are you using both the 'Be a Real Estate Millionaire' and the 'Think a Little Different' systems?

Are you taking the 'Success Team' training and if so, how is it going?

Thanks for any help you can give me.

Deb
P.S I sent this to your personal email address but it did not go through?

debbiejo: anwsers

sully's picture

nice to meet you debbiejo, you can do what i am doing(top users) and i know this may sound cheesey, but you need to make this a priority in your LIFE, once you understand the importance of learning, you will then put into ACTION. I'll tell you what i did: when i ordered the book, i already decided that i was going to succeed @ real estate investing, so when i recieved the book i set aside a certain amount of time to read and TAKE NOTES, i can not stress that enough: you must take NOTES so you have something to refference to when needed. I didn't read "think a little different" only "how to be a real estate millionaire", however i'm also studing other material also, try to gain knowledge from wherever you can, if you need any more HELP you know where to reach me, YOUR HERO, SULLY. Sticking out tongue

I'm with you single mum of 4!

debbiejo's picture

I am so impressed at how much I can relate to your message.
I too am trying to step up to the plate and up against all the negative vibes from others.
Step out in faith and I will too!
Please stay in touch so I can have a challenge when you start making your way in this new maze of real estate.

debbiejo

D-HI's picture

hats go off to you! single mother of 4!!! wow.

another thing always said to myself...was if I ever beacame wealthy I would start up a non profit foundation for single parents.

D

debbiejo

cbrpower's picture

I started in real estate 2 1/2 years ago with nothing. Most people start with nothing. Actually you never start with nothing because if you start with nothing most of the time you have a lot of determination. Sully hit it on the head. You have to commit. I just did one deal at a time. It's possible.

sully

D-HI's picture

what, do you have two profiles??

Sully

sistreat's picture

Thanks for the information you share with everyone! I am truly impressed by all you have done.
Sissy Smiling

Hi, Please help, and thanks for redirecting me.

(Sorry about that, I didn't know about the guest book thing. I got your email on how the assignment works still confused but thank you. I went ahead and just attached my last email here so that you could see my other q's since you said that you forgot.
Thanks again, and I am ok "calm". I just really want to figure this out.)

Hi,
I seen you on this site with lots of helpful tips.
I am new to this site and just started reading chapter four "Be a Real Estate Millionaire". I am very excited. I am in position to buy home right now, first home actually. 1'st question...However I live in San Diego and as most people know the market out here even though it is at its lowest it is still high. I qual for 260 FHA loan and all the homes that would be worth buying are in the 350's how do I get this price down, especially when dealing with a bank owned or short sale? I am working with an agent and they just tell me there is no way... Is there?

Also on the RE-ASSIGN this boggles me but really I want to do this. I have got an investor lined up already who is eager to hear from me with properties. However I am so confused on how to do this, and scared. I know that you find a property that is pre foreclosure, distressed, etc. However when finding these they come with no information on the owner just agents. 2'nd question....So do I work with the agent or how do I get to the owner and if the home is already being listed doesnt this mean that the owner is basically already dealing with there home situation and wouldnt want to be bothered with me? 3'rd question....Also say the house that is pre foreclosure is listed at 375,000 for a pratically brand new home that is in good neighborhood and the price is already considerable low what type of offer could I give to be better also how do I do it and make a profit when reassigning to investor. I feel so lost.
I mean I read it over and over and still doesnt make sensse.
i don't mean to bother you.
God Bless you for all your help, you seem to be awesome person.
Misty

Hi sully

Sully, I've read a lot of your posts and you are very helpful to everyone. I am new to RE and haven't had any deals yet. I get scared of messing up when i start new things, but I've decided to go for it anyway this time. I want to start with assignments due to bad credit, barely a job and no money. So here's my question for you. I know first i must scout for great deals then make an offer then find someone to buy, do i still go through a title agency for assignments? i am a little confused. I'm learning more and more as i come on here and read the forums and ask questions. I'm just a little weary to jump in without knowing fully the steps i need to take. Any advice would be appreciated thanks!!!
Kristy

Assigning a Contract : Finder's and Assignment Fees ?

I have a few questions when assigning a contract. After meeting with the seller and signing the purchasing agreement, you then find your seller and assign your original contract over to them right? They then assume the buyer's rights and they pay you a finder's fee and an assignment fee right? How do you get your money for these 2 fees ? Where do you go to pick your money up ? How much do you charge for an assignment fee ? I know a finder's fee is between 2-3 %.

Sully I've read a lot of your responses and you seem to know what your talking about. Could you please help me.

Pre-Forclosures

Sully, you seem to know quite a bit. We just started reading Deans new book, and my wife and I love it. Our question for you is how do you find the pre-foreclosure homes and what is the first step to take when you do?

is it really you??

Rina's picture

Smiling

yup

sully's picture

i know, iknow, hold your applauses, just kidding, SULLY Laughing out loud

Man Of My Dreams...welcome Back

Anitarny's picture

U were missed

A lot!

Rina's picture

Welcome back, Sully. Smiling

thanks

sully's picture

NICE!!, the man of your dreams is BACK!!, HOLLA @ cha boy Sticking out tongue SULLY

Did you go somewhere Sully?

sistreat's picture

Sully
Did you take a vacation or something? It is good to see you back and posting all these great tips and advice.

Hey on your post getting around Non Assignment Clauses I posted a problem/question that maybe you will have an answer for. School is back in session! Smiling
Sissy

Thanx

Wib's picture

Sully, just purchased Dean's book Sunday PM while driving back to OH/WV from Boston. Couldn't sleep thinking about my kids (also divorced) and my financial status. While it hasn't got here yet, I've been reading these forums and noticed your name keeps popping up AND that you are extremely helpful to newbies (like myself).
In particular, your no money down suggestions (coupled with your unique perspective/attitude) are priceless as I begin this...THANK YOU SO MUCH! wib

Welcome back Sully!

Elena M's picture

I just noticed I missed some of your replies, I'm so sorry I didn't respond. I find it hard to keep up with all the new posts and new people joining so quickly. You probably thought I was ignoring you or something. No way, I always enjoyed your comments and learned a lot. I hope you aren't offended and think I was being rude to you. I just wanted to let you know how sorry I was and that we're all glad to see you back and continuously helping us out.
God bless you,
Elena Laughing out loud

WB Sully...

sistreat's picture

Sully
I am so glad you are back. It seemed so quiet without you around here. Smiling
What would a "Sully" letter of intent look like or contain?
I have always like the idea of some kind of short formal letter attatched to the front of any contracts or documents I deliver.
Sissy

Hey Sully

sistreat's picture

I was telling Ryan about you and how great you are at doing deals...and he is excited to talk to you. I told him I didn't have your phone number but you may get around to calling him.

Great forums

Hey sully how are you? this is Fred and as i raed your forums and think of questions you answer them . Thank you for sharing your knowledge with the DG family.By the way i'm in bethlehem pa wear are you? And i'm a big bowler myself. Maybe we can get together for a game and talk REI. Thanks again, Fred - seeger1@rcn.com

New to investing in Real Estate

dencrawford's picture

Hi Sully, I am new to investing in real estate and must say. It's a bit scary because its so much you should know and learn before attempting to make a transaction deal. I have been in the property management industry for 14 years and quit my job and started my own property management company.I had been working so hard for other owners and companies for so long. I decided I could work this hard for myself and I started my own company.I created my own web site and applied for my EIN and my LLC on my own. I received my LLC the same day. I paid only $192.00 for my LLC and was registered with the state in Maryland. My business is moving slow so I do not have a lot of capital on my side. I was told to invest in real estate and start owning and managing my own properties. All the real estate books talks about how you can find financial freedom in real estate. Well I would love that opportunity but I have poor credit and money is slow coming into my new business. I purchase Dean's book and started reading it with other real estate books. I would love to buy, fix and flip so I can start clearing up my credit a lot faster. I just don't understand how to start making offers without feeling foolish because the lack of financing and money. I called about one property going for 119,000 and ask the broker was the seller willing to do any financing. The real estate broker said maybe and ask me had I been financed yet with an approval for a certain amount. I implied I hadn't received any financing yet. Now I was speechless and lost. I didn't know what else to do. You are so knowledgeable in this area. What shoud I have done and what should I do to avoid this type of situation again? I felt so stupid inside....Help(SMILE)

Thanks again for helping all of us who are still learning the business.

Thanks Deneen

dencrawford: sully's answer-

sully's picture

i KNOW the feeling all too well....anyway you need to get your business of the ground and running, in order to do that with NO MONEY, & BAD CREDIT, this is a perfect reciepe for WHOLESALING: for this NO REAL MONEY is needed, and credit need not matter, start focusing all of your energy on looking for distressed properties that need little to lots of rehab, your going to want to aquire these properties @ no more than 70% of ARV(after repair value), 65% would be perfect(acounting for 5% for your ASSIGNMENT FEE) so, offering no more than 65%-70% or less of ARV, get the property UNDER CONTRACT, with an agreement to purchase form, have you & the seller sign with you signing your name plus and/or assigns next to your name(so you can assign the contract to another investor for a fee), think this should get you started, YOUR HERO, SULLY.

Desperate and need to get going

Hi,
I am a new member of the team, yet feel a bit intimidated as to the first thing I need to do. I know that my first property have to be a two family home for myself, sons and a renter. I have very little for a down payment and no closing cost. We desperately need to move out of our apartment which we have now outgrown. What info could you give concerning: financing, closing cost, down payment, etc. I will appreciate that very much and looking forward to meeting you at the top. Thanks. Sandra

HELP: for sandra

sully's picture

hey sandra, i hear ya, your best bet is probably going to be to start looking for MULTI FAMILY UNITS, like a DUPLEX, TRI-PLEX, etc. Most of the time thiers a nice big apartment, like a 2-3 bedroom for you to live in, and RENT out the other bedrooms to cover your cost of living, with the market being a BUYERS market, you can find plenty of FLEXABLE SELLERS to assist you with help covering CLOSING COSTS, EVERY offer that i make has the seller paying all closing costs it's called a "SELLERS CONCESSION" so ask for it! Oh, and be on the look out for owners that will finance the purchase, "OWNER FINANCING" they are out thier, just have to keep looking, YOUR HERO, SULLY.

I hear you Sully

We should all appreciate the great info/advice you provide to us. I intend to have this property in 60-90 days. This will be a pre-Christmas gift to us. Great advice on approaching the seller on financing the purchase as well as the closing cost. I think this is great. Should you think of other ideas, please share. Anytime I hit the deal, you will surely be informed. Thanks.

Great Suggestion (Single Mother's Foundation)

I think that is a great idea, do not forget the single mothers of this team.

SanBern

just starting

Hi-
you seem to be the "guru" of this site! so i figured id ask some of the 100 questions going trough my head!
ok - i just ordered the book so i didn't even read anything yet-
i'm 25 - have a good job but just looking to boost some income - my credit is OK - but not enough $$ to put down on anything
- i'm crazy determined so - i think i might be good at this!!
- so how do i start? - once i read the book?? where do i look for these foreclosures?? and the re-assigns - how do i even go about doing that??
- and i'm in new york - is it harder to do it here there anywhere else??
any info would be greatly appreciated!!!
thanks
sam

easy partner.....

sully's picture

it's going to be a lot easier and you'll get a LOT more of your questions answered if you ask 1-2 @ a time, o.k.?, now, for just starting out, you pretty much answered your own question, READ THE BOOK FIRST. Without reading the book first is like trying to ride a bike before you know even how to walk! oh, and you dont need any money to put down if your credits o.k., as a matter of fact, even if your credit was BAD and you had NO MONEY you can STILL, make money in this business! thats why this business is so great!, YOUR HERO, SULLY.

Hey Sully,

Stepping Up's picture

I have a deal right now that is appraised at $225,000 and I offered $130,000 to the bank. I am receiving a referral of 30% from the real estate agent because I found the short sale applicant through my own advertising. Using the formula that you posted the other day, I have determined that my ARV+carrying costs+closing costs+fix up costs would be around $160,000. That puts me at 71% Ltv. I would like to buy and hold but am probably going to assign this one to build up more cash for future buy and hold opportunities. What would you recommend that I put as a price to assign it for and can I begin marketing the home before the short sale has gone through just to see if I have anyone interested in the property beforehand? Thanks a bunch, Troy

Hi there

triplem27's picture

Hi Teach,
My name is Michelle, I have purchased Deans Book how to be a re, Im so motivated and persistent to learn how to start. Im at the point where I'm now using highlighters and such so that I can look back and make references. Ok I like many others that are in the DG community have poor credit. I wanna start investing and learning about RE so that I can use that money to clear up my credit once and for all.I actually gave myself until 30 yrs old to see and do what everyone see in RE opprotunity.I live in NYC, and for someone that doent have money down and with credit issues, I just wanted your advice.

I've been reading and I know that you and also the book says that you need to try the and/0r assignment, what does that contract looks like , like a template is what Im asking?

for example
In the area that I work , I see a beautiful house that has a sign out for sale unlike the book its not a ugly house from the outside, now what do I do?

I copyed all the info off the sign, now what should I do next?

Im convinced that if I was to get some guidance thats all it would take for me to get the hang of things moving on the right track.

Thanks in Advance
Another single mother trying to see her way to the top.
Michelle

Hi Michelle~

Elena M's picture

Welcome to the DG family/forum as I often refer it, glad to have you here. I'm a single mom too so I feel you sister. It's just a regular purchase agreement that you can download from Dean's site, where the buyer signs you would sign your full name and/or assigns. Then you find an end buyer and do an assignment agreement with them, it all goes to a title company and you get a check at closing. If you have any questions feel free to ask.
God bless,
Elena Laughing out loud

Thanks Sully

sistreat's picture

LOL! I will name my next 2 houses after you! I will start using that and see what happens. I may have some intresting things to share with you that I have picked up along the way.I have to first get the virus out of my computer. The virus locked up all my documents and won't let me have them.

Thanks Sully

sistreat's picture

Yes...the houses have 2 seperate physical addresses....but only one house has a $45K mortgage that she needed to sell yesterday as she put it.

SO if I were to offer her ONLY the $45K that she is in trouble with..would I divide that $45K and offer only $22.5K on each individual house?

Thank you for those escape clauses. I searched everywhere for those.
You are still my hero Mr. Sully.
I will name those 2 houses after you if I lock them up. LOL!

yeah, that would work....

sully's picture

If you want to go ahead and offer $22,500 for each house I think that would be a good idea. Or you could buy the one house "SUBJECT TO" the existing financing and have her just DEED you the other house, that would work too. Man, dont think i EVER had a house named after me, pretty cool, huh?, SULLY.