FAQ: Answers To The Most Asked Questions - Start Here

FAQ: Answers To The Most Asked Questions - Start Here

This post will contain a constantly evolving list of frequently asked questions and topics for help or information. If you have a question, check here to see if has already been answered, or if there is an existing topic that you can build upon.

This is just a quick skim to get it started, so there is room for a lot more topics and posts to be noted here. If you notice a question or topic that would be helpful to be included, or link that should be added to an existing topic, please post the question/topic and links. Smiling

**** NOTE: If you have a question, do not post it in this topic. It will be deleted. Post a new topic for any additional questions. Replies in this forum are limited ONLY to suggesting new links to add or questions (based on repeated requests in the forums) to this list. Thanks!

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Getting Started:
http://www.deangraziosi.com/node/61
http://www.deangraziosi.com/node/1509
http://www.deangraziosi.com/node/2455

Reassignment:
http://www.deangraziosi.com/node/2022
http://www.deangraziosi.com/node/42
http://www.deangraziosi.com/node/1393

LLC/Company:
http://www.deangraziosi.com/node/927
http://www.deangraziosi.com/node/2126

Short Sales:
http://www.deangraziosi.com/node/655

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Question

Being a newbie, I am not sure if I am doing this right, but I would like to have a question answered. How would someone who has been living in the U.S. for several years, has been working and has sufficient income to buy a home, be able to find someone to give them a mortgage? Since this person is not a legal U.S. citizen, she has no credit history or even a social security #. To complicate it further, she and her boyfriend (whom she would buying with) work off of the books.

Thanks.


Elena

Can I get a house that has equity, that is selling for a cheap price and then turn around and pull the equity out of the house and try to sell it afterwards. So that way I have the money up front and then put it on the market to sell?

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David David


my market

i bought your book about 3 weeks ago and im almost done with it but, my problem is i live in southeastern NC in a beach community and the market has risen to numbers that the locals can't match. The market has slowed down but its still way out of reach how can i find that diamond in the rough if houses that use to go for 125,000 are now going for 179,000?

thank you
TWright


I am only 19 years old and

I am only 19 years old and have good credit, but not much history and i have tried getting apporved for different types of mortgage loans because i have found many good deals, but i've come up empty. I'm a little lost as to what i should do next and was wondering if i could recieve a little guidance to point me in the right direction


4-plex

earncvn74 wrote:
Hello everyone! I'm a fist time investor and I live in San Diego, CA. I'm in the Navy. I just came back from a 8 month deployment in the Persian Gulf. I'm currently living in the barracks. But If I would like to move out in town, the Navy will give me $1400 per month in housing allowance on top of my base pay. I'm really interested in trying to live for free in a multi-unit residence. That way I could pocket some of my allowance to do more investing. Should I be looking at 1-4 units or go even higher with 5+ units? I also would like to structure these deals with no money down. I'm also interested in wholesaling deals. I had money after deployment but me ex girlfriend took it all. I bought a new car which was a bad idea. It was $30,000! I'm at my $5000 credit card limit. and I have other debts which put me around close to $50,000 in debt! So please if anyone is out there reading this who has done deals that I'm interested in, please..I'm all ears. HELP A SHIPMATE OUT! THANKS AND GOD BLESS!

QM3 (AW) WILLIAMS
USS PRINCETON CG-59
[email protected]

If you think you can deal with the management hassles then 4-plexes are a great way to go. They qualify for residential financing (same as a house). And you have rents from the other 3 units coming in to help with the mortgage. I would say that 4 is the best number in this case.

Of course you DO have to collect the rent and a potential negative is that you are living next door to your tenants. (Of course, this is also a positive as you are VERY easily able to know what is happening to/with/at the property.)

At a later date, you can sell and roll into the proceeds into a SFR if you want. All in all, a great way to get started.


yes

debbiejo wrote:
Are there areas of the USA where it is not ever going to be profitable to do REI?
I know this seems silly to ask but after the discussion I had yesterday with the RE agent who told me that there would be no quick money to be made in my area in REI and I should stick to getting licensed to be a RE agent, I am scared that I might live in the only place on earth where this can't be done. I have been fighting off his remarks but it is haunting me.

I live in Bisbee Arizona and Sierra Vista and Benson are close and I hope there is opportunity here as well as in every other place in the USA?

Please help......

It depends on what you mean...

Are there areas where you will never get much/if any appreciation? Yes.

Are there areas which make bad rentals? Yes.

Are there areas where the properties will never cash flow? Yes.

Are there areas that probably have both 1 AND 2? Yes.

So you need to decide what YOU want out of RE. And you may have to leave (at least investment-wise) your area to do it.


another question

I have an opportunity to purchase a home from my parents for 120,000 the home is valued at 185,000 the want to help me get started with my real estate career. the question i have is how do I pull the equity out of the house once i've purchased it to use as a down payment on another property?


re-fi

twright wrote:
I have an opportunity to purchase a home from my parents for 120,000 the home is valued at 185,000 the want to help me get started with my real estate career. the question i have is how do I pull the equity out of the house once i've purchased it to use as a down payment on another property?

Lots of ways.. straight refi is probably the easiest. You can get 80%. That would be 28K. Not sure if that is enough to do what you want.

Easiest if the parents do the refi and then you just start making the payments.

(Is it a rental property for them or do they live there? That would make a difference...)

Getting a HELOC on the property is also an option.. though quite a bit less desirable.


thanks for the reply my

thanks for the reply my parents rent the property out and have been doing so for abut 6 months


Can I transfer a sale

Can I transfer a property to a real estate agent or a broker. Where are the forms to lock the property. How do I proceed about making an offer?


yes but why

neida66 wrote:
Can I transfer a property to a real estate agent or a broker. Where are the forms to lock the property. How do I proceed about making an offer?

If you own a property, you can transfer it to whomever you wish. Why would you want to transfer it to a realtor/broker?

To make an offer, fill out a Purchase Agrement (offer) form.


The Market in a Recession

Hi my name is Cody; I'm 22 and living in San Diego. I just signed up last night and was curious about any feedback I could receive on the current market and dealing with a possible recession. I’ve been doing some research on foreclosures and there are 1000's of them and with Californian having more foreclosures than 40 states combined I know it's impossible for me not to take advantage of this opportunity. I’m curious to know if there are other factors to consider in the market when dealing with a recession and the possibility of the value of the dollar dropping, I'm not sure whether to wait about two more years to see how the market plays out or to start looking for a foreclosure within a year to rent while the market is low .Does anyone have any advice for a young entrepreneur who hasn’t experienced the market while in a recession, and if so are there any other factors to consider?


Thanks

I think this is an great thing that DG is making available to plain folk to understand.Now I finished reading the book and now is the time that I plan on taking action for my finanical future as a real estate investor.


Hello,I am current a

Hello,I am current a homeowner and I wish to rent it and move to a slightly better home/neighborhood....but I am confused and dont have money to put down,but I have a few options,like my 401k,and im waiting to here from the bank to see if I can get pre-approved/not pre-qualified( always go pre-approved !! ) pre-qual has less guaranee and means very little ......) ok now back to my story.....,i am confused about mortgaging the next home,that i only plan on keeping about 2yrs, and then sell it.my question is what is the best way to proceed ? Thanks

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thxgrazudaman


i just got done talking to a private lender here in alaska

i was trying a local lender here in my area, i told her i had found a place in anchorage owner finace i was looking for 15,000 for the down pymt, nice lady but she got all uptite alittle when i said that , she metioned witht the people going to jail because of no money down schems , she would have to be first mortgage 60% , she flat out told me theres no way to do no money down any more , i need some help please what should i do,any ideals??

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michael scott sondgeroth

150% determined believe!!! successful most of all have fun!!!!!!!!!

BE A DO,ER NOT A TALKER!!!!!!!!


groups

I joined a group a group, and want to post a message to the group, but can't see how to 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


Posting Comment

See below the last post. Your posting comment shell will be on the bottom of the page......

JButcher


Just wanted to ask a question

I have just filed bankruptcy and don't have any money to invest right now. Can I really get this going with nothing to invest untill I get some deals closed?


foreclosures

Is there a link for south jersey foreclosed homes I am extreamly new at this and just soaking it all in. Many of my questions have been the same as many so they have been answered. Thank you everyone for your posts they have helped me as well. Im so siked in learning as much as I can so I can start to build my empire lol


is any one else having problems accessing there advance trainn

hi mike here i started have techinual problems with accessing my on demand trainning cources last week , its comming up witha error, is any oneelse having this problem, i can access the progress reports but not the videos,on trainning

__________________

michael scott sondgeroth

150% determined believe!!! successful most of all have fun!!!!!!!!!

BE A DO,ER NOT A TALKER!!!!!!!!


Advanced Training

Michael,

I am not sure what advance training you are referring to. Can you be more specific as perhaps it is something I purchased and do not know I have access to it. Believe me, I have done this before.

Thank you ,
JButcher


its the tsi trainning

its aoptional training from dean that i am in , i cant get ahold any one today , coaching

__________________

michael scott sondgeroth

150% determined believe!!! successful most of all have fun!!!!!!!!!

BE A DO,ER NOT A TALKER!!!!!!!!


Optional Training

Mike,

I assume you have a coach when you say advanced training. Good for you.

JButcher


jbutcher

ya im in the training program, im doing the on demand videos, when i first sighned up i had a choice of a weekly live with the coaches, i chose on demand,at the time i was working in prudhoe bay alaska did not know my scheldule at the time , now i wish for me i had a live coach to go through the weekly class , its nice to have coaching hot line to call and email , thats about what i would do diffrent if i had the choice again,

__________________

michael scott sondgeroth

150% determined believe!!! successful most of all have fun!!!!!!!!!

BE A DO,ER NOT A TALKER!!!!!!!!


New York Real Estate

hi all.I am new to real estate and was wondering if someone is doing business New York area. Please reply with your experiences and how it is different in NY. Thank You!


spelling

Is there a way to spell check messages before posting? I am a terrible speller and am wearing out my dictionary.

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


alchristmann - spelling

I don't think they have a message spell check but what I generally do is write my message in a word document with spell check and word correction and then simply select all Ctrl and A and Ctrl and X which copies the message and then cuts it out and leave a copy on your clipboard, and then you paste to your message window using Ctrl and V to paste it into the message window . This is also great practice to ensure that you never lose a message. I have a bad habit of writing a long message and then somehow hitting something that blanks it out and it cannot be returned! If you use word it will stop this problem.

The other thing you can do is to write it all in the message box and then Ctrl and A and Crl and X, paste it to a word page, do corrections then copy, cut and paste back.

Just my opinion!

__________________

Deb


Thanks

Thanks Deb,

My computer and I are just getting to know each other. Any outside help is appreciated.

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


Need help getting started

Hi my name is Kim and I live in Elk Grove California. I currently live in a three bedroom apt. In my neighborhood I have noticed alot of foreclosed homes. I am very new to this program and real estate business, but am very eager and interested. I also forgot to mention I'm broke and my credit isnt so good. How and where do I start? I know there is a lot of money to be made but dont know how to get it. I am disabled and have plenty of time to get something positive started. I hope I'm not putting the wrong information in the wrong area.

Thanks

Kim


investor or buyer for my short sale

We have several questions;
1.We plan to put our condo in bay area california for short sale, but we are skeptical whether there is a buyer or investor that will buy as we don't want to ruin the credit score or become foreclosure if nobody buy it. How will we find investor or buyer?

2. Is that necessary to have Real Estate license in this business?

Thanks for any help! Hill.


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