FAQ: Answers To The Most Asked Questions - Start Here

At what point in the foreclosure process is the best time for the investor to come in and attempt to purchase? Looking at some of these properties, some indicated "Notice of Default" and some "Notice of Sheriff's Sale". Is it correct that once it hits the sheriff's sale point, that is when it is scheduled to be auctioned?

If it just indicates "Notice of Default", isn't that just the beginning of the foreclosure process? Is it at this point the investor can work directly with the homeowner to attempt to purchase the property. If only a notice of default has gone out, does that mean that the sale is still in the homeowner's hand or does the lender still have to approve a buyer of the property at this point?

Also can anyone provide an example in this situation:

Default amount = $179,00
Purchase amount = $215,000

Is the default amount the amount the unpaid mortgage payments or the remaining amount that is still pending to be paid from the original purchase amount?

I'm not clear on how to determine if a pre-foreclosure/foreclosure property will be a profitable purchase for myself and a possible assignment end buyer. Can someone provide real life examples of an offer formula to show the profitability for me to lock up a contract and then the formula to determine what margin of profit I can make with the end buyer if assignment contract is used.

Thanks,

Verna (newage8767)

I have been looking for something on the site that explains that kind of stuff but didn't find anything on that kind of "technical" info. I'm still trying to figure out why I don't have the "Send PM" link showing on any of my post. Sent in a question about how to get that link on my post but haven't received an answer.

Verna (newage8767)

I recently ran across a nice property I'm thinking of keeping for myself to live in. Its been on the market for 3 months, no offers. Priced at about $30000 below assest value.It needs some work but I can see the potential. I am currently in a house that I got before the market went bad. Due to a divorce and an injury my credit is shoot to say the least. I could rent the place taht I have and get a small cash flow from it.But with no money and bad credit, how would I get this other property? Any suggestions? The owner wants to move fast according to the agent.Help

Hi Greg:

I think your title says it. That's one way anyhow.
Have you checked with the agent on the BUNCH of ways the seller is willing to accept your offer and is lease option one of them?
If not, you could try any way. Can't get if you don't ask.

OBTW: It's a great plan you have, getting out of the "old priced" home and into another at a better value. A great time to move! That's just my own little opinion.

Good Luck!

With seller financing are you able to sell the property while it being under contract with the seller? If you can please provide me with full information on seller financing that would be a plus.

Anita, I have finally finished reading both of Dean's books and though I've digested alot of info, I'm not sure where to begin. Do I set up my pre recorded message? Flyers? Ads? Buyers' list? What? It's like there is so much to do all at once! I called the academy to see if I qualify but I dont have the funds to get started with that yet as I'm in the middle of some legal matters right now and funds are going to lawyers,etc. I do have one asset in my pocket but I'm not sure it's the time to use it. I'm a veteran and I have access to my VA housing loan for life. I'm ready to go but overloaded with info and dont know what my next step is. I see a whole bunch of different properties here in Philly and I know I can get it done here. Help!

Dear Anita,

I'm looking to change my life within 5 years and I know that real estate will be the catalyst. Heres my question. If I find a great deal underpriced, lets say.......house is selling for 110k, I put it under contract for 75k. I want to keep the house for a rental prop. I advise seller that I'll close in 30-45 days. Now understand my options would be a no money down transaction. Would I have time to liquidate the equity? If so, how long would the process take and is 30-45 days a good period.

I have not been able to put Dean's book 'Profit From Real Estate Right Now' down, for two weeks! I'm focusing on FSBO/ contract Assignments. My goal this week is to offer my service to motivated sellers. I got the book in the mail about 4 wks ago. I looked at it and said 'man I wasted my money again - more ads - more marketing stuff.' Well 2 wks later while cleaning I thought about the book and I needless to say I haven't been able to it down!!! I've started a buyers lists, I'm chosing a real estate agent -in fact I'm meeting my 2nd one tomorrow. My goal is to meet with a motivated seller and offer the assignment contract. I rearing and ready to go. Once I get the assignnments down I'll be ready for foreclosures, etc.

I just wanted to introduce myself. I'm out of Sacramento, CA.

Kim D.
donedeal50i@

Hi All!

I am scared to death but I'm going to do this. I AM NOT PUTING IT OFF ANY MORE!! I've been checking out a couple of areas that I'd like to invest in and I'm currently working on building a buyers list. I'm also looking to find a realtor to work with to help me but that has not been easy. Is there a checklist that I can use to screen would be realtors or is it a personality thing? I was wondring if there is a way to check them out without wasting my time or theirs.

Thanks for your comments and your time

Dee

I would like some suggestions on finding local investors that want to buy the properties I find. I'm in So Cal/ North Orange County California.

-Thanks

David Thillman
DavidThillman@sbcglobal.net
Ph# 714-650-0058

I want to take advantage of Deans success. And all of his students. I just don't know where to start . I have had his course for about a year and have not done a thing. I just got laid off from a 32 year position and want to start a new life just need a big old nudge and guidance.

In Los Angeles, once an individual is defined as mentally disabled and the court settles a conservatorship, different fees will be required by the conservator on the custody. It is actually expensive. People would have to spend funds even before the conservatorship is settled by the court, same as persistent expenses after the conservator is in place.
Conservatorship in Los Angeles, california probate lawyer.

There are sooo many ways in real estate to make money.. Basically , pick one or two and make the journey.. You'll be glad you did !!

Randy

Anyone interested in Luxury properties?
Not sure exactly where to post this!

TWO TEXAS LUXURY PROPERTIES AVAILABLE AT MAJOR DISCOUNT!

Property 1:
The taxes on 12069 is $4,200.00 for the year it has 14 rooms 5 Bedrooms(First Floor Guest), 4.5 Baths, Gourmet Kitchen, Butlery,Great Room with Beams, Study, Game Room, Media Room with Stepped Seating, Stone and Brink Elevations with Composition Roof, Front Courtyard with Fireplace, Loggia, 3-Car Garage.
ARV: $1,175,000.00 RETAIL value
Repairs: $0 NONE, it's brand new
SELL: $880,000.00
EQUITY: $295,000.00

Property 2:

The taxes on 12077 is 5k for the year ...... it has 19 rooms (5 Bedrooms (First Floor Guest), 4.5 Bath, Professional Kitchen with Beams, Butlery, Formal Dining Room, Wet Bar, Wine Closet, Family Room, Study with Firs place, Game Room, media with Wet Bar, Claystone Elevations with Composition Roof, Front Courtyard, Outdoor Living with Grill, Porte-cochere, 3-Car garage)
ARV: $1,365,000 RETAIL value
Repairs: none ,it's brand new
SELL: $ 925,000
EQUITY: $ 440,000

Troy
tc1mktr@

What is the best formate {structure a letter} when making an offer to a bank?Thanks for the help

What is the best formate {structure a letter} when making an offer to a bank?Thanks for the help

I want to be a millionaire too! My credit is high 700's yet I cannot even get to bank representatives for pending foreclosures listed in a local business journal. Specifically, I am looking for properties in Westchester County, NY and there are plenty!

Hi All,

I have just finished Dean's book and loved it. I am excited to get things started so I wount have to worry about my family paying the bills anymore. I drove around yesterday and found a lot of homes for sale that looked promissing; some FSBO and vacant, some vacant rentals and some others that could be ok. What is the next step. I am kinda stumped. My wife is very skeptical about this whole thing. I want to show her that I can do it. Is there anyone that is willing to help me get started?

Thanks, in advance!
Michael Reynolds

Hi DG family! So here's the situation, I started submitting offers on REO properties. A lot of the responses have been: we can submit the offer to the bank as long as you have a bank statement with the funds you offered on the property. So that's the problem, I don,t have the money for the properties, so my question is what the proper way around this? But the simple fact is I don't have a bank statement with thousands of dollars, However I do have buyers list of people that are willing to pay cash, so it's not like im completely oblivious. What should I do?
p.s. i was planning on doing assignment deals on these REO properties

Hi Michael! well im no professional at this, but what you should do first is build a buyers list. In other words find people who want to buy houses. Find out their criteria for example: when they want to buy, location, what kind of property their interested in, year of house, how much their willing to pay for the property, etc. Then you should go out and find the properties for your buyers. I hope this can help you with starting out, i would give you more information but im new at this as well, and would have to charge you, just kidding. good luck!

I had question about assigning a property to a cash buyer, in the book it says that when the property is bank owned is a little harder to assig the property, I was wondering why this was and what are the steps that I need to take in order for this transaction to go go smoothly?.

The AFF system looks very thorough. Looking for opinions/advice from anyone using this system.Do you find it helpful? Thanks!

Hello, I am BRAND NEW and just got done reading Deans book and am SOOOOO freaking motivated right now I can barely sit still!! I do have a question for you as I have seen your posts on here quite a bit.

Are there road blocks to working properties that are already being listed with a realtor? I have seen quite a few properties in my area of Bradenton/Sarasota Florida that seem to be really good deals that I could possibly talk down but most are listed with an agent. Am I going to have issues with any properties that are listed with an agent?? THANKS!!!

Is any help here really free?

I just finished deans book and am so motivated I can hardly contain myself. I have already been searching for properties and have a question. Many of the properties I am finding that seem to be well below FMV and which I will offer at even lower are listed with real estate agents..am I going to run into any specific problems working houses that are listed under a realtor?? THANKS!!!

Hi my name is Cheryl, I got Dean's book and read it through once, and am in the process of reading it again. I have no experience in real estate investing, but have always been interested in it. I am currently unemployed, have no money, and bad credit. In Dean's book he gives two different strategies for my situation, the IEE,and the Assignment strategies.I am considering going with the Assignment strategy first, but there are some points I do not understand. Such as using an attorney to see the deal through, when does the attorney have to be paid to handle this ,is it in the beginning are at the closing, how does that work?, and when do I order the professional inspection, and at what point in the process do I get the money from the seller to do so? Any help with these questions would be greatly appreciated, once I am able to get the tuition, I hope to be able to join Dean's Real Estate Success Academy. Thanks in advance for any help with these questions.

ereee

Hi,

There is another forum you should go to that specifically deals with questions dealing with the AFF system. You will probably have better luck in that forum. Can't think of the name of the forum, but click on the forums link and review to find the one you are looking for. I know it is near the bottom of the list.

Any "mentors" in the North Idaho/Eastern Washington ( Coeur d Alene/Spokane)areas?Would love to make contact.

Johnnie,

When submitting an offer to the bank on a property you can use what's called Transactional Funding. These companies will also give you a proof of funds to submit with your offers. Search your area for Transactional Funding companies. They are all over the place now with the market full of REOs and Foreclosures.