REO's with No Credit ? Need Help

REO's with No Credit ? Need Help

We need help with the REO homes

We know this system works Smiling
We had already set our minds on investing -
We gave up our lives, and chose a completely different path. (before finding Dean)
We relocated to our native hometown.

We have been fluttering around our local areas since we are so very familiar with them and we found dozens of opportunities.
Limitless opportunities actually, but we could never reach anyone to inform us about a property.

Two properties met a few of the criteria required to reach our initial and most important goals.
We wondered what step we were missing that would enable us to connect with a property listed through an REO ad.
Everything we find, sold a day later, and took us 2 weeks to reach someone to find that it was gone?

We knew Deans system was rated with great reviews from all the watchdogs.
So we ordered his books, and while we waited, we scoured the DG site for additional creative fuel.
We decided to stop going about it the wrong way and
- just sit tight and wait for our Books, our Tools.

Now we have read the books and do believe in the options available to us for no money no credit.
There are auction homes, tax foreclosures, foreclosures, REOs, Lease to Own and desperate sellers everywhere. Vacant homes are on each street.

When we relocated here, we rented a unit that was only available for 6 months
(It was a win for us, and the owner - but our date to vacate is May 1)
This was definatly just a temporary landing spot for us.

Our Challenges:
No Credit - Cannot Qualify for Loan
No 'friends or family' with money

Our tools to work with:
Our Books, and Friends in the DG Network
$3000 Cash Saved
Not fully employed but have combined stable positive income per month @ $2600

Here is what we need to achieve and preferably at the same time by 4/1/09:

1. A single family home to live in and own(temporary is fine, if it leads to achieving the next goal)
2. Our First Deal generating a profit (preferably a deal aside from goal #1)

We are eager to get an REO, but dont know how to make contact and what approach to use at that point.

We are missing the section in the books that might direct us on 'how to buy an REO with no money down'
Can someone help us to find a link or which book to locate info on this option?

Seeking direction in strategies to reach this goal and do it with an REO?
How to approach an REO property with an assignment?
Has anyone done it recently?

Thank You all for any input Smiling


~~2012 Update~~ Obtained this Program 2 Yrs Ago, Got Excited, then Life's Challenges Distracted Me, I Became Complacent, and Nothing Really Improved, It Grew Worse Quickly - Remembered Deans TRUTHFULL words about...
Doing the same thing today, that you did last year, will basically get you the same as what you had last year. So, Here I am! ReRead, ReCharged, and Ready to MAKE CHANGE IN MY FINANCIAL FUTURE!!! Seeking knowledge, and learning from successful people, and learning that the control is mine, if I take charge of it!
Im Hungry and Eager - Im an Open Sponge ready to absorb all wisdom offered!!


Good luck, follow that dream. That is a very short time frame to make that happen, altho it is possible, give yourself a bit more time and a reasonable goal. I wish you the best, I have been going into many walls, but I know I will make it eventually. You can always go for a HML if the deal is right you will get a loan. You can start to establish or rebuild credit now by opening a secured cc. Keep us posted and good luck. 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

REO offers

Hi acmex,

I'm doing the exactly what you described.

I called every HML investor ad I saw on Craigslist and found a few willing to fund the deal. In my case I had to put $3100 down on a loan of $42K. Most investors will ask for $10K but I didn't have that much. I explained that there was at least $60k in equity. The local investors seemed much more receptive to funding with a smaller downpayment.

Make as many calls as you can to private investors, banks
and mortgage brokers. I found a lot of times there are packages that are not advertised but once you explain the situation you may find a loan program that works for your deal. I also found a few investors for future deals once I have more capital.

Good luck!



I recently drove to the area i want to invest in,And like i thought!
Hardly any for sale signs,If i can get in that area...I cannot lose.
The main reason for my reply to your post is along the way going to
check out my area,I saw a billboard for a local REA/CO. Advertising
foreclosures so i wrote down the web site,When i got home i went on line
to check it out i was able to pull up REOs and for being free info,
I was very surprised on the content of the listings...The asking prices
where very low and They would take asking price and break it down into
SQ. FT. then if the property had sold they would give you the S.Q. FT.
of what it sold for.On some of the propertys people where paying more
than asking price.That sounds like to me they where basic homeowners
But then again the listings where cheap.I did see some REI,s taging
at 50% and at the bottom of the listing said you just need POF letter
to bid.In your area keep your eyes open for the key words,You just never
know on what you might run across.


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