First, I would like to introduce myself a little... I am a 28 year old College Student. I first became interested in Real Estate several years ago, but purchased Dean's book about three or four months ago. I purchased his book as a means of paying the bills for myself and my family, begin paying on my massive college debt ($100,000+ dollars and still going), and to become financially free. Plus I've always wanted to own my own business, and I can do this in my spare time while away to college.
I have been around this board for a few days now. I guess the actual term I'm looking for is "lurking around," ha ha, to try to find where things are located around the site and see what this message board is all about, so sorry if I accidentally break any of the rules. That said, I would like to say that all of you seam to be very VERY knowledgeable in Real Estate, so I am extremely glad that I took the time to come here and join.
I just finished reading all but the last two chapters of Deans book, and I must say that it is a great read. However, I have a ton of questions to ask before I begin. I would call Deans Success Academy or Coaches but at this moment I have zero cash, literally. It is my hope that you guys will be able to help me get going so I can finally begin bringing in some cash. Well, with that said here are some of my questions:
1) In his Book, Dean talks several times about building a "crackerjack" team consisting of a Real Estate Agent or Realtor, a Mortgage Broker, and a Real Estate Attorney. My question is, how do these folks get paid? The way I understand it most of my profits will go to these folks. If this is the case, How do I pay them without it coming out of my profits?
2) How do I go about finding an honest, hardworking and extremely good Real Estate Attorney that knows what their talking about, that I can trust and work with?
3) I'm wanting to start building my Buyers list. Since I have no cash, I would like to list my home phone number in my ads looking for Investors. These ads will be placed in places like craigslist, and other online locations, as well as on flyers located just about anywhere and everywhere. I'm pretty sure my phone will be ringing off the hook at all hours of the day and night. My question here is, is this a good idea to do? And is there a way for me to do something like the "Coa Network" phone voicemail thing without using any money for awhile?
4) The earnest Money Clause. Quite frankly, this scares the holy crap out of me. Well, actually the part where the Seller could use this to force the buyer (possibly me) to buy the property. Is there a way that I can simply leave this part of the contract out, and the deal still go through?
Well, that's all of the questions that I have for now. I'm sure as I get going, I'll, have lots more. I look froward to spending time here on the board. I also look froward to being able to lend whatever advice and help I can in the future as well. Thank you in advance for all your help and for allowing me to be apart of this wonderful site.