Patrick Mangans journal

Patrick Mangans journal

I've gone back to read through Deans letters to attract a Broker and another for an Agent and so forth to join you/your professional team in real estate investing, but they are all written as if from Deans point of view, or as if written by another all ready successful real estate investor.. and i am trying to figure out why real estate professionals would want to work with a new investor who doesn't have money or credit. but i do need them. a Realtor who does not work with investors referred me to a broker she knew, because i need one if im to implement the IEE technique, but in talking to him, i think he's more of a banker employee than a broker, and he says that most of the creative financing money and sub prime loans have dried up. i am going to start attending a real estate club or two, and i'm going to try to get referrals to a broker who still has access to that kind of stuff..
but if that doesn't work out, i can still do assignments. i might get a real estate agent soon, but if i don't get a broker and end up not doing IEE, then i think i will at least need a real estate attorney so that im doing everything right and will not get sued.
and so, i think my first buyers will be cash or loan qualified investors from these clubs. does anyone know the current state of sub prime loans and creative financing? because the success academy says that they still are around.


another question about the technique discussed in "profit from real estate right now." i am guessing that most people who might face foreclosure (our sellers we are trying to help) owe more on their property than it is worth. that being said, you cant assign their property to investors/buyers for below what their property is worth if they owe more than that can you? you would have to do a short sale, and then you can not assign short sales correct? because the bank would not just let the owner sell the house for under what its worth would they?

and yesterday i found deans statement about a lot of the sub-prime lenders he knew about being out of business, so i'm under the impression that you cant get those kind of loans, or other creative loans like that, which i would assume eliminates the IEE strategy from being used correct? i could still use hard money, but only if the buyer has a lot to put down correct?


beginners mountain

to me, there seems to be this huge beginners mountain or lump to get over, and it seems to take a long time. everything is fighting against this, and no one i know believes that I can do it. not to mention i'm hindered by what i don't have, like a car. but i know i just have to keep pushing to even get to my first deal.

i'm trying to start out by putting everything from "profit from real estate right now" into action. i've finally set up my coa phone account, and tomorrow i'll be attending my first investors club meeting, to pass out business cards. my strategy is to try to build my buyers list first, so that when i start getting deals, i can offload them fast. so, i need to start advertising to find motivated sellers who will sell for below market value.

so im trying to make a profit at least by this summer, because this is taking longer than i thought it would. probably because i dont have a car. but i need to make something happen because my job is barely giving me any hours, and i had to quit my second job because of them.

anyone have any good advice how to speed everything up? and how to get over this first beginners mountain??

Hello my new Friend

Welcome to the site I realize you been here awhile but I just wanted to say HI

Bob Ross


You may want to join an investment club and meet other investors. You may find a partner that has a car and you can cover more gorund and maybe find more deals. Make a plan and then work and adjust the plan each day recapping what you learned today and what you would like to do tomorrow. It only takes a deal or two to get things rolling. Good luck with REI. Believe and Achieve! Smiling - Joe


YOU TUBE CHANNEL - Follow me on my You Tube Channel at Joe Jurek Real Estate Investing Adventures

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Joe Jurek CPA


thanks Bob and Joe for the support!
yeah I may be visiting REI clubs with another local DG person.