I finished reading Dean's book yesterday. I have 4 deals in the hopper already.
I am currently unemployed due to a work reduction and my severance package will run out in July. So by August I have to make a significant change or it's goodnight Irene.
So anyway back to the deals I have.
Deal 1 a combo. It's a motivated seller combined with a refinance equity to get cash out to purchase a home that has a renter already in it deal. I will be using the equity in a rental I own in NY state. I have to get financing for it, but yesterday I talked to a mortgage broker who originally told me he couldn't find anyone who would give me a loan on the property because of the current lending conditions. I just continued to play it positive and by the end of it he said he'd research his private investors to ask if someone would finance half the money in my rental. This would allow me to buy a home for 50% off the FMV and 20% below the asking price. I totally used what Dean taught me in the book to do all of my negotiations. (60% chance of success)
Deal 2 is a motivated buyer. This person came to me via a referral from a friend who knows I'm taking my real estate exam soon. Her brother is moving to this area and she wanted to know if I can find him anything prior to being licensed and I told her absolutely. I plan to get him in a lease to purchase using Dean's techniques in his book "Profit From Real Estate Right NOW!", but I may just use my mortgage broker to pre-qualify him and see if I can just get him in a home (another book idea). (70% chance for success)
Deal 3 is combo. She is a former co-worker. I plan on helping her refinance her home so we can turn her home into a rental. Then we'll find her a renter who can move in after we sell her place (she doesn't want to sell). Then I plan on helping her find a place in an area she wants to move 30% below FMV. I explained to her as Dean told us. I told her upfront I planned on making 10% of the 30% so I'd get her home 20% under the FMV. She said she was fine with that. So we're meeting next week. (75% chance for success)
Deal 4 is a motivated seller. This person is looking to get from under a home that he no longer wants to invest in. I plan on using Dean's ideas in his book "Profit From Real Estate Right NOW!" by putting someone in the home who will be a lease to purchase tenant and buy it from him that way. I also plan on using the seller as a future partner in investments later. (75-80% chance for success)
Dean is right. It's all about Action. I have been through self-help, no money down, equity participation deals (now known as lease to purchase), and anything else you can imagine for more than a decade. NEVER have I read a book so spot on as Dean's. It serves as a motivational book for sure. It definitely shows he's sharpening his skills on Marketing his services, but he totally pairs that up with his unmatched integrity as he exposes how to make money in real estate in any market.
I am so impressed with everything Dean has put together that I had started working on getting my network together within the day and a half it took me to read his book.
Please do yourself a HUGE favor and read his book, but more than read, get out there and JUST DO IT! There are deals out there. Jim Cramer says, "There's always a bull market out there somewhere!" and Dean says, "There's always money in Real Estate!" Both are correct, now get out and do it. Shoot for the moon because you can hit if you partner, map out your plans, and then execute them to the best of your ability. All the "How to's" are in Dean's book, so there are no real excuses other than motivation over fear.
Please pray for me and wish me luck. Also Good luck to everyone! I'll keep you updated on what happens.