1st deal guidance

1st deal guidance

Hello All.
No I don't want you to walk me through it. But I have what I believe is our first deal. Got Deans books about 3 weeks ago and are trying to learn as fast as possible.
* 1334 sqft 3 Bedroom 2 3/4 Bath 2 car garage house built in 1992 on county land but with city utilities.
* FMV appears to be 164,500 by Zillow and 185-217,000 by Homegain. Are there any better places to go for FMV data?
* Asking price is $94000.
* On the market for 47 days.
* Exactly as Dean recommends and as my wife says "a diamond in the Rough" Surrounded by immaculate and really nice houses on flat land in a nice area. Needs a lot of landscaping work and have not been inside yet.
* Going to the bank to see about a HELOC. We have 11 years Equity in our own home. Then to a lender who caters to investors.
* Value of the home has gone up 4500 in 45 days!
* I think we are at a bottom cycle now and values are starting to rise in some places here.
* This is Northern AZ in a very big boom area. Up there with Phoenix and Las Vegas.

Trying to decide what to do: Rent or flip? Will keep reading and researching. Hopefully can build up enough money to get in to Dean's Academy. Thank you.



check pg. 130 in the new book.

Dean has several links to places that will help you get a "fairly" accurate estimate...sounds like you found a good piece of property, but don't jump the gun just yet if you haven't been inside. it may need even more work on the inside so i wouldn't sign anything just yet.
The landscaping isn't that big of a deal if you know where to find help, you can go to your local home depot and see what they charge to spruce up the lawn, or you can rent some of the equipment from them and do it yourself; another option is (being discrete) finding "helpers" hanging outside of home depot looking for jobs such as landscaping and painting, you'll also get "potential employees" leaving their cards or fliers in the parking lot...if the value on the home has gone up a few thousand without doing any maintenance on it then it might be worth it to do some minor renovating on it and then see what it's really worth.
I don't know what your situation is so flipping it might be a better deal than renting depending on how the average rent is in that area...ask around.

As for the academy, don't be too anxious if you already are close to doing a deal on your own. But if you feel better joining, you do know they have a payment plan option right? good luck.


Needs some serious motivation...Should i contact agents with short sales or the sellers themselves, Have the address but only agent's number.


Congratulations on getting Dean's books and taking action. I would recommend going to a realtor and asking them to pull comps of everything similar in the area and see what other similar homes have sold for in the past 6 months. This should provide a better idea on values. You can also contact local appraisers that work for local area banks and inquire to them about what is going on in the local market. Most local people will help if you ask the question and then patiently listen. Good luck on all your deals. Believe and Achieve! Smiling - Joe


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1st deal guidance II

Thank you for the info Optimus. We like this website - everybody is honest. We are do-it-your-selfers by nature. We do everything inside and outside from foundations to shingles. Why? - because we have never had any money and don't trust anyone. Plus and I won't lie; we do like getting our hands dirty - this is a strength. We don't say this to boast - you guys are to good for that and we want to go to the next E.D.G.E. But to say that Deans books filled in the final piece of the puzzle for us.
Our weakness has always been the "money" or "deal" side. Understanding the whole real estate industry. Major learning curve going on there right now. This is why we are thinking Academy. Meanwhile we are feeling the pressure of a changing market and have learned enough so far to know we better get moving. Thank you for the help.



I like what joe suggested, he actually took the advice right out of my mouth. Also, you can use this website: www.realquest.com - more accurate than zillow in my opinion.




"Learn and Earn!"

1st deal guidance ll

congrads on your deals. quick question. did you set your LLC first before making any offers?

thanks for all the info guys.

DF and 3kids

Just wanted to say I think Dean's Success Academy will never hurt any way you look at it. By joining I feel gives you an edge, a quick start. My goal is to get in the program as soon as I gain capitol. If you feel the market is going up in your area. Then renting might be a better option. Because there is a higher profit that can be gained if you are purchasing at a low price. Hopefully the home is in need of little repairs. If you don't have a realtor, you can find a home simular to yours, that has an under contract sign hanging on it. Try calling the listing agent and ask if since that particular one is sold are there others and what have sold in the area recently. Continued success.........Lubertha



hi everyone i am new to this

hi everyone i am new to this program, i received dean's book a month ago and all i can say i am living big in my mind, i am feeling pretty confident about it.
My concern is there is lot of information to learn at once, should i read the book first couple times before jumping and start my first deal?
please inform me with any suggestions to look at....

New At This!

Hi My360,

WElcome to the DG family! My opinion would be to narrow it down to what technique you feel best suits you. And focus on that area of the book. It's alot of info. I carry my book and constantly read over things all the time. But my research is done on the area I am persuing. Knowledge conquers fear. Don't stop reading but as Dean and many others say. Take Action Today. I'm finding the best lesson to learn is to get out there and make mistakes and then learn from them. Build on your circle of influence and keep focus. This is an opportunity like no other! Continued success..........Lubertha




thanks lot for the tip

I Need Help With My First Assingnment!!

I found a property that is well below the fair market value. I also have potential buyers that are interested in the property. I want to know what contracts I need to sign with the seller and what contracts with the buyer. Please help the sooner the better because I already submitted my offers and were accepted. Thank You