Getting out of my comfort zone

[bigD]

I am a shy person and I think I'll be taking people's valuable time asking beginners questions. But I want to be into real estate. So I have to educate myself by asking these questions. 1)If I want to learn how to write a contract with the escape clauses required to be a birddog and just make money by tying up a property so I could sell it. Who would be willing to talk to me and show me how to do this and I wouldn't fill like I was wasting their time. 2) If I want to learn how to research a title by myself. How do I do this? Do I go to the recorders office and the clerks can show me how?

[Dan Auito]

I am a shy person and I think I'll be taking people's valuable time asking beginners questions. But I want to be into real estate. So I have to educate myself by asking these questions. 1)If I want to learn how to write a contract with the escape clauses required to be a birddog and just make money by tying up a property so I could sell it. Who would be willing to talk to me and show me how to do this and I wouldn't fill like I was wasting their time. 2) If I want to learn how to research a title by myself. How do I do this? Do I go to the recorders office and the clerks can show me how?

BigD Don't be shy, this is why we are here: You might take a quick look at this thread to get some ideas on the title search issue:http://www.magicbullets.com/forum/showthread.php?t=204&highlight=title+search
I'll send you an e book let me know if it is any help as well, do come back with your questions if these two suggestions fail to help, heck even if they do we would love to work on getting you up to speed so be sure and ask away!

[REIaddicted]

Take up our valuable time?
Well heck there sir, we are because we want to learn and help. You just ask away and I am sure you will have lots of people answering your questions.

REI is our passions, so any chance we have to "talk" about it, is a bonus for us. :SM119:
Lisa

[bigD]

I thought of a few more questions. 1) I need to find out about cost involved ie: closing cost and what are all the normal costs and who is normally responsible for them? 2) What cost will there be to get a team of professionals (r.e. agent, title co. contact, lawyer etc.)?

[Dan Auito]

I thought of a few more questions. 1) I need to find out about cost involved ie: closing cost and what are all the normal costs and who is normally responsible for them? 2) What cost will there be to get a team of professionals (r.e. agent, title co. contact, lawyer etc.)?

Hey BigD Generally speaking almost everything is negotiable but often times when using say a traditional lender such as a bank you will be asked to pay for things like a commitment fee/origination fee = (1% of the loan amt),A credit repot fee $25, a title insurance policy $350.00 avg Insurance and taxes reserves of 3 months and so forth, a quick baseline gauge often used is usually the charges to the buyer run about 2.5-3% of the loan amount so if you're borrowing $100,000 then expect to have anywhere from $2500-$3000.00 to pay for closing costs, this does not include any downpayment requirements like 10% of the purchase price, add that and your at $13,000 but you only owe $90,000 on the property being bought.
Here are some great e books to get the finer details understood: www.homebuyingguide.com/default.asp as a seller the costs are generally half of that of the buyer.

It costs you nothing to begin networking with professionals, they will take time out to answer your questions and help you along because once you start doing deals they expect you would begin using their services at that time and they will be paid in the future, so feel free to meet and greet and make those connections!
You'll eventually want to make friends with all of the following as time rolls on:

Start a personal address book for all your real estate contacts and I do mean all of them, including your tenants. The following is a run-down of specialties in order, as you may need them.

Fill in the blanks. You need these people:

What they do Who they are Phone #’s

Attorney

Commercial Banker

Mortgage Broker

Home Inspector

Appraiser

Title Company

Surveyor

Insurance Agent

Pest Control Company

Real Estate Agent

Rental Manager

Home Warranty Co.

Moving Company

Home Security Co.

Electrician

Plumber

Heating & Cooling

Roofing Co.

Skilled Carpenter

Flooring Co. & Installer

Painter

Appliance Repair

Landscape Maintenance Co.

Cleaning Service

Tax Planning (CPA)

Tenants

Hint: Get private numbers and promise not to give them out! This will save time.

All of the above people can be any of these: Information resources, bounty hunters, assistants, educators, specialists, net workers, referrals, facilitators, strategists, tacticians, problem solvers, buyers, sellers, partners, friends, tenants.


:SM025: :SM135: :SM056: Set those appointments and go have a chat, usually a casual lunch (compliments of you of course) can really open up some dialog!