Don't know where to start

[doechase]

I had just recently looked into real estate investment and simply don't know where to start. I had read a couple of articles here and there but none tells me step by step on how to begin and where to begin. I have a full time job, but real estate investing is something I am really interested in. If anyone could guide me to the right direction would be much appreciated.

thank you

doechase....

[Dan Auito]

I had just recently looked into real estate investment and simply don't know where to start. I had read a couple of articles here and there but none tells me step by step on how to begin and where to begin. I have a full time job, but real estate investing is something I am really interested in. If anyone could guide me to the right direction would be much appreciated.

thank you

doechase....
Doechase have you read this yet?
http://www.prweb.com/releases/2005/2/prweb206557.htm if not go ahead and download it and see if it begins to make sense. Do ask any question that you have along the way as well.

I really think the book above can give you some clarity, ideas and direction when starting out! Dan

[doechase]

thanks Dan, I will check it out and for sure I will plenty of questions...

doechase

[Aldo]

I highly recommend reading Dan's book. The review at that link doesn't begin to tell the whole story. I've been landlording for almost 29 years, so one would think I've learned just about all that is needed to know. WRONG! I read his book and found a whole array of tips and tricks that I hadn't heard before. The beauty of it is that the book is written in language that the newest of beginners can easily understand. I'd just add that, though I have over 100 R.E.-related books on my shelves, Magic Bullets in Real Estate is the only one I've read cover-to-cover in more than 10 years.

[Dan Auito]

I highly recommend reading Dan's book. The review at that link doesn't begin to tell the whole story. I've been landlording for almost 29 years, so one would think I've learned just about all that is needed to know. WRONG! I read his book and found a whole array of tips and tricks that I hadn't heard before. The beauty of it is that the book is written in language that the newest of beginners can easily understand. I'd just add that, though I have over 100 R.E.-related books on my shelves, Magic Bullets in Real Estate is the only one I've read cover-to-cover in more than 10 years.
Aldo, That review actually contains the entire 290 page e version of THE book. People need it so I'm giving it to them my friend. Life's to short. :thumbsup:

[REIaddicted]

Doechase, glad to have you aboard.
First and foremost --- read, read, read. Dan's free e-book is a great place to start.

Doechase have you read this yet?
http://www.prweb.com/releases/2005/2/prweb206557.htm

Then don't forget to go here and read these articles!
These are some of the great FREE articles Dan has available at

http://www.magicbullets.com/forum/showthread.php?t=398

( don't forget about the free gifts page as well) http://www.magicbullets.com/downloads.php

Also, these are great getting started posts.

Weekly 15 Hour Investor Schedule
http://www.magicbullets.com/forum/showthread.php?t=269

Turn a $8,000 Investment into $1 million
http://www.magicbullets.com/forum/showthread.php?t=282&highlight=started

If you will read the archives, there is a wealth of information. As well do a search on any topic and view the results.

If you will also check out the bird dog section there is a some great information for starters.

Look in the free e-book part of the forum

http://www.magicbullets.com/forum/forumdisplay.php?f=38

Please ask any questions you have as you research and everyone here will be happy to help out.

lisa

[doechase]

Hi Dan...I guess the first question would be, "Is there a key aspect where I should focus on or should I read all of the links you had provided me within your link?....

and thank you for the links and the "welcome" Lisa...

and basically, I should give myself six months of education before anything could happen? Will this new interest require me to quit my job to have a better success rate? That question was meant for those who had gone through that experience...

that's it for now...back to reading Dan's book... :SM139:

doechase

[Dan Auito]

Hi Dan...I guess the first question would be, "Is there a key aspect where I should focus on or should I read all of the links you had provided me within your link?....

and thank you for the links and the "welcome" Lisa...

and basically, I should give myself six months of education before anything could happen? Will this new interest require me to quit my job to have a better success rate? That question was meant for those who had gone through that experience...

that's it for now...back to reading Dan's book... :SM139:

doechase

Doechase, don't quit your day job! It will help you transition into real estate.

It may not take you six months either, keep reading and get back here when your done. P.S. don't worry about any links, just get the basic beginners book read first! Dan :SM110: :wink:

[Just Information]

You can get tons of information from many REI programs, but the best teacher is experience.

You have to get out and take a few steps.

Below you will find a list of activities that will get you up and running.

As you take action you will learn what you know and what you do not know. Refer back to the manual often and do not be afraid to ask questions. Be sure you dedicate a specific amount of time each day or week for investing in real estate.

If you get into the habit of looking at properties each week, you will find a property.


To get a feel for the prices and market begin picking up the real estate magazines.
Review and circle classified ads that have the motivated seller phrases such as desperate, VA, assumable, focusing on FSBO (For Sale by Owner). Reviewing the ads will give you a feel for the marketplace and you will begin to see opportunities. Keep a file of properties.
Drive through local neighborhoods focusing on FSBO signs. Take down the phone numbers.
You will have the opportunity to make dozens of phone calls and notes on properties in the upcoming weeks. Make 20 copies of the Property Information Form found on your forms CD prior to making those calls.
Review the telephone scripts and repeat them out loud several times. Make a few phone calls to homeowners and see how much information you can obtain. Initially don’t try to schedule an appointment. Concentrate on trying to get your forms filled out the best you can. If you miss something or don’t say it right the first time it’s okay. You will get it all in time.
Check with an office supply company or the Board of Realtors to acquire a local contract for purchase of real estate or use the forms CD. Be sure you have an addendum form.
Invest in business cards and letterhead to let people know you are a serious investor.
You will want to pass out 1,000 business cards per week your first 30 days.
Prepare a contract or an agreement. Check figures and clauses. Be sure you have a couple of ‘out’ clauses such as ‘subject to partners’ approval’. Submit your offer to the homeowner and see what happens. The homeowner could ignore the offer, let the deadline expire or counter offer. In the event the homeowner does not respond to your contract put them in a database with a note to contact them again in 30, 60 or 90 days. Things do change over time!
After you have contacted 10 – 20 homeowners by telephone, make an appointment to review their property.
Get accustomed to viewing property and filling in the property evaluation form. Take a clipboard, notepad, pen, and flashlight before going out to the property. Do not attempt to negotiate.
Evaluate the property and look for the opportunities. Could the property be assigned? Acquire the property through assumption of the financing or structure limited money down deal. You might consider touching base with a professional to have the situation reviewed for opportunities.
Call rental properties from the newspaper focusing on individuals who are looking to rent their property. Concentrate on why they are renting. If they answer, "I couldn’t sell the property" you have an excellent prospect. Always ask, "Would you sell the property?"
Examine your credit profile and increase your available credit.
Check out the ‘money available’ section of your newspaper. A number of the individuals could be a good source of contacts and properties as well as ‘cash’.
Let your banker know you are beginning to invest in real estate. Ask him for timely information regarding interest rate changes, bank properties, areas to invest in the local market and potential investors he might know. The rapport you build with your banker is just as important as this information.
Inform your friends, associates and peers that you are looking for properties, providing an incentive if necessary. "Offer a carrot."
Using the Brokers’ script, contact local brokers and establish a good contact. Try to find brokers willing to work with you or those brokers that specialize in distressed properties.
See a real estate lawyer or stop by a title company. Inquire about volume discounts and the general process as well as their fees and services.
Stop by the courthouse and research a property. It is not a scary place and you might be surprised how friendly it actually is. Start by researching your own property or a friend’s. The first time or two the clerks will help you in your research or in pointing you in the right direction. While you are there also check out the Recorder’s office. Inquire about the office that handles tax and mortgage information.
Be present at several foreclosure auctions just to learn the process.
Develop a database of buyers and spread the word among your contacts. You might consider passing out business cards, posting flyers or ads to acquire buyers’ database.
Review your materials from Stealth at regular intervals and keep your goals in mind. Most of all, keep the commitment to spend a specific amount of time examining real estate, studying strategies and learning more about the industry.
Look at a minimum of 100 properties per month.
Set up a mailing campaign to:

Other Investors
Expired Listings
Homeowners facing foreclosure
Homeowners facing legal problems
Homeowners facing law suits
Homeowners behind on property tax
Probate announcements
Engagement announcements
And the list goes on

Drive a new way to work or to the store and look for real estate.
Never let lack of money stop you!
Your mission, if you choose to accept it is too never stop, never give up!

Winston Churchill said to the people of England during the darkest hours of World War II? …And I remember hearing recordings of that rough, old, father figure voice…

"Never, Never, Never, Never Give Up!"

[renshawc]

I just wrote a step-by-step article for new real estate investors for a magazine called Young Money (http://www.youngmoney.com). The new issue should be on the stands shortly. It's a very practical guide to the process that may help you. -Camille, http://www.seriousreal.com

[Just Information]

Many teachers and course marketers no longer actively invest while some never did.

They just learned the techniques well enough to teach them, though not well enough to be successful with them themselves. Some still teach methods that have been outdated for 10-20 years.



If you want to help others and you understand that profit is just a benefit as a real estate investor then you will have great success



Real Estate investing educational choices are still influenced by family circumstances, costs, income level, role models, social, economic rules and assumptions.

When making choices, many are not fully aware of the long-term consequences of their selection.

New Investors may also have inflated views regarding their personal income-generating ability. Likewise, many new investors place a premium on immediate gratification and consumer spending, as opposed to deferred gratification and an investment in human capital."

1. Real Estate Investors economize. Real Estate Investors choose the alternative that seems best to them because it involves the least cost and greatest benefit.

2. All choices involve cost. Cost should never be second choice! Real Estate Investors give up when they make their best choice based upon cost of education.

3. Real Estate Investors respond to incentives. Incentives are actions or rewards that encourage Real Estate Investors to act. When incentives change, Real Estate Investor's behavior changes in predictable ways.

4. Economics systems influence individual choices and incentives. How Real Estate Investors cooperate is governed by written and unwritten rules. As rules change, incentives change and behavior changes.

5. Voluntary trade creates wealth. Real Estate Investors can produce more in less time by concentrating on what they do best.

6. The consequences of choices lie in the future. The important costs and benefits in economic decision making are those which will appear in the future. Economics stresses making decisions about the future because it is only the future that we can influence. We cannot influence things that have happened in the past.

Education doesn’t mean anything. Don’t get me wrong: We can say the word "education" and get that special feeling inside, like we’re chanting some sacred incantation. We can also use the educational system to get a job, or use prestigious universities as resume fluff:

In this manner, education is nothing more than a disposable product. This may seem outrageously idealistic, but I was under the impression that the meaning of education fell somewhere near enlightenment. I’m not talking spiritually. I’m talking in terms of knowledge that goes beyond the mere storage and repetition of mundane information, or workshop lingo that alienates everyone outside you as an investor.

I’m talking about the difference between treating education like a dear loved one, and treating it like a cheap one-night stand. The prevailing attitude in our mainstream culture is the latter. Although we can get so worked up about funding, class size, and pedagogical methods, what does any of this mean if we do not infuse education with human value?

Education should be about encouraging the importance of learning in concert with knowing. The emphasis on knowing something is overrated and serves to further the degradation of learning in our society. It’s the same emphasis that encourages "knowing everything you need to know"

This prevailing attitude will never value education past its practical function as a disposable package to be tossed into the trash once its contents have been consumed. With such an approach, it is next to impossible to spark the desire to learn.

If it cost you $10,000 to learn how to profit in real estate you can profit from it for the rest of your life.

A student of mine sold his car and cashed out his savings just to learn how to become an investor, his education cost was $7,000 he spent 4 days with me at a cost of $1,750 per day. Last year he made $300,000 and his net worth went from just under $5,000 to $875,000 in 12 months.

Not all have what it takes to be successful as the above student, but all can have moderate success as an investor and easily make $50,000 to $100,000 their first year if they are willing to learn and work hard!

I am not advocating this extreme sacrifice, but you have to decide as an Investor what you are willing to do what you are willing to spend to become a success.



In just, no matter the costs invest in your self, your family, and your future!











Success Comes By Making One Deal At A Time!

[Dan Auito]

I might add that you eventually have to get out and meet the people, inspect some properties and make some, what may seem to be ridiculously low offers.

Many people are scared to death to take action and the guru's just love it because they don't have to honor any refunds or give you the additional support they promised when you bought the next dust collecting course.

Action cures fear! Do the thing and it will become part of you! Find a mentor and go out and shadow that person, get hold of the idea and practice prospecting, talking to sellers, viewing property and making offers contingent upon partners approval, Inspection, finance, appraisal or whatever needs satisfying before you will formally obligate yourself to go through with the deal, in effect creating no cost options to be first to buy something at a specified price based upon your satisfaction shortly thereafter.

Set up systems that get motivated sellers calling your hotline, use a proven script to eliminate the unmotivated, in this business time IS money don't frustrate yourself by looking at property that the seller is not in someway needing to sell relatively quickly at a discount.

Good courses with testimonials from people you can reach are a huge time saving tool in this business, getting hold of the correct forms to use in your state are also another big key to effectively controlling real estate deals.

That's my two scents. :SM053:

[pghinvestor]

Just adding my steps that I have taken to help prepare, make sense of what I have learned, and get things moving, this is the steps I took:

To help in your endeavor, let me recommend some advice with preparation. I think most experienced investors here will agree that one of the best things you can do to BE successful is put together a game plan before playing the game AND have your finances in place (that doesn’t mean be rich before starting). If you don't know what to expect or what you want, then you won't be able to achieve it. On top of that, planning and educating before hand will minimize mistakes made from the get-go.

I would suggest, if you haven't already pick up a few-to-many recommended books ranging from books covering real estate investing's many areas, and books about specific areas your interested in (foreclosure, pre-foreclosure, rehabbing..ect).

As you retain information about specific REI's that your interested, attempt to write out a project layout of what you have learned that occurs in the stages, as there are many facets to each stage of acquiring a property in different fashions
example - rough layout:

Pre-foreclosure
Methods of locating
pre-qualifying
securing property
preparing
reselling

Of course, I am just throwing up an extremely limited overview. But putting an extremely detailed, step by step model, would give you a model to follow constantly as you adventure out to find your REI's. Of course, you model would constantly be revamped and fine tuned for many years ahead, always finding problems, easier ways to do things, and learning new techniques. I say this because as you learn more, you have more questions. For allot of people, the more they learn, the scarier it gets. Having a model to follow will help you not feel so overwhelmed, help keep you focused, and help minimize your mistakes.

But, more or less I am just saying that putting together a plan and model before going out to serious look for properties AND getting your finances prepared are the two things that will help you succeed before ever stepping on the game field.

Areas that you can prepare prior to game time would be, but not limited to:
- Knowing your game plan
- Establishing a model plan
- Orchestrating a team that you will be dependent on (attorneys, contractors, insurance, appraisers, inspectors….the list is pretty extensive (Dan has a nice one).
- Setting you finances in place to be successful
- System to organize your contacts, properties, leads, and team whether this be paper and pen, or a software program to help (Microsoft office, goldmine, act…whatever)
- and many many more areas that can be predefined before hand.

Then, when your comfortable that you know what is to occur and know where you want to begin, and who you want to target, and have your resources in place for answers in tight situations, and when problems occur, you will be prepared for getting serious. Last thing to point out, as you go about putting your plan together, you will be stumbling upon numerous errors that other investors make, helping you to establish BEFORE HAND what could happen, what to look for, how to handle, and how to be ready for certain circumstances. But understand, that all the preparation taken will not exclude you from making mistakes, but be grateful of them as they will teach you more than all the books, talks, seminars...ect can.

Hope this helps!

[Dan Auito]

Every little bit helps and I would say that the above indeed can help those just getting off the ground as well as a few who have already gotten their feet wet too! Anyone else have a recommendation or two?

[Just Information]

WOW it simply does not get in better than this.

It's like a kid in a candy store - so many sweet morsels to chew on!

[B&B Investments]

Set up systems that get motivated sellers calling your hotline, use a proven script to eliminate the unmotivated, in this business time IS money don't frustrate yourself by looking at property that the seller is not in someway needing to sell relatively quickly at a discount.



That's my two scents. :SM053:
:question: How would one get a Proven script to do this or has one been written already?
And if so how can one aquire it. also is there a script for calling that can be used to qualify a MS house to your needs.

Racy :SM080:

[njreinvestor]

The best advice I can give you is to start at your local investment club.
I am part of Real Property Investors of Tomorrow in NJ. www.propertyinvestorsoftomorrow.com
They are a club that meets once a month on the third Thursday.
It is a great way to meet like minded individuals and to put yourself out there as a real estate investor. I have been investing for four years now and must say that it has changed my life. I can honestly tell you to meet and greet people in a comforatable group setting which is your local rei club

[gladiciously]

I was reading some of the advice that was sent to doechase. I guess I am in the same situation as he. except I quit my job of ten years and money is a little low right now so Doechase do not quit your job. I am currently looking to further expand my knowledge with real estate investing I would like to become a full time real estate investor. Starting today! now that I have some incredible web address's and books to read. Doechase I cannot possible give you any good advice due to the fact that I am in the same shoes your in with the exception you are still employeed. So the best possible advice I can give you is stay employeed until you have achieved your financial goal. Good luck.

[rtmd]

I'm aslo new to investing in real estate and I live in Ohio,so I will also down load the book and come with questions as well

[KeySolutions]

We REHAB & SELL houses for YOU taking the hassles out of your real estate investments. Over 2000 investors in our database are waiting to buy your Rehabbed Property. You RESELL for BIG PROFITS with >100% Hands-off ROI!!


We also offer mentoring services!

Are you ready to take your Real estate investing business to the next level? Shorten your learning curve and start making cash in a flash!. Your investment in "Million Dollar Wholesaling" educational resources and mentoring services will Open Your door to Financial Freedom without cash, good credit or a Real estate License.

Visit our website for more information

Contact:
Angela
877-334-3633
www.milliondollarwholesaling.com/angela.asp
Angela@keysolutionsllc.com
www.KeySolutionsllc.com/Angela.asp

[Aldo]

Angela, please see the note Dan edited into your post in the "What's your opinion" thread. In short, you're in the right church, but the wrong pew.

[invest.realestate]

greetings, I am similiar to doe chaser (hunter?). I did the Carlton Sheets route. A bit pricey buy it got me started. But as you keep looking, you'll keep finding more resources. This web site is one of the BEST i've yet seen. By the way, what do some of you more experienced types think of the Carlton Sheets course? thanks. dave

[Debbie]

By the way, what do some of you more experienced types think of the Carlton Sheets course? thanks. dave

Hi Dave,
First, let me be the first (?) to welcome you to Magic Bullets family!
Second, I never really paid much attention to Carlton Sheet therefore I have no opinion (yet).
Third, I noticed you are an electrician. Cool. Perhaps every now and then you could provide tips in the "Ask Our Family's Tradesman" forum. For example:
"Tip of the day: Instead of your forefinger, please use nightlight to plug into the outlet". :finger:

[SlumLordMike]

I found one of the early Carleton courses in the trash. Within 30 minutes of reading I could see why I found it.

[Aldo]

Methinks there is a reason for his infomercials being televised at 3 AM

[invest.realestate]

Well, like I said, he got me started on the real estate road. But as I keep going I'm finding more and more resources that seem to be as good or better than the sheets stuff for a lot less money. I'd be glad to give any electrical tips I can. (I didn't mention though that I am a marine electrician working on 688 class nuclear subs at Portsmouth) While many electrical concepts are universal, much of what I do is specific to Los Angeles Class fast attack boats. Any residential wiring I have done I've learned from my dad and books. I do not have a residential license. But if I can answer anything I surely will. Take care and go SeaHawks. out

[arkansasfish]

Which method you want to use to make money?

By your labor of fixing up a house?
By the sales commission of selling on?
By capital gains from just holding a property?
By managing it while it is being used?
Can you deal with people?
What exactly will your contact be with the property?
If you can answer these questions, you can get a really big head start.

[Dan Auito]

Ah, the voice of reason appears grasshopper. Also test your skills at mastering all the methods, then combine them in sequencial (According) order to maximize your most successful outcome, (Everytime)! As you rely less upon the weaknesses of others and the inherent knowledge of ones own, you gain the advantage.

[SlumLordMike]

Confucious say: "Man who invest right, have money left".

[Dan Auito]

yeah what Mike said in laymen's terms. Bravo:beerchug:

[invest.realestate]

thank you arkansasfish. You raise some good questions that I will ponder.

[The Brwnhornet]

Wow! I just stumbled on this sight like two days ago and I can't sleep. I just recently attended the Wealth and real estate Expo in Dallas and thought that was mind blowing! Donald Trump, Robert "Richdad/PoorDad", Tony Roberts, etc. These were all key speakers. But, you guys are on the ground floor and I am having to sit down, lol. I applaude you all! I'm a new born virgin to all of this. I'm what we call down south, "oil field Trash". My wife and I recently formed an L.L.C. with another god fearing couple. Mainly because we enjoy their company and spirt, but also because I'm on a rig in the gulf of Mexico two weeks a month. All this information can seem very overwelming. But I'm (We) are up for the challenge.

As I stated, we are brand newto the game and don't want to make to many mistakes right off. But there is this Home, not two blocks from me that I suspect there is financial trouble, that is being sold FSBO or Rent. What do I do? I'm entertaining a lease/option, but have no T/B's lined up.

Sometimes the Hero needs help, too.

[SlumLordMike]

Wow! I just stumbled on this sight like two days ago and I can't sleep. I just recently attended the Wealth and real estate Expo in Dallas and thought that was mind blowing! Donald Trump, Robert "Richdad/PoorDad", Tony Roberts, etc. These were all key speakers. But, you guys are on the ground floor and I am having to sit down, lol. I applaude you all! I'm a new born virgin to all of this. I'm what we call down south, "oil field Trash". My wife and I recently formed an L.L.C. with another god fearing couple. Mainly because we enjoy their company and spirt, but also because I'm on a rig in the gulf of Mexico two weeks a month. All this information can seem very overwelming. But I'm (We) are up for the challenge.

As I stated, we are brand newto the game and don't want to make to many mistakes right off. But there is this Home, not two blocks from me that I suspect there is financial trouble, that is being sold FSBO or Rent. What do I do? I'm entertaining a lease/option, but have no T/B's lined up.

Sometimes the Hero needs help, too.

Welcome Hornet!

Start by pulling comps in the area. Make sure you know what you can offer and not get in trouble by offering. What is your plan if you buy it? Rent? Sell?

If you want to sell, the comps will answer 60% of your questions. If you want to be a LL, you better think hard and decide if that is the avenue you want to take.

Give us more information and we will help you more.

i.e. - what do you want out of this and where do you want to go?

[jharrold1]

Hey guys:

First off what a great resource; I am shocked (and I must admit a little overwhelmed) by the wealth of information available here. As you can tell by the title, I'm new at this whole real-estate thing. I am currently in Chicago and am looking to bird-dog for someone in order to learn the ropes (via advice from my cousin who has started doing this full-time). If anyone is in the area or knows seasoned-investors up here that can help I would really appreciate it. Starting to get a hang of it (have downloaded the ebook and I am on this site trying to get smart) reading but there is nothing that compares to actually learning on the job.

Thanks,

Jeff

[Debbie]

Hey guys:

First off what a great resource; I am shocked (and I must admit a little overwhelmed) by the wealth of information available here. As you can tell by the title, I'm new at this whole real-estate thing. I am currently in Chicago and am looking to bird-dog for someone in order to learn the ropes (via advice from my cousin who has started doing this full-time). If anyone is in the area or knows seasoned-investors up here that can help I would really appreciate it. Starting to get a hang of it (have downloaded the ebook and I am on this site trying to get smart) reading but there is nothing that compares to actually learning on the job.

Thanks,

Jeff

Welcome aboard, Jeff.

I'm afraid I can't help much because I'm in Springfield, Illinois. However, we do have a Magic Bullet member who lives in Milwaukee, WI. He could be your mentor. As soon as he sees himself in this posting, he may respond....In the meantime, keep reading our wealth of infos, because you'll need them!

Debbie

[jharrold1]

Hey Deb:

Thanks a lot for the reply. I will definently stay on this site in order to grow my knowledge; you guys are extremly helpful!

Jeff

[Aldo]

I'm certainly the person suggested by Debbie since I'm the only known Milwaukeean at this site. While I've been around the block a few times, Debbie is much more savvy about IL real estate law than I will ever be. I will help with your questions in whatever way that I can, but your best and most accurate resource would be someone, such as Debbie, who is intimately familiar with your state laws.

[Debbie]

I'm certainly the person suggested by Debbie since I'm the only known Milwaukeean at this site. While I've been around the block a few times, Debbie is much more savvy about IL real estate law than I will ever be. I will help with your questions in whatever way that I can, but your best and most accurate resource would be someone, such as Debbie, who is intimately familiar with your state laws.

Oh darn! I've been caught! :SM083:
Okay, Jharrold, hit me with questions and I'll "help" Aldo answer your questions.

[jharrold1]

Thanks guys

I will be sure to post any questions that I have (and I'll have plenty) soon.

Thanks,

Jeff

[OzarkVU]

I'm sure that Debbie would serve you well, but there is someone else who does deals in upstate Illinois. You might try Allen Watkins. He's a member here, and I know that he has some deals working occasionally in Chicago. He lives in NW Indiana, but that's in greater Chicago-land. I know. I used to live there too.

And Debbie, off-topic, but did you happen to catch the news that the cheerleader that took the tumble in the Missouri Valley basketball tournament was from Springfield, Ill? I checked around, and she also went to good ol' SHS, our alma mater.

Ed:SM058:

[Debbie]

And Debbie, off-topic, but did you happen to catch the news that the cheerleader that took the tumble in the Missouri Valley basketball tournament was from Springfield, Ill? I checked around, and she also went to good ol' SHS, our alma mater. Ed:SM058:

Ed,
No, I haven't....I'm afraid I'm having trouble keeping up with the news/newspaper these Mommy days...When you coming "home"?

[SPIVALAW]

Doechase have you read this yet?
http://www.prweb.com/releases/2005/2/prweb206557.htm if not go ahead and download it and see if it begins to make sense. Do ask any question that you have along the way as well.

I really think the book above can give you some clarity, ideas and direction when starting out! Dan


Dan:
This is a press release. Where do I go to down load book?
Is it free or for sale?
Thanks

Make it a Great day!
Howard

[Dan Auito]

Look to the lower right hand side of the page under attached files. You'll see the last attachment labled "Magic Bullets in Real Estate" Click on that! Happy reading.:SM104: FREE for all to learn!

[gzone]

Thank you for the book Mr. Auito. I will study it carefully. In fact thank you goes out to all who have posted here. "I know so little I don't even know what to ask."

[tella116]

seeking section 8 landlords worldwide Real Estate Agents and section 8 landlords who are willing to rent to section 8 clients world wide. My Goal is to find section 8 landlords all over the U.S.A, who are willing to rent to section 8 tenants. God bless the few that are willing to give section 8 voucher holders a better life, in a nicer area, my members been searching for many months for housing, all members willing to do back ground check,rental history checks for all landlords and drugs checks for all household if required http://finance.groups.yahoo.com/group/werenttosection8tenants/

[SPIVALAW]

Section 8?
I take um and I love um
Howard
Savannah Ga

[Aldo]

Sorry, I thought that was Suction 8.

[ray_higdon]

I am not big on section 8 in my area as they will not pay market rent. On a duplex they told me the max they would pay was 650 when I can get it rented for 800 all day long

[tella116]

THANKS EVERYONE FOR ALL THE MESSAGESSorry, I thought that was Suction 8.

[Greely]

I only have one suction 8, but it has been berry berry good to me. We are looking into doing more of them in the future

[Aldo]

Hope I didn't offend anyone, but that program is truly Suction 8, locally. That's with 47 u's. As is often the case, the biggest problem is the administration, followed by nit-picky inspections.

Admin example: I had a question about a lease renewal, so time was of the essence. It took 3 months (not days or weeks) to contact the case worker after many, many voice mails and several contacts with the worker's supervisor. Time ran out, the lease expired and I lost a good tenant.

Inspection example: Failed an inspection due to a cracked (not broken) wall switch plate. Failed another due to a loose board on a porch rail located on a different floor and at the opposite end of the building.

A few years ago I'd had enough of their blarney and quit accepting Suction 8 applicants. I'd add that I never once had a bad Suction 8 tenant.

[EricD]

doechase,
I looked @ properties & read books & learned all I could for a year before we bought our first property. We learned a lot on our first one. We paid too much. Did all the work ourselves. And as a result, held it too long. We did the deal, however, and decided the next one will be better. We're not doing all the work oursleves next time. We already have a job--our own business--that takes much of our energy.
Don't over analyze so much you do nothing, but don't worry that all the good deals will be gone when you're ready to make your move. THere will always be plenty of good deals out there. Just be patinet and learn all you can.
Good to have you here.

Eric

[Russ]

Dan is at the top of the list, but you may want to check out the TheABCsofRealEstate.com. It consist of seven in depth lessons that take you from the basics to closings. It is written by Heather Seitz at Yamon.com and it is free. Find good free articles at the legalwiz.com and richardroop.com
Take the time to go through all the websites that Dan has listed in his getting started download and start your bookmarks. Set-up new folders to keep things organized. This is more than enough to get you started. Delay the purchase of any courses until you absorb what I have provided. I wish I had known of all this when I first got started. I could have saved myself alot of money! I didn't discover MagicBullets until recently so you are already way ahead of the game. Lots of knowledge and support are available here. Thanks Dan!!!

[AIR]

I have been trying to read the ebooks and for some reason when i download them it wont open them correctly, it tries to open them in word and it shows up in all different letters, does anyone know how to open this document correctly???

[Debbie]

Air,

I'm not sure which e-book you're trying to open....give Dan Auito a private mail. He'll help you out.

[REItobe]

they should be .pdfs

make sure you have acrobat reader

[AIR]

yeah does anyone know how to fix that, somehow my comp is set to only open them in word documents, im running XP im not sure how to switch it

[Burke]

Navigate to where the file is saved on your hard drive (desktop maybe or "My Documents") then right click and select the "Open With" option and choose Adobe Acrobat. On the same right click menu, there should be a "properties" option at the bottom. Open that and look at the "General" tab. A short distance down (about a 1/2" I would guess) there is a line that reads "Opens With" and then the name of the program that it defaults to when you double click to open the file. To the right of that line, is a "Change" button. If you select that, you can change the program that it defaults to.

See if that works.

Burke

[AIR]

can someone give me a detailed definition of a sub2 im having a hard time understanding it, btw thanks for the comp help

[Jim Johnson]

can someone give me a detailed definition of a sub2 im having a hard time understanding it, btw thanks for the comp help
That is when you purchase a home and the old existing financing is left in place. You as the new owner take on the responsibility of making the payments and receive a deed without releasing the old lien.

[AIR]

so what would happen if you dont make the payment? is the mortgage still in the original persons name or would it be in your name?

[Jeffery (LCLA)]

so what would happen if you dont make the payment? is the mortgage still in the original persons name or would it be in your name?

on sub2 the mortgage stays in the sellers name and you have the moral obligation to pay it (if that was your agreement with the seller). It seems like just last year there was several folks that went to jail for not paying the mortgage on their sub2 deals. They would take the property sub2, rent the place out and never made a payment on the loan.

Let me do some research and see if I can find the article I'm thinking about.

[AIR]

ok so you obviously have a contract written up with the original owner?

[Jeffery (LCLA)]

ok so you obviously have a contract written up with the original owner?

Yeah, well, with the seller. Anytime you buy or sell real estate, you have to have a written agreement. we call it a residential agreement to purchase and sell or more simply a contract. I'm sure Philly has their own name for it.

[AIR]

do you need a realtor or any type of "professional" to finalize the contract?

[Debbie]

do you need a realtor or any type of "professional" to finalize the contract?

Nope!

[REItobe]

do you need a realtor or any type of "professional" to finalize the contract?

what we did is use a standard purchase contract for our state, and just checked off "assume existing financing". Then we sent it to a title atty. I would suggest using a title atty to do the closing and run title search. people selling Sub 2 are usually desperate and have not paid other things like taxes and HOA fees.

When taking sub 2, my biggest question was what do we put for a purchase price? My atty is saying to get a payoff letter and use the payoff as the purchase price.

AIR, its very easy to do.

[Jeffery (LCLA)]

do you need a realtor or any type of "professional" to finalize the contract?

The contract is final when both parties sign it, the sale/purchase is not, however.

Now, to finalize the sale/purchase, here in LA, we need a professional. It can be a title company, attorney, or notary (only because it needs to be notarized.

[WallaceHobbs]

I had just recently looked into real estate investment and simply don't know where to start. I had read a couple of articles here and there but none tells me step by step on how to begin and where to begin. I have a full time job, but real estate investing is something I am really interested in. If anyone could guide me to the right direction would be much appreciated.

thank you

doechase....

Doechase,

I feel your pain, and was there just over 2 years ago.

I orderd stuff of the TV, Allen, Sheets, Kessler, Grazsosi, etc. and could not get it together. Spent thousands.

I finally figured out you have to get a Mentor or Group of mentors who are actually still doing investments on a day to day basis and follow what they say!

That is my suggestion and what I did and now I am a full time investor and could not think of doing anything else!

[landtrustwizard]

Try these links. There's a lot of info here

http://www.thecreativeinvestor.com/modules.php?name=Reviews&rop=showcontent&id=46

and

http://www.thecreativeinvestor.com/modules.php?mop=modload&name=Forum&file=viewtopic&topic=25842&forum=33

Then try this one: http://www.ripoffreport.com/reports/ripoff205928.htm


I'd take my 16K elsewhere

Even though it's legal, it's a pyramid style educational group guaranteed to lighten your wallet. BEWARE.

Another suggestion. You can get a great education right on this forum. Why not cut a check for $4,000 each to your four favorite posters -- you'll probably learn a lot more.

:SM040:


By the way, isn't this ILLEGAL ADVERTISING?

[Debbie]

Gary is right about Nouveau Riche....

I would NOT recommend anyone to Nouveau Riche.......

Why spend so much money when you can easily get several mentors from Magic Bullets, CreOnline, etc. for FREE?

[AIR]

yeah it totally looks like a scam, you could probably learn all that and then some on this site

[InvestorJoe]

Try these links. There's a lot of info here

http://www.thecreativeinvestor.com/modules.php?name=Reviews&rop=showcontent&id=46

and

http://www.thecreativeinvestor.com/modules.php?mop=modload&name=Forum&file=viewtopic&topic=25842&forum=33

Then try this one: http://www.ripoffreport.com/reports/ripoff205928.htm


I'd take my 16K elsewhere

Even though it's legal, it's a pyramid style educational group guaranteed to lighten your wallet. BEWARE.

Another suggestion. You can get a great education right on this forum. Why not cut a check for $4,000 each to your four favorite posters -- you'll probably learn a lot more.

:SM040:


By the way, isn't this ILLEGAL ADVERTISING?


Wow, I guess Nouveau Riche isn't a PAC Trust fan. :lol:

[Dan Auito]

If you've read this far and still don't know where to start then read on!

YOUR PLAN OF ACTION


by Bill J. Gatten


Have you any idea what it is that you truly want at this point in your life?

Have you ever honestly sat down with pen in hand and pondered that question? Is it wealth that you want? Is it income? Is it financial security, fame or respect? Or could it be that all you really want is “show them” – i.e., retribution for someone’s telling you you’d never make it (you’re too dumb, too uneducated, too slow, too ugly, to fat, too skinny, too poor, too old…)?

And of the “wants” and “wishes” you harbor, how many of them are desires, and how many are actually “dire needs”?

Many, if not most, of us regularly confuse the concept of wanting something with needing it, and end up stopping miles short of our objectives as a result. A person may “want” a T-bone steak: but their real “dire need” is protein. They may “want” a smog-free environment: but their real “dire need” is…air.

All too often we say we would like to be wealthy, and then go to some considerable length to learn how to achieve wealth: but the fact is that if we haven’t established an honest dire need for that wealth, it will more than likely never dangle within our reach. One can wish for an apple to fall from a tree and maybe have that happen, if he or she is willing to wait a while: but when the apple becomes a matter of survival, and the difference between hunger and starvation…then out of dire necessity the “wisher” becomes an “initiator,” and will ‘make’ that apple fall by any means conceivable.

I was contacted this morning by a former PACTrust™ workshop attendee who said that after having attended workshop, at the end of the day, despite my “excellent advice (her words),” she left the meeting perplexed and not understanding how to implement the advice I had tendered (at considerable cost to her and sincerity by me). Her lament was that, without a complete understanding, she had been forced to return to her “regular job.” My response was that she could easily have asked questions and opted to stay for the free Q&A session afterward; she could have joined us weekly on the free TeleMentoring sessions we hold every Saturday morning; she could have called me or anyone on our staff with questions and concerns at any time; she could have stopped me in the middle of the presentation and demanded that I slow down because she wasn’t “getting it (as the more indomitable students do from time-to-time).”

My honest response to the lady was that it appeared to me that her “Want To” had been overridden her “Don’t Need To.” In other words, she would surely have chosen to change her life and relinquish her mundane job, had it not been a bit too much trouble. At that juncture she wasn’t desperate enough to put the need of a career change up there with the need for air. Do you suppose she might have paid closer attention and asked a few more questions and participated in the follow up sessions had she NOT had the tolerable job and sufficient income to fall back on, and hadn’t eaten for, say, a week or two?

Let’s assume for a moment that this same woman, even with her job to fall back on, had suddenly become a victim of certain dire needs that her salary just couldn’t cover. Say, a child that required special medical treatment that her insurance couldn’t cover; a husband who had bailed out on her leaving her with all the bills and insufficient means to handle daily life (and maybe throw in a broken a leg (or two). NOW do you think her “Want To” might be more readily replaced by a “Dire Need To”? You bet! And that’s why the careful outlining of your wants and dire needs, and knowing well the difference, is so extremely important.

You don’t have to break your legs or become destitute in order to carve out a better life: you only need to need to. When your dissatisfaction with the way things are outweighs your need for something better, then you will act accordingly. That will happen when you sit down and take inventory of your life…when you finally figure out what you are missing in this life that belongs to you just much as it does anyone else. The more aware you become of the inequity you are causing by your inaction, the more you will resent it and begin to do something about it. Do you know anybody is no smarter than you are, no better educated, no better qualified who is making five the money you are? Do you suppose they might be onto something you haven’t taken the time to discover yet?

The carefully guarded so-called “Secret of the Universe” is that you are its master. You think and create on purpose, and you are one with its very creator: the Universe’s creations by accident…it’s you that is in charge. Anything you can conceive of is already yours for the asking: just do what’s necessary to be able to hold it in your hand.

What are your own wishes, wants and dire needs?

Some of us are born with the gifts that seem to automatically make superstars of us without a lot of effort (natural athletes, natural actors, natural musicians, writers, the unnaturally lucky, etc); but unfortunately, most of us are not superstars by virtue of our birthright. In fact, most of us have to establish whatever stardom we ever attain, in the face of sometimes seemingly insurmountable handicaps that life has dumped on us. We did not choose our parents or their mindsets or the conditions under which they were raised or how they raised us. We are, however, victims of all of those aspects of our own heredity, parentage, peer-pressure and early environment. Fortunately, though, we have been given the gift of free will, and the right to override or neutralize any part of our personal programming that we are willing to look at and take the time to try to understand.

The most common error (and the most disastrous one) in goal setting is that of mistaking wishes (wants) with burning desire (dire needs). It is only the latter that can lead us to real life-change and abundance. To but make a wish, we need do nothing but put it out there and wait and see what happens: with dire needs, however, we die in some way when they are not fulfilled…we are simply incapable of allowing them to go realized without severe damage to our psyche, and we will fight hard to prevent that from happening.

The difference between wishing or wanting…and sincerely needing is analogous to the difference between asking Santa for something, or demanding it of someone who owes it to you. If you’d like to build a 40-story high-rise or a 1,200 foot-long aircraft carrier, you certainly are free to do so if you wish, and if you have the means and knowledge to complete your work. But, until completion of such work becomes an absolute dire necessity, you likely never will. It’s when a major aspect of your life depends on it that you will do what all builders of 40-story high-rise buildings and aircraft carriers have always done…imagine it, design it and build it.

So…before writing out your objectives, choosing a mantra, and heading off on your trek to riches, take the time to figure out what your goals actually are; which of your “wishes” are worthy of being converted to “dire needs”; and what your resources are for accomplishing these aspirations. Should you come up short in the “means” area, then you need to write-out a plan for either attaining what you are lacking, or for replacing what your are lacking with something else of equal value that you have more than enough of (e.g., physical work can replace the need for cash; eliminating someone’s burden can replaces the need for credit; patience can replace experience; caution, diligence and research can replace formal education; know-how replaces a college degree, and so on)

Never forget that, according to Epictetus in the 5th Century BC: “A [person’s] wealth is measured only by the expense of [that person’s] pleasures.” In other words, when life itself is your reward, and when the least expensive pleasures are your greatest reward, you are already wealthy beyond calculation: no matter how much or how little money you have. My own true net-worth quadrupled when my children were born, and quadrupled again with the arrival of my grandchildren. Think about it…who is wealthier, the man with a big mortgage and a 60 month payment plan on a new Mercedes Benz convertible, or a well-loved, warm Eskimo with eight good dogs, a jolly fat wife and two years worth of walrus meat in his locker?

Converting a need to a burning desire (dire need) is the first real step in goal setting and requires definitive action. To wit: If you’re having difficulty in making the decision to jump off the high cliff into the cold raging river below, in order to save your own life…just do this: Tie the end of a long rope around your waist, then tie the other end around a massive round rock and roll the rock toward the cliff. When you’ve finally rolled the stone over the edge…your fate is sealed. You needn’t worry about making the decisions any longer. Definitive action tied to need is what brings “pre-existent potential” into the physical universe.

To become successful in life you must first know what it is that you want, and then you must decide what you truly need. Just ask yourself which of the following you could live without if you had to…what’s left over are your needs.

* Happiness
* Contentment
* Freedom
* Permanent Financial Security
* Acceptance/Popularity
* Good Health?
* Fame/Recognition?
* Monetary Wealth?
* A more fulfilling lifestyle
* A new career
* A new spouse

So what will be your Plan of Action (your “POA”…your “rope” and your “big ol’ rock”)

Your POA is your design for success. It is the very map of your destiny. It becomes your guide to all of what you must do to become who and what you need to be, and to attain all of what you need to own and control.

Goals that are held only in the mind are never goals at all. They're just residual random electronic impulses left over from wishes. It’s only when these wishes are physically transformed into matter by the process of putting them down on paper that they can begin to metamorphose into dire needs. Handwriting your goals is always preferable to typing them out in your word processor…the more arduous and physical the mind-to-hand task is, the more likely the transformation will be (i.e., moving a concept from the ethereal realm of potential into the realm of physical reality).

Forty years ago, I was dissatisfied living on only $326 per month (before deductions), but with that income I could cover a $60.00 per month rent payment, a $35.00 per month payments on my new Ford Falcon; I could buy gasoline, JC Penny’s clothing and groceries; and I could still have enough left over to go to the drive-in movies once a month or so. In those days I was envied by many who couldn’t afford even as much as I could: but I was also looked down upon by those with whom I most wanted to associate: high school friends who were coming out of college as doctors, lawyers, engineers, dentists, etc.). But now, 40 years later, I find myself earning more than most of my friends, but prone to becoming frantic if my monthly income drops below $20,000.00 (after deductions).

What do you suppose it is that I’m doing any differently today that I was forty years ago? Absolutely nothing except for following a plan. Because of my plan, I live in a bigger house now and drive nicer cars. And I’ve thrust necessities into my current lifestyle that weren’t there before (vacation cruises, country clubs, frequent airline travel, nice hotels, fine dining, fine clothing, housekeepers, gardeners, maintenance people, big screen TV’s, etc.): luxury items that were unheard of back then. But now a days I never think of these items as luxuries…today they are (in my mindset) integral pieces of whom I have worked and planned to become and whom I choose to be (and I ain’t finished yet). And were I now to be deprived of any one of these previously unnecessary items and services, a part of who I envision myself to be would cease to exist (i.e., that part of my persona would die). My so-called luxuries are no longer just wants and wishes…but are now a part of my bundle of dire needs to be defended and preserved. Could I live without these things? Certainly! Could I be happy without them? Absolutely. Would I fight to hang on to them? You bet!


Writing your POA:

When you outline your goals, be sure to write them in the present tense as a note to yourself, as if you were writing to a third party to whom you are making reverent, unbreakable promises: vows than can not, and must not ever, be compromised: “My earning are becoming $xxx per year and shall reach that amount by the end of 20___.” “My property acquisition requirement is at an average of no less than one property per-month, to be achieved by the end of 20___” “I am already as wealthy as I have a honest need to be, and must only convert the potential of my God-given wealth into physical reality by my promised actions.” “I am becoming ever more perfectly in tune with the abundance and intelligence that is existence itself, and can only prosper in the most spectacular of ways…always.”

Over time, you'll need to be continually adding to, subtracting from, and refining your objectives: reorganizing and making changes as your circumstances change (because of the success of your plan of action). By constantly reviewing and adjusting your Plan of Action, you will begin to develop an ever clearer focus, and begin to realize that what were originally mere hopes and dreams, are now moving ever closer to necessity and manifesting in three dimensions. For example, once you have fulfilled some of the early promises to yourself, and progressed to, say, actually having gotten a property under contract, the “wish” of someday being a property owner, now becomes reality and creates an unyielding need to bring in a resident beneficiary, tenant or buyer…a true “dire need,” the fulfillment of which is merely a part of your survival.

With a written plan, the possibility of success become the probability of success, an as you continue to tighten up the plan you can’t help but move closer and closer to the certainty of success: finally fulminating in the rich, rewarding and bountiful life and lifestyle that was yours for the taking all along.

It’s so easy. You merely need to sit down and determine once and for all what it is that you truly want at this point in your life. Whatever it is, it already belong to you, you merely have to reach for it by making it something truly you can’t live without.


B. Gatten

[didi768]

doechase,
I looked @ properties & read books & learned all I could for a year before we bought our first property. We learned a lot on our first one. We paid too much. Did all the work ourselves. And as a result, held it too long. We did the deal, however, and decided the next one will be better. We're not doing all the work oursleves next time. We already have a job--our own business--that takes much of our energy.
Don't over analyze so much you do nothing, but don't worry that all the good deals will be gone when you're ready to make your move. THere will always be plenty of good deals out there. Just be patinet and learn all you can.
Good to have you here.

Eric
Eric, we paid too much too on our first house in St. Pete and now hold it as a rental, negative cash flow too but until we can sell we are stuck.
Di

[SPIVALAW]

I enjoyed the article, but please give me another option. LOL

Think about it…who is wealthier, the man with a big mortgage and a 60 month payment plan on a new Mercedes Benz convertible, or a well-loved, warm Eskimo with eight good dogs, a jolly fat wife and two years worth of walrus meat in his locker?

[EricD]

Eric, we paid too much too on our first house in St. Pete and now hold it as a rental, negative cash flow too but until we can sell we are stuck.
Di

Di,
Sorry to hear about the negative cash flow. Do you think you will get any appreciation at the end?

Eric

[Antwan]

WOW,out of all the books,cd's,gurus,etc. that I've been through.This is all I've ever really wanted was a game plan of what I needed to do from point A to Z,you and this whole site is definately a blessing,my current work hours are from 6pm to 2:30am so even though it's hard to wake up due to my schedule when I do wake up after taking care of the day to day business I go door knocking for some local investor's that I met at my local real estate investor's club,and even though I don't have the money or cash the people that I'm surrounding myself around do,all they ask me to do is to stick to the script,and door knock,as of right now in my current financial situation all I need is one deal and I'll be off and running. I can be reached over at www.myspace.com/thesecretisme www.realestateinvestor.com/soon2be also if anyone has to many leads and you can't handle it all send them over to www.offerin12hours.com/ast and we'll work out something,I'm new,and hungry.

[Dan Auito]

Sounds like you're on the right track Antwan. Give us some insights into what your network partners do and how you're using them in learning the real estate game.

[higcorpllc]

Doechase have you read this yet?
http://www.prweb.com/releases/2005/2/prweb206557.htm if not go ahead and download it and see if it begins to make sense. Do ask any question that you have along the way as well.

I really think the book above can give you some clarity, ideas and direction when starting out! Dan

Hi Dan,

I was unable to find the e-book on the prweb site, has it been moved to another location? Is this still available?

[Debbie]

Hi Dan,

I was unable to find the e-book on the prweb site, has it been moved to another location? Is this still available?

I tried to find it for Hig and found that Hig is correct. Do you know where the ebook is located on that website, Dan?

[higcorpllc]

Hi All,

I actually found Dan's e-book online: http://www.google.com/url?sa=t&ct=res&cd=4&url=http%3A%2F%2Fwww.invesloan.com%2FInvesloan%252 0Ebook.pdf&ei=DbDVRp3uLI6keMHEwOIM&usg=AFQjCNG8CKPlO0fw3_kMggh1MUgjSeskUQ&sig2=9IgFw4fu258B2mzTAw2x5A

I look forward to reading it and then purchasing a copy of my own.

Thanks Dan!

[jjones474]

:newbie: Hi, I need to sell a piece of property, and I'd like to do it on E-Bay. I have bought several pieces of property for speculation, and this is one I feel is time to move. The process looks pretty simple, I'd just like to confirm them and get myself corrected if need be. Some points: A) the parcel is free and clear. B) no structures on it. C) it will be a straight sale, no mortgages or anything. All cash. D) it will be quitclaim. So, my thoughts are after the auction and the buyer sends payment, I send him the purchasers agreement to fill out, he sends back, I send to the county recorder to change ownership and send the new buyer the deed. Sale closed. What am I missing, and what forms do I need. Should I have a real estate attorney involved to help facilitate until I am familiar with the process. If so, do I need the attorney to be from the state where the property is located or can I get one from my home state? How much is typical to handle something simple such as this? The price of the property is only $20,000. I don't want to have to split it 50/50 with someone. Anyone that can help me out, I would be grateful.

[SPIVALAW]

I dont know any one who would buy on a quit claim deed.

[jjones474]

It does happen frequently on E-Bay. I myself have never bought such a property, but people on E-bay are usually unfamiliar with buying land, and if they see something they like, don't care about the details. Let's assume however, I use a warrantee deed. How does that change things? There is nothing wrong with the property, no hazardous waste, sink holes, etc. I'm not worried about liability so much, but a quitclaim just seems safer to use.

[SPIVALAW]

I just think a warranty deed is better business.
All can buy title insurance and it makes it all clean.

Good luck.

[bhourlier]

I am interested in becoming an REO asset managment Realtor. I have contacted some lenders and put in my resume, but is there an easier way?

Bev

[kkemper]

you need a mini investment/biz plan.
A guide that tells you what your comfort level
is, your resources, your education in RE,
and more.

also, as I have introduced to others,
check out the closet world of delinquent tax
lien certificates.

2 of 12 states allow internet purchases by
auction.

AZ and i forget the other one.

ONE can earn from 16+% with no hassle
but one needs to rearch a pro......and
you have one chance in 10 of obtaining
free and clear title to a prop in 3 yrs
for the amount of taxes and filing fees!

AT Associated content I have data on this.
NO seminars, no books, just my free help

[AIR]

can someone explain what a quit claim deed and a warranty deed is?

[SPIVALAW]

can someone explain what a quit claim deed and a warranty deed is?

quit claim deed means you are transfering whatever rights and ownership you may have. You may not have any.

Warranty deed means you transfer and "warranty" a good and marketable title.

[Jim FL]

Air,
Here ya go, the simple version:

Quit Claim Deed
A deed that does not imply that the grantor holds title, but that surrenders and gives to the grantee any possible interest or rights that the grantor may have in the property.



Warranty Deed: A deed in which the grantor fully warrants good clear title to the property. A warranty deed offers the greatest protection of any deed.

HTH,
Jim FL

[SPIVALAW]

Shorter version.
One "quits" all ownership.
One "warranties" ownership.

Guess. :>)

[Debbie]

Shorter version.
One "quits" all ownership. Quit Claim
One "warranties" ownership. Warranty Deed

Guess. :>)

Did I pass????

[SPIVALAW]

Did I pass????

Yes

What colors is a brown cow?

[Debbie]

Yes

What colors is a brown cow?

Hmmm...that's a hard one for a dumb brunette. I've seen lots of brown and white cows. Black cows. But I didn't know that there's a multiple "colors" for a brown cow as you indicated......:rolleyes:

[honeyhoney]

I just came back from a Nouveau Riche primer.

I started cold-calling people from FSBO site to birddog. One person started asking me questions, told me about this real estate investment group (made it sound really good) and invited me to go. I met him there and it just happened to be a Nouveau Riche event.

There does seem to be some good information, and it started off well, but after they started pushing their courses, etc., it was a total turnoff. Feel very fortunate to have found MB.

[micheal1949]

You will not find a better mentor than Dan. Read his book and ask questions. The man is always there to help. Also, look into joining a local real estate investment club. If you want the benefits of associating with a large club then contact info@thoroughbredllc.com. They charge no fees and have great offerings.

[Dan Auito]

Thanks for the Nod Micheal. Together we mentor so it really is the TEAM effect!

[Bill in Vegas]

Doechase,
how is it going, i see you posted for help some time ago, and I was wondering how it went, what courses did you buy, did you find them helpful? Sorta where are they now! ;)

Well i am sure you are doing deals by now, i was just curious to how is it going? Let us know!

[jasonjacksonjj]

Residential real estate investors have become a driving force in the residential real estate market. Indications of progress are visible as Sales have increased sharply in most parts of the country, buying home should always be seen as long term investment which will surely provide capital gains in terms of appreciation over a period of time.

[Cupcake]

Hello to all of you,

I am new to this and reading your posts I tried to download the free book, when I click on the link all I got was the press release. What am I doing wrong ?

Please HELP....

Thank you,
Cupcake

[Dan Auito]

See the PDF attached here: http://magicbullets.com/forum/showthread.php?p=37658#post37658 Happy reading!

[steveljohn8]

I have same problem with me where i do start property business.:clap:

[Dan Auito]

Seek an ye shall find grasshopper.

[Dan Auito]

Red, you should buy this book: http://www.SevenLevelsBook.com

[Nancy (MI)]

By asking that question, it shows me that you are an intelligent individual because you realize that there are STEPS to follow in being a landlord.

Investing is easy! Keeping your properties is another story.

The first thing you need to to do is to:
1. Study your area. Is it a good block? Good area? What is the rent going for in that area? Is it a stable area?

2. Estimate your expenses verses the income. Allow for vacancies, taxes, insurance hikes, fire damage, damages in general, and unexpected expenses. If you make over $100 per property that's good.

3. Try not to have mortgages. Not now. Not in this economy. If you do have to have one, make sure the payments are low.

4. Know your City Ordinances

5. Know your State Law (I can't suggest this strong enough)

6. Spend money on books and classes to learn the business. This is a dangerous business. It affects your life and your families life. Don't screw it up by thinking you know everything there is to know about this business.

7. Train your Tenants!!!!!!

8. This is a business of keeping tenants and not trying to get rid of them

9. SCREEN SCREEN SCREEN

10. Make sure your tenants are COLLECTIBLE!!!!!

11. Know how to do evictions legally.

12. The more organized you are in your office procedures and lease agreements, the better and easier your life as a landlord will be.

13. Don't LOVE YOUR RENTALS

14. Your reputation as a landlord will make you or break you.

15. Know how to advertise and what words you can use and not use.

16. Learn how to do an Open House and watch for Testers. If you do it correctly, it won't matter how many testers may show up at your door. You will be a winner when you do it right.

17. Curb appeal

18. Learn all about Section 8 and how it operates

19. Know what to put in a lease. Cover everything! By covering everything it is a good tool to STOP having to go to court every month. When tenants are in violation of their lease, you just send them the copy of the paragraph or page regarding that violation and they usually comply.

20. Know how to keep your tenants long term.

21. Know what legal forms you need, how to fill them out and when to send them. Don't be a pamsy wamsy when it comes to the eviction process.

22. Know how to behave in court and what to bring and how to be a winner.

If you learn all these things you will be a winner.

Be cautious. Don't think things will change when things begin to look bad. Be ready to sell. Don't get over your head. Times are still bad, but not like they were.

The Tenants that left before are now back. They were the good tenants. They lost their new homes now and are now renters again. So the Tenant Pool is getting better. You just need to keep yourself stable. Don't go on spending spree unless you can pay cash.

AND KNOW THE LAW AND KNOW HOW TO BE A LANDLORD!!!

Nancy Neville, Landlord Consultant

[marky]

I have been trying to read the ebooks and for some reason when i download them it wont open them correctly, it tries to open them in microsoft word.

[PhilipJMcclain]

Hello everyone. I'm new in this forum and hoping you will guide me here. I find this site so interesting. Keep up the good work guys.