Dean Graziosi Weekly Wisdom #178 - Tax Day Eve Celebration

Looking forward to tonight's live cast!!

Oh man am I excited about tonights call: ) woot woot!!!!

I have reserved my seat last week, bookmarked the page, I have programmed the calendar in my phone so it reminds me... there is NO way I am going to miss this!!

First, I want to say thank you Dean for taking the time out to put this together & to Matt for hopping on a plane to help us "see the light". Hope you had a great flight.

My question is, do either of you use social media to market your deals? Which one's bring you the best contacts? I find that using FaceBook is good, but there are more people that are just curious as to what you are up to than there are people serious about real estate. Most of my friend base are real estate agents.

What kind of system do you use for keeping track of everything, is it compute based or old school pen & paper.

Looking forward to tonight!
~Michelle from NJ

Hi Dean,

As usual, thank you for being you. You the Man! With all things Real Estate and especially when it comes to keeping us on pins and needles-- I'll be on tonight.

The posts on the WW threads often have a lot of questions, and last week I was going to jot them down and respond as best I could on a new post to
refer, suggest, etc to the general topics, but yeah... I did not. So today, with all the questions for the conference tonight I thought might help if I did just that.

Here is a summary, so far, of the questions on this thread, separated by those I feel I can answer to by referencing and those that are directed to Dean & Matt that I cannot answer to.

Everyone, this is meant to be helpful guidance, a little direction. To the best of my ability and recollection any responses are what I have learned from Dean's programs, books and this site. I am not a coach or seasoned investor, but I have done numerous deals-- I am just a student.

Q: How to keep track of properties for tax purposes? A: This is probably best to plan & discuss with your tax adviser.

Q: Should we avoid REO's? This questions was preceded by saying he has been having trouble with RE Agent(s) needing a POF, not writing in "/and/or assigns" on the purchase agreement, and finding that some deals cannot be sold before 90 days. He has the Rock Bottom Blue Print course.
A: This response is from personal experience. Do not avoid REO's! Find another agent. There are other ways to wholesale rather than Assigning; most often REO's cannot be assigned. As for the Deed restrictions (not being able to sell for 90 days, or another specific time period) they do come up, but they may be able to be negotiated, or it may not be a problem at all because your buyer may be holding the property. There are ways to skirt the transfer from you to your buyer.

Q: What to do next, when listings of over 90 days on market don't provide enough quantity to get to the 25:1 ratio of offers accepted? A: Go back over Matt's lessons on Phone Conference replays, RBBP if you have it, or the Forum Topic Thread: http://www.deangraziosi.com/real-estate-forums/everything-else/86517/30-...
What I use is from Matt for the 25:1 ratio is:
-Starter Homes (or your buyers' criteria)
-Vacant
-Recently Reduced
I do not use DOM (days on market) except as a reference during negotiations or sometimes to prioritize offers. So open up your listings.

Q: What type of entity is best, LLC vs Corp.?
A: This is probably best to plan & discuss with your tax adviser and/or attorney.

Q: How to get cash to purchase more properties when rehabbing? A: If you haven't looked at the Deals and Success forums, do. And listen to the Video and Phone Replays, but this is where Private Money and Joint Venture partnering comes into play. Not so much large financial institution lending. At least that is what I have done. This is also a good reminder that setting up our team in sequence is important-- PM & HM Lenders need to be part of our team, then they are there when we or our clients need them. There is a lot of info on this site, it just takes a bit of looking. Search Private Money Lenders and look at the classifieds. Your local (or online) REI Clubs are usually a good source, as well.

Q: Q: How to and IF we should do Social Marketing? A: Again search the site, and the RBBP Thread (link above & below) for lots of info on the subject. How we market our businesses is personal preference, and there are pros and cons as to how much effort one should put into social marketing. I try NOT to FB or LinkedIn, or TWEET even though I know we are supposed to. As it is I kill myself getting stuck on DG, but this is a HAPPY PLACE, so I like getting stuck on it whenever I can.

Q: How to wholesale with no money, no job, etc?
A: Do it! Make an offer! Study the sequence, prepare your team and make an offer. If you must have earnest money, get it somehow (it is only a short time the earnest MAY have to be out of pocket).

Q: Where to find paperwork on doing FSBO deals?
A: Search this site for Contracts, Purchase Agreements, Assignments of Contracts. This question has been answered many times many ways right here on DG, so you should find the sample paperwork. Mostly, don't sweat it, once you start it will come together.

Q: RE Agent not presenting offers w/o Earnest Money; what to do?
A: Find another agent. My agent sends a copy of check upon request, as needed. The actual earnest money, once negotiated is often a Cashier's Check and that is handed over upon the contract being accepted and executed (signed by the seller and the buyer).

Q: I am stuck at the point of asking investors for money, what to do?
A: Study the sequence we are taught in the books, programs, video and phone replays... do as we are taught and in order. There are scripts on this site regarding Building Your Buyer's List-- that is the first step and how you'll get unstuck.

Q: This was actually to D&M about Michigan, but it is a general question. How to find agents, attorneys, title company and so on.
A: This is explained several ways throughout the site, in the books, programs-- it is the sequence of building your team. Take a look at the RBBP link (above & below). It works the same everywhere.

Now for items addressed to Dean and Matt specifically:
Q: How can we prove to you Tulsa [or a specific area] is the next best place for you (D&M) to invest?
Q: How/when would you (D&M) consider syndicating? Taking in $X.XX to fund props and giving a ROI [as dividends]?
Q: How is the schedule done for Boots on the Ground; is Bakersfield on the line up?
Q: The best way and where to find out how DG recommends using Social Networking?
Q: When it appears inventory is low to get to the 25:1 acceptance ratio, what's the next step?
Q: Concerns on being certain one can get re-fi'd to repay HM or PM Lenders in a buy/hold situation; what measures should be taken to insure payment of the initial loan?

That's it for so far, I do hope this is helpful.
This includes all questions (I believe) up to Pg 2/ Tick Tock.

Note! I attended the Success Academy and it was the best thing I could have done. I did not have the cash to do it, but I got it-- made it work. Even with 6 figure debt from my [other] business, a 55% pay cut and the stress from being the head of a large family, I gave up little things and cut big things, worked even harder, focused, manifested, and prayed. I cut bills wherever possible, and gave up all my personal luxuries, getting my hair and nails done, my car washed, getting the yard done, using janitors or housekeepers, eating out (PB&J works just fine), gym membership, pest control, I even gave up Starbucks for a while! It was worth every toilet I cleaned, every nag I had to nag to get the grass mowed, bug spray done, and the embarrassment of not having a clean car often enough... as for my hair, I'm getting it done for the Edge-- yeah!

Get ready to be on the Conference Call tonight, pen in hand and focused! Dean always has so much to give us!

General Ref. How to Use this Site: http://www.deangraziosi.com/real-estate-forums/everything-else/98369/dg-...

General Ref. Rock Bottom Blue Print Student thread:
http://www.deangraziosi.com/real-estate-forums/everything-else/86517/30-...

Fantastic! looking forward to Matt and Dean tonight,Thanks for the constant flow of encouragement and the "never give up"ivness...lol

Do you want to know who won? I just resolved to forget about it last week and not think about it at all because all the waiting is driving me bananas, and then I come here to see you asking 'Do you want to know who won?'.... Tease, tease, tease!!!!!!

Anyhow, I'll be on the call tonight. Every one of the 7 is deserving of the win. Can't wait to hear the new strategy you are using! I always have questions, you know that from Edge 2011. But, I think a lot of people would benefit from hearing about how to SET their mindset to take action with everything you teach. I think it holds a lot of people back from the success; and whereas no one can change themselves but themselves, getting to that point, that HOW stumps a lot of people. I know you talk about it a lot and have an awesome book about it (Totally Fulfilled in case people haven't seen me promoting it all over the site. ) but what is the BEST thing you can tell people to use their knowledge and take the action, and get over the obstacles such as having no money, being afraid, worrying about outcomes, etc. Thanks Dean.

Hope we'll be doing a deal together soon.

PS... Did I tell you that you are a tease? Now I have to go about putting this out of my mind again. Tease! Tease! Tease!

I know for an offer to be considered as serious, a potential buyer is supposed to make a down payment to the seller. I don't have money to do so. How am I supposed to be considered serious?

You are right, totally fulfilled is how Dean does the WW, and from the bottom of his heart.

Yeah, you 7 contestants must be on the EDGE of your seat! He had to bring it up...

Can't wait until tonight, what new found wisdom comes from from the Master!

What is better than Dean Graziosi & Matt Larson???

I am ready! I am sure it will be full of great stuff!

So a question for Matt, what are the top areas that you are currently looking for properties in?

Super! Thanks a lot
Pat

Is it time yet? I am sooo ready to be loaded with more awesome knowlage. Dean you are a prime example of what we Americans need to be as citizens. Helpful, caring, really wanting to help those who are willing to help themselves, a leader, and a student. Thank you for sharing your knowlage with all of us!

Best wishes to all,
Joshua

i will Be their. Tonight

What is Really the best way to get properties....

Dean, can you do a blog or include in your next live event some info about buying and controlling properties from long distance. Do you work with people that you know. If not, how do you get an inspection done to verify the condition and quality of the property. I know this might not be something for the newbies but I think a lot of us seasoned investors could benefit from this info in growing our business'.

Thanks Eric

That was a great live event,a little technical difficulty didn't tarnish it none.
I was real happy with the content,good stuff.
Keep up the good work and i look forward to the next one.