OfflineLet me say first that I really want to succeed at this. I am reading more and more in the books as my free time will allow. I know it's slow going but I am sticking to it.
I am noticing that as I read, a trend is developing. I am finding it difficult and becoming a little frustrated at the final outcome which is I will have to put money out of pocket before the deal is closed.
Perhaps I am not understanding correctly. I am looking at an assignment contract possibility (mind you, this is all in theory). Let me also say that I have made about a bizillion calls to different sources ( and I am not being dismayed by realtors and their horror stories)
What I am finding is that I must pay a contract attorney to ensure that the contract is within the limits of legal regulations in my state (Oklahoma, and they do not generally work on a 'pay later' basis.
I am also finding that filing fees and other cost is involved, and the contract is not even signed at that point.
I can tell you also that I am not solvent enough to acquire a property through the use of a loan, shine it up, and rent it out.
I am still reading and hoping there is a formula to make all of this cost go away and leave it a true "no money out of pocket" experience.
I am also not buying a home for myself, I am looking to make it big in real estate.
I am sure that anyone who reads this is going to see negativity. I can tell you that I am not being negative, I am only putting into this post that which I have found out to date. Any positive input is more than welcome.
How do I say this...
Posted on: Mon, 02/13/2012 - 20:38
How do I say this...
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- by Detroit_Bad_Boy
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You need to keep reading, You'll see you can buy RE without any money out of you pocket, Just keep reading you'll see it will open your eyes and the mind will follow, If you don't understand read it again...John H
"Action and Mistakes" always-outweigh "Analysis Paralysis"
...Just do It"
http://www.linkedin.com/pub/john-hoening/23/2a3/164
"Action+Knowledge=Success....$$$$$$$$$.....
www.WeFlipDesMoines.com http://facebook.com/desmoinesinvestmentproperties
www.iowarealestateflipper.com
Thank you. I am still reading
I would like to hear the answer to your question also... I do hear your positive tone in your email and I read that you are being "real" and just aren't seeing the "facts" that we've been told.
JOHN H: when you have read everything that you have been given and taken the steps you have been told, what is it that you are suppose to keep reading? That just doesn't make sense to me?!?!??! It certainly isn't about misunderstanding anything because I get it completely... what exactly is to be reread?
Robin Pike
R.A.D. Investing
I see a frank assessment. As I read your entry here, I had just finished listening/watching Dean's latest blog. So I saw your What's Not Working list. What's Working is that you are inspired, engaged, educating yourself, and thinking. Can you find your Multipliers?
Keep reading and assessing your wherewithal in the context of what you're learning. You're doing great.
peace,
Dana w/ Crossroads Solutions LLC
http://www.DanaLeigh209.com
http://www.DanaLeigh209.net
http://www.ULostThis.com
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I am direct to the VP of a $100 million dollar open-ended debt and equity fund which actively writes checks to fund businesses with an EBITDA of at least $1 million a year. We fund also have access to up to $500,000,000 for the purchase of distressed real estate, specially commercial $7,500,000 and up.
I'm trying to stay positive as well. I am scheduled to go to one of Deans events on the 15th in Richmond and i'm hoping it will shed some light on things.
TRYING TO STAY POSITIVE!
I agree that you must keep reading the posts each day and also look up things on the web and you will see how others are doing deals with little or yes no money down.
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
The key is having a real cash buyer that wants your property. Your buyer will cover the earnest money. That is all the money you have to come out of pocket with on an assignment or double close deal. All the other expenses come out at closing and will be covered by the buyer on an assignment and covered by your gross profit on a double close.
As far as contracts, aren't there local investors that are already doing deals that you could get a copy of the contract from? Go to the local REI club meeting. This will cost you gas and entry fee and having to come out of your comfort zone and talk face to face with real people. If you are using a realtor, their contracts will be legal already.
Have you tried googling Real estate contracts for state of Oklahoma? Or RE purchase and Sale agreement for state of Oklahoma? Nothing?
Good luck and keep reading.
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Hi David do make it complicated you dont need to come with alot of money or for that matter no money if you structor the deal right. Listen to Michael and all the rest of us, you can do it with out any money and if your using a Realtor find one thats investor friendly and knows what your trying to do and has experience in investing him or her self or has work with other investors.Dont over analize this to death.You can assign, be a bird dogger, get owner finacing to get started if you dont have any or much money and there are other ways as well team up with another investor get to an investors club and see if any DGers are in your area to work with. But stay focused and keep moving forward.Its a joy to have you with us and welcome, Jim
jbischoff
Hey Detroit,
Let me give you a few thoughts.
First, as you probably understand, you need to continue to build your buyer's list. It's not easy, buy you can do it. There are buyers/investors out there that want to buy houses at a discount, you just need to find them.
Pretty soon you will be instructed on how to find a good real estate agent. This agent will have your state's approved Real Estate Purchase Contract. Further, he/she should have it on their word processor so that they can produce your offers quickly. So don't worry about the contract.
If you have qualified your buyers and know their buying criteria, they will want to buy the properties you present to them. Don't go looking for properties outside of their parameters, or you will be wasting your time. If you take them the right properties and if they really are cash buyers, you will make money, quickly.
Good luck.
Keep Reading literally means, keep reading. And if you've already read all your material, read it again, and after that get more material. There is an infinite amount or Real Estate information out there, plus theres other great motivational material out there like Robert Kiyosaki's Rich Dad Poor Dad, just to name one that came to mind. I can't tell you how many times I looked back and read something and I just had a whole new interpretation about it because of things I had learned that I didn't know the first time I read it.
And about the comment regarding not using any of your own money to make a deal, IT IS POSSIBLE. You'll find a way. The point is you have to sell your self. If you don't believe in your self, then no one will. They will see right through your lies.