foreclosure or preforclosures

finish reading the book, SULLY.

Yes, like Sully said, finish reading the book. It sounds like you've got some pretty good ideas rolling around in your head. Write everything down so you'll keep them for future use. It's good to be "Thinking a little different".

Rina

true i do have to finish the book and i will so that i do get more of an insight to the world of real estate. I guess this was me writing my thoughts on a yellow pad. Thanks for the advice i did not think someone would respond this vast...nnnnice...

hello everyone!! I'm so excited to get started but can someone explain to me what do the points on DG website mean as well as the little icons mean? Thanks Nicki

Hi Rubio,
I understand your enthusiasm, and that's great! Don't lose it! All these kind folks are right, finish the book before you do anything. My recommendation would be NOT to start with foreclosures and pre-foreclosures. Although there are great bargains out there, those types of deals take longer and are much more complicated than finding a motivated seller or FSBO. I would work up to that by doing a couple of assignments or lease options first. Those are the quickest, easiest ways to make money and get your feet wet. I've taken extensive training on doing short sales and worked on several foreclosure and pre-foreclosure deals and they took the wind right out of my sale quickly!! I don't do those types of deals any more, I pass them on to other investors now.
Best of luck!
Elena M.

Hi Nicki,

I have searching through the forums since I saw your question, trying to find the answer I've given several people about the badges/points to just copy it. Wow, you newbies have a LOT to read in here. We sure talk a lot. (It's great!)

Anyway, you earn points simply by participating in the forums. And the badges are for contributions made to helping others learn, sharing info & stories, seeking knowledge, and giving meaningful encouragement. If you want to see the name of a badge, just place your cursor over it. I can't say that I know the specific criteria for each, but just know that when you receive one, you've done something good. And PLEASE don't feel like you have not participated well enough if one of your posts is missed. If you feel like you have been overlooked, you can always shoot dgadmin a respectful note concerniing it. There is SO much good stuff being shared in these forums, everyone deserves to be applauded.

Keep up the good work everybody!

Rina

Why not start on foreclosures and pre foreclosures? That is what I plan on doing, but maybe I'll change my plans if it is really that hard to do. WHat do you guys suggest to do for starting out?

This is just my opinion, but as a beginner I think it might be beneficial to start out with an REO that is already listed. It helps to be able to work with a realtor and have someone doing some of the work for you, doing the paperwork, and walking you through each step. Pay close attention to each step of the process and it will give you more awareness and confidence on doing it youself.
Also, if you haven't already listened to Anita's homework assignment, http://deangraziosi.com/node/4814 , do that and try doing the assignment for some practice in that area.
Mostly, you just want to get out there and get some experience under your belt. It will put you that much closer to your first deal, and from there (when you successfully close on that first one) you only gain momentum.
And you HAVE read the book, right? VERY IMPORTANT.

Good luck. You sound determined. That's the most important component of your success.

Rina

Oh yeah, I have read Dean's book, as well as many others. Pretty much all the Rich Dad, Poor Dad books, and about five other real estate investment books.

It's just that I have cash which makes a pre foreclosure more attractive to me. I just want to buy something all out with cash and I don't want a bank on my back.

With an REO there are good deals but not THAT good of deals, know what I mean?
If I have the cash to back it up, I feel like a have a better chance of striking it big on my first one.

i'm working on PRE-FORECLOSURES right now and they are the most profitable right now, i think anyways, yes, their is more to the deal, but just pay attention and protect yourself and you'll be o.k., SULLY.

Sounds like you're in a better position than many of us are. If you think you're ready to do a foreclosure or pre-foreclosure then go for it! Only you can say if you're confident enough to do the deal. Yes, they are more complicated as you're still dealing with a bank or mortgage co., and they take they're sweet time getting back to you due to that fact. But the pay off could be phenominal too.
Honestly, if I had enough money to pay cash on a foreclosed home, I wouldn't put it all into just one deal. I would do several deals and use leverage instead, that way you don't have all your chickens in one basket, if you know what I mean...
Best of luck,
Elena M.

Steven (or should we call you Mitchell?),

You are in an excellent position! Depending on how much cash you have, you have SOOO many options. Like Elena said, you've got the leverage with the cash, but you may not want to use it all up on 1 transaction when you could make it work for you on several, in combination with OPM.

However, if you use that cash to your advantage, buy outright to flip and return your money to you, or pay cash, fix and refinance (cash-out), that could be a great system, too.

So, ultimately, it's really what YOU want to do. Find that deal, wherever, and you've got it made!

Good luck and keep us posted.

Rina

More great advice from another DG Superstar!!

Superstar in the making!!

nnnnniiiicccceeeee,ssswwweeeeeeeeettt, wow, thats a lot of the same words, SULLY.

I will definately keep you all updated. You guys are such great help so of course let you guys know what is going on because I want all of your advise.

So far I have found the notice of defaults at the courthouse, found a few that looked attractive and have driven by the properties a few times but the owners were not at home.

I then went to whitepages.com and got the phone number of the owner of one of the properties but the other one was unlisted. For the one I did get the number for I called and left a message but have yet to hear back.

Any advise on what else I can do? Maybe write a letter? Knock on door? What do I say in those situations?

For the property that was unlisted in the phone book, the property looked in excellent condition(grass cut, new roof, etc) which makes me think they reinstated the loan.

i believe 1 of the most effective ways to reach homeowners in foreclosure is writing them letters, also placing ads in different places, i'll give you that much....SULLY.

Have you listened to the May 28th live call with Dean & Anita? If not, you should. The homework assignment is just what you are talking about!

Go here: http://deangraziosi.com/node/4814

Good luck, Steven.

Rina

aren't that effective. the percentage of success is 1%. You send out 100 letters you get 10 calls and make 1 deal....1%.

I have sent numerous letters out...I have gotten 2 calls 0 deals from them...(yet)

People read (glace over) the letter and just dont get around to doing anything for a few weeks. By that time they have misplaced the letter or thown it away.

I am not saying don't send them...cause I still do!!! Waiting for that 1% !!!

Letters work...but it's capitalizing on the situation. Not meaning that in a harsh way, but say you mosey on over to your local court house...check out the default mortgages...so now you have the owner addresses, maybe contact information. Stroll on over, drive by the property, assess the neighborhood and check out the surroundings. Good? cool...let's move on to the letter phase. when constructing the letter, you have to be clear and concise with your intentions. Most people that are facing foreclosure kind of know what's going to happen, but it hasn't "smacked" them in the face yet. Your letter has to do THAT, but nicely and professionally. Let them know you're trying to help them out of a situation that can affect them the rest of their lives, and you can help their family get past this difficult time by "insert your strategy here". Letters can be affective, but D has a point, when facing foreclosure, one more letter could be just one more creditor...so into the trash it goes. That's when it becomes effective to knock and make a house call.

I've never gotten any results sending one letter, however when I sent follow up letters I did get results. I've done the door knocking too and that's very risky because often times they either don't answer the door or are hostile. So I prefer to send letters now. I've even sent letters in Fed Ex envelopes to make sure they'll open them, just something I picked up along my journey.
Elena M. ;D

P.S. Steven, I have some scripts and letters you can use but I don't have them on my laptop they're in my office @ home, I won't be back until this Sat. or Sun. If you need them let me know and I'll email them to you.

P.P.S. Thank you Rina, it would be an honor to join the ranks of all these Superstars!

I would love to take a look at those letters of yours. That would help out alot. My email is stevenmitchellwalker@****.

Thanks so much for your help!

What if when the people that are in forclosure and they have equity in there house are they allowed to get cash back at closing.Thanks

Steven or Mitchell, whichever you prefer... LOL! I will send them as soon as I get back home to my office. I'd have them on my laptop, but I just got it and I haven't had a chance to put all my docs on here yet, I've got so many.
Glad to help,
Elena

ok I found a few pre-4's....but, they owe either fmv or more! So in these cases is there anyway for investors to profit?

Did you hear about the new low with the pre-4's you can get sued 2yrs after the transaction. I have a diteald letter I have to read it treu leter mabey Anita will beat me to it and posted before. It probebly will be better anyway couse she is good at that leagal stoff. Would be interested to hear what other think on that. Lilie

And MammaE I will be interested in those letters too please. LOL

Elena,

I'd like to see the letters you have, too. Maybe you need your own website, huh?!!

ok I found a few pre-4's....but, they owe either fmv or more (upside down)! So in these cases is there anyway for investors to profit?

I do have my own site, but it's not for educational purposes, but maybe it should be... Hmmmmmmm... That wouldn't be a bad idea!! I'd be happy to email the letter I use to anyone who's interested and asks me nicely... LOL! Go to www.webuyhouses24-7.com, fill out the form and send $29.95.... No, I'm just kidding folks! You can email me @ [email protected]. Feel free to check out my site and give me your feedback though, I'd appreciate it. It's for credibility and for motivated sellers to contact me through, but my DG family can always contact me too.