read alot of the book. a bit confused

You'll be able to find answers to your questions here. The site is filled with great info and advice.
Try going to the search box under Dean's chin at the top of the page and typing in your key word; equity or mortgage. When you hit enter it should give you a list of every forum or conversation in the site that includes your subject. Do a LOT of reading, and then you might come back with a more specific question, if you haven't found what you need.

Good luck, and congratulations on starting early in REI. You'll be WAY ahead of the game.

Rina

Look to the upper left corner of this page and click on the link START HERE - FAQ's - it will hep you a lot

on the site that will deffinitly help you get on your way, rina, and ant, oh and of course ME!,YOUR HERO, SULLY.

still couldnt really find anything can you give me a link to the appropiate forum?

http://www.deangraziosi.com/node/3355

Before you jump in head first. I f you have Dean's book, I suggest you read Chapter 17, Putting Your Finances In Order. As you said, you are going to school right now, so that $2500.00 could get chewed up with a wrong move. take this for what it's worth, just a helpful hint....Jan

Always Walk In the Sun

well what i was saying is i dont want to have to work through school to help me get finished quicker. my school is fully paid for, and that $2500 is what i have to spare on anything. i really dont want to jump into anything without knowing what im doing first. i looked up what a morgage and equity is. my question is how does a finders fee work and the steps i need to take for profit. I know of 2 houses right now that are trying to sell. one is priced at $229,995 and the other is priced at $335,000.

A finders fee/assignment fee is paid when you transfer a contract you have on a property to someone else, normally paid at closing. If you read thru old posts on this site you will find several postes about this subject. The main thing to glean from them is that you want to have a buyer/renter/escape plan before you purchase a property. Your profit is made when you buy and as such if you pay to much you have nothing to sell, no postive cashflow from your rental, no finders/assignment fee because you can't sell it. Hope this helps.

Bill

it may be what you are looking for

http://www.deangraziosi.com/node/3783

ok, the step by step list is awsome. now, when i find a house. what do i do? do i tell the owner that i want to buy their house? that is one of the few things im confused about.

when you find a property that you are interested in, you would first talk with the homeowner and build rapport with him/her, then causually ask the important questions like, how long has it been on the market?, why are they selling?(thats very important), do they have a 1st mortgage?, SULLY.

ok so i found a good house i think; its a 1,272sqf house asking $89,200. 3 bedrooms 2 bath. its a VA house also. SO. do i contact the agent working the house? this is one of the confusing parts for me. do i tell her i will find a buyer? I just dont know how to start now.do i put an offer on the house and put money down? then write my contract off to somebody else? if this is true would i have to get financing for the house? because i dont know of any banks that would give $89,000 to a 20year old with a part time job.....help please

I think it's great that you want to jump in with both feet, but you skipped a few steps, like building a team; you need a good Realtor that works with investors and also invests, a mortgage broker, attend REI clubs to network with other investors in your area, build your database of investors to wholesale to. I prefer talking to the owners of the houses I'm intersted in directly to buil rapoire, listen to them, ask about their situation, find out what relief they're seeking. Do they want to get out from the payments, or do they need all cash now or will they take a small down and carry payments for a while? Get comps of other homes in the area that are similar to that one. Is $89k even a good price for the area? There are alot of things you need to know before you even approach the owner, do your homework first! It's like buying a car, you wouldn't go out and look without knowing exactly what you want and how much you want to pay, would you?
Hope this helps you,
Elena

Elena M wrote:

I think it's great that you want to jump in with both feet, but you skipped a few steps, like building a team; you need a good Realtor that works with investors and also invests, a mortgage broker, attend REI clubs to network with other investors in your area, build your database of investors to wholesale to. I prefer talking to the owners of the houses I'm intersted in directly to buil rapoire, listen to them, ask about their situation, find out what relief they're seeking. Do they want to get out from the payments, or do they need all cash now or will they take a small down and carry payments for a while? Get comps of other homes in the area that are similar to that one. Is $89k even a good price for the area? There are alot of things you need to know before you even approach the owner, do your homework first! It's like buying a car, you wouldn't go out and look without knowing exactly what you want and how much you want to pay, would you?
Hope this helps you,
Elena

Ima take the other side of some of this. He can't get financing anyway with a part time job and only 2500 in cash. So he doesnt need a realtor OR a mortgage broker.

He should NOT be looking at MLS properties.

He should be calling on FSBOs and then looking to sandwich lease or assign the contract.

Going to real estate investment meetings is a great idea.

If you have no money then your A, #1 priority should be generating cash. Typically, this is NOT done by closing on property. Writing contracts on properties and then assigning them is a great way to do it.

The bottom line is that you have to decide what YOU want from RE. Cash? Cash flow? Immediate equity? Little to no risk??

i talked to a real estate agent and she said that bama isnt allowed to to assignment fee's at the present time because of the market. is this a bunch of crap?