OfflineI’m new here and just starting out on my Real Estate Investing Journey. I have read all of Dean’s Books and am very excited and determine to succeed in REI. I put together my plan last weekend and have been working all week to build my Investment team. After sending out Matt Larson’s letter to a bunch of Real Estate Agents I had a couple call backs. I just got off the phone with one of them and when I told him I wanted to pursue bank REO’s he said if you are expecting to find deals that are 20 – 30% discounted that I’m a newbie and that is just unrealistic. I work with banks all the time and they may drop 10% but that is very rare. I don’t mind putting in multiple offers but after being rejected a few times we would have to sit down and reevaluate your goals.
Now I know I have to work a little bit to find these great deals but they are out there. I hate people telling me to be realistic. Being realistic is an excuse to settle for mediocrity. I want to put in my own offers until I can find an agent that will think a little different and my question is how do I submit offers to the banks? Do I have to use an official form or can I send in a personal written offer with the terms I want. Forgive me if these questions sound elementary but this is the first time I’m doing this so I need a little help.
Thanks JC
JC,
I am also Very new to this Please feel free to let me know on the out come of this venture. It greatly interest me. I TOO want to succeed..
Kurunda
Hello JC,
Keep at it is the first thing - yes, it can feel discouraging and yes there are lots of agents that are not willing to put in the work that you are. Up front they may seem on the same page, but they get frustrated when they do not see their paycheck right away.
One thing I would recommend doing is looking for homes that have been on the market for more than 100 days. When they've been on the market for a while they are more willing to take your offer.
As for how to make the offer. We use a simple one page contract. This usually works for us, if they accept our offer they may use a different contract, but it has worked fine for us currently. Also you can go to your State's Board of Realtor's page and down load a state approve generic contract and use that also.
We've been at this for awhile and often have to make over 20 offers before one gets accepted. The key is to keep positive and don't get your heart set on it until it happens. Just keep at it. Also look on Craigs list etc, to see if there are some other motivated sellers out there that are willing to make a deal.
Best of luck to you and keep moving forward!
Chip & Andrea Weule
AC Investment Group, Inc.
JC,
I'm also relatively new with the REI although i'm choosing to buy foreclosures and fix them for sale. Relative to REO properties, I've called a few banks that have referred me to the Auction companies that they deal with and after contacting them, they now keep me up to date on all auctions in the area of interest. Suggest calling banks and speaking to the person responsible for the REO properties, they will tell you who to speak with if your interested in acquiring the property and then as someone mentioned, utilize the standard P&S forms that are accessible from the web.
Hope this helps a little.
Luck is when Preparation crosses paths with Opportunity!
Thanks for all of your words. That was exactly what I needed and I will keep moving forward and keep you all posted on the progress.
JC
Congratualtions for reading Dean's books and starting your journal. The key to making offers in real estate is you can offer anything you want to. Try to find a realtor that believes in you and sees "the big picture". FSBOs or local community banks that own REOs are a good prospect to check out. Always look for the motivated sellers. I attached a link to my prior DG post of "A guidemap for finding REO Gems". I hope its helpful.
http://www.deangraziosi.com/real-estate-forums/buying-foreclosures-reos-...
Good luck with real estate investing. You can do it! Believe and Achieve! :)- Joe
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Kurunda,
I would love to keep you posted and help anyway I can. You can email me at kaleoinvesting@gmail dot com to stay in touch as well as keeping each other accountable. Overcoming obstacles seems a little bit easier when you have someone who is going along with you.
JC
From what I've read and seen, The smaller local banks is the way to go. GOOD LUCK! Julie
First of all, if you're working with any agent that isn't on the same page as you are, get rid of them and find one that is. Don't accept his reality as yours.
You need a team of like minded professionals that are all working towards the same goal.... Making deals that work!
Whenever you need encouragement or support this is the place you need to come to. We're ALL family, and proud to be called that because that's what the DG family truly is. We help each other out, supporting, encouraging, teaching and even partnering. Our goal is to follow in Dean's footsteps and help change lives! So don't ever feel alone or discouraged, you're NOT alone my brother.
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
Hi i am a newbie to REI and i just finished reading Deans book. I'm just eagar to get started but i dont know where to start. How did you start and what is the best way to start. Do i need to obtain a rela estate agent first or what.
Thanks any info would help me
MIss T
Miss T
Miracle's and Blessings
No not that kind of meeting
One great way to get started is to meet other investors. If there is a Real Estate Investment Club in your area that is a great way to start. Most of us got started by meeting other Investors and building a Buyers List to get criteria to start looking for properties.
Another great thing to do is get educated read all the posts on here about how to do different strategies. We joined the Success Academy and learned many tools on how different methods of investing.
Also drive through your communities of interest see what homes are for sale and what they are for sale for. To give you a feeling of value of homes, etc. You can also research property values at the courthouse, but that is different in every state and county.
Definitely start networking with others in your area!
Best of luck Miss T!
Chip & Andrea Weule
AC Investment Group, Inc.
JC,
Thanks for the e-mail invite. You can always reach me at: george.sabol@**** Kurunda...
JC.
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