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Hi Coach I have a Realtor who has done a wonderful job finding me deals, but he tells me we have to put down 500.00 for properties under 50k and for properties over 50k 1000.00 for deposit????, Jim

Personally, I have gotten by making offers with a copy of my check and a promise to pay upon acceptance written in the offer. But if you are dealing with a seller who will consider an offer only if earnest money is attached, then you need to determine if you are willing to work with this seller or not. The same goes if it is your RE agent. Earnest money should not be a major issue, but if it is a deal breaker you need to decide if this seller and agent are worth it to you.

Can the certificate be used against our first sale if we buy direct from your lien portfolio?

I've studied and read and studied some more… I am finally at a point where I feel like I just need to go for it! I've found an Agent, understand Matt's filtering system for the 25-1, but still working on my Buyer's list. I’m a little hesitant about going forward until I get that done. However, whatever I decide. here is my stumbling block (call it a "blond" moment) I'm starting with wholesaling. Dean says to find the FMV(after repair value), the Foreclosure FMV and come in with your offer just a little below that (am I right here?). He said that your agent can give you those numbers. Do I have to ask them for each property I want to put an offer on? Or am I supposed to do this? I just feel very blank here. Can you please help me clear the “muddy” water? Second question that just came up... Matt says he never looks at the property until after the offer is accepted. If, I haven't looked at the property, how do I know how much in repairs to factor in to my offer? Thanks

I don't get much time on the internet. Anyway I am just trying to flip a couple of houses. I have acquired access to deans internet sight and am just looking for the paperwork in order to get the possesion of the house I found a house that I want to possess and flip to in investor. HOwever I do not know where I can find the paperwork to do so?

You will have to call the customer service line to find out the requirements.

You can put any amount of earnest that you would like for a contract. When it comes to for sale by owners I have put as little as 1$. The problem comes when we start working with agents. The agents will want you to do at least $500 or more. generally it will be 500-1000 for earnest money. However we are able to put the amount we want but we have to be firm with our agents and tell them, NO you wont put more down than that. Everything is negotiable!

Hi and thanks for taking my question. After one gets a FSBO under contract (agreement) do I make a copy of the contract to give to the home owner?

When getting comps. you will need to get them from your agent for each property you want to make an offer on. Your offers should be based first off on the numbers you run, FMV - investors profit - rehab cost - your profit = Max offer price. When you come up with that number make sure it is lower than what foreclosures are selling for (usually is). Remember that when Matt started he was looking at every property, now with his experience he does not need to. Getting started we suggest that you look at properties to get the experience, and to help you learn how to calculate rehab costs as well.

Try looking on the bottom left side of the home page for "Forms and Docs" link. What you need should be there.

Hope this helps...

Andy Sager
DG's AndyS
CFIC and IE member

This has been my experience also - $500 for lower priced Homes.

However, I know this may sound stupid, but from what I had read, I thought they just held the check until it closed. I did not know that they actually cashed the check...found out!

Thank you

If you wholesale a assingment of contract.
Say I do a purchase agreement for 50,000
then do a asssignment of contract for 5,000
assingment fee will I have to pay a capital gains tax on the 50,000?

When "assigning" your contract [right], your name is never put on the deed, therefore, you did not sell the property. You've sold your contract directly to an end buyer [for your fee or a non-refundable deposit]. They would then proceed to closing the deal with the seller.

If you were to do a double close (Seller = A, You =B, Buyer = C), 2 transactions take place at closing. The A to B contract, and then the B to C contract. The deed is recorded in your name, I believe, temporarily. Where you are the buyer-in-the-middle.

If you are THE end buyer who will Rehab the property yourself (to flip), then YOUR end buyer on the flip will either be a retail buyer (or your tenant/buyer in a lease option contract).

Any profits you make in your real estate ventures would be a matter of RE business record keeping with your CPA or tax person. There are so many tax [deferred] advantages to owning property as a RE investor. It has to do with depreciation or appreciation within your investment property portfolio, etc. (1031 Tax Exchange). There are 5 tax classes of property and several considerations. Also, wager your write-offs: marketing/advertising, office expenses, mileage, property management, assistant(s), phone, etc. Consult w/your RE accountant to be SURE!

Here's a definition of CGT: In real estate, capital gains are the difference between the purchase price of your real estate and the price you sell it for. Capital gains tax is what you pay on that difference, after adjusting for a variety of exemptions, deductions and tax breaks. The tax on capital gains income is calculated separately from the tax on your regular income and often at a different rate. In addition to federal capital gains taxes, most states, including California, tax the gains, too.

PS. Not an expert...yet...but I hope this helps!
PPS. Rich investors don't worry about paying taxes! LOL Too many advantages!

Thank you for the fast reply .I had this question asked to me from someone I was trying to partner with.

Yes.

I'm working on my first Assignment deal and I'm very confused on what paper work to used and how to fill them out.

If anyone can help me with is information, I would appreciate it. I'm both excited and nervous and need a little help.

http://www.deangraziosi.com/resources/real-estate-forms

I talked to a agent on the phone he said he has worked with investers befor and I ask him to send me
If you can find 100 potential property's in Northern VA
SHF/ Townhome / Condo (with low HOA )
Looking for
Motivated seller
Reo
Bank- owned
Sort sale
Pre foreclosure
Handyman special
Vacant
On Market for along time over 90 days or more
Selling price below average
Property that looks like no one is maintaining it anymore
Lower then average property taxs

every day he sends me emails for move in ready listings in the 700s so today I called another agent I told her I was wholesaling propery and I have two cash buyers I would like to work withher and could she find homes in N.VA for sale as is that are vacant and has had a price reduction 30 to 50 listings that met this Criteria
OH BOY SHE LOOKED AT ME LIKE I WAS FROM MARS. She said she could find what I was looking for but.... She usally worked with the cash buyers herself she asked where did you find them and all I said with they contacted me.again I was looking for a agent that was willing to work with a invester she said she have to talk to her manager Boy oh boy this is not easy

http://www.deangraziosi.com/resources/real-estate-forms

You've got to build rapport with your agents! (and all vendor/power team members)!

...Follow Matt's "Finding a real estate agent" scripts!
Simon says. No need to reinvent the wheel.

You can find the scripts on here and in Dean's book: 30 Days...
Write down exactly what you will say (follow the script) before getting on the phone with any prospective agents. (Our minds recall 80% of what we write down)!

You may have to talk to 100 agents to find one or two that will meld with your personality & help you to achieve your investing goals.

Incidentally...You will find 2 kinds of agents: Ones that work strictly by traditional "protocol" and those who work by "productivity." You want 'investor-savvy' agent(s) who are willing to work with you as an investor.

Easy does it...and keep at it till you find a match! Make some calls every day.
(That list above would keep all of us busy)!!!--Don't overwhelm your agent).
Pick a few specific categories. Focus on them. Then switch it up when a category becomes exhausted.

This is the first email I sent him with no responce
If you can find 100 potential property's in Northern VA
SHF/ Townhome / Condo (with low HOA )
Looking for
Motivated seller
Reo
Bank- owned
Sort sale
Pre foreclosure
Handyman special
Vacant
On Market for along time over 90 days or more
Selling price below average
Property that looks like no one is maintaining it anymore
Lower then average property taxs

This is the second email I sent him I even found the propertys they are Bank owned REO's
Can you please summit offers 50% off the asking price for this property's verbally or through email, lets see if one will accept.
Thank you Diana Inlow
I sent 31 addresses for him to make offers on at 50% off the asking price they where REOS
With no responce and the next week all the addresses I sent to him where no longer listed

This is the third email I sent
Yony could you find homes in N.VA for sale as is that are vacant and has had a price reduction 30 to 50 listings that met this Criteria Thank you

Diana Inlow 703 568-7195

still no responce

If the ower of a property has been served a notice os sale 9/21 2012 and the property was scheduled to be sold at a foreclosure auction on that day. If it is still listed on Zillow does that mean it is still avalable, If the property's are listed I assume they are still available is that right even if it was 2, 3 years ago.

Okay the agent who looked at me like I was from Mars just called she recommends I go to Real estate school be become an agent so I can find the listings I asked for myself.
Next.....

the agent who looked at me like I was from Mars just called she recommends I go to Real estate school be become an agent so I can find the listings I asked for myself.
Next......
I put out three bandit sign for buyers two days ago and I just got a call from a man to add to my buyers list I put out 8 more signs and I got 41 calls in two days Now if I can only get a agent to work with me.

where to find investor disclosure notice
I donot see it in forms and docs

Subject: where to find investor disclosure notice
Date: Fri, 11/30/2012 - 19:22

I donot see it in forms and docs
I found it
I just made my first call to a pre forclosure seller I said I'm a real estate investor and I think I can help you and she said I dont think you can and she just hung up on me.So I drove to the address and put a bandit sign up with my 800 number. I guess all I can do is hope they call.

Looking forward to the class on Monday I hope I can get some answers on how to move forward.

I just got a call from a bandet sign

and found a agent willing to work with me woo hoo 25 to 1 here I come