OfflineSo, I purchased Deans books last year in June. That is 13 months ago. I have put my blood sweat and tears into this and I have lost EVERYTHING. I followed all of Deans advice. I got the toll free # with the company his book suggests. I set up social media forums and placed ads everywhere. I found one person that was willing to work with me but I could not find a buyer. Then I found a family that needed help so bad that it brings me to tears. Their electric was arching and the home was so unsafe to live in. They contacted me to help them find a home but I didnt know what to do I guess. I researched for months and could not put anything together... I got a RE agent that understood my goal and was willing to help me find properties and offers but she said its illegal to get a referral fee so all the work I had done was for nothing and thats when I was told I need to be a licensed RE agent to find and sell people homes. I even messaged Deans FB page to see if anyone else could help them and nothing! So, I am REALLY confused now. I have read and read Deans books but I am not getting the answers I am looking for.
I am still plugging along but have a new scenario to deal with. I have used up all of my $$$ and my credit is not good anymore because I have a 2 year old with a rare disease and I have her medical bills galore on my credit and lawyers calling to collect! ugh...
So, I have no choice but to succeed in this venture. Here is where I need your help: I have found a 2/1 house in move in condition for $50K. The family has a RE agent working with them so I don't know what to do with that. They are looking for an investor to buy the home and rent it back to them. I cant get a pre-qual letter because I tried! I called a mortgage company and did the app and was denied. I was planning on attempting to assign this to an investor, but how do I do that if I cant get the loan? Please HELP!!!
Jennifer
You need to find out what is what you want to do first. (your strategy)
since you have no money I am guessing what you want to do is to wholesale properties.
in order to be able to wholesale properties or basically do anything in REI you need a buyer's list or else when you have a good deal you will not have noone to buy it.
you need to know how to figure out the value of the properties and how the market where you are working at is.
Figure out what kind of properties your buyers are looking for, are they looking properties to rent out to rehab and sell etc...
keep interviewing realtors, I have interviewed at least 8 and I have not find a good one (hate realtors!!) bit it is what it is.
keep going and ask questions (before asking questions look for them in the search box most of the questions you may have have been answered already.
I think you need to re-read DG's book...
You don't need a loan to assign! that is the beauty of Wholesaling! And you certainly do not need a re license to get an assignment fee (not a referral fee)
first, you need to give us more information about the property (not the address!), like what are comps in the area, how much is owed on the property, is this a short sale, a reo, or for sale by owner, how much is needed for repairs?
if it's a good deal, you sign a purchase agreeement so that you can put the property under contract.
You can advertise the poperty on CL or put up bandit signs to find buyers; if it's a good deal, you will find a buyer.
Wishing you success,
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...