Feed: Real Estate Investing Center - Real Estate Investing with Dean - AggScore: 45.1

Weekly Wisdom #185 - Non Stop Momentum

First of all, to everybody who left a post last week, you can click below to get your FREE copy of "Totally Fulfilled."

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This week, Dean reinforces his mission for this blog. To arm you with tools to be on the offense, to go out there an conquer the obstacles you face and have the life you desire.

He reviews the lessons of the past weeks in a super fast summary and makes a big promise for what's coming. You are part of something bigger than yourself and we are so grateful to be with you through it. Enjoy!

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Double closed REO. Made $12,000

This deal is a great example of how important it is to follow up on rejected offers!!

My first offer was on Dec 8, 2011. We resubmitted four times. Offer finally accepted the first week in MAY!!!
If we had not chased this one we would have not gotten it.

Organize your follow up system!!!

Numbers

Accepted offer of $30,000
Sold to my buyer for $42,000 plus all closing costs.
ARV $150,000
Rehab $50,000

I made $12,000
My buyer will net around $40,000

My buyer- husband and wife team of active fix/flippers. They do around 40 properties a year. Called me this morning on three properties I have under contract. I won't have to send these properties out at all more than likely. I use my websites less and less these days!!

Michael Mangham

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Roll Out Your Marketing – Short Sales are Gaining Ground

Foreclosures are still moving along in every state. Some states are getting ahead of the curve, with foreclosure activity down in the first quarter of this year and new delinquencies down as well. One activity that’s contributing to this trend is the new attitude by banks as regards short sales.

From 2007 into the last quarter of 2011, short sales worked for fewer than 25% of buyers of all types. Many investors avoided them, as banks took months to respond to offers, made repeated demands for the same paperwork, and generally just seemed like they had no desire at all to sell short, preferring to go on to foreclosure.

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MY FIRST DEAL!!!

Hey, can you say FINALLY?? Got my first deal done today. It was an assignment and my profit was dollarsignr2000.00!!!

Oh happy day!!! (music playing)

Shirley

Foreclosures and Delinquencies Down

In multiple articles around the Web, it’s being reported that recent numbers indicate a significant drop in foreclosures and homeowners dropping behind in their mortgage payments.

- Foreclosure filings in April fell for the third straight month to the lowest level since 2007.

- Bank repossessions, at 51,415 in April, were down 26% from a year ago and about half what they were in September 2010.

- In Arizona and Nevada, hard-hit states, bank repossessions were down roughly 70%, and in California they were down more than 50%.

- In the first quarter of this year, the percentage of borrowers who have dropped behind on their mortgage payments fell to a four year low.

- The percentage of loans delinquent fell to 11.33% in the first quarter, the lowest level since 2008.

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Appraisal Accuracy Spotty

This is another article from the New York Times this week, and it’s about commercial property appraisals. However, many of the problems discussed are also common to residential appraisal procedures around the country. Generally, studies are showing that there are wide variations in appraisals, but in the majority of cases properties are being over-valued.

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How i turn my taxes check to aquire 2 properties!

I used my taxes check and purchase 2 properties:
One duplex with 3 beds and 1.5 baths each, and a Fourplex with 1 bed and 1 bath each one.
I sign closing documentation for one on May 17 and the other on May 24.
I just received an offer for the fourplex for $8,500.00 and waiting for an offer for the duplex for $5,999.00
If you use a little cash, imagination, persiting and no matter what others say, you will come with a deal!
This are my first two, and i am working now with a partners/investor and we are closing 4 more properties and will start rehabing one.

Check this link:
http://cheaprealestatehomes.weebly.com/index.html

Hey: if you need help, let me know.
Ernesto

My 1st deal!!!

I made my 1st DEAL!!!
Talk about addiction... I found mine!!
I know this stuff works but when you actually do it and it works omgosh!!
Searching through some ads I found a townhouse that a
gentleman had for sale that he started to rehab and
wanted to sell for $19,000.00. I called honestly hoping he
was a landlord thinking I could pick up someone to
add to my buyers list. During our phone conversation he told me that
he just lost interest and had enough rental income coming in
that he wanted to sell. So truly in my head bells and whistles went
off I heard one of the speakers from the edge event (sorry I don't
remember who) about packaged deals. I thanked him for his time and
told him I would get back with him. I did a little research and found

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Dream Big - Believe it

I sit here tonight in a hotel room in Minneapolis. No, I'm not on a vacation. I find myself tonight in realization of a dream. A dream that started in July 2009. I was up late watching an infomercial when that cute little Italian dude told me I could make a fortune investing in real estate. There was something undeniably real about him. I bought the books; I joined the Success Academy. I so remember the guy from the Success Academy using such lines as: "Maybe one day you will be in the infomercial." "Maybe one day, you will be the one who goes around the country teaching others." Ya right. I didn't care much, at that time, for the thought of being in an infomercial. I mean, how embarressing would that be if someone I knew saw me?

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MADE $1500 Assignment Fee Doing 25-1 Strategy!

Hi Everyone,
I had my realtor send me properties that were on the market for 90 days or more.I looked for as-is,vacant,and needs rehab.So I put 25 offers in and 2 got accepted.So I said wait,this isn't right,if i got 2 offers accepted then I must have bid to high.I offered higher then what my gut felt.One of the deals I backed out during inspection,because I knew I was too high.The other offer I went with and sold it in 2 days.
3/1bth 2 car garage.
Renter in Place at 1200/month
No work needed!
1500sqft
ARV 90k
My price 45k
Wholesale price 46.5
The seller was so motivated to sell,I know I could have got it for 35k.Always go with your 1st instinct.
But I just love the fact of doing a deal!

Is There a Market Opportunity with Previous REIT Investors?

An article at seekingalpha.com, an investing site, this week is titled “Private REITs Backfire on Investors Again.” A REIT is a Real Estate Investment Trust. Investors buy shares and the REIT invests in properties in one type of REIT. Another type invests only in mortgages, not owning the properties involved. There are publicly traded and private REITS, and the principal draw for investors is a nice dividend and possible appreciation in value as well.

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SO FAR SO GOOD, DEAL 6 & 7 FOR 2012

Hi DG Fam

Just want to keep u posted on 2012 progres, So far im averaging 1 - 2 deals a month. All of them have been through mls reo. I just got one today that the bank is giving me a 30 day inspection period. Now that is what I call a motivated seller

Never give up. Keep pushing forward, I promise you that it gets so easy after a while

Closed another one!

Just closed on a L/O and the seller gave us a check for dollarsignr24,000 to take over the property. We are L/Oing it for 10 years and when we exercise our option we will pay whatever is owed on the house only.

We are planning to option it with a dollarsignr4K option fee and should cash flow dollarsignr175/mo.

Out of the dollarsignr24,000 we will paint, put in new carpet, landscape and do a few repairs that should all come to about dollarsignr5,000.

This is really FUN!!!

Karen

All I can say is WOW

Before I left for the edge I had put an offer in on a kelly williams listing in ohio. The house was really nice and was rented for dollarsignr500 per month. I placed a full price offer with one clause in it. I had to get a walk though before we closed. Now this house was listed at 10k so, my guy there did the WT and found there was a water issue in the basement (bad pump, paint). The repairs will run 4,500 retail. I ask for 2,500 off the already accepted price and with a letter from the agent who was there I got it...Bought it for dollarsignr7,500 with a renter in place. I will spend 2k so I am in it for 10k total now. You don't ask you don't get.. The CAP on this is nuts...53% I will resell this will a property manager (free for one year) and a home warranty. Love it stuff..NOW GO GET SOME

How Many Ladies Have Made at least One Deal?!!!

At the Edge Event, Dean said that he had noticed that there are a lot of women getting deals done... and went on to say that 'the girls are kicking butt'!

Sooo, I thought maybe us Ladies could start a thread to see how many active women the DG family has, who following in the footsteps of Carol, Rina, Laura, Gena, Andrea, Jen, Tammy, are out there, taking action!

Come on Girls, let's continue getting those deals done!