Subject To... - Posted by Daniel McKeown

Real Estate Investing
1

Posted by Jim FL on April 13, 2002 at 24:59:00:

Loreita,
I was somewhat hesitant to respond to your post, but after some thought, I just had to.
HARSH?!?!
No way!
Frankly, you do not know me.
YES, I’ve been where Daniel is, a few times in life.
I’ve also managed to get out of that position myself.
This business takes hard work, persistence, creativity, and the ability to achieve when the odds are stacked against you.
IF someone cannot be creative enough to come up with educational materials to learn this business, then how on earth are they EVER going to be able to be creative enough to get a deal signed.
You gave some good ideas.
I also think that Daniel, without intending to do this asked for someone to spoon feed them the steps to a deal.
There is just no way someone could do this for Daniel and leave them alone to complete more deals.
I am absolutely against the words, “I can’t”.
They should be stricken from our language, especially those of us in REI.

Just as a side note Lor, when I first started, I too had limited funds and said, “I can’t afford a course.”
Guess what?
Ignorance is WAY more expensive than education in this business, or any other for that matter.
I read here for FREE, went to the library, bought a couple of CHEAP books from amazon.com and then used that material to complete a deal.
From that deal I bought my first batch of course materisl, outfitted my office, set up phone lines, and went to my first CRE convention in Dallas.
I WAS living paycheck to paycheck, and most times this did not even cover my expenses.
I was in debt to the hilt, and my financial future looked BLEEK to say the least.
Getting creative to learn REI helped me to continue to be creative to get deals.
So, No Lor, I was not being HARSH.
I was simply saying the things I wish someone would have said to me YEARS earlier.

Encouragement is what I thought it was.

A thick skin is also essential in this business.
How will you handle it the first time you make an offer to a seller and they respond with a negative attitude and call you names, or even take a swing at you?
Trust me here, what I said is not even CLOSE to the things someone in this business MUST endure.

Bottom line, whether you think you can, or think you cannot, you are right.

So, can you?

go get em and then come back here and tell us about your success.
We will celebrate with you.
And, should you TRY and NOT get a deal, we will encourage you and advise you, and help you evaluate things to see where you may have done better.
THAT is what this board is all about.

Have a nice day,
Jim FL

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Subject To… - Posted by Daniel McKeown

Posted by Daniel McKeown on April 09, 2002 at 06:46:35:

Subject To sounds like the way for me to buy properties, unfortunately, I don’t know what to put in the purchase offer, or how to go to close with this type of deal. If anyone could help me out with a step-by-step or something of that nature I would greatly appreciate it, or if there are any books available at a bookstore for 10-30 dollars. Also, I know there are a number of great courses available for sale on the subject, but unfortunately, until I start making some money, theres no way I can shell out 100+ dollars for a course.

Thanks for your understanding,
Daniel McKeown

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Re: Subject To… - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on April 11, 2002 at 20:07:39:

Daniel McKeown------------

As you are an agent, trying to get listings, maybe you could concentrate on upgrading your listing skills.

I noticed a program on an e-bay auction, yesterday, that is written by a real estate salesman who claims his listings skyrocketed with a new program he developed. Maybe you can locate that and pinch out enough money to be the successful bidder for it. Or perhaps some of the books in the library or bookstores on how to be a better real estate lister could help you.

What you asked for is a complete course. I don’t think anybody can provide you a complete course here. Answer some specific questions, sure, a complete course, no.

I agree with an earlier poster, you can find hundreds of posts about subject to on this forum by doing a search of the archive. It is free. It is a little jumbled and not in order, but maybe you can sort it out. For the cost of a ream of paper and some printer toner, ink, or ribbon, you can get the equivilant of the course you need.

Oh, I don’t much like selling properties, I’m a buy and hold type investor. But, perhaps you should think about selling your one rental property, especially if it is showing negative cashflow. You may not be in a position to own that property now.

Good InvestingRon Starr**
Good InvestingRon Starr

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Re: Subject To… - Posted by Gerald-DC

Posted by Gerald-DC on April 11, 2002 at 24:31:06:

Call around to some of your local investment clubs. Perhaps they have a library of tapes and courses that they lend to their members.

5

Re: Subject To… - Posted by Jim FL

Posted by Jim FL on April 09, 2002 at 13:18:46:

Daniel,
First, do not take this post as a slam, it is not meant that way.
But, I see a problem with your thinking already.
First, a step by step working a deal with basically no background knowledge or education would really do you no good.
Well, maybe some good, but the process is certainly going to be longer.
Also, anyone here could post you a step by step, but surely something will be left out.
And if you go out and start to sign deals with no education and limited experience, you are headed for trouble.
This business is a VERY serious business, not an easy one by any means.

The other thing you said that leads me to my point was this; “until I start making some money, theres no way I can shell out 100+ dollars for a course.”

To be BLUNT, B.S.!
You CAN make the $100+ to buy a course, probably more.
Take a look at where your paychecks go now, and prioritize.
Should you buy lunch every day, brown bag it for a few weeks and save.
Rather than use premium fuel in your car, get regular unleaded.
or
If there REALLY is NO WAY to save for a course, what about barrowing the money from someone to get a course?
Perhaps a part time job?
Heck, working one or two days a week for minimum wage at some local business will get you enough to buy a course or two over just a few short weeks.
You really are short changing yourself by not getting something to study now.
Besides, if you apply what you study, the cost of the course is VERY small compared to the potential profit from only ONE DEAL!
And, you get to keep the course for reference material if needed.

So, change your thinking.
In my house my kids are BANNED from saying, “I can’t!”
They MUST say instead, “I need help”, or “I’ll figure it out and solve the problem myself, somehow!”

Try it, it works.

Good luck,
Jim FL

6

Re: Subject To… - Posted by Al Mantini

Posted by Al Mantini on April 09, 2002 at 11:49:13:

Go to “www.getthedeed.com” do yourself a favor and buy their materials.

Luck

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Re: Subject To… - Posted by Percy

Posted by Percy on April 09, 2002 at 09:27:52:

Do a search through the archives for subject to. You will find several posts with step by step instructions.

BTW if you cannot afford a course, I would suggest you find other investors in your area to partner with or flip some deals to generate cash.

8

Re: Subject To… - Posted by Daniel McKeown

Posted by Daniel McKeown on April 09, 2002 at 22:09:01:

While I appreciate your input, when I said ?100+ dollars? what I really should have said was ?350-700 dollars,? which is not in my budget right now, nor will be without the income that I anticipate will be generated by real estate. Now, I never mentioned my experience, but I am a landlord with only one property, and have been a licensed real estate agent but begging people to let me sell their homes isn’t my idea of a good job. The question I asked was not directed toward REI in general, it was a specific question regarding subject to purchases directed toward the experienced investors in the forum who may be able to personally answer my question.

Right now, I have over extended my finances and am looking for a way to reduce the amount of debt I am in through real estate investment. So brown bagging it, and using regular gas (which I have always done) is what?s allowing me to pay my bills, not affording me close to 1000 dollar books.

I agree with your statement that it isn?t good to say that I can?t, but in my situation, ?I can?t,? and one thing I don?t believe in is denying the truth. So thank you very much for your response and I hope that in the future, you?ll be more like the folks on the finance forum and ask what the rest of the situation is before you make preachy degrading remarks like the one that I got.

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Re: Thank you - Posted by Daniel McKeown

Posted by Daniel McKeown on April 09, 2002 at 11:07:17:

Thank you very much for the suggestions, I will take a look. Also, thanks for the flipping idea, I could use some cash up font.

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Gee, pardon me… - Posted by Jim FL

Posted by Jim FL on April 09, 2002 at 23:26:50:

Daniel,
I must not be one of the “experienced investors in the forum who may be able to personally answer question.”
Oh Darn!
“Preachy Degrading Remarks”?
Oh my…then again, you ARE/Where an agent, makes sense now.
I was merely trying to make you think outside the box, and whether you think you can, or think you cannot, you are right.
I guess that would make it a fact.

Seriously, I hope you see the light and do make some money investing, but you will have to get thicker skin.
This business when done right can be fun, but the ride is not always smooth.

Take care and good luck,
Jim FL

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Re: wow kind of harsh - Posted by Loreita

Posted by Loreita on April 11, 2002 at 01:57:04:

I just wanted to say something. Isn’t this board for encouragement and help not put downs. Jim have you ever been in the situation that Daniel is talking about. Barely having money for food, not being able to pay your bills each month. Working your #$^#^ off to just be able to get to that next paycheck. It seems to me that you haven’t. And if you have you have forgotten how stressful and humiliating it can be. This is my first time on this board and I am sickened buy your attitude. You should apolgize.

Daniel, I too am totally in your same position and came on here to find some help. I just wanted to put my 2 cents in. All I can give you is a wish for good luck and hope there will be somebody that will help you with out telling you to go out and spend $1000 that is not there. It is easy for someone who has money to say that. I would recommend reading Rich Dad, Poor Dad. Formulas for wealth by Albert Lowry. how to negotiate Successfully in R.E. by Tony Hoffman and How to create wealth (with or in) R.E. by Wright Thurston. But don’t go out and buy these go to your library, or read them in the book store and if you can’t find them there then join a Investors Club in your area, they usually have books and stuff that you can rent or check out. Sometimes it costs to join these I.C. but only like $10 I think. Happy Investing. P.S. Go to this site www.creonline.com/wwwboard2/messages/22632.html
great info there and you can also go to main page and search under archives for Subject To: posts. Hope I have helped a little. Loreita