2006-11-11 05:29:13 · 9 answers · asked by Demetrius Q 1 in Business & Finance ➔ Renting & Real Estate
To get started with no money and no credit, you will need to find great deals in real estate and sell them to other people.
For example, you find a house worth 100k fixed up and at it's current as-is condition is worth 80k. You are able to buy this house from the owner for 70k. So, you give the owner an assignable purchase option contract stating that you have the right to purchase this property for 70k for the next 3 months. The owner signs it, and you give the owner a dollar to make it legal. Now you find those guys who are great at fixing up property (known as rehabbers) and sell them (assign them your rights) this contract for 5k. So the rehabber pays the owner 70k and you 5k. So the rehabber then repairs the place and sells it for 95k to a retail buyer. This is only an example, you can flip these contracts to anyone, including retail buyers regardless of the condition of the property.
Visit your local book store for more info or read websites like: www.reiclub.com
Regards
2006-11-11 16:08:17 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Serious answer - Make all your payments on time and develop good credit. Do not overstretch yourself on credit.
Buy a fixer upper that has "the right things wrong". That means it doesn't have any foundation, roof or structural damage, but there is stuff that makes it "ugly" enough that other buyers don't want it.This could be a HUD house, since that is one place to get an FHA loan on a home that needs some fixing.
Stay in the house while you fix it up, for at least two years. Then, you can sell it and do it again, or you can rent it out (sell it before you've owned it for 5 yrs) for almost 3 more years before selling.
By living in it for at least "2 of the last 5 years" you avoid capital gains tax. Also, you're allowed to buy an "owner occupied" HUD home every 24 months. HUD houses are available only to owner occupants for the first 10 days on the market. If none purchase it, then an investor may bid - that's why with HUD foreclosures, you would not be competing with traditional "buy and flip" or "buy and rent" investors.
2006-11-11 05:41:56 · answer #2 · answered by teran_realtor 7 · 1⤊ 0⤋
Look around for someone desperate to sell. There should be more and more of those showing up now. Have the seller hold back a second mortgage and borrow from bank for first mortgage for payments you can afford.
Get creative on that second mortgage. Low interest, low or no payments, maybe just a balloon payment for all plus low interest in a few years and/or when you sell it. Fix the place up and hold it until the market turns and you can sell for a profit.
Where there is a will, there is a way. Don't get in over your head. Good luck.
2006-11-11 11:39:54 · answer #3 · answered by slippped 7 · 0⤊ 0⤋
particular, some distance too many do, the two undesirable and rich. even while they have a decision, many human beings stay to tell the story credit and above their capability forcing them to be based on each and every paycheck. that's area of the rustic's mentality those a protracted time, and that's hurting the rustic like a maximum cancers.
2016-12-17 08:24:05 · answer #4 · answered by coupe 4 · 0⤊ 0⤋
If you lack funds and time.. buy a REIT Real Estate Investment Trust.. look at Asia and South America.
2006-11-11 05:37:17 · answer #5 · answered by Hotdog 2 · 0⤊ 0⤋
what gets me is how so called poor people can afford cell phones, cars that are worth more then my 4 put together, nice clothes, steaks and lobsters while i cant even afford hamburger, and they seem to be at the gambling halls every day of the week!!!
2006-11-11 05:40:08 · answer #6 · answered by george 2 6 · 0⤊ 0⤋
SAVE, get a second job...then buy a fixer upper that you live in and fix .. sell ... take the profits and use as downpayment on next one..repeat...
2006-11-11 07:00:01 · answer #7 · answered by MeInUSA 5 · 1⤊ 0⤋
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2006-11-11 06:11:08 · answer #8 · answered by anonymous 2 · 0⤊ 1⤋
go to http://reg.prowealthresults.com
2006-11-11 06:51:21 · answer #9 · answered by Anonymous · 0⤊ 0⤋