and need to parlay it into $20,000 by the end of the year any suggestions as to how I can get this done. Looking for serious suggestions.
2007-01-26 22:56:53 · 8 answers · asked by chris 3 in Business & Finance ➔ Other - Business & Finance
Real Estate. $500 would give you a 5 x $100 earnest money to make the contract legal and binding. Some people use as little as $10.
Find a house that needs some work...preferably mainly cosmetics like paint, carpet, shutters, etc...
Buy it for as low as possible, fix it up and sell it. If you can't get a loan for the fix up costs (find this out before you enter a contract), then get it under contract, under ["your name" and/or assigns]. The "and or assigns" means that you have the contract to buy the house but you can "flip" this contract to another investor for a fee...maybe a $1,000 or more depending on the deal. This is called an assignment fee which shows up on the HUD statement at closing so it's all legal.
Take 70% of the the After Repaired Value (ask a real estate agent) and subtract what the repairs will cost. This is your Max offer. Ex. If a house is worth $100,000 after $10,000 in repairs, you will offer $70 - $10 for a max offer of $60,000. Not everyone will agree to such an offer and that's fine. You are looking for the ones that will.
If you can do this just once in the next 12 months, buy for 60, fix up for 10 and sell for 100, you will make $30,000 less closing costs.
If you can't get the loan and focus instead on flipping the contracts...I know people that do this...you would do 20 at a $1,000 assignment fees (or more) and have your money.
This may be confusing and if so, I suggest you read the following books
2007-01-27 02:04:35 · answer #1 · answered by Anonymous · 1⤊ 1⤋
It could happen. How much of a gambler are you? We know you won't get $20K out of $500 if it sits there and you do nothing so you'll have to take some form of action. Your risk factor will have alot to do with what you can do. You could invest $1 in a lottery ticket and get millions but the odds are not in your favor. You could write a book and end up with a million seller overnight but the odds are not in your favor. I would think that if anyone knows a way of turning $500 into $20,000 with high odds for success and no risks they are not on here. Does this help?
2007-01-26 23:11:47 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Vegas
2007-01-26 23:01:25 · answer #3 · answered by Count Acumen 5 · 0⤊ 0⤋
Sorry, the only way you can make a profit like the one you are seeking is illegal or immoral, probably both... Good luck, though, if you find out how to make it work, I am sure you will have a site selling other's the solution soon...And I would be on the list.....
2007-01-26 23:08:53 · answer #4 · answered by mobileminiatures 5 · 0⤊ 1⤋
You can invest it in stocks oor a mutual fund (not sure if that would get you too much) or in a business.
2007-01-26 23:02:36 · answer #5 · answered by gatorgirl 5 · 0⤊ 1⤋
How about working?
I.e. a paid job?
Much more sure than any other option
2007-01-26 23:08:23 · answer #6 · answered by U_S_S_Enterprise 7 · 0⤊ 1⤋
maybe over time work, if that is too hard for you try the casinos in las vegas
2007-01-26 23:10:48 · answer #7 · answered by ema 1 · 0⤊ 1⤋
invest in trading
2007-01-26 23:44:39 · answer #8 · answered by "A r a v i n d" 1 · 0⤊ 1⤋