First let just say that you can get into real estate even with poor or bad credit and no money.
You should always start by "learning the deal". In other words, find out exactly why the seller of the property or building is ready to find a buyer at this time. Remember, you frequently hear about people who made their fortunes investing in the stock market, but you also hear about investors who lost their shirts. You hardly ever hear about real-estate investors who go bankrupt. It does happen, but not very often. Where there is property involved, there is always "worth" there. Many times creative financing can be the way into the property.
1. Be ready with the buyer first. You can, many times, have a buyer ready to purchase the property from you before you sign the closing to obtain it. This should always be considered because after all "time is money".
2. Find a partner for the real estate deal. Look for a 50/50 partner or a partner of another percentage. That can help.
3. You can get the seller to "carry" the note. This is a favorite of any newbies to the real estate world. Example: Let's say you find house that has a small balance on the first mortgage. Let's say the house is worth a $100,000; the balance on the first mortgage is $30,000.
If you wanted to buy this house for $80,000, you could ask the seller to carry back $15,000 and go to a hard money lender to borrow 65 interest only for 5 years.
4. You can seek out a "hard money" lender. Hard money is an equity loan made at approximately 65 even with poor credit and will not verify money down.
8. This last option can be used and let the owner carry the remainder of the balance. This has several variations, also.
Most people aren't willing to take the risk that real-estate investing involves. Fortunately, these are the same people that will make you money by renting or buying from you. The people who invested in real estate years ago are living a very comfortable lifestyle now.
Mike Dodd has studied for years in the field of real estate investing.
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