"Friendship is unnecessary, like philosophy, like art... It has no survival value; rather it is one of those things that give value to survival."C. S. Lewis
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Great Starting Ideas for the New Real Estate Investor
In his interview with me, John Paul Moses, who is the founder of our Local Memphis Investors Group, was willing to give us some tips about how to start as a real estate investor. After reading "Rich Dad, Poor Dead" by Robert Kiyosaki he decided to start ...
Key West Real Estate
The Florida Keys have been a popular destination for decades. Considering the fact that you can drive from mainland South Florida all the way to Key West and be in a tropical environment is very desireable. Many investors and second home buyers have found ...
Real Estate Auctions: Avoid Online Scams
(Discover Hidden Gems by Avoiding Potential Pitfalls and Fraudulent Websites.) Seized Property for 90% off Market Value? Recent popularity In the last year buying bank and government seized properties has become very popular. This is because people ...
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Turn the Television on any Sunday morning and you'll find yourself in the middle of a “how to buy real estate” infomercial. Can you really buy a house with no down payment? Can you really make thousands or millions of dollars buying real estate. Of course the answer is “yes” and “no”. The real question is, are you willing to pay anywhere from $500 to $5000 for the information, classes and hotline? Most important are you self disciplined enough to follow the program.
Before you spend money on these expensive programs, here are my top ten “no money down” ways to buy real estate. If you're self disciplined and willing to hear the word “no” many times before you get a “yes”, then maybe you can buy a house without a down payment.
1. First is to check out the many new zero down programs now available from lenders. Especially if you're a fist time buyer. Also FHA and VA have loans that may not be zero down, but are very close.
2. Borrow money for the down payment – Borrow the money from family, friends or a business partner at a high interest rate or a percentage of the profit when the property is sold
3. Raise the price and lower the terms – Offer the seller more than he is asking provided he is willing to accept the down payment in the form of a note. If the seller is asking $150,000 with $15,000 down and willing to carry the balance of $135,000. Try offering $155,000 in the form of a promissory not instead of cash. The seller gets a little more money for the additional risk.
4. Borrow against a life insurance policy – Many life insurance policy's let you borrow against the policy for the purpose of investing in real estate or other investments.
5. Use other property as collateral – Create a note on existing property that you or a partner own and use it as the down payment for the property you are buying.
6. Home equity loan – Home equity loans are generally easy to qualify for as long as there is adequate equity in the property.
7. Seller refinance – Have the seller refinance the property, receiving the cash he needs from the proceeds of the new loan, the buyer gives the seller a note for the balance of the seller's equity.
8. Find an investor – There are many people who have money but no time. Their current profession keeps them too busy. Work out a deal where they put up the money and you split the profits when you sell.
9. Lease with option to purchase – Lease a property with the right to buy it at some future time. Provide for the rental payment to be credited towards the down payment if you decide to exercise your option.
10. Give them something they need – If the seller is planning to purchase something in the future that you own or can buy, use it as a trade. This can be anything such as furniture, boat or motor home.
Richard Massey is a note broker with United Financial Resources and a real estate investor. You can get more information at http://www.unitedfinancialresources.com or to read more articles go to http://unitedfinancialresources.com/news.html
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