By Robert Shemin
Knowledgeable advisor to the bits and bobs of genuine property financing secrets and techniques of shopping for and promoting actual property . . .Without utilizing your individual funds! is the definitive insider’s consultant to conventional and artistic (yet criminal and ethical!) actual property financing. In comprehensible, step by step language, it walks you thru motives and examples of traditional genuine property financing so that you comprehend truly how such a lot financing works. It examines the entire on hand artistic or strange financing thoughts that pro traders and homebuyers use each day to shop for and finance homes. Drawing on his lengthy event as a winning actual property investor, Robert Shemin spotlights the benefits and downsides of varied sorts of mortgages, phrases, and financing concepts so that you recognize all of your most sensible recommendations. He additionally comprises informative fabric on how credits scoring works and knowing credits rankings and credits difficulties that may scuttle your mortgage. delivering confirmed ideas, specialist tips, and inventive possible choices alongside the way in which, Shemin information each vital element of the financing approach, with in-depth dialogue of subject matters resembling: proprietors’ phrases Contracts for deed, land contracts, and hire ideas how you can use companions or cosigners the way to get approval after a personal loan corporation turns you down how one can purchase estate no matter if the financial institution says "no" artistic how one can receive down funds, getting the vendor to give a contribution utilizing nonprofit courses
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Extra resources for Secrets of Buying and Selling Real Estate...: Without Using Your Own Money!
Would you put a property under contract when the sellers want $100,000 and you have about $22 in the bank? Knowledge is power, and he knew about timber rights. He sold the timber rights for $175,000, which took about 45 days. qxd 8/8/03 12:09 PM Page 19 Real Estate Is Not Real Estate: It’s Creative Finance got the $175,000, put $75,000 in his pocket, and used the rest for the down payment on the land. Then he started selling pieces of the land. Let me tell you the two best businesses in the world: Buy whiskey by the bottle and sell it by the shot; buy land by the acre and sell it by the lot.
I suggest always turning everything into a question. ” In today’s market, that’s not a bad deal for the seller, because the seller who takes that $300,000 is going to pay tax on it. You take away $60,000, leaving only $240,000, which the seller can put in a mutual fund or CD. Because banks are paying 1 to 3 percent interest rates, your seller is not losing that much. You need to understand real estate finance and present values. The present value of $300,000 today with no interest is pennies on the dollar.
Try it yourself. qxd 8/8/03 12:09 PM Page 41 Systems for Success Robert’s Tip It actually took me 10 years to figure that I had to delegate out. In the beginning, I looked at the properties, analyzed them, did the paperwork, and managed them all myself. I was the subcontractor and general contractor, busy and stressed out all the time. Today, my job is to run the business. I let other people look for deals; I let title lawyers do the paperwork; I let bookkeepers do the bookkeeping; I let computer experts do the computer work; I let Realtors sell the property.