BUY REAL ESTATE WITH NO MONEY!THIS EBOOK IS THE PROPERTY OF YAHOO USER ID: TIMBOSON2003
LET'S GET STARTED
I must admit buying real estate with no money is possible, but will most definetly require some work on your part. You will need some basic negotiating skills that i'm hoping i will be able to teach you by the end of this book. Most importantly, you will need the right real estate deal, at the right time. However, with a little hard work and perserverence it will be very possible to accomplish this goal. In most lucrative business deals you need to assemble a team around you to help you complete your task. I will show you how to put together a good team that can bring you sucess on your present and upcoming ventures.
First we need to locate a property. I know you probably got a dream house in mind. However, realistically if this is your first deal, make sure you find a home you can afford with a flexible seller. Now the question is, how do you do that? The answer is not alone. Let's get into that team we spoke of in the first paragraph. It is important to understand that in keeping with the content of this ebook, that we purchase a property with no money. Now of course there is no such thing i believe as a free lunch. So let me clarify what this means. This means no money from you, but from someone else. Your team will work for you, at no upfront cost from yourself. This team will consist of a good real estate agent and mortgage broker. As the structure of your team advances a lawyer may be another part of your team to add, but intially we will keep it simple.
I love real estate agents, i know some people don't, but they are a necessary part of some of the techniques we will use. I guess primarily because i'm somewhat lazy, they help me in many ways. Primarily when it comes to locating ideal properties. Mortgage brokers are great as well, they try very hard to get you the financing you need, and if you find the right one, he will work with you all the way. Now that we understand the importance of our team, let's assemble our team shall we!
CHAPTER II
THE REAL ESTATE AGENT
The real estate agent is your go to guy. You need to find a real estate agent that works for you. This agent understands creative financing techniques, has probably even completed a few such deals, and can teach you a thing or two. Finding this type agent is quite simple, especially depending on where you live. In some places for instance rapidly climbing real estate prices or desperation to sell in a timely manner will spawn these agents. Locating them can be as simple as picking up your yellow pages or surfing the net, to locate such agents.
When you contact an agent and express your wants and needs. Make sure the property you're looking for is in an income range you're comfortable with. Some properties may be in your best interest to sell once you obtain them, or maybe you may desire to keep the home for yourself. Whatever your plans are let your real estate agent know. The more your real estate agent knows the better he/she can help you. If at anytime your agent seems uncomfortable with your techniques, you should work with someone else, that's not the agent you want.
Now you've found your agent let's put them to work. Your agent uses a database system with property listings all over the place. Your agent knows you're into the creative financing business, in other words, you've expressed your views that you don't intend to use your own money in the financing of the property. So what your agent is doing in essence is locating motivated sellers, who are interested in doing business this way. Some sellers are interested in this type operation some are not, some may not be at first, may become interested later etc. Whatever the case, the idea is you want someone who wants to do business on your terms.
Once you've found the property " meaning" a property where a seller is interested in doing business your way, at that time have your agent tour you around the premises, making notes of any defects in the property and further negotiating a reasonable price based on it's condition shortcomings etc., If all is well, and the deal takes place your agent will receive a commission, but don't worry it won't come out of your pocket, as long as you put together the right deal.
CHAPTER III
MORTAGE BROKER
If the real estate agent is your gun, your mortgage broker is the trigger to take a quote somewhat fromt the "godfather" movies. Yes this is the money man. He will be the primary funding source. Although you may find he may not have all the money, he will have the greater portion of the available funds. Finding this guy, believe it or not, will be as easy as finding the real estate agent. However, he will require a bit more committment than your real estate agent. He will need to gather paperwork on you for financing, work history, credit reports and etc., This can get a bit more tricky in that, qualifying for the funds may be impossible depending on your situation. However, do not despair, we have a few tricks up our sleeve, if you're one of those people who have some credit issues or employment issues, such as being self-employed etc.,
Honesty, is the best policy. In the same manner, let your mortgage broker know your needs. If you need money, but have bad credit, let him know that. If you have some money but have bad credit let him know that, if you have good credit no money let him know that, well you get the point. If he doesn't seem interested in doing business with you, then find another mortgage broker. However, you will need to finance this deal with someones money with the exception of yourself.
Let your mortgage broker know exactly what you're trying to do. Tell him that you're going to be buying a home, you don't intend to use any of your money in financing the purchase. Now i didn't say this was going to be easy. You're going to get alot of trash talking, but just stay focused. Based on several factors it will be determined how much your LTV will be or your loan to value. Once you have this percentage, whatever the remainder is will be the money left you have to come up with. For example:
LTV (loan to value) 80%
buyer remainder 20%
The 20% is the number you have to come up with of the purchase price to complete the loan. In the upcoming chapters we will show you basic techniques on how to obtain this number. In the meantime you will keep pushing your mortgage broker to get your LTV to the highest possible percentage. We will also address the factors that control your LTV.
CHAPTER IV
THE SELLER
The seller is more important than anybody in most cases. His situation will make or break the deal. Now because you have your broker working for you, you've probably already got a good feel for the seller through him. So you really don't have to go through so much trouble. However, some of the best sellers don't use real estate agents at all. They use avenues like homes by owner in which, they attempt to sell the homes themeselves which can be dangerous for them, good for you. So much like you did with your brokers and agents etc., Let the seller know you really want to buy his home and give him the asking price, or maybe even a little over if the homes is being sold below it's appraisal price.
However, let him know that you intend to purchase the home without using your own money. With the incredilbe price of real estate today in most areas, explaining why you'd want to do this, is really not that important. Your agent, through feeling him out for you, has already obtained a full or partial willingness on his/part not only to sell the property to you under this cirumstance, but assist you with financing the property from their own pockets. This is called seller financing and can get tricky, but we'll try to make it go as smoothe as possible.
What would make the seller want to do this? It could be a number of reasons, from you giving him his asking price, from he has to sell the home immediately. Whatever the case it's been determined that he wants to do it, so he gives you the remaining 20% that you needed from the example above. So now you have 100% financing. So is the deal done? Not quite you also have closing costs, which in themeselves can have phenomenal costs. Maybe you've already stretched the seller to thin, but the seller has to cover the closing costs as well, as a part of completing the deal.
This too can be a problem. Some lenders will not go for seller financing and paying off the closing costs, on the same deal. This is where your mortgage broker has to go to bat for you and find some lender come hell or high water who is willing. Once you've found a seller that fits this criteria, which will require work on your part and that of your brokers, but they exist and are out there believe me, you've found the perfect seller.
You're not always going to find the perfect seller. Some sellers you'll find only willing to meet you half way. That's fine because you're half-way there. It will require a little more of a juggling act on your part. I know it's difficult, most things worth while are. We will address techniques in upcoming chapters that you can use in order to get the money you need.
CHAPTER V
QUALIFYING FOR LOANS
Your mortgage broker will be a great source of information for helping you understand which type of loan will best suit yourself. There is a specific type loan out there for just about everyone. However, don't worry just about everyone qualifies for one or another.
If you're one of those persons, who is self-employed, or just have problems, proving financial records etc. You may qualify for a Stated Income loan or no document loan. In this perspective you won't have to worry about years of tax returns, banking information etc.
Maybe you're the type person who has credit issues, bad credit no credit etc., You may qualify for a hard money loan. These loans are for persons whom, have severe credit problems, and won't qualify for traditional loans. Generally what you have is a pool of private investors looking to make money, who are more interested in the equity related to the property than, your credit history. In short you will fall into one of these categories. If you find yourself with bad credit, and unable to prove income as well. This presents more of a challenge than normal. In this case i would highly recommend addressing your credit problems. You don't have to have good credit to use these techniques. However, certainly having or meeting specific credit requirements will open up a broader range of opportunities for yourself. We have for your convience a recommended credit ebook, that may assist you. In the upcoming chapters we will show you how to take advantage of this information.
CHAPTER VI
BALLOON MORTGAGES
In the last chapter, your deal worked perfect. However now is life after the deal. If you can sell the property for a profit after obtaining it and paying off the seller, you really have made it out of this deal without a scratch on you. However, you love the home, you decided to keep the home for yourself. The seller was not exactly willing to extend you financing, so he needed a deal in which he wouldn't have to wait for his money to long. We call this the "balloon mortgage" in which a small payment intially was made per month, and at one time all portions of the funds are now due and must be paid.
This is attractive to some sellers, they get there money back at a negotiated interest rate. They also get it back, sooner than later. Balloons can run in terms 2,5, 7 years or whatever specified by the lender and borrower. Bottom line, you pay up at a certain interval the entire balance. This is because some sellers can't afford to wait long terms for their money. Don't panic, assuming you have the right property appreciation and refinancing may help you extend this obligation. Also good communication with the seller, extensions so forth and so on.
All these things will have to be carefully negotiated before the fact. Make sure you consult carefully and listen closely to your agents and brokers to get more insight on such deals. We just underlined the perfect deal, with no money out of pocket for you. However, you may find this not to be a common-place event. So in the next chapters we will address several techniques in which you can use. The same technique may not work on certain deals, you will have to learn how to adjust your strategies, and make them interchangeable.
CHAPTER VII
TECHNIQUES AND STRATEGIC PLANNING
You don't always have to buy physical homes. It can be raw land in some cases. Maybe you are purchasing land for the purpose of renting or leasing such as a trailor park or for use of the lands natural resources. If you are buying land which serves a purpose to a group, find a way to negotiate with the group the purpose the land will serve. For instance maybe you'll rent space out for use on the land if it's a trailor park take a deposit or if it's natural resources such as timber, make a deal with a lumber yard. Whatever the case, you get the point, this is all about creatively finding a way to offset the money you will be required to come up with intially, if it's an apartment complex, take rent deposits etc., Make sure however, you already have a sell contract, between the seller and yourself.
Another strategy will be going together with partners. Maybe you have a relative or a real estate investor you know that can help you with coming up with the money, maybe you already have a sells contract between yourself and the seller. A good real estate investor will atleast take a look at a good deal. If nothing else maybe they will give you some good pointers for the next deal or maybe even be apart of an upcoming deal, if they feel it's lucrative enough.
Last but not least, your team of brokers is a good funding source. If you find yourself short in completing a deal on cash, remember your mortgage broker and real estate agent, stand to make a commission on the deal itself. Let them know, this is just the beginning of a beautiful friendship and ask them to forego, there commission. You can then use their commission which will be quite helpful in most cases, to complete the financing of your deal. I know what you're thinking, they won't do this, but don't be so sure. You have to keep in mind if you don't complete the deal nobody gets paid, so you're all in together. So, there contribution will make a difference.
These are some of the best techniques you can use. These strategies really don't require money or credit on your part. We are limited in our strategies because we predict that some people may have credit or money issues. So we have to keep in mind you may not have a job or credit or any of those things. Whatever the case, use of these techniques in any state can be accomplished in applied properly to the right situation.
CHAPTER VIII
THE DEAL IS DONE!
This is absolutely wonderful, after hard work and perservereance, the deal is complete. You have have used the strategies and techniques and it worked like a charm. You've finished the closing with your agents and brokers and now have the keys to your official property. However now your monthly payments become due soon and it's time to start making monthly mortgage payments.
Well, maybe you've determined that the monthly payments and other obligations made to the seller, are maybe a bit out of your reach. If you find yourself in this situation, it may be in your best interest, to try and fixed up the place a bit and put it back on the market. If you've chosen your property wisely in an area showing promise of appreciation. It may be possible to make a few improvments to the place and put it back on the market for a profit.
We are in a booming real estate market at this time. For example: I live in West Palm Beach, Fl. In the last few years real estate has appreciated roughly 144%. It was just unbelievable to see homes i could have purchased just a few years ago have more than doubled in value. In short, choosing the right piece of real estate in the right area, regardless of your financial situation, may turn out to be a good move on your part.
Maybe you were really smart, and invested in a piece of property that could take care of itself. I have a buddy, who invested in a large piece of property, with multiple rooms and guess homes on the property and some horse stables for keeping horses. He didn't own any horses yet, he made money from putting horses up on his land. He was also able to rent out bedrooms and guess homes on the property. When his monthly rent was due, he pretty much made up for it in collecting rent from leasing out his stables and spare bedrooms.
Basically you get the point. It's all about choosing the right property, seller and location. It's also about your individual situation your needs and wants. You may want to be a real estate investor and make money. Maybe you just want to own a home. Whatever, the case you can implement strategies like these not only to purchase a home, but allow the property to take care of itself at no out of pocket cost to yourself.
CHAPTER IX
LEASE OPTIONS
Lease options i know aren't quite the same as buying a property without money. However they can be just as good. Ideally if you can lease a place that maybe needs a few fixes before you move in, and substitute your down payment for sweat equity " meaning" the work you do on the place is your down payment that could be another way of not using your own money. However, i know most of us can't use a screwdriver. Maybe you can, negotiate for the seller to include your downpayment into monthly installments into the normal monthly rent payments.
When you negotiate the terms of your lease option contract. Make sure there is away you can buyer assign or sub-lease the property to someone else. This protects you if you find you can't come up with the financing once your contract comes due to purchase the home, you can have someone pay you off for the money you've already put into the house, or with the sub-lease agreement you can lease to someone else at a higher price than you are paying in rent and have someone else pay for your home. Isn't that just great! You have to make sure that the Seller is aware and in agreement with this through your lease agreement.
You also have the advantageous of living today in your dream house. In using the lease option you don't have to come up with the hugh down payment at one time. As well, you may be able to negotiate away to forego the downpayment altogether. Also if you're not able to come up with the financing for the home, you may still sell out your lease agreement.
CHAPTER X
INCORPORATING A BUSINESS
THERE ARE MANY TYPES OF BUSINESSES. YOU HAVE YOUR BASIC ONE OWNER OPERATION OR SOLE PROPRIETORSHIP. YOU HAVE LIMITED LIABILITY CORPORATIONS OR LLC.,. YOU ALSO HAVE YOUR BASIC CORPORATION, AND A HOST OF MANY OTHER BUSINESS DESIGNATIONS, BASED ON THE PURPOSE AND STRUCTURE OF YOUR BUSINESS. WHAT WE WILL FOCUS ON IS YOUR BASIC FOR PROFIT CORPORATION.
IF YOU KNOW HOW TO GO ABOUT IT, YOU CAN INCORPORATE YOUR PRESENT BUSINESS OR FUTURE BUSINESS, AND USE IT TO BUY REAL ESTATE, WITH NO MONEY OF YOUR OWN. THIS IS NOT A DIFFICULT THING TO ACCOMPLISH. IN FACT, IT'S VERY SIMPLE AS LONG AS YOU CAREFULLY READ THIS INFORMATION. YOU'VE PROBABLY HEARD THE BIG CORPORATE GIANTS SPEAK OF THEIR CORPORATE STOCKS AND BONDS, AND ISSUING THEM TO THE PUBLIC FOR SALE. WELL, WHAT YOU PROBABLY NEVER IMAGINED WAS THAT YOU CAN DO THE SAME THING WITH YOUR FUTURE OR PRESENT BUSINESS.
WHEN YOU INCORPORATE A BUSINESS THE STRUCTURE OF YOUR EXISTING BUSINESS CHANGES, OR YOUR FUTURE BUSINESS IS NOW COMPOSED OF STOCKS WHICH MAKE UP THE COMPANY. THESE INDIVIDUAL STOCKS CAN BE SOLD TO THE PUBLIC, UNDER FEDERAL AND STATE LAWS, AS LONG AS YOU MEET CERTAIN GUIDELINES. HOWEVER, IT IS IMPORTANT THAT YOU BE WELL FAMILIAR WITH THESE GUIDELINES, IN THAT YOU DON'T VIOLATE STATE AND FEDERAL LAWS. WE WILL PROVIDE LINKS IN ORDER FOR YOU TO FURTHER UNDERSTAND THIS PROCESS. IT DOESN'T COST ANY MONEY FOR YOU TO SELL YOUR CORPORATE STOCK. YOU ALSO DON'T HAVE TO HAVE ANY ASSETS IN THE COMPANY. HOWEVER, THIS MUST BE DISCLOSED, AND IT IS HIGHLY ADVISED THAT YOU NOT ONLY, CREATE A BUSINESS PLAN, FOR THE PURPOSE YOU PLAN TO USE THE STOCK PROCEEDS , BUT ALSO FILE THIS INFORMATION WITH THE APPROPRIATE STATE AND FEDERAL AGENCIES, WHICH ALSO COSTS YOU NOTHING.
THE ACTUAL COSTS OF INCORPORATING THE BUSINESS WILL VARY FROM STATE TO STATE. HOWEVER, YOU CAN DO-IT-YOURSELF, WHICH IS NOT A COMPLICATED PROCESS, OR IN SOME CASES, YOU CAN INCORPORATE FOR UNDER $100. THE IDEA, IS TO SELL THE SHARES OF YOUR COMPANY TO INDIVIDUAL INVESTORS, WHO SHARE IN YOUR REAL ESTATE ENDEAVORS. STRUCTURED PROPERLY YOU CAN USE YOUR BUSINESS IDEA TO BUY REAL ESTATE, SIMPLY BY SELLING STOCK IN YOUR COMPANY, THUS USING NO BANKS, CASH OR OUTSIDE FINANCING FROM ANYONE OTHER THAN YOURSELF. YOU ARE ALLOWED UNDER CERTAIN FEDERAL AND STATE GUIDELINES, NOT ONLY TO SALE TO JUST ABOUT ANYONE IN THE COUNTRY, BUT TO ADVERTISE OR MARKET YOUR STOCK SALE AS WELL. THEIR ARE AGENCIES AND BROKERAGE FIRMS THAT WILL ASSIST YOU FOR A FEE, IN OTHER WORDS, SELL THE SHARES FOR YOU. THE INTERNET OR WHAT THEY TERM DIRECT PUBLIC OFFERINGS IS A VERY EFFECTIVE WAY TO SALE YOUR SHARES AS WELL. OR YOU CAN SELL THEM YOURSELF, AND RETAIN YOUR OWN MONEY OR CAPITAL. I WOULD ADVISE FIRST OFF, ATTEMPTING FOR YOURSELF, ONLINE THROUGH A WEBSITE OR SIMPLY TO PEOPLE YOU KNOW, AT WORK, CHURCH OR IN YOUR COMMUNITY.
YOU HAVE CREATED A FUNDING SOURCE TO BUY REAL ESTATE WITH NO MONEY OUT OF YOUR OWN POCKET. WHAT THE INVESTOR OR PURCHASER OF YOUR SHARES GETS OUT OF THIS BUYER TO STOCK ISSUER DEAL IS OWNERSHIP OF THE COMPANY, THROUGH THE STOCKS WHICH MAKE UP THE COMPANY. THEY WILL OWN PART OF THE COMPANY OR REAL ESTATE VENTURES YOU CREATE, AND AT SOME FUTURE POINT DESIGNATED BY YOURSELF AND THEM, CASH OUT OR STAY ON AS SHARELHOLDER.
NOW YOU HAVE A BASIC IDEA, OF HOW TO BUY REAL ESTATE THROUGH CORPORATIONS WITH NO MONEY OF YOUR OWN. IN THE EXAMPLE MENTIONED ABOVE WE MOSTLY REFERRED TO A STATE AND FEDERAL LAW UNDER REGULATION D RULE 504, WHICH ENABLES ANYONE WITH A CORPORATION TO SELL, UP TO, $1,000,000.00., IN YOUR CORPORATE STOCK, WITH NO COST OR PENALTIES, IN A 12 MONTH PERIOD, OR BEYOND, NOT EXCEEDING $1,000,000.00. WE WILL PROVIDE YOU MORE LINKS TO GET BETTER AQUAINTED WITH THIS INFORMATION. IT IS IMPORTANT TO NOTE THAT, THE (SEC) SECURITIES EXCHANGE COMMISSION REGULATES ALL INFORMATION REGARDING SELLING SHARES IN A CORPORATION, AND THAT FURTHER REVIEW OF THIS INFORMATION IS RECOMMENDED, IN THAT WE ARE NOT LICENSED OR MEMBERS OF THE (SEC). PLEASE CONSULT A LEGAL PROFESSIONAL OR CONTACT THE (SEC), IF YOU'RE CONFUSED ABOUT ANY OF THIS INFORMATION. WE HAVE PROVIDED LINKS BELOW ON MATERIALS TO SUPPORT THE INFORMATION YOU READ HERE.
RECOMMENDED LINKS:
COPY AND PASTE THESE LINKS TO YOUR URL:
http://www.sec.gov/answers/rule504.htm
http://www.xpressmarketing.biz/MicroCap/FAQ6.htm
CHAPTER XI
MOBILE HOMES
YOU KNOW I DON'T THINK MOBILE HOMES GET THE CREDIT THEY DESERVE. I MEAN THIS IS HOME TO MANY PEOPLE NOWADAYS. THE WAY THAT THEY BUILD MOBILE HOMES TODAY, I CAN SEE WHY, HAVE YOU SEEN SOME LATELY? THESE ARE REALLY NICE LOOKING CONSTRUCTED PROPERTIES. SOME OF THESE MOBILE HOMES COSTS AS MUCH AS A HOME AS WELL.
HOWEVER, WE DO HAVE TO BE CLEAR ABOUT WHAT MAKES MOBILE HOMES DIFFERENT. MOBILE HOMES HAVE THEIR PROS AND CONS. SOME GOOD THINGS ABOUT MOBILE HOMES IS THAT, IT GIVES THE OPPORTUNITY AT A MUCH LOWER COST THAN A TRADITIONAL PROPERTY TO OWN AND BUILD A HOME. AT THE SAME TIME LOOKING AT MOBILE HOMES ON THE NEGATIVE END, IS THAT THEY ARE A DEPRECIATING ASSET, NOT AN APPRECIATING. MEANING MORE OFTEN THAN NOT, EACH YEAR YOUR MOBILE HOME IS LOSING VALUE, NOT GAINING. OF COURSE, ONE OF THE ELEMENTS TO BEING A SUCESSFUL REAL ESTATE INVESTOR IS PURCHASING PROPERTIES WITH THE POTENTIAL FOR GOOD APPRECIATION OVER THE YEARS.
THEREFORE, WITH MOBILE HOMES WE HAVE TO TAKE A DIFFERENT APPROACH. MY UNCLE PURCHASED ABOUT A DOZEN USED MOBILE HOMES AT AUCTION. RANGING FROM ABOUT, $600 - $1200. HE OWNED ABOUT 10 ACRES OF LAND IN GEORGIA, WHICH IS REALLY CHEAP. HE RENTS THESE TRAILORS OUT FOR ANYWHERE FROM ABOUT $200- $400 PER MONTH. IF YOU DO THE MATH, HE'S NOT ONLY PAID FOR THESE MOBILE HOMES, HE PURCHASED IN A FEW MONTHS TIME, BUT THEY CONTINUE TO BE A RESIDUAL SOURCE OF INCOME FOR HIMSELF.
NOW I'M NOT SAYING YOU CAN ALWAYS FIND MOBILE HOMES THAT CHEAP. HOWEVER, YOU'LL FIND IT ALOT EASIER TO GET FINANCING OR COME UP WITH MONEY FOR A TRAILOR TO LIVE IN THAN A TRADITIONAL HOME. MOST OF THE TIME, A SELLER OWNS A TRAILOR OUT RIGHT, AND YOU CAN NEGOTIATE FLEXIBLE FINANCING TERMS FOR THE TRAILOR. YOU MAY BE ABLE TO WORK OUT A LEASE OPTION AGREEMENT FOR RENTING THE TRAILOR (SEE CHAPTER IX) AND MAKE YOUR DOWNPAYMENT PART OF THE MONTHLY CYCLE OF PAYMENTS TOWARDS PURCHASING THE TRAILOR.
YOU WILL ALSO RUN INTO THE PROBLEM OF LAND. YOU NEED LAND TO PUT YOUR MOBILE HOME ON. SO FIRST YOU'LL NEED TO BUY SOME LAND THAT FITS YOUR NEEDS (SEE CHAPTER VII) TO PLACE YOUR TRAILOR ON. OR YOU MAY RENT LAND, FROM A TRAILOR PARK OWNER. IN THIS CASE, YOU'D PAY GENERALLY A PRETTY SMALL MONTHLY FEE, JUST TO PLACE YOUR MOBILE HOME ON A TRACT OF LAND. THIS HAS SOME ISSUES IN THAT YOU WILL HAVE TO ADHERE TO THE RULES CREATED BY THE TRAILOR PARK OWNER.
IN REVERSING THE ABOVE EXAMPLE, YOU CAN PLAY AT BEING THE TRAILOR PARK OWNER. YOU'D HAVE TO BUY RAW LAND (SEE CHAPTER VII). INSTEAD OF OWNING A PHYSICAL TRAILOR, YOU CAN RENT OUT SECTIONS OF LANDS OR LOTS, AND CHARGE A FEE, TO PERSONS WHO OWN A TRAILOR AND JUST NEED LAND TO PLACE IT ON.
YOU COULD ALSO, DO LIKE MY UNCLE DID, AND PURCHASE THE TRAILORS AND LAND, AND USE THEM AS RESIDUAL INCOME. THAT WAY, YOU CREATE A MONTHLY INCOME FOR YOURSELF. THIS IS GREAT, YOU CAN REAP BIG MONTHLY RETURNS DOING THIS, WITH LITTLE TO NO COSTS.
IT DOESN'T TAKE MUCH TO GET A FIXER UP MOBILE HOME AT A REALLY LOW COST. FIX THEM UP AND RESELL THEM, AT A MUCH HIGHER COSTS. KEEP THEM AND RENT THEM FOR A MONTHLY INCOME. SIMPLY BUY RAW LAND AND USE IT AS A TRAILOR PARK. OR YOU CAN JUST DO ALL THINGS AT TOGETHER. EITHER WAY, IT CAN BE A REWARDING VENTURE.
CHAPTER XII
TAX LIENS
IN ALL THE SITUATIONS AND EXAMPLES WE'VE INCLUDED IN THIS EBOOK. YOU'VE BEEN ABLE TO PURCHASE REAL ESTATE VIRTUALLY WITHOUT USE OF ANY MONEY OUT OF POCKET. WHEREAS, TAX LIENS ARE COMPOSED OF A DIFFERENT SCIENCE ALL TOGETHER. HOWEVER, THEY TOO, CAN FOLLOW IN SAME TRADITION OF BEING PURCHASED WITH NO MONEY.
FIRST WE NEED A BRIEF LESSON IN WHAT THEY ARE, AND HOW THEY WORK. TAX LIENS AND TAX DEEDS, ARE GENERALLY ADMINISTERED BY YOUR STATE OR LOCAL GOVERNMENT FOR THE PURPOSE OF NON-PAYMENT OF PROPERTY TAXES. THEY ARE PLACED AGAINST THE PROPERTY AT HAND, WHICH FAIL TO MAKE PAYMENTS TO THEM, IN THE TIME FRAME SPECIFIED. THEY THUS OWE, TO THE MUNICIPALITY OR POWER, AND A LIEN IS PLACED AGAINST THE PROPERTY UNTIL THIS DEBT IS MET.
NOW THE TAX LIEN IS PLACED FOR SALE TO THE PUBLIC, GENERALLY DONE BY YOUR LOCAL COURTHOUSE. ANYBODY CAN PURCHASE A TAX LIEN. WHEN YOU PURCHASE A TAX LIEN, WHATEVER AMOUNT WAS OWED OUT IN PROPERTY TAXES IS THE AMOUNT YOU'LL PAY FOR THE TAX LIEN, PLUS ANY OTHER PENALITES. WHAT'S GREAT ABOUT TAX LIENS, IS IF THE OWNER OF THE PROPERTY DOESN'T PAY THEIR BACK OWED TAXES, IN A CERTAIN TIME FRAME. YOU CAN CLAIM OWNERSHIP OF THE PROPERTY, OR GET A $100,000.OO HOUSE IN SOME CASES FOR $5. ISN'T THAT GREAT!
WELL THESE TYPE THINGS DO HAPPEN. HOWEVER, I WOULDN'T GO ABOUT THINKING EVERY TAX LIEN IS GOING TO NET ME A FREE AND CLEAR HOME. THE PROBLEM WITH TAX LIENS IS THAT THE PROPERTY OWNER HAS RIGHTS. EVEN IF HE DOESN'T PAY, IN THE TIME FRAME SPECIFIED BY THE COURT SYSTEM. HE CAN REDEEM HIS HOUSE AFTER IT'S AWARDED TO YOU FOR A PERIOD OF UP TO 12 MONTHS IN SOME CASES. IN OTHER WORDS, HE CAN COME UP WITH THE MONEY LATER AND RECLAIM HIS HOME.
HOWEVER IN ANY EVENT, WHATEVER HAPPENS, YOU'LL RECEIVE YOUR PAYMENT BACK FOR THE TAX LIEN, AND BASED ON WHAT STATE YOU LIVE IN, YOU CAN MAKE HUGH ANNUAL RETURNS ON THESE TAX LIENS, IN SOME CASES 20% AND HIGHER. NOW TELL ME WHAT INVESTMENT PLAN IS NETTING GUARANTEED RETURNS LIKE THAT. FOR THIS REASON, MANY PERSONS HAVE INCLUDED THIS AS PART OF THEIR INVESTMENT PORTFOLIO, AND RELIED ON ANNUAL RETURNS FROM, DELINQUENT BACK TAXES.
SO HOW DO YOU GO ABOUT GETTING YOUR HANDS ON SOME TAX LIENS, AND IF POSSIBLE NOT PAYING FOR THEM. WELL AGAIN THIS IS A DIFFERENT ANIMAL. SO WE HAVE TO ADJUST OUR APPROACH. FIRST OFF, TAX LIENS ARE AVAILABLE AT YOUR LOCAL COURTHOUSE, GENERALLY YOUR COUNTY CLERK CAN DIRECT YOU TO THE AREA WHERE YOU CAN PURCHASE THEM. THEY CAN RANGE FROM $5 TO THOUSANDS UPON THOUSANDS OF DOLLARS.
I'VE SEEN PROGRAMS ON TELEVISION AND BEYOND, WHICH TALK ABOUT PAYING LARGE SUMS OF MONEY TO PURCHASE TAX LIEN MATERIALS. I THOUGHT WHY WOULD I PURCHASE SOMETHING I CAN JUST GO TO MY LOCAL COURTHOUSE AND GET. WELL YOU CAN DO THAT, AND SAVE MONEY, HOWEVER HAVING KNOWLEDGE OF COURTHOUSES ACROSS THE COUNTRY, ISN'T SUCH A BAD IDEA. YOU MAY FIND A GREAT DEAL ON TAX LIENS, IN SOME OTHER PART OF THE COUNTRY, OR WHERE THE RETURN ON THE TAX LIENS IS MUCH GREATER THAN IN YOUR AREA.
WELL WE'VE COVERED THAT TAX LIENS COME IN JUST ABOUT EVERY PRICE RANGE AND GIVES ANYBODY THE OPPORTUNITY TO POSSIBLY OWN A HOME OR A FREE HOME. HOWEVER, YOU CAN USE A LITTLE TIME TO DIG UP GREAT TAX LIEN DEALS ACROSS THE COUNTRY, AND FIND AN INVESTOR WHO HAS THE MONEY TO PURCHASE THEM. IN ORDER FOR FINDING, THE TAX LIEN, EITHER THROUGH SEARCHING ONLINE FOR TAX LIENS OR PURCHASING ONE THESE GURU MATERIALS ON TAX LIENS, YOU CAN CHARGE THE INVESTOR EITHER A FEE, OR YOU MAY MAKE A DEAL TO OWN PART OF THE PROPERTY YOURSELF.
IN THE END WHETHER OR NOT, YOU END UP WITH A PROPERTY THROUGH A TAX LIEN, BY RECEIVING THE DEED OR JUST REAP HUGE ANNUAL RETURNS. YOU WILL STILL COME OUT AHEAD OF THE GAME. TAX LIENS SHOULD DEFINITELY BE APART OF YOUR REAL ESTATE INVESTMENT PORTFOLIO. CHAPTER XIII
FINAL CHAPTER
There are many other ways to buy real estate with no money. However, what i tried to do in this ebook, was to use a universal system in that all my readers will find themeselves in different situations. In practicing these techniques in real life situations, you will find that some may work and some may not, and that some may work in combinations. I trust that you will find the ones that work best for you, and the ones that don't.
Whatever happens don't give up, keep trying you never know what deal may work and when it may work. You never know what seller may turn you down and call you back. Until then keep on your toes.
As a final thought, credit and income issues will effect the type of real estate deals you can pursue. Some things you can do to better your situation if you fall into this group is, apply for a secured credit card, and make small purchases over spead out payments for 6 months - 2years. This will significantly improve your credit score. We have available through our products the ebook " REMOVE BAD CREDIT LEGAL AND FAST" EBOOK. We highly recommend this ebook, to improve your credit score. Good luck in your real estate endeavors!
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