GETTING THE MONEY FOR YOUR REAL ESTATE DEALS. . .
Part 1 in the series:
This is the area that seems to confuse everyone —gathering money for
your real estate deals. And I don't blame them; with all the hype on TV
and on the Internet about how to buy houses with no money down and
how to create a quick real estate fortune, I can see how people get agitated when they hear from us that you need money to make money in this game. I'm not saying you need a fortune, but you're going to have to shell out some cash for every real estate deal that you do.
The good news is it doesn't have to be your money, and it doesn't have to be gone for that long! I'm sure there are sellers out there who will sell their properties with no money down, but what about the rest of the people involved in a real estate transaction?
Who's going to pay the realtor, title insurance policy, homeowner's insurance policy, appraiser, etc. ? These people don't work for free. I learned that the hard way.
In the beginning of my career, I wrote about 20 offers to purchase properties with creative no-money down financing, and every single one of them was rejected without even a counter offer. And I didn't place offers on luxury condos or commercial buildings, either. Every one of those houses needed some cosmetic work and they were all in areas of low property values.
So why were they rejected?
Because the sellers want money. They're no different than you or me; they have to pay their bills, buy groceries, take vacations, etc. You have to put yourself in the seller's shoes every time you make an offer. For example, ask yourself if you had a property with $15,000 in equity, would you rather take $11,000 upfront and split…or take $80 a month for 15 years?
OK—in the above example, look at it as if you were a seller and see what you could do with an extra $11,000. A whole lot! Put money down on a new car, finish the basement, put up a fence, pay off college loans—you bet an extra $11,000 would come in handy! Then take a look at what you could do with an extra $80 a month. Practically nothing.
Now I don't object to real estate deals that have the seller take back a significant amount of money for a short period of time, like two weeks to 30 days. This is the technique I'll go over in future chapters; how we're going to leverage an all-cash deal,
just by knowing the financing. This is where we can make a killing!
I do not hawk other peoples products, but I do research a great deal of info on Real Estate and have absolelutely NO problem learning from another person something that can make me a whole bunch of MONEY!
I've seen just about every course there is on R. E.investing and they are all pretty much the same. I did find one that I found was the most truthful and accurate investing information I have ever come across, so I invested in it and have been generating huge amounts of investment income ever since. I highly recommend you make the investment in yourself as well and don't waste anymore time thinking about taking the step but actually taking action this time!See the link below. . .
Okay, enough about why you need money. Let's go get some!
talk to you soon,