Any Ideas For 1st Time Investment With Bad Credit?
What would you suggest I do to invest in RE if I have bad credit and can't get a loan? What type of RE? I saw something about not buying fix ups, but just putting $1-$10 down. Is that legitamite?
I would like to invest in something low risk and was thinking of a hard money lender, but do they do credit checks also? If I did use one, it would have to be buy and sell quick, right, since the interest is so high? Also do hard money lenders lend for business or other than real estate? We want to buy and sell cars but can't get the $10K-20K to start. Thanks.[ Edited by wannabe on Date 04/18/2004 ]
What you have read on the $1.00-$10.00 is money to bind a purchase contract on a property. This gives you an opportunity to find an investor to flip/assign the property to. According to how good the deal is you can make a quick $3,000.00-$10,000.00 in less than a month.
Thank you Michael for that info. and the response. Should I then purchase one of those programs that tells me how to purchase the contract for $1-$10? Or is there a free source of this info. that you know of? Thanks.
Dear Wannabe.
You just meet the Seller and you say to him. I would like to buy your house. You take him to escrow and you open the escrow. He signs all the deeds and documents and the agreement. You give him $10 on account to bind the deed. You set the escrow to close in say 60 days. You have until then to find another buyer. Open up another escrow at the same escrow company and then the deal closes. You pick up your money and go to the auto auction and buy cars. You arrange with some local Vigarage man to floor your cars. (finance them) and away you go. The tek is similar and the purpose the same. Buy low, Sell high. Its still the same old story.
Lucius
Quote:
On 2004-04-19 03:49, Lufos wrote:
Dear Wannabe.
You just meet the Seller and you say to him. I would like to buy your house. You take him to escrow and you open the escrow. He signs all the deeds and documents and the agreement. You give him $10 on account to bind the deed. You set the escrow to close in say 60 days. You have until then to find another buyer. Open up another escrow at the same escrow company and then the deal closes. You pick up your money and go to the auto auction and buy cars. You arrange with some local Vigarage man to floor your cars. (finance them) and away you go. The tek is similar and the purpose the same. Buy low, Sell high. Its still the same old story.
Lucius
At the risk of sounding a little stupid, what does "You take him to escrow and you open the escrow" actually entail? Also, when you say "deeds and documents" what exactly would I need to have signed to get this under contract? Is there anything that I should have the seller sign as a "back door" for me in case I cant find an investor or he/she is no longer interested?