When You Get A Seller And Have No Cash???
I am planning on getting my signs up this week and starting into the market. But what if I run out of resources. I am supposed to be able to close within a week or so, How do I take care of people if I have no money? I suppose there are several main systems that work most of the time. In your opinion what are the most important and effective systems?
Thanks
Josh
[addsig]
Josh,
I would recommend reading more on here and getting down a strategy to go after properties and get good at a particular area and then spread into other areas. There are so many things you can do with no money down, but you have to find the right ones. read read read and then read some more on here and then go and do and ask questions on the way. It will work if you really want it to. Good luck.
Cash is king my friend. The key either way is to find modivated sellers. Since you have no cash you will use a strategy to get the house on terms (sub2, lease-option, contract for deed, seller caryback, etc). You will likely pay higher but you will not use much of your own money.
Conversely, buy low and find a hard money lender to get the cash for you. Flip, or rehab and then sell, and be done with the deal...ready for your next one.
Josh:
Put an ad in your local paper:
"Real-estate investor looking for investors who want to make 12% secured by a 1st Trust Deed."
Most successful real-estate investors
have a millionaire in their back pocket
for financing. Once you discover the power of private money, you will be on your way.
Find some hard money lenders in your
area. You can close with a hard-money loan in place and have the investors assume or assign to them and let them get their own financing. Or refer them to the hard-money lender.
Put another ad in your local paper:
"Handy-man fixer, 3 bedroom, 2 bath,
sold as-is, cheap.
Your phone will blow up! Prescreen and
find out who the big players are. You now have a wholesale buyers list.
Tie the properties up and wholesale them away. Offer to close in two weeks to start so you have some time. Make sure you leave room for the investor. You can only skin a cat once!
Best Riches,
Jeffrey Adam
_________________
"The only place success comes before work
is in the dictionary."[ Edited by JeffreyAdam on Date 01/29/2004 ]
You guys are great!! This is my first day on this forum. I am trying to buy my house back on a lease/option after a yukky husband and a messy divorce ending in foreclosure of our house. As I read about lease/option I am learning alot. Can you actually lease/option a property and then put tenants in that property? I would lease/option my house for myself, but I know a guy that has a 4 unit apartment complex for sale. Would I be able to lease/option that?? Also, on my house it is going on the market for sale and I am looking for an investor to buy it and then lease/option it to me. Do you have any suggestions on how I advertise for an investor to buy it for me?I live in Illinois.
Thanks so much for your expertise!!
CS