Where Can I Get Concise Description Of Each Major Technique Used In REI?
Is there anywhere the brief desciption of each major rei technique on this site or elsewhere. I don't know with which one I shoul start. Could anybody suggest?
Thanks.
Click on MyTCI. Click on Tools and Utilites and read the Real Estate Terms Encyclopedia.
Check out the FAQ and read through the forums.
You should know what these are:
-buy and hold
-rehab
-flip
Other types (or subtypes) are:
Wholesaling: Buying a property and immediatly selling it to another investor at a cheap price (for him to rehab, detail, market, and sell)
Birddog: Finding properties for investors and getting paid a fee for doing so.
Flipping (Assigning) contracts: Getting a property under contract, and then selling the contract to another investor.
Sub. to: Buying a property by assuming the existing mortgage that's on the property.
Short Sale: buying a property that's being foreclosed on.
REO: (Real Estate Owned) Buying bank owned properties
Lease Option: Selling a property by recieving an Option payment (ie, option to buy if the want to in the future) up front and a monthly lease payment (aka rent). If they excercise the option, they buy it. If not, you keep it.
Tax Liens: Paying the taxes for an individual in default and recieving a note so that the owner must pay you and the interest that you've earned or you get the house.
I could go on, but that covers the big areas. Add if I've missed something.
Thanks guys so much.