Ok, another question. I am very worried about the legal contracts. I have several but I have read that requirements differ state to state. When I read that I can get started with NO money does that include money for title company, attorney’s etc. I have NO money. This is why I thought assignments were the way to start. Tax sales don’t work here for a myriad of reasons. Any help would help. Thanks really appreciate everyone and this site.
I think you have a misunderstanding of what no money down real estate investing is. If you have several credit cards and pull $20,000 off those credit cards through cash advances and use it to pay the title company, attorney, downpayment, etc., that’s considered no money down real estate investing because you’re using other people’s money–the credit card companies’. You haven’t touched your personal savings.
If you really have no access to capital, you either need to join a local investment club and try bird dogging (which I don’t recommend) or get a job and save up some money and build up your credit and then come back.
I suggest it is best to consult the services of an experienced professional. Why to end up in a miserable situation?
Nice discussion, got to know many good things from you guys. Thank you
Assignment of contracts is a way to get into real estate with NO money. The title fees, appraisal, inspection etc all closing costs will be paid by your end buyer. You can even write in the contract that the earnest money deposit will be paid upon approval of your “partner” which is your end buyer.
The problem with contract assignments is that you cannot use them on REO properties. Lenders/owners will not accept them. It is also a little difficult to work with real estate agents with this clause as well. But it is a great way to work with FSBO sales.
Well according to the names contract is an agreement creating obligations enforceable law. This private law may override a large number of the standards generally settled by state law. Statutory law may oblige a few contracts be placed in composing and executed with specific conventions.
There fore, if you are taking any contract regarding real estate then you will not able to get a profitable amount from that…
There are two types of laws you need to understand.
First there is CONTRACT Law
Contracts between 2 parties can be determined by the parties
Second:
When it comes to Real Estate Law - each State has their own set of special rules that your contracts must follow.
For No Money Down deals there are many shapes - some still require cash to pay settlement costs, but others do not - as where the end buyer pays all.
I have done $7million worth of No Money Down deals where I was the end buyer - and by using Trade Credits for payment of deposit to the vendor I received cash out on the day of settlement - which paid all miscellaneous costs and the first 2 years interest to the bank from which I obtained the first mortgages