Does anyone have any creative ideas on getting “cash” not equity at closing. how does this work and can you only do it with FSBO’s?
Any advice/suggestions would be great. If it matters I live in Colorado.
John
i usually make the seller pay for closing costs and give me a little extra for repairs,improvements, or upgrades. its usually a small amount
under 3% of the value of the house.
what are you trying to do?
Thank you!! I am trying to start small and build some capital to get in to this full time. ANY advice you might have would be great. I have read hours and hours of articles and materials but nothing beats talking to someone in the trenches Also who is the check coming from for the reapirs, does it come directly from the seller?
John
read this book on value investing in real estate. it explains how
with a simple 3% appreciation you can make a ton of money.
http://snipurl.com/valueinvesting
you may not need the cash back at closing. tell us some more about
your situation.
My situiation is simple. Dead end job, no money, credit history not bad but new (12 months) mid score about 610. I’m not looking for a get rich quick scheme. I am willing to work and work hard. But I have no contacts with investors(for wholeselling etc.)I don’t have enough income to buy and hold, so if I cant find a renter… uh oh!
I do have access to MLS through a relative and I have found a couple of properties. one bank owned asking 165,000 county values it at 221,000 the other is a short sale asking 160,000 county values it at 215,000 in both cases comps are high 180’s to low 200’s theese seem like good deals but I can’t get a loan for a non primary home and don’t know an investor to wholesale them to. I hope that is descriptive enough. I’m happy to provide any info to get help
John
which part of the country are you in?
do you attend the local RE club meetings?
I live in Colorado, I am currently looking for RE clubs in my area
John
John,
We got two of our properties from banks. You say you can’t get a loan, did you try getting it from the bank that holds the property?
We also got a property with a short sale, again, did you try getting a loan with the bank that approved the short sale?
Check out my Creative Financing blog at http://www.realestate-loans.blogspot.com
You don’t always have to go through a bank.
Also, to get started you might want to partner up with a frien or relative.
I also sugest you go to your local library and get books on real estate investing. You will find more ideas there.
Good luck
Hi there fletcher i would look into maybe finding out if you could put a contract on the property with say $10 escrow and a $10 option to get out of the contract meaning if for any reason you change ur mind you can walk with only loosing $10 not thousands…if you can do this I would put the contract on the property and then put an ad in the local paper that said " house for sale asking price 165k comps are 180k get 10k instant equity" fi someone replys u tell em you have a contract on a home for 165k and the comps are 180k and you will assign them the contract for say 5k…be sure you can do this legally im no expert but this is something to look into…also be sure you can assign the contract…
anyone have more experiance please add…hope i could help
Rick
Please don’t take offense but I don’t know where in So California you can contract a property for $10. This sounds like a course my daughter and friend bought for $1500. We told her to get her money back and she did. The idea was to basically tie up someones property for a whole $10 then you try to get a buyer for a higher price.
The market here in California is too good for that. My husband and I laughed when we skimmed the course. Can you imagine knocking on someones door and saying " I will contract your property (tie it up) for a whole $10! Any seller in their right mind in california would be crazy to take that. Properties are selling for way more than asking prices here.
Now, my sister lives in Missourie and has had her house up for about a year now. That $10 contract may work there. 