Investing In Foreclosures Amid The Tough Times
During tough times, investing in foreclosures might not seem to be a good idea
. First of all, you will need funding and money usually doesnt come easy during harsh economic conditions. Also, you will worry about home buyers. Are they willing to shell out a huge amount of money to purchase their own home today? It is understandable to have such worries. And of you dont want to deal with finding lenders and private home buyers, theres still a way to make money from foreclosures.
One way to do it is by wholesaling houses. You can avoid dealing with lenders and home buyers through this
real estate investing method. Unlike other methods of investing in real estate, this one does not require huge capital. You wont need to buy houses to you wont need money to purchase one. Its safe to say that you can start in this business with a few hundred bucks in your pocket.
So how does it work? Basically, what you need to do is to look for very motivated sellers. And when a home owner feels that his house is headed toward foreclosure an event that could badly hurt his credit he will sell his house to you. Banks, which own scores of foreclosures, are also willing to sell houses fast to investors because they cannot afford to maintain such properties. This motivation makes investing in foreclosures more attractive.
Once you find a seller, convince him to place the property under an assignable contract. The contract will give you the right to purchase the contract within a certain period of time. You will make a small deposit, which will basically serve as your capital. This deposit, which some investors set at $10, will be forfeited if you dont purchase the property. The next step to this method of investing in foreclosures is to look for a buyer. Take note though that in wholesaling houses, you will deal with other investors and not home buyers. That way, you can avoid the hassles of having to sales talk buyers into purchase the home. Foreclosures are very attractive for investors because they are bought cheap.
Lastly, you need to assign the contract to the investor who is interested in the property you have under contract. You will take home a small assignment fee for your efforts. Small is around $5,000 to $10,000. You can take home that much profit from each house and you wont even have to deal with lenders and picky private home buyers. Go to
Rehab-Real-Estate.com now to learn more about this real estate investing business.
by: Edmond Hardy
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