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Cash Now For Your Real Estate Contract
BACKGROUND AND FUNDAMENTALS
The private mortgage industry is a relatively young business with roots that can be traced directly to the emergence of seller-backed, or owner, financing. Prior to the very high interest rates of the late 70s and 80s,...
House Flipping Basics
Many people are dreaming about making money in real estate. For most people this will forever stay a dream, but some individuals are able to make their dreams come true. Fact is – even the less experienced individual can make money in real estate if...
How To Afford Your Dream Home
Is it your dream to one day own a holiday home in the sun; a beautiful house where you can escape, relax and be free of the worries that seem to go hand in hand with every day life?
Well, you’re not alone!
A recent survey by a well known...
Thinking Vertically
I’ve often wondered why we describe houses and other buildings in terms of square footage. Though we live in a three-dimensional world, when it comes to real estate, only length and width seem relevant. What happened to height, the 3rd dimension?...
Was That House A Good Investment? The Answer May Not Be So Obvious
I get asked all the time about housing as an investment, and as I talk with people it is amazing how differently people look at it. Forget investment property for the moment and consider how we should evaluate the investment performance of our own...
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Real Estate Investing: Beware Of "Subject To" Promises
Another real estate writer's mini course, full of promises and fluff, ended with a "lesson" on why you need to buy his book so you can finance multiple properties "subject to." The reason, he said, "because banks won't let you finance more than ten mortgages."
This simply isn't true.
First, banks let you finance as many mortgages as you can pay for. Some banks limit the number of loans made to one person. Experienced real estate investors just move on to another lending institution.
I know one investor who owns more than one hundred single family homes. All have mortgages. He constantly refinances one rental for the down payment to buy the next. Besides living off the cash flow from his rentals, he also refinances a rental occasionally to take his family on a first-class vacation.
Another investor, my friend who owns the carpet company we use for our fixers, owns more than fifty rentals. None were purchased "subject to" the existing loan. Many were purchased "all cash" for quick closings, with mortgages added later.
For beginning real estate investors, looking for an owner willing to sell their property "subject to" the
existing loan adds a frustrating component to the search for a profitable property. Today's savvy home sellers just won't sell to a buyer who can't cash them out.
Of course, some investors offer "subject to" and lease-option purchases. But, properties with most of the equity stripped out come with payments too high for rental income to support. These properties make better candidates for owner-occupant home buyers with poor credit who don't mind paying more for a house.
Beware of "subject to" seminars, books, and promotions. This real estate investing method worked last century.
Copyright © 2005 Jeanette J. Fisher. All Rights Reserved.
About the Author: Jeanette Fisher teaches real estate investing and credit college courses. Jeanette is the author of "Doghouse to Dollhouse for Dollars" and other books. For a free report, "Design Psychology for Selling Houses," visit http://doghousetodollhouse.com
Source: www.isnare.com
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