You should think twice before you opt for mortgages such as balloon loans, interest only loans and recourse financing. Is The Home In Foreclosure? If the home is owned by the bank, you should be prepared to offer a lot less than the asking price. Do not feel intimidated by a real estate agent who tells you that you are going to “insult” someone if you offer a low price for a home
Building relationships with other investors is a crucial part of success. This opens the door of opportunities for many foreign investors. The foreclosed houses are properties are available for very cheap prices
How do you get seller financing? You ask the seller if they are open to it? You ask the seller if they would like to earn more on their money than if they put it in the bank? Learn to find the propertiesNow that we have an idea about financing we have to start looking for the right properties and analyze the numbers. If they dont lend money they are out of business. If you are spending all of this money on a golfing community, you will want to have a great representative. If you haven’t learned about creative real estate acquisitions, then you just haven’t put yourself in the right situations yet to learn
So your education isn’t going to cost you an arm and a leg but to be successful you need to invest the time and money to learn. Start by learning the basics. The cost will be minimal, and in many cases, many resources are free. There are a few who are fine with sharing their knowledge in this distance-learning way, and can guide us to learning how to develop real estate skills that could only otherwise come from years of experience
Information that you might find useful with include the original mortgage note and the value of other properties in the area. These people just usually buy into whole properties with the hope that its value will go up. They can either keep or sell the developed property, depending on their goals. A real estate agent can help you find such properties or you can do the leg work yourself