im going to post more on real estate in the future in maybe a course very cheap
this info from books i read mentors etc. lets get started
one of the beautiful aspects of real estate is that you can control property without
having to own it so long as you use the right paperwork furthermore if your contracts have the appropriate clauses in them you make the process of getting a property under contract virtually risk free.
on one my other deals i asked my mentor he reviewed the details of the deal and determined we need to see if the second mortgage would take less than their full payoff to release their lien from the property this is now a much more common phrase in real estate often referred to as a short sale but at the time there wasn't a name for it.
here a story my mentor told me to offer 10% of $50,000 or $5,000 i took his advice but didn't think the bank would accept sure enough they did the mortgage.
at
company faxed a letter starting they would accept $5,000 for their $50,000 second mortgage jackpot or was it where was i gonna come up with $5,000 rather than my mentor giving me $5,000 my mentor wanted me to how to be self-sufficient how to be a real estate investor even though i didn't have money to invest or the ability to qualify for a real estate loan he introduced me to the concept of offering a rent to own the key ingredient to this was locating a tenant buyer someone who wanted to be a homeowner but was struggling to qualify for a home loan to round up some candidates he instructed me to put out some hand written signs on friday afternoon at busy street corners near the property that said rent to own.
as well as a phone number (this was before craigslist and other online classfieds). then another shocking result occurred the phone rang off the hook literally i fielded incoming calls for several days it had worked some simple handwritten signs had generated an overwhelming response.
after a few meetings with tenant buyers that went nowhere my mentor told me i need to concentrate on people who had down paymeent of $10,000 since we had to pay of the second mortgage of $5,000 as well catch up the back payments on the first mortgage which amounted to $4,800 he said there would be far less people a better use and of my time there is a great lesson in real estate you only need one buyer to make a deal happen you only need one. here is a book that will help you with real estate investor. https://amzn.to/3tkmwec
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