I and my associates advocate using real estate to amass wealth. The last thing we would ever recommend is to buy a large expensive property with the bank’s money for your own personal pleasure. That is not a dream home, it’s a ball and chain.
However, if your wish is to buy that large comfortable home and not use real estate for what God put it on this earth for (making millionaires) then, we can show you some initial ways to do that in this article. But you will need to explore further, so see the resource box below.
I am going to assume you have no money Brückenfinanzierung Immobilien for a down payment and no possibility of passing a credit check by a commercial lending institution.
You are going to find the money to buy a simple contract called a purchase lease option agreement. (around $20)
Simply, this agreement gives you the option to buy a property that you have found, at some predetermined time in the future for a predetermined price. Of course, its an option, so if something goes wrong, you may simply decline the option and move on with your life.
Say for example you found the house you want. You know that every 7 years roughly Real estate doubles in value. (This is an industry standard) Your lease option is for 14 years.
What this means, is that you pay rent, living in this property, for the next 14 years. However, unlike a renter, you are responsible for the upkeep of the property and the other associated cost with owning this house.
The predetermined purchase price on the lease option is in today’s dollars with today’s values. In 14 years, or anytime before that, you can exercise your option to buy.
You dont exercise your option until a valuation is achieved of say double the value. Now any bank with a heart beat would be tripping over themselve, to give you finance to purchase that property and exercise your option without a single credit check. Your repayment history is enough and the equity you have in your home is plenty to satisfy any bank.
Hard Money For Buying Properties – Financing Real Estate Deals
I just got a call from one of our non-local real estate agents who works with some of our investors in another market and she asked me if I knew a good source for hard money in her area. Many hard money lenders will only lend in their local market or to people that they know and have an established relationship with. So, I could not refer her to work with the hard money lenders that I have in my local market.
With the recent pro-investor changes in the seasoning guidelines for buying HUD properties and reselling them, I feel that hard money will be key for many investors to quickly gain control of these deals in order to do some fix up and immediately resell them to end buyers. So, finding great hard money lenders in your local market will be an important tool for investing in HUD properties.
So, here’s the short and the long answer to how to find hard money lenders to buy properties.
The short answer is that I am actively starting to look for hard money lenders to advertise on the city websites which they provide loans in. If you are a hard money lender and want to lend money to our investors, contact me directly.
The long answer is that you can find hard Brückenfinanzierung Immobilien money lenders yourself by networking with other local investors at your local real estate clubs and associations. You can also find private lenders by talking to people you know about the deal you are looking at and asking them if they know of someone who might be willing to lend money on it. You can also search out hard money lenders in the “money to lend” section of your local newspapers (check all of them) and through on-line classified websites. Of course, a good mortgage broker that works with investors will also have access to hard money lenders.
While I am finding hard money lenders to advertise directly on the site, I encourage you to find one yourself using the tips above. If you find a great one, let me know about them so I can get them on the site. If you find a bad one (and there are some out there), let me know about them too so I can tell people to avoid using them.