Just thought I’d mention that in some areas a lease with $100 rent credit, along with a locked in sales price, won’t beat a mortgage at all. Perhaps you’re overlooking the interest rate deduction.
$100 rent credit would beat the typical beginning amortization on many 30 year mortgages. However, in a large portion of the USA, rent at least equals the mortgage payment…if not more…thus making the interest rate deduction loom large in the comparison.
Im looking for advice.
My divorce is done and im looking to buy a home for myself and my 3 boys(the wife walked out) im so glad we didnt buy a house after we married. Been renting for years! Im sick of renting! I welcome any advice on the best way to proceed.
I have about 12000.00 to work with, but from what i’ve seen here, id rather not use up the money like the lenders want me to do.
Thank You for your interest!
Tim
If you want a home to buy without using your own cash then stop looking for houses…look for MOTIVATED sellers instead. That’s where you will find these type of deals.
Find out why the seller is motivated, what they NEED, NOT WANT, and just find a solution to solve the problem. BINGO! You just bought a house without using your own cash.
Read the success stories and how to articles posted on this site. They will give you all kinds of ways to do deals like this. Once you find the type of deals that most interest you then buy a course pertaining to that type of investing. It will be the best money you spent on educating yourself for this business.
Anyone can do this with the right determination and education.
Posted by Lori Samson on May 20, 2000 at 24:52:09:
Have you read Robert Kiyosaki’s book Rich Dad Poor Dad? If you have that much cash on hand you don’t want to dump it into a house with interest rates the way they are. If you lease optioned a house and locked in a sales price and got a really good rent credit (100 or more) you could beat any mortgage out there and still have your cash less a small option fee of 2500-4000. Then you can use the rest of the money to create some cash flow with by investing it into real estate or other profiting businesses. Lori