Posted by Stacy (AZ) on March 29, 1999 at 10:22:20:
Just a couple of quick suggestions:
Get a business relationship going with a good mortgage broker. They can help you with financing well beyond what a bank can offer.
Try dealing in FSBOs, where there is no realtor to get between your creative ideas and the seller.
For those future cases where a listed property is a good prospect, find a realtor that knows creative real estate techniques and is not afraid to use them. If you are not sure, put in your contract that you must be present when offers are presented to sellers.
I bought the carlton sheets course about two months ago. It said in the course that you dont need any credit to start buying property. I have found a few properties around my area that I would like to buy,but when I try to get finaced the banks tell that I cant get the loan because of my debt to income ratio is to high. I have tried other financing techniques, but i think that the rel estate sales agent kind of lures the ownes away from my ideas. If anyone has any ideas I would like to here them.
Brent,
I heard a new way to put in an offer the other day—
It’s like this–
first, look for empty homes (find out who ownes them threw the net , or your court house)
2nd contact the person ask if you can buy it and for what price? (my last one said $60,000)
3rd check out to see if it’s a good deal(my last one was ok not great but ok Aprox. $70,000)
4th make an offer ( my last one they said 60,000 was the best they could do. I said ok 60,000 .starting in 90 days after we sign . I would pay $600. per mo. for 100 mo. = $60,000 Aprox 8.5 yrs— he said no just600 per mo for 5 yrs and then pay off the 24,000.–
you must try this not all will take it but they signed today-- find out how much i saved in intrest ----
I herd of a person who writes offers of aprox 1/2 of the mls price last week I put 5 offers (low offers)1/2 or so. ( well thy signed last friday) the prop sold for 69,000 2 yrs ago. I bought it for 42,000 on friday(i choked I couldn’t offer 34,500. (they took my 1st offer)
you see the deal is -----MAKE OFFERS-------
THE MORE OFFERS YOU MAKE, THE MORE $ YOU MAKE
last week I made 8 total 1 said ok
but MAKE OFFERS (LOTS)
if the deal is good enough you can find the money–
PAT