Posted by B.L.Renfrow on November 20, 2000 at 16:34:32:
“With the exception of Lease options, there aren’t a whole lot of ways to make things happen when there is little or no equity.”
You’re forgetting about subject-to deals. I have done several of those lately without a whole lot of equity, but I will still profit because I can sell them above FMV, since I am offering terms. I will collect a downpayment from my buyer. I can raise the interest rate and make money from the spread between my buyer’s payments and the payments on the underlying loan. Or, I can lease-option to a tenant/buyer. Or, there’s always the PACTrust. That’s another whole post.
"Would I be better of placing an add in the paper
that says, “Are you motivated to sell Vs. calling
You don’t place an ad saying that. But you have the right idea. You want the motivated sellers to call you. You do that by telling everyone you know that you solve housing problems. You place ads which say I WILL BUY YOUR PROBLEM HOUSE… You post bandit signs, and flyers at the grocery stores. Some people put signs on their vehicles. You can advertise on the radio. You look up the lis pendens and contact the defaulted owner. You look up evictions and contact the hopefully-tired landlord. And yes, you can call the companies relocating workers, if you want.
Point is, learn to think outside the box, as the saying goes. In truth, there are PLENTY of ways “to make things happen when there is little or no equity.”