R.E. Gurus - Posted by R. Mealer
Posted by R. Mealer on November 12, 2000 at 15:30:36:
I’ve read some of your messages here and thought I’d just add a little footnote, if you will.
I’ve gone to several of these seminars, over the years, and found the same thing to be true in every case. You end up buying a product, which is that particular “gurus” books. The package may run you from $300.00 to $2,000.00, but the message is always the same, that you can buy real estate with nothing to very little down. And I agree with all of them, it’s true, I’ve done it myself. You can make money this way, but you don’t need to spend all of that money to learn how. The best source for information is your local department of real estate. Most of them will sell you, at a much more reasonable cost, information on buying and selling real estate and financing. You can also get information from the federal government, by contacting the Federal Library in Washington D.C. or any local branch. There is usually a local branch in the Federal Building in your area. If they’re not real close to you, just ask for an index of materials. The index comes with an order sheet. They will mail you the materials that you request.
This isn’t an easy way to find property. Your seller has to be desperate and really want to get rid of the property or well-off enough to not really care. In both of these cases the seller may be convinced to carry back paper (or the loan).
When I first moved to Dallas, Texas, I bought a house with a $5.00 deposit. The sellers were extremely motivated. I negotiated a higher payment for the first 6 months to cover the down payment, and they carried the loan. Then I moved into a house that I put $500.00 down on. Both of the houses were fixers. The point is, you want to look for people that really want to sell the property for one reason or another. They owe back payments or taxes. They’re in a hurry to move because they’ve gotten a job out of state, etc. But you need to ask them why they’re selling to find out how motivated they are.
A good place to look for motivated sellers is, the bulletin board at the civil courthouse. Foreclosures are usually posted there. If they’re not, ask the court clerk where you can find that information. Check the classified ads for public notices. Call the IRS and tell them that you are interested in siezed properties and/or properties that are going to be auctioned for back taxes. And check the obituaries. Property that is left behind usually ends up being sold and not necessarily by the courts. If the property isn’t in probate but is willed to a serviving child, that child may choose to sell it. They could easily be in a position where they don’t need the property and could carry back paper.
Anyway, the point is, you don’t have to spend $2,000.00 to get this information. Most of it you can get for free from the sources I mentioned. And you might also want to check with you local government offices. When they’re rehabing a low income area, a lot of times they make financing very attainable and at extremely low interest rates.
Good luck to all of you.