Re: Sheets and home buying - Posted by Joe Kaiser
Posted by Joe Kaiser on January 26, 1999 at 23:33:01:
I never ceases to amaze me how tough we make these things. If getting new bank loans is a key component in your buying plans, you’ll have nothing but frustration along the way.
Nothing down is easy. Go find a house some guy is having trouble renting out. Rent it and get him to agree to sell it to you sometime down the road. The longer, the better. Don’t worry about how you’ll get a loan to pay him off at that time, just get it down on paper.
Some people in my town will write up that deal with a 7 or 10 year payoff.
What did that house cost you to get into? First, last and a deposit, tops. What do you do now? Rent it out for more than you’re putting out.
Then go do another. Simplistic? You bet . . . and you’ve got to know a trick or two to pull it off, but it’s not some big deal “pie in the sky” scheme, it’s just simple stuff.
There’s no magic method or technique. Instead, it’s just lots of hard work locating the people who will do that deal with you. I find mine at the courthouse doing evictions, among other places.
Find the guy who’s ready to deal, get your proposal into his hands, and good things will happen. Sooner than later, I imagine.