Posted by ann (FL) on July 31, 2003 at 09:57:11:
SMACK! (That was a kiss from me to you!)
thank you, thank you, thank you!!!
Ann
Want to find my own home…no money down! - Posted by ann (in FL)
Posted by ann (in FL) on July 29, 2003 at 10:42:21:
Credit challenged single mom would like purchase home; no money down without having my credit pulled and take over payments. What is the best way to accomplish this?
I have found lots of houses in this area where the owners have just left them…of course by now, they are already in foreclosure and owners have left town.
Ann
Re: Want to find my own home…no money down! - Posted by GL - ON
Posted by GL - ON on July 29, 2003 at 11:02:34:
The easy way to do this is to get the sellers to call you, when they have this situation.
Make up some flyers. Put them up in laundromats, supermarkets etc. Put them in doors of houses where you would like to buy.
Put an ad in the paper.
The wording of the ad, or flyer, would go something like this:
We Buy Houses!
We take over payments
No equity, no problem
No commissions or fees
Phone number
We have a solution to your problem
You can also stick up signs, but they are expensive and not allowed in most towns.
Try this like fishing - wait and see what comes to your net.
Let us know how you make out.
Re: Want to find my own home…no money down! - Posted by Joe(FL)
Posted by Joe(FL) on July 29, 2003 at 10:54:53:
“Subject to” is where you take over payments.
Re: Want to find my own home…no money down! - Posted by ann (FL)
Posted by ann (FL) on July 29, 2003 at 13:08:43:
Thank you. Now if only someone is willing to allow me to do that…I know others on this site have done it…but my mom is a realtor and of course says “nobody in their right mind would let you do that!”
ann
Re: Want to find my own home…no money down! - Posted by js-Indianapolis
Posted by js-Indianapolis on July 29, 2003 at 17:06:02:
It’s all about their motivation level. You will be well suited to deliver flyers explaining what it is you do. Deliver to homes you want, and only those in those homes will call you. Get it?
Now, for people being in their right minds. Joe Kaiser is selling a tape where he interviewed a lady who sold him a house for $100K under market value. Sometimes, it just goes that way. Who knows why people do what they do. I’m still amazed at the silly things I see people do everyday in this business.
As far as for what I’ve seen in people being motivated? Recently, a guy whose ex wife is living in the house, and pretending to try to sell it, but not really. Divorce decree dictates it be sold, ASAP. He’s still paying; she’s trying to drag it out as long as possible with no effort. Actually, I’ve got two of those I’m working, almost identical. You think if you’re making payments, and your ex is in the house, you’re NOT motivated? You bet you are.
What else? Just a simple job transfer. I got lots of those. Let me tell you, when I talk to a husband who has been living apart from his wife and kids for 3 months, with only the house holding them up, he doesn’t care if he gets full price or a perfect tenant. He wants something, anything, right now, to get the family together. I thought I was going to hear a grown man cry once, talking about school coming up, and having his kids start here, and then move in the middle of the school year. Isn?t school starting in a month? I bet if you flyer a nice white collar area right now, you find a pretty house, with a transferee. This is my biggest source of leads.
Then there are DROVES of people asking me to take their houses that are 100% financed. As I’m not looking to live in it, I don’t want ?em. So instead of just saying no, I come back to them with and offer. I’ll take the house for the mortgage, and they have to pay ME some $$ and/or payments to get out. Ask your mom how crazy someone would have to be to do that? So far only one person has agreed to it. However, I’ve got others in the works, and the people know they have to pay either me, or a realtor at closing. I can get it done now though, and they can get on with their life. How?d you like to live in a house for three months free, or longer?
How about a family who built a dream home, and now can’t close on it until the old house sells? How about someone who’s lost their job, but doesn’t want to lose their credit, and can’t make the next payment? How about someone who had a realtor try for months, and months, and is just fed up with them, the house, and the whole situation? Sorry to pick on your mom, but realtors are trained to do bread and butter, cookie cutter deals, with nothing out of the ordinary. That’s how they get paid. She’s not equipped to think outside the box, and everything she sees in her dealings supports her viewpoint. You’re not looking for the same persons she is. Hey, on that note, tell her you need all the expired listings of homes that fit your criteria. See if you can find that “don’t wanter”, that has already learned their house will not sell the traditional way.
Tons of reasons, tons of homes. Go get a good course on Sub To. If I had to buy my personal residence again, I’d be going Sub To, for sure. Email me (without the NOSPAM), if you get stuck. These really aren’t hard once you get over “WHY?” and just start working them.
Re: Want to find my own home…no money down! - Posted by GL - ON
Posted by GL - ON on July 29, 2003 at 13:56:17:
Who says they have to be in their right minds? Ask your mom how many of her clients are in their right minds? How many are entirely logical, sensible, straightforward and honest versus how many are nuts? My guess is the nutsies are the majority.
Re: Want to find my own home…no money down! - Posted by ann
Posted by ann on July 29, 2003 at 17:24:38:
You are a GEM!!! Thanks for ALL the info. I never thought of all those scenerios. I am printing out this one for keeps. I am sure I will fnd what I want…and then I will run it by you guys before I put pen to paper.
Also I will be getting a Sub2 course. Who has the BEST one?
Again, thanks a million!!!
Ann
Re: Want to find my own home…no money down! - Posted by ann(FL)
Posted by ann(FL) on July 29, 2003 at 17:40:50:
I would have to agree…I have seen some of the clients. Thanks for waking me up. Time to go to work.
ann
More free stuff. - Posted by js-Indianapolis
Posted by js-Indianapolis on July 31, 2003 at 04:49:34:
First off, Multiple Streams of Income is lease option stuff. It also refers to Sub To in a different manor than what I was talking about as a Sub To deal. There’s a difference.
Here’s something on Sub to. You’re gonna love this:
http://www.wsradio.com/cre/022003.htm
Creative Real Estate Investing 2/20/03
“Getting the Deed with No Money or Credit”
Bob Meister
It’s a CRE radio show archive on buying Sub To. Now that I think about it, have you seen this? http://www.creonline.com/articles/art-183.html
Both are from the people at www.getthedeed.com. I’m partial to their stuff, as they’re local, and they’ve helped me out a ton. Their stuff isn’t cheap, but it’s very thorough. With both the article, and the radio show, you’ll get a good idea of how a Sub To deal goes.
Good luck, and let us know when you get your house.
Re: Want to find my own home…no money down! - Posted by GL - ON
Posted by GL - ON on July 29, 2003 at 19:37:44:
Ann, there is a FREE sub2 course that is one of the best. It is Multiple Streams of Income by Conti and Finkel. It is advertised on this site, just click the blue banner ad.
Re: More free stuff. - Posted by ann
Posted by ann on July 31, 2003 at 09:46:14:
thanks a bunch!!!
Couldn’t listen to Radio show from this computer; will listen to it when I get to another computer.
Thanks for the info.
Beleive, me, when I GET THE DEED, everyone here will know about it!!!
Re: Want to find my own home…no money down! - Posted by ann
Posted by ann on July 30, 2003 at 18:42:37:
P.s.
I have looked but can’t find it. Maybe i can’t see the trees for the forest?
ann
Re: Want to find my own home…no money down! - Posted by ann
Posted by ann on July 30, 2003 at 10:13:35:
What!? Free?!
thanks. I had no idea. this site is the GREATEST!!
ann
Re: Want to find my own home…no money down! - Posted by GL - ON
Posted by GL - ON on July 30, 2003 at 19:45:41:
Do you see the banner ad at the top of this message?Between the title and the post? Also on the home page at the top, below the title? As you browse around this site you will soon see a blue banner ad for Multiple Streams of Income, Free book!
If you can’t find it, I will look up the address for you but it should pop up within 5 or 6 messages.