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 | Article category: Finance
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Finance InformationBuilding Wealth: Don't Waste Your Money on Real Estate Investment Schemes
by:
Jeanette Joy Fisher
You've seen the real estate guru advertisements for books, DVDs, programs, seminars, and mentoring coaches promoting no-money-down deals. Mayhap you've watched the commercial message
on TV with the folk telling their stories of how they ready-made millions investment in real estate with no-money-down and cash back to the buyers.
Maybe you, like me and many an others, have purchased books or dear systems based on these no-money-down and lease-option investment schemes. Here's the rest of the story.
Perhaps you've seen an ad in your local newspaper offering a home with 100% funding from the merchant or a lease option. You should cognize that the capitalist
offering these types of deals does money by buying the property at a discount and commercialism the property for an inflated price.
Lease-option real estate investors play the odds. They bet that most folk won't be in a position to purchase the lease-option home in a year. So the capitalist
seeks a hopeful tenant to do higher than average rental payments, pay more move-in cash, and do the investor's mortgage payment. Those tenants who do eventually purchase the home paid more much for the home than the investor. Many an tenants ne'er
come up with a new mortgage loan to purchase the property once
the time runs out. Either way, the real estate capitalist
does money.
First-Time House Buyers
If you need to buy your 1st home to live in, these home-purchase methods may help you if you have terrible credit and can clear it up in time to nail down the purchase in a year. Simply understand that you're paying too more for the property and may not do any money on appreciation. On the else hand, if you have strong credit, you can purchase a bargain home with no money down legitimately.
Tips for Beginning Real Estate Investors
Don't buy expensive
property! Avoid 100% investor-financed "deals." You wish have to wait too long to do any money. Plus, the rental financial gain
most likely won't come close to production
the mortgage payment for you.
Don't waste your money buying real estate guru books, DVDs, programs, seminars and mentor-coach promoting no-money-down deals. Would-be you buy a book on how to do a fortune on the Net
that was written in 1995?
These out-of-date, no-money down schemes, tell you to look for home sellers in distress who wish let you buy their home for no-money down with the merchant funding the property for you. This system worked last century. Today's home sellers cognize that they can get a customer who can get their own financing.
Plus, today's home sellers cognize that else sellers have lost money commercialism with no-money down. They've detected
the stories wherever
home sellers didn't get paid and had to foreclose on a property. They've detected
the stories wherever
the investor-buyer rented the home to tenants who trashed the property. They've detected
the stories wherever
the investor-buyer collected the rent and didn't pay the home seller.
To get started building wealth in real estate today:
1. Get your credit available for mortgage financing. (Mortgage credit differs from user
credit.)
2. Buy right. Don't pay
for deals that sound too nice to be true. These schemes are too nice to be true!
3. Guard your money. Don't get yourself in over your head with high mortgages on rental properties that cause you negative cash flow and jeopardize your business enterprise well-being. The better way to do this is to do sure you get the better mortgage rates on a bargain-priced property.
You can buy investment property for little -- or even as no-money down. Get started by buying your home or a second home. Real estate investment offers you the most tried and true way to build wealth once
you avoid investment schemes.
Copyright © 2005 Jeanette J. Fisher. All rights reserved.
Simply about the author:
Jeanette Fisher teaches beginning real estate investors five easy steps to find, finance and fix houses for profits. Free ebook on fixing houses victimisation interior design strategies for top-dollar sales, http://www.doghousetodollhouse.com/
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