Most people trying to venture into real estate investing are scared away because they do not have big money to spend as capital. Others think it is too risky. This article explains how to invest in real estate with little or no money. Sometimes you will not have to buy any houses at all! The great thing is you will typically make $2000 to $20,000 in only 30 days or less.
Wholesale real estate investing, or flipping houses, is probably the best way to start as an investor. You learn how to estimate house value, repairs, make offers that get accepted and still leave you with a profit and get you familiar with the paperwork and the house buying and selling process. The process of flipping houses involves locating cheap houses then selling them to other real estate investors. The investors usually fix up the houses and sell them or rent them out.
So how does it work?
Locate houses for sale. There will be no For Sale Sign outside the house. Most of these houses will never be listed in the MLS. You will find them simply driving around. In a good neighborhood, you can identify 5 to 10 potential houses within an hour. The yard will be untidy and over-grown, mailbox over-flowing with uncollected mail, and generally looking abandoned. Get the owner's contact from the county records. Target the owners with postcards or letters with an interest to buy the houses. Remember to leave a card on the door for them if they come back.
Some might have tried in vain to sell. This makes expired listings quite attractive. You must be careful to check the recording dates and make sure they have owned the properties for at least 10 years. This means they may have equity. Home owners in legal trouble are motivated sellers. These include people going through divorce, facing liens, bankruptcies, etc. People with inherited probate property are the greatest motivated sellers.
Once you have made contact with the owners, you will need to know the after-repaired value of the house, how much the mortgage balance is, how much they are asking and how much the rough repair cost estimate is.
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Article: How To Make Money In Real Estate Investing Without Buying Houses Author: Simon Macharia Publication Date: 2010-10-31 Total Views: 221 Word Count: 404 Category:Home /
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