Bank Owner
When you are going through the MLS and see the bank owner properties, are they ever flexible in anyway? Or do you need to put 5%-20% down and get a normal loan? Can you just start making payments to them? Like sub2 or something? Just curious because I found a house I like, says bank owned and has been listed about a year. But like everyone, I have no cash.
Thanks In Advance
Scott
Even though we read about "no money down" deals, that doesn't really mean that you don't need some money to get started.
When I first started, I made $3,000 cash in a little more than a few hours work. How? I found a qualified property (a FSBO) that I immediately put under contract. I then sold the contract via an assignment for $3,000 (which represented 10% of the anticipated profits) on the deal.
I only did that twice... then never did it again. In retrospect, that was the easiest money I ever made.
Since Spring Training is right around the corner... You don't have to hit a home run to make money. Singles are fine.