Advise needed- if a property is going to auction on a second mortgage, if you win the bid can you gain posession of property even if it still has a first mtg in effect?
Advertise the property to interested owner occupants as well as investors. Let them know that they can buy the property with no banks to qualify them, but they have to put some money down. Then set up a subject to deal with the current homeowner, now set up a land trust making you the owner of the property. Give the new buyer an owner financed deal, that will have to be cashed out in 1-2 years. Charge above the monthly payments, keep the remaining down payment and profits from cash flow.
I AGREE with panicfilms you make your money when you BUY not sell. You need to buy a property 20% or more below market value then when you sell it in a year you can still make 15% or more after paying the realtor etc.
the method i told him can work with owner financed deals or lease options. Either way you get some money up front. Also either way you get cash flow every month.
Yes but you will probably have to evict any occupants.
Thank you for the info you guys are a great help.
Tony
Advertise the property to interested owner occupants as well as investors. Let them know that they can buy the property with no banks to qualify them, but they have to put some money down. Then set up a subject to deal with the current homeowner, now set up a land trust making you the owner of the property. Give the new buyer an owner financed deal, that will have to be cashed out in 1-2 years. Charge above the monthly payments, keep the remaining down payment and profits from cash flow.
I AGREE with panicfilms you make your money when you BUY not sell. You need to buy a property 20% or more below market value then when you sell it in a year you can still make 15% or more after paying the realtor etc.
the method i told him can work with owner financed deals or lease options. Either way you get some money up front. Also either way you get cash flow every month.
Thanks for your replies, very helpful