Credit/Down Payment
I have been lokking through all of these forums, but I have a few questions. What is the $1 to $10 deal to take over the property? Is everybody putting a down payment or have good credit? I want to deal a home for myself first, then if it works good, then start investing, but since I am new to this, I need to know the best way to go about getting a home for myself, w/o good credit and little money down. Any suggestions???
Destrie, I believe your talking about Ernest Money(good faith) as far as the $10 is concerned. Getting to that point is based on the creative way you get into the contract...... do yourself a favor, as I was instructed weeks ago, order a course and educate yourself. Knowledge is power!
[addsig]
I heard good and bad things about the different courses. I did read the book in this freebie section (on this site). I have one potential buyer, which he is going through a real esitate agent, that wants 2500 down on a 90000 house (not worth 90000). So far the buyer will not budge on the 2500 down. I cannot get the down payment. Any strategies to get him to budge. What I have learned so far about this business is to be patient.
If you want to buy a home for yourself step one is to go to a good mortgage broker, have them pull your credit and see where you are at. Spend some time cleaning up your credit score. See how much money you can get qualified for. Then come back here with more specifics and get some advice.
It sounds like u'r a good candidate for a lease/option or rent -to- own purchase. There r many books on the subject. Buy a book that concentrates on that subject to familiarize u'rself with the concept. Also, get a good book on the art of real estate negotiating. U should be able to get both concepts in one book.