money in one property. Leverage, terms and long loans can be great friends. Keep these principals in mind:
- Leverage is simply controlling a lot of real estate with little or none of your own money. The more the better.
- You should attempt to get the maximum loan to funding possible with each property.
- The best loans have fixed interest rates and are assumable without qualifying.
- Keep your equity as low as possible so you can keep more cash available for investing.
You can find "OPM" by writing to various lenders asking them if they would be interested in your real estate loan.
By calling lenders in your area who might be interested in lending on your real estate proposal.
By visiting in person lenders whom you think would be willing to help you.
By looking on the Internet for real estate lenders who might work with you on the deals you have.
By reading the Real Estate Section of your local large-city Sunday newspaper, looking for ads run by lenders in your area. Other great sources of "OPM" TCI's Lender finder at:
http://www.thecreativeinvestor.com/LenderFinder-index.html Find properties that has been sold in the past few months by searching the public records at the county recorder's office. Find property that sold to real estate investors by banks, credit unions, HUD, VA, FNMA, or any other major source and if the buyer is not an individual but say a corporation or partnership you have most likely bagged an investor. The deeds should give the mailing address of the new buyer. Send them out a letter and tell them about your ability to locate real estate or better yet give them a call if listed. Any one who has money could be a source of funds for your real estate purchases such as Doctors. Another great source is checking your recorders office again looking for individuals who holds mortgages on property. This has provided me a great source for hard money loans. Retirement plans are a great source of real estate investment funds. A lot of people don't even know they can use their retirement plans funds to invest in real estate, mortgages and trust deeds. Many, once they stash it away, forget they even have money in a retirement account. Many investors think that money (or lack of money) is what stops them from closing a deal. This is not true it is a myth that holds some investors back. Understand that money is NEVER an issue - IF the deal is right the money will come.
Simply think creatively, go to the source of funds and simply ask for money. The worst that can happen is you get a "NO". Each no only places you closer to a "YES". 
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TCI has a wealth of information on "OPM" the art of using other people's money!
Other great articles on "OPM" the art of using other people's money can be found at:
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=533
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=485
Some great post on "OPM" the art of using other people's money can be found at:
http://www.thecreativeinvestor.com/modules.php?op=modload&name=Forum&file=viewtopic&topic=37545&forum=22
http://www.thecreativeinvestor.com/modules.php?op=modload&name=Forum&file=viewtopic&topic=39515&forum=27
http://www.thecreativeinvestor.com/modules.php?op=modload&name=Forum&file=viewtopic&topic=33940&forum=33
http://www.thecreativeinvestor.com/modules.php?op=modload&name=Forum&file=viewtopic&topic=28780&forum=19
Some great courses and materials on "OPM" the art of using other people's money can be found at:
http://www.thecreativeinvestor.com/ProductCat67-Audio_Books_Subject_To.html
http://www.thecreativeinvestor.com/Product77-Quick_Start_Real_Estate_Guide.html
http://www.thecreativeinvestor.com/Product183-Developing_Land_Buying_and_Selling.html
http://www.thecreativeinvestor.com/Product296-Stealth_Guide_To_Getting_Started_As_A_Real_Estate_Investor.html
You can use all the sources at TCI to make 2005 a banner year.
I truly appreciate this article. Just got a no today from a lender to whom I had submitted an offer using OPM. I am motivated even the more knowing that I am 'closer to a yes.' Yes!!
Thank you for such a positive note.
Keep in mind that just 1 no or a 100 no's only gets you closer to the "YES" we all look for as investors.
Look at some big player in the field of baseball
Name
Home Runs
Strikeouts
Percent of Success
Percent of Failure
Hank Aaron
755
1,383
55%
45%
Babe Ruth
714
1,330
54%
46%
Willie Mays
660
1,526
43%
57%
Barry Bonds
658
1,387
47%
53%
Their percent of success shadowed their percent of failure.
It only takes one homerun to bring success
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Hank Aaron Home Runs 755 Strikeouts 1,383 Percent of Success 55% Percent of Failure 45%
***Babe Ruth Home Runs 714 Strikeouts 1,330 Percent of Success 54% Percent of Failure 46%
***Willie Mays Home Runs 660 Strikeouts 1,526 Percent of Success 43% Percent of Failure 57%
***Barry Bonds Home Runs 658 Strikeouts 1,387 Percent of Success 47% Percent of Failure 53%
Wow!
I followed up with my contact person at this bank re my offer. I was told that the bank decided to 'convey the property to HUD.' Can you explain in layman's terms what that means? and does this mean the property can still be acquired? if so, how?
Basically FHA (HUD) guaranteed to funds to the lender and upon default the lender forecloses on the subject property and HUD takes back the subject property from the lender based upon the terms of the loan guarantee.
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Now you will have to go through the HUD bid process through a realtor or broker who has been HUD qualified see http://www.hud.gov
Actually, Hank Aaron's success rate is a lot higher than 55% over his 23 seasons. You don't have to hit HR's to be successful.
The total of Aaron's approx. plate appearances (at bats + walks + intentional walks) is 14,059. He struck out only 1,383 times -- or only 9.8% of the time. So I would say that his "percent of success" is 90.2% and probably even higher than that, when you take into account his 2,418 in sacrifices and RBI's.
Thank you Nancy for adding all the other factors but my focus was just simply home runs vs strikeouts and was just used as a positive note for poster.
In the real estate game we face many strike outs to get to a home run - it's just a numbers game.