How in the world can you buy a piece of real estate property without cash or credit? How is it possible to buy a $50 Cheap Timofey Mozgov Shirt ,000 house or a $1 million dollar house if I don't have an abundance of cash or an excellent credit rating?
Nothing stops a would-be investor cold in his tracks like "no cash or credit." The prevailing perception is that "I can't start real estate investing" because (1) I sure don't have any money and (2) my credit is horrible!
The typical way real estate investing is accomplished is with an earnest money deposit to accompany the Purchase Contract and a down payment at closing. Many real estate investing tycoons, in wanting an offer accepted, make large earnest money deposits so the property seller will recognize the buyer as a serious investor. And because many real estate investing tycoons use real estate agents as their purchasing liaison, they provide sizable down payments out of which the sales commission will be paid.
Well, when I started my real estate investing career Cheap Rashad Vaughn Shirt , I had neither cash nor credit. I had a serious business failure prior to my start in real estate investing, so I had to conjure up a way to succeed outside the traditional norm.
While I was well aware of the accepted procedures of earnest money deposits and down payments in real estate investing, I was forced by my situation to find alternatives. I did not realize at the time that commercial property is often purchased without any cash outlay at closing or even a credit check of the buyer.
So without any pocket change or a savings account, I began offering a $10 bill as my earnest money deposit! And I began offering no down payment at closing. My Purchase Contract offered simply the assumption of an existing loan! (In the 1980s when I started my real estate investing career, wrap mortgages were common Cheap DeMarre Carroll Shirt , whereas today other legal instruments accomplish the same purpose.) sale Kids Air Max[/url]
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