There are a lot of ways to buy Real Estate. Two are the most basic. The first is what Icall Turn Key. Buy the building the same way you would buy your own home – make a down payment and finance the rest with a mortgage and note. The second way is to buy wholesale, remodel and sell for profit or rent and refinance. That is what I learned from RER and it works at the end of a real estate cycle is approaching when there are more foreclosures.
In my experience, in a slow market, buying turn key is the preferable and traditional way to purchase property, especially if you are buying a multi-unit property. The banks prefer it this way also. They like the fact that the property doesn’t have to or hasn’t had to go through extensive remodeling. They like the fact that\ it is already in use and is making an income.
You can also get more favorable rates and terms this way. I know it’s not very glamorous and it runs counter to what seen on late night television. Yes you can buy real estate without using any of your own money but it is more expensive that. It’s harder to get a good cash flow. The banks certainly don’t like it and when they’re offering loans at ridiculously low rates, why take advantage of it. Plus it’s easier to have a positive cash flow when you buy the traditional way and you don’t have to make crappy offers on crappy properties. If you are reading this book then you will also want to read “Rental Profits without Pain” an how to manage your properties for profit once you own them.
If you are interested in flipping or wholesaling properties please read “FlippingFor Profit Without The Risk” and“Wholesaling For Profit So Everybody Wins”. Please call me at 1-800-931-2605 or email Gary@WinReatyAdvisors.com. You can also learn more by visiting MyInvestmentServices.com to get these books and others and sign up for our instruction courses where you get hands on training!
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