Archive for February, 2009
by Jon Slater
Learn the Secrets to Wholesale Houses
No matter what sort of economic conditions may prevail at the time, there is always money to be made somewhere. If you are looking for a way to increase your income, real estate investment is an area where there is always a profit to be turned, at least if you know how to go about it. One way which a wise investor can do quite well for themselves, even with the current state of the housing market is wholesaling houses.
You're no doubt already familiar with the concept of flipping houses and other properties however, you may not have the time and money to devote to having properties improved before you sell them. This can prevent you from getting involved in real estate investments; but don't despair real estate wholesaling can be done on the cheap and with a much smaller investment of your time.
Wholesaling real estate is much easier than other ways of investing in the real estate market. Not only do you not need a lot of money to get started, you won't have to spend every minute of your free time minding your investments. You also won't have to worry about these investments negatively impacting your credit rating, which is a risk you may run with other kinds of real estate investing.
It's really quite easy to get started. You just have to find someone who is a motivated seller ??" especially at present; this will be no trouble at all. You may even know some people who are looking to sell their homes. You and the seller then draw up an assignable sales contract for the home and you will search for a buyer.
I know what you're thinking " with the housing market in a slump, won't it be difficult to find a buyer?" Not at all, in fact. No matter what the market conditions, there are always plenty of buyers out there; it's simply a matter of finding them. A little online and offline research will no doubt turn up multiple buyers interested in the property. You will assign the sales contract to the buyer, with yourself collecting the assignment fee.
This is a real estate investment technique which can work very well for you without consuming to much of your time. Obviously, it will be easier to wholesale homes in areas with which you are already familiar. While it can be a little difficult at times to find a buyer, the payoff is more than worth the relatively small amount of work which will go into things on your end. You can wholesale several homes at once, creating multiple revenue streams for you.
This is an incredibly exciting time to get involved in real estate investment, especially if you choose to go the wholesaling route. There is a lot of money to be made by those who are willing to jump in and start taking advantage of the market conditions; you definitely don't want to be left out of this opportunity.
About the Author:
You Can Wholesale Houses on a part time commitment and earn a full time income. Wholesaling Housesis the best method for getting started in Real Estate Investing with very little risk.
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by Milan
All About Acquiring REO Properties
Real Estate Owned or REO's refer to properties that are repossessed by the bank after foreclosure.
The bank becomes the owner of the property after the foreclosure process or an individual if an agreement has reached during the proceedings..
Short Sales may be a great buying opportunity. The major complaint from people is the time involved to get it approved by the lender for the short sale price. The home is normally listed by a real estate agent for a value that they feel is right to bring buyers, and will be adjusted accordingly once the lender has finished a complete home valuation analysis to determine the actual sales price.
The majority of the time the lender approves a sales price below the current market value just to sell it quick. One needs to remember that prices in the first-time buyer range have lots of competition which could make it bidding war.
When a buyer buys a foreclosed property, they agree to take the property on its present condition and accepts all other conditions and agreements that goes with the property.
Since what is owed to the bank it is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale. Then the property "reverts" to the bank. It becomes an REO, or "real estate owned" property.
Whatever your level of expertise in the real estate game, you need to know that you cannot go it alone. Good contacts are key to your success.
This rule applies to every property being sold.
About the Author:
The author has written a training program with easy-to-follow guide on how to Make Millions in REO which is available for download at Virtual Real Estate Trainer.