OfflineTechniques on Financing Foreclosures.
Financing foreclosures is the part of this business that people are worried about most. Most people automatically assume that you have to have money to invest in foreclosures, which is what keeps them from investing. You will be happy to learn that you don't have to have money to start investing. Obviously everyone is in a different financial situation, so not every technique will work. You just need to find one that works for you and go with it. Even those with bad credit, no money, or no job may capitalize on foreclosure opportunities. In fact, financing foreclosures is the easier part when it comes to buying foreclosures, finding them can be the biggest challenge, unless you know where to look. These are all great techniques which we discuss more in depth in our best selling foreclosure ebooks.
The following are 10 techniques used in financing foreclosures.
Technique No. 1 Assume Seller's Obligations
Technique No. 2 Borrow Against Life Insurance Policy
Technique No. 3 Use Small Amounts of Money From Different Banks
Technique No. 4 Home Improvement Loans
Technique No. 5 Home Equity Loans
Technique No. 6 VA Loans
Technique No. 7 Find a partner
Technique No. 8 Hard Money Lenders
Technique No. 9 Use Banks and other lending instutions
Technique No. 10 Take over "Subject To" existing financing
These are just a few options you have when financing foreclosures. There are many more ways to creatively finance these properties.
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
First off, let me start by saying "Hi" to everyone here. My wife and I have pondered real estate investing for the past 6 years... but never took the plunge. Today we purchased DG's AFF and went through the 7 steps.. We are now waiting for books to come.
One of our biggest reasons for not getting into REI sooner was lack of money.. We've spent the last 8 hours reading through posts and journals here on the forums and have our brain saturated with new information and acronyms ( we are green to real estate acronyms )
sistreat, your post has a lot of great ideas on financing when we have no capitol to start. My wife and I are committing ourselves to making this work.
I hope in time that we may have helpful advice for future newbies
Once again, thank you for your advice.. and we are happy ( and a little scared ) to have finally made the decision to dive into real estate.
thanks for your time and wisdom. 1 Assume Seller's Obligations , is this reffering to only a pre foreclosures. or all stages of the foreclosures ? please help ima a newbi
to push the limits of limitation
Pre-foreclosure only.
Trustee only takes "cash".
Banks (REOs) are only interested in cash or cash to new mortgage.