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Building Wealth: Don't Waste Your Money on Real Estate Investment Schemes
You've seen the real estate guru advertisements for books, DVDs,
programs, seminars, and mentoring coaches promoting
no-money-down deals. Perhaps you've watched the infomercial on
TV with the people telling their stories of how they made
millions investing in real estate with no-money-down and cash
back to the buyers.
Maybe you, like me and many others, have purchased books or
expensive systems based on these no-money-down and lease-option
investing schemes. Here's the rest of the story.
Perhaps you've seen an ad in your local newspaper offering a
home with 100% financing from the seller or a lease option. You
should know that the investor offering these types of deals
makes money by purchasing the property at a discount and selling
the property for an inflated price.
Lease-option real estate investors play the odds. They bet that
most people won't be in a position to purchase the lease-option
home in a year. So the investor seeks a hopeful tenant to make
higher than average rental payments, pay more move-in cash, and
make the investor's mortgage payment. Those tenants who do
eventually purchase the home paid much more for the home than
the investor. Many tenants never come up with a new mortgage
loan to purchase the property when the time runs out. Either
way, the real estate investor makes money.
First-Time Home Buyers
If you need to buy your first home to live in, these
home-purchase methods may help you if you have terrible credit
and can clean it up in time to finalize the purchase in a year.
Just understand that you're paying too much for the property and
may not make any money on appreciation. On the other hand, if
you have strong credit, you can purchase a bargain house with no
money down legitimately.
Tips for Beginning Real Estate Investors
Don't buy overpriced property! Avoid 100% investor-financed
"deals." You will have to wait too long to make any money. Plus,
the rental income most likely won't come close to making the
mortgage payment for you.
Don't waste your money buying real estate
guru books, DVDs,
programs, seminars and mentor-coach promoting no-money-down
deals. Would you buy a book on how to make a fortune on the
Internet that was written in 1995?
These out-of-date, no-money down schemes, tell you to look for
home sellers in distress who will let you buy their home for
no-money down with the seller financing the property for you.
This system worked last century. Today's home sellers know that
they can get a buyer who can get their own financing.
Plus, today's home sellers know that other sellers have lost
money selling with no-money down. They've heard the stories
where home sellers didn't get paid and had to foreclose on a
property. They've heard the stories where the investor-buyer
rented the house to tenants who trashed the property. They've
heard the stories where the investor-buyer collected the rent
and didn't pay the home seller.
To get started building wealth in real estate today:
1. Get your credit ready for mortgage financing. (Mortgage
credit differs from consumer credit.)
2. Buy right. Don't overpay for deals that sound too good to be
true. These schemes are too good to be true!
3. Guard your money. Don't get yourself in over your head with
high mortgages on rental properties that cause you negative cash
flow and jeopardize your financial well-being. The best way to
do this is to make sure you get the best mortgage rates on a
bargain-priced property.
You can buy investment property for little -- or even no-money
down. Get started by buying your home or a second home. Real
estate investing offers you the most tried and true way to build
wealth when you avoid investing schemes.
Copyright © 2005 Jeanette J. Fisher. All rights reserved.
About the author:
Jeanette Fisher teaches beginning real estate investors five
easy steps to find, finance and fix houses for profits. Free
ebook on fixing houses using interior design strategies for
top-dollar sales, http://www.doghousetodollhouse.com/
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