| Some real estate investing "teachers" advise beginning | | | | investor with no money to put down has two |
| investors to find many houses and to flip the houses | | | | obstacles to overcome. No money down and finding a |
| quickly for outrageous profits. Perhaps you've seen | | | | bargain house. These aspiring investors, some who |
| the claims of real estate gurus telling you how you can | | | | charged hundreds of dollars for bogus investing |
| make $30,000 to $50,000 per month, without any | | | | courses, just give up. |
| physical work, and for little or no money out of your | | | | If you're thinking about getting into real estate investing |
| pocket. In fact, these promoters tell you that you can | | | | as a way to secure your financial future, be wary of |
| get money back when you close. | | | | investing systems that worked last century. Learn |
| Let's take a closer look at these fast flips. | | | | about real estate customs in today's fast-paced |
| How do you find a bargain for $30,000 or more under | | | | market. |
| market, for no-money down, and flip it right away? | | | | The real way to make money on fast flips is to get |
| First, you would need to find a seller so desperate that | | | | yourself ready to cash out a desperate seller fast. |
| they sign over their home to you. I'm not saying that | | | | You can begin with your first investment home |
| this can't be done. It's just nearly impossible in today's | | | | realistically two ways: |
| real estate market. Today's sellers know they can sell | | | | 1. Buy a home to live in so you can purchase with no |
| their home fast and still get a fair price by only | | | | money down. |
| discounting the property by $10,000, without the seller | | | | 2. Refinance your own home and use the money for |
| carrying the financing. This is because there are so | | | | a big down payment to encourage a desperate seller |
| many home buyers looking to purchase a home to live | | | | to sell fast. |
| in. | | | | This method works because sellers who need to |
| How does this affect the beginning real estate investor | | | | settle their affairs quickly will sell at a big discount to a |
| who was promised they could find many houses for | | | | buyer who doesn't ask them to be the bank. |
| drastic price reductions? These investors soon get | | | | You can still build wealth by flipping houses. But, you |
| discouraged because the promised method is so | | | | need to have your finances in order when you go |
| difficult to do. Not only does the investor have a hard | | | | bargain shopping. |
| time finding a home for way under market value, the | | | | © 2005 Jeanette J. |