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Real Estate Investing with No Cash and No Credit
Lots of folks think it can't be done. How in the world can you buy a piece of real estate property without cash or credit? How is it possible to buy a $50,000 house or a $1 million dollar house if I don't have an abundance of cash or an excellent credit rating? Nothing stops a would-be investor cold in his tracks like "no cash or credit." The prevailing perception is that "I can't start real estate investing" because (1) I sure don't have any money and (2) my credit is horrible! The typical way real estate investing is accomplished is with an earnest money deposit to accompany the Purchase Contract and a down payment at closing. Many real estate investing tycoons, in wanting an offer accepted, make large earnest money deposits so the property seller will recognize the buyer as a serious investor. And because many real estate investing tycoons use real estate agents as their purchasing liaison, they provide sizable down payments out of which the sales commission will be paid. Well, when I started my real estate investing career, I had neither cash nor credit. I had a serious business failure prior to my start in real estate investing, so I had to conjure up a way to succeed outside the traditional norm. While I was well aware of the accepted procedures of earnest money deposits and down payments in real estate investing, I was forced by my situation to find alternatives. I did not realize at the time that commercial property is often purchased without any cash outlay at closing or even a credit check of the buyer. So without any pocket change or a savings account, I began offering a $10 bill as my earnest money deposit! And I began offering no down payment at closing. My Purchase Contract offered simply the assumption of an existing loan! (In the 1980s when I started my real estate investing career, wrap mortgages were common, whereas today other legal instruments accomplish the same purpose.) I don't have to tell you that real estate agents were not exactly fond of me. In fact, in my highest week of tendering offers, I submitted 235 offers on MLS houses, and got 235 rejections. I mean, the realtors and brokers were infuriated at my non-traditional offers! Most went to great pains in writing "REJECTED" across the entire length (even both sides) of the legal-size Purchase Agreement I had laboriously filled out for submission. The young man "running" my offers (and his broker) were verbally blasted out of the saddle! I got NO acceptances from my 235 offers. Yet, I still managed to buy two properties from the 100% (humiliating) rejection. Two property owners approached me later and said, "I can't accept your offer on that property I had listed with my real estate agent, but I have another house you can have on the same terms!" That break-through began my trek into the Nothing-Down Wilderness that made me a multi-millionaire in three years. Once I realized it was persistence with a thimble-full of know-how, I forged on to discover motivated sellers who accepted my offers. I bought $1 million in properties that first year, another $1 million the second year, and $10 million by the 4th year. It's a shame that even some real estate investing tycoons don't know how to buy with no cash and no credit. But the bottom line is that know-how still makes possible the impossible. Buying property of any price is still achievable with no cash and no credit. It's done every day in residential and commercial property. And because it is achievable, anyone can enter the real estate investing arena, regardless of the size of his or her wallet. Phil Speer, Ph.D., started his real estate investing career 25 years ago. Without the availability of credit and using only a $10 bill, he purchased $1 million in properties in his first year, and had accumulated $10 million in properties by his fourth year. He was featured in a Wall St.Journal editorial as most successful investor in the Nothing Down Real Estate Movement, and was honored with a Caribbean cruise as top investor of the year. In his hometown of Nashville, Tennessee, he has been a businessman and Human Resources Consultant for 30 years. He is an author, speaker and seminar director. To learn how to profit in real estate investing, even without cash or credit, read his report at at http://www.CashinHouses.com/. Subscription is free to his Fix-up Ezine. He and other contributing authors provide free articles and resources on real estate investing at his online "Academy of Advanced Real Estate Investing Techniques" - http://www.AAREIT.com/.
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Bankrate.com 10 Real Estate Charts Showing What's Next for Housing: Ivy Zelman Business Insider Eliza Solender hosts President's Tea to empower women in real estate Preston Hollow Advocate REAL ESTATE | American Construction Services & American Architectural Group receive 1st Place 2024 American ... washingtoncountyinsider.com CORE Real Estate Partners moves into new Butchertown office (PHOTOS) - Louisville Business First The Business Journals Property Management and Real Estate Investment Firm Ginkgo Residential Names New Director of Investor Relations Business Wire Naples real estate: Fewer sales, higher insurance. What is happening? Naples Daily News Brockton-area real estate sales for Jan 22 to Jan. 26, 2024. Enterprise News These are the 10 best places to live in Massachusetts, according to real estate experts Boston 25 News Inside Bill Gates' real estate, from his Seattle to Florida houses Business Insider Casa Shares Raises $1.5M in Pre-Seed Funding to Democratize Real Estate Investing for Future Generations PR Newswire McClain to Hold Hearing on Commercial Real Estate Market U.S. Politics Today Brandywine Realty Stock (NYSE:BDN): Good Value in Challenging Real Estate Market - TipRanks.com TipRanks Washington County Real Estate Transactions NYVT Media Brooklyn Listings Six Months Later: Two Sold Brownstoner Big bill comes due for Martin Selig, giant of Seattle office real estate The Seattle Times Buyers targeting newly built homes Crain's Chicago Business US faces real estate risks, Fed report warns Central Banking Chicago industrial real estate market cooling from 2021 high - Chicago Business Journal The Business Journals The Real Estate Agent Pledge: The Jason Mitchell Group's Commitment to Transactional Transparency and Fairness RisMedia.com Baron Real Estate Fund Q1 2024 Shareholder Letter Seeking Alpha Charleston real estate CEO tops in SC on annual billionaires list The Post and Courier Elizabeth Herremans takes her Eagles connections to Serhant - Philadelphia Business Journal The Business Journals Brazil launches public consultation on charging real estate tax for concession assets BNamericas English Austin real estate: March Capital's industrial project rises in Creedmoor The Business Journals From the UAE to the World: The Secret of Allegiance Real Estate's Global Dominance - Markets Insider Braemar Hotels & Resorts, Franklin Street in real estate gainers; Comstock in losers - Seeking Alpha Empty SF office tower at 995 Market St sells at near 90% discount San Francisco Chronicle Real Estate Plays A Big Role In The Local Economy  Therogersvillereview Dr. Phil left speechless after real estate agent claims that squatting is justified by colonization New York Post |
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