What are some ways to begin in real estate investing with little or no money? Can you start in real estate investing with no money?
Best Answer - Chosen by Asker
Join a real estate investing club if there is one in your area. The education is priceless.
Find a wholesaler...these are mostly the guys that have the "I Buy Houses" ads on the street corners and newspapers.
Find a lender who will lend based on Appraised Value rather than on Purchase price. This is not easy to do, but it is possible. You can also work with Hard Money Lenders...steep rates, but often worth it.
My first deal was a house from a wholesaler. It appraised for $51,500 and he was selling it for $26,200. (He got it from a bank for $10,000 I later found out).
I had a hard money lender loan me all the money and then refinanced one week later (which is not easy but can be done) and cashed out at 80%. The hard money lender arranged everything.
In short, I bought a house for $32,000 ($26,200 plus fees and closing costs) with hard money. Refinanced at $42,000. Left closing with approx. $10,000 (42k-32k) and still had almost $10,000 in equity. Not one dime of my own money.
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Thursday, May 27, 2010
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