Cookster, I have no money no job and have just bought 3 properties in 2 weeks
Think outside the square. Answers will not just fall into your lap……………………………………I have been slowly but surely going through all these informative posts and happened upon this one.
As most new people here would like to know how this is at all possible and can be done would all you pro’s like to enlighten us a bit. Definately helps fast tracking the info.
Kindest
Chris.
Cookster I have no money no job and have just bought 3 properties in 2 weeks Think outside the square. Answers will not just fall into your lap……………………………………I have been slowly but surely going through all these rewarding posts and happened upun this one.
As most people here would like to know how this can be done would all you pro’s like to enlighten us a bit. Definetely helps fast tracking info.
Kindest
Chris.
can you explain how you did it you do not have no money no job
I see that there has been plenty of interest with my post but there has been no takers to the question – Is this because it cant be done?
I’m sure however if it’s true, that this person must have had some capital behind him / her to be able to negotiate the deals or is there something I have missed.
Would love to get the more active people here if not the originl poster to reply please.
PS. Like any good info/knowledge I’m guessing that many are worried or guarded about revealing such info. Also – not looking for a get rich quick way of getting IP’s but very curious as to the methods that have been suggested.
Kindest
Chris.
Chrissos, I am hell curious too. I wanna know how people buy properties with no job seeing as I will not have one very shortly….
Steph.
P.S: hopefully I will as soon as I get back.Success is 1% inspiration and 99% perspiration.
[
]The answer to the question is [] 99%of what u read on the internet is BS.[]Buying with no cash or credit:
All you do is find an investor who likes the idea of the returns you can get. For Wraps you can often offer the investor 25% + on their money, which is very attractive. You have a Joint Venture Agreement drawn up between the two of you. The usual cashflow split is 50/50. Some investors have done JV’s for Buy & Holds as well. You can also do a combination of the following two points:Buying with no cash
Borrow the money from someone for a fixed return, and get the mortgage in your name (or your company name). Interest rates of people I know that do this vary from 8-16%, usually paid quarterly. This is usually just drawn up as a personal loan. You can also arrange to have the seller leave $ in the deal for a fixed return, which is often more attractiv than the interest rate they will get in the bank. This is usually documented by the solicitors, with a lump sum payment in a few years to clear the balance.Buying with no credit
Two options. First – bring on a partner to sign for the mortgage only. Document it with a JV agreement. The investor usually gets a smaller fixed amount, since they have no cash in the deal – maybe $50 – $100 a month. Second – go for a low or no doc lending product. If your deal is good enough the higher interest rate does not matter!!This is only the beginning. Real estate is exceptionally flexible… it pays to look for creative solutions.
Hope that helps!
SherylBrisbane QLD
[email protected]Sheryl,
I’ve often wondered about JV arrangements. Surely once you explain what you want to do to a pontential investor/partner, a wrap, subdivision etc – then they don’t need you any more? If they have the means, you’ve just supplied them with a great idea and put yourself out of the loop.
Or are we relying on integrity? Just wondering, as I’ve always been curious about JV’s, but have no intimate knowledge about how they’re brokered.
cheers,
Darren.Many people have the credit and the money, but not the knowledge, confidence or time to go out and do it themselves. Most people are THRILLED with a 10% ROI. The idea of a 25%+ investment is very exciting!!
It’s all about selling the service you are offering, and putting the structure in place to protect yourself (eg having them sign the JV before introducing them to the property you have found).
It is possible, and this is how most investors that do many wraps structure their business.
Cheers!
Sheryl
Think outside the square. Answers will not just fall into your lap……………………………………
]The answer to the question is [
] 99%of what u read on the internet is BS.[
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