Use Sellers Having Built-in Funding for Your Deals

From Buyincomeproperties.com

Income Property Financing
Use Sellers Having Built-in Funding for Your Deals
By
Sep 6, 2007, 09:01

There are many deals you can find where the seller has funding ready for you—the buyer. When you find such a deal, half your challenge has already been solved for you. "And what's that challenge?" you ask.

It can be summarized in one word—FINANCING! Getting financing for income properties is the BWB's universal challenge. So when you find a deal with financing in place, rejoice! Then go and close the deal if it allows you to earn a profitable Positive Cash Flow.

Eight Real Estate Deals with Financing in Place Deals in which you will find the financing worked out in advance for you include these eight ways:

1. Government foreclosures from a variety of agencies in your local area funded by housing authorities, state, county, or city government.

2. Internet searches for government foreclosures that you can access quickly and easily from a small computer.

3. New property construction financing for residential units; some commercial units may also have prearranged financing for buyers.

4. "Financing Available" Ads will usually have seller financing or an assumable mortgage ready for the buyer—hopefully—you.

5. Zero-down property ads in which the seller states that the property is available for sale for zero cash down.

6. For Sale By Owner (FSBO) properties often have financing available because the seller is anxious to get rid of the property and move on.

7. Private lender financing for a variety of properties that will be suitable for building your riches in real estate.

8. Unusual offers made by sellers seeking to get out of property quickly can give you many new opportunities to build riches.

So how do you get such financing for your foreclosure deals? Here are the steps for you to take. Seven Steps to Getting 100 Percent Financed Properties

1. Contact HUD and the VA by mail, phone, Internet, or by visiting the local office of each agency.

2. Ask for lists of foreclosure properties being offered to the public. At the HUD web site you'll find the properties listed under . "HUD homes/REO."

3. Study each list you receive to determine if any of the properties interest you based on the location, potential income generation, or other criteria.

4. Ask if any of the properties that interest you have in-place financing. If the answer is YES, ask what the amount of the financing available is.

5. Also ask if there is 100 percent financing available for any properties. If there is, request a list of those properties. Study the list carefully when you get it to see if there are any properties on it which might be good investments for you.

6. Bid on those properties you believe will make money for you on either a rental or flip basis. lust be sure to work your numbers carefully before you bid!

7. Take over your property and start your wealth building steps immediately. You'll find—I'm sure—that the whole process is faster and easier than you might think.