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209 Fast Spare Time ays to Build Zero Cash - Tyler T.H.

Tyler T.H. 209 Fast Spare Time ays to Build Zero Cash - John Wiley & Sons, 2004. - 290 p.
ISBN 0-471-46499-6
Download (direct link): sparetimewaystobuildzero2004.pdf
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You will find the “getting comfortable” time is longest with your first building. Why is this? Because you are learning a great deal, as listed above. For your second and future properties, you will feel comfortable sooner.
Take my advice: for your first property, take your time to get comfortable with it. If you rush this process, you may find you do not learn as much as you should about your building. After you are comfortable with your building, you are ready to expand your real estate holdings, should you wish to do so. Here’s how you can do this:
The proven method for making money in real estate is with
large holdings. Why is this? Every rental unit (such as an apart-
How to Base Your Real Estate Riches on Borrowed Money
43
ment) you control in a residential income property gives you a certain profit per month. So, to increase your profit, you have to acquire more rental units. And it follows that the more rental units you have, the higher your positive cash flow and profits.
Real-Life Examples of Fast Buildup of Ownership Assets
Here are seven real-life examples of building wealth in residential real estate. But before you read the letters below,
REMEMBER:
• Once you have your first building, you are in an excellent position to get the second, third, fourth, or more.
• Your first building is an “asset.” This asset will be valuable. It will show on your financial statement as an asset that is worth money.
• Every asset you own will make it easier for you to get money for your second property, your third, or more.
Now here are seven letters showing how BWBs are building wealth today in residential buildings.
Zero-Cash Takeover of a 38-Unit Building
“I just got my loans. It took only three days to get $20,000.
I combined four $5,000 property improvement loans on a building I don’t even own yet. I took over a $200,000 38-unit apartment building and borrowed the down payment. The cash flow pays all the loans, too. By carefully timing the close of escrow, pro-rations of rents and payments, I walk away with $3,000 cash and a building! I’m putting students and alcoholics to work as apartment managers, painters, carpet layers and plumbers. And I’m giving Senior Citizens a good place to live. I’m thrilled and delighted.” —California
44
Chapter 2
100 Percent Financing of a Duplex
“We have 100% financing for a duplex priced at $179,900. We have an 80% first mortgage at 7.25% and a 20% loan [second mortgage] at 12.875%. The seller is in a hurry because he wants to move to a dryer climate.” —Oregon
Investor Loan for Zero Cash Down
“Thank you for your publications. I subscribed to your IWS Newsletter in November and bought my first income property, a duplex, with no money down the same month. I got an investor loan from a Savings Association and the seller paid all closing costs and took back a second mortgage for the balance of the purchase price. This duplex gives me about $100 per month profit after the two mortgage payments and all expenses. Not bad for no cash investment of my own. Now this same property owner wants to sell me four other properties under the same terms. I’m on my way to building my wealth in real estate!” —Florida
Zero Cash Works Again and Again
“I have read several of your books and have been most impressed by your methods. I did start investing in rental real estate and purchased a total of 33 units the first year with just $10,000 borrowed from the bank. We did—of course—put some of our profits back into these purchases before we were through acquiring the first 33 units. Most of these properties are single-family homes. I do have one duplex, one triplex and one 5-unit apartment building.” —Colorado
How to Base Your Real Estate Riches on Borrowed Money
45
Big Value on Little Cash
“In the past six months we have purchased four pieces of real estate totaling $2,650,000 in value for $4.00 down payment—$1.00 on each deal. While not exactly zero cash, it comes close to it.” —Canada
100 Percent Financing of a Flip House
“As a BWB following your expert instructions, I just closed on my first income property—a 5-bedroom Victorian single-family dwelling in surprisingly good condition. The seller agreed to hold a second mortgage for $11,000, including interest and $24,000 was financed through a mortgage company, giving me 100% financing! The house is currently rented and the rent covers both first and second mortgages. I plan to renovate the house which could bring the house to $80,000. I’m already working on a similar deal on another house— can’t stop now!” —Virginia
More 100 Percent Financing for BWBs
“Five months ago I bought a house with 100% financing. I got lucky. After going to several banks, none wanted to loan me the money I needed because I was self-employed. By luck I found a broker who was advertising 100% financing. They gave me an 80/20 loan for the first and second mortgages.
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