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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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Government Foreclosures Often Come with Financing
In earlier chapters, we mentioned the U.S. Department of Housing and Urban Development (HUD) and the Veterans Administration (VA). Both these agencies often have foreclosure properties for sale with financing in place. Here’s a letter telling of one BWB’s experience:
Where to Get 100 Percent Fixed-Rate Financing
“As an avid reader of your books and a subscriber to your newsletter, I, like many others, can attest to the fact that your methods work, and work very well indeed.
“Thus, during the past year I acquired six properties—five single-family homes and one 4-unit building from lists of HUD and VA foreclosures. I took over each property with at least a 25% discount off the market price. In two cases, the VA sold to me at over 30% discount and provided 100 percent fixed-rate financing for 30 years. By best estimate these properties are valued at about $435,000 with combined equities of $126,000.
Use Sellers Having Built-In Funding for Your Deals
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“Though this effort required some work, I’m amazed at how easy it has been. I am 56 years old and I recently retired. I am really pleased with the results of my real estate investing.”
—Virginia
This letter shows that—on occasion—the VA and also HUD have built-in financing available for 100 percent-financed foreclosure properties. 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. Just 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. To confirm this, just read the last letter again!
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Chapter 9
Do Internet Searches for Your Properties
The Internet is here to stay—no doubt about that. And government sales of foreclosed properties are based—more than ever before—on property data furnished to you on the Internet. So you must learn how to use the Internet.
I can hear some readers saying, “But I don’t have a computer. And I don’t think I’ll ever be able to afford a computer.”
“Not to worry” as the British say. You can easily get to a computer free of charge at:
• Your local public library.
• A Boy Scout or Girl Scout organization in your area.
• An American Legion or VFW Hall, if you’re a veteran.
• IWS, if you’re in our area in New York.
• At your local religious organization headquarters building.
• In labor union offices, if you’re a union member.
In many of these facilities, people will teach you free of charge how to use the computer and get started finding suitable properties on the Internet.
Never resist free instructions! You can learn a lot in a short time! And what you learn can put lots of real estate money into your pocket.
Internet sites worth checking for government foreclosures include the following:
• www.hud.gov
• www.irs.gov
• www.hud.gov/offices/hsg/hsgabout.cfm
• www.sba.gov
• www.gsa.gov
Check Your State, County, and City Web Sites for Foreclosures
Nearly every state, county, and city has a Web site. Log onto the site for your area and go to the foreclosure section of it. You’ll find information on how and where to obtain data on foreclosure sales in your area.
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Attend a few of these foreclosure sales or auctions to get the “feel” of what goes on. Then make a bid on a property that you believe has business potential for you. Just be certain to “work the numbers” BEFORE making your bid. And—if you wish—I’ll be happy to do this for you, if you’re a subscriber to one of my newsletters. But I must have at least one day to do so!
Don’t Overlook New Property Financing
Many new properties have 100 percent, or near 100 percent built-in financing as part of their offer to sell single-family homes, condo apartments, or industrial suites. These are often called “Pre-Sale Buys.” Yo u can take advantage of such built-in offers. How? By using the generous offers made by sellers who:
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