Can I make money in real estate foreclosures with no money?
Saturday, July 31st, 2010 at
9:05 pm
Somehow online I downloaded a free ebook on real estate. I didn’t look at it but I must have gave my phone number because someone left a message saying he can get me started with real estate foreclosures making an average of ,000 on each home. I don’t have any money to invest.Should I look into this opportunity even though I have no money or must I have money for real estate?
Filed under: Retirement Planning
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Not any more. You could before it all came crashing down. Now too many laws to prevent it.
You’re always going to need capital in order to make money in any business. The old saying is "if it’s too good to be true, it usually is".
this is a scam. avoid it. you will only be getting youself in over your head. you cannot make money in real estate this way unless you already have money to invest. in this scheme you will be asked to open a line of credit- these so called, investers will suck the account dry and skip town and in the end you will be left holding the bag-owing more money then you will ever make in your lifetime……..run run run…….because you WILL be responsible……you took out the loan, they will take the money and you will only own the debt…..most people wind up in bankruptcy court.
bad times.
you "only" need to find buyers. GET a buyer committed to buying a property at 5-15% above
what you KNOW you can get it for–get it under contract and then, in escrow, set up
two escrows………many escrow firms won’t do those but they are legal.
on one contract, you are buying the prop at x price and on the second
contract, you are selling the property at x + $%.
i can guide you
[a double escrow is like a FLIP except in a flip the contract price does not change.
LOL
You are going to need money to just buy this guys *system*. You don’t really think they are going to just teach you all these *secrets* for free do you? LOL
No, you cannot buy foreclosures without some sort of collateral, money or an investor that is willing to put up the $$$ for you.
What you will get from this guy who called is a sales pitch to buy his system or lessons or mentoring from him at a very high price. You will get frustrated because you won’t have a clue what you are doing and give up.
But, since you have no money anyways, be thankful you cannot get sucked into this infomercial type of scheme.
Are you interested in real estate investing? If so, then you should definitely brush up on your real estate knowledge before trying to get active in this field. Don’t go into it thinking you’ll be able to get rich quick because real estate investing is hard work.
Real estate investors typically try to purchase investment property using as little of their own money as possible. They use hard money lenders as a way to finance the purchase of investment property.
However, just note that real estate investing is not something you can just jump into. It takes extensive knowledge and support to get going in this field. And of course, the more money involved, the greater risk you take.
MyHouseDeals.com is a great resource for investors, from those just starting to seasoned investors. BiggerPockets.com also has a fantastic forum for investors. ActiveRain.com is a general forum geared towards real estate professionals, not so much investors, but their knowledge and comments could be of some assistance.
Good luck!