|
|
 |
|
| |
|
|
| |
by Ray Jamieson
|
|
print article · comment on article
|
|
| |
previous |
page 7 of 8 |
next |
|
| |
|
|
| |
s.
Just remember, A LOSS IS STILL A LOSS, NO MATTER HOW YOU DRESS IT UP!
The first thing to remember is that the property must be capable of making a profit for you.
Second point, it must also be capable of growing into something better. The "worst house on the best street" is a phrase that comes to mind.
Finally, you need to be able to offload it instantly for a profit if the worst does happen and you need to sell it in a fire sale situation. By using a combination of the above strategies, which I fully detail in the e-book, you are almost assured of that.
Who can you buy from? Who can you not buy from?
By definition, the vendors need the flexibility to negotiate and that means they need equity in their property or outright ownership. They need to be free of commitments on the property and be making their own decisions, rather than doing as their financiers tell them.
The people you cannot negotiate with are distressed property owners who urgently need to sell at any price to get out! They are no longer the owners of their property; they are virtually acting on behalf of the banks!
WARNINGS:
Yes, there are a few to look out for. Banks don't like you taking control of your finances and do all sorts of things to tie you up in a deal. For example, you may already have an investment property, purchased with the equity in your residence. About 95% of people would have those properties tied together with a clause in the mortgage that says the bank controls both properties under either loan arrangement. In other words, if you want to sell one, they decide where the proceeds of the sale go and can decide to apply the funds to whatever part of your loan portfolio they deem appropriate! Now, who did you say was in charge of your investme |
|
| |
|
|
| |
previous |
1·2·3·4·5·6·7·8 |
next |
|
|
