Easy basics on how to write a zero down offer that is legal, safe and easy for a seller to accept. This will get you started…
One of the most important factors in determining your success as a real estate investor is whether or not you will be able to write offers.
After all, you can read all you want about how to make money as a real estate investor, but unless you actually go out and write an offer you have accomplished NOTHING.
So, to avoid that, I am going to make sure that you know EXACTLY how to write an offer that will NOT require you to put ANY MONEY DOWN!
I should “humbly” point out that other, so called “gurus” charge an ARM AND LEG for much less usable information than you are getting from me for free. Just thought you should be aware of that.
Let’s get to it… there are a few ways to structure a ZERO DOWN DEAL. What we have to determine is the best structure to use before we create the contract.
I’m going to focus on the Seller of a hypothetical property you have found and the offer that you are going to make. You want to write it so it has a reasonable chance of being accepted.
First of all, never offer more than you can afford to pay.
Don’t get caught up in the idea that you are going to make it work no matter what. Let’s face it, some deals just won’t work and you have to let them go.
Ultimately, the person who gets the best deal is the person who is the least motivated. You have lots of potential homes to purchase… the Seller only has one home to sell.
Work up the numbers.
You need to know the current market value of the property.
Do this by going to your title company (you can pick any one you want, just look them up in the yellow pages). Title companies have access to comparable sales of homes in the neighborhood.
In some areas you will need the help of a real estate agent to get comparable sales. Call a local title company to find out the best method for obtaining comps.
Look for homes that are very similar to the one you are preparing to purchase.
Value the home you are going to buy based on how it compares to the homes that have sold before it. Only use comps that are twelve months old or less.
Special Note: I also have an excellent method for making an offer on property WITHOUT ever doing comps, without ever seeing the property… you don’t even have to be in the same State. I teach these techniques in my “Stupid Proof System” ™ details here
There are two types of real estate we want to deal with here.
The first type is property that you can purchase for cash, for at least 20% under market value. You need to sell these contracts to an investor to complete the deal.
Every investor out there is looking for these types of properties and will gladly pay to get them.
The second type of deal is purchased for full market value by taking title to the property “subject to the existing loans.”
I explain in detail how to make an offer on this type of property in my book. It is one of the easiest ways to purchase property with nothing down and no credit check.
I’m going to continue this material in my next article, a few days from now. It is titled, “Finding Investors Who Will Buy Your Properties!”
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