Look for and Buy FSBO Properties

FSBO—For Sale By Owner—properties offer many opportunities to you to get built-in financing. Why can FSBO properties be your path to wealth Because FSBO sellers are often:

• "Stressed out" by having their property on the market so long that they're worried it won't sell.
• Ready to wheel and deal so they can unburden themselves of the property and go on with the rest of their life.
• Ready to accept a sincere and honest person like you and make a deal with you that includes built-in financing giving you the property for zero or very little cash.
• Independent thinkers who believe they can do everything themselves, including arranging financing with someone they like. So if :- you work on getting the FSBO person to like you, you'll probably get a dream deal.
• Likely to overlook your credit score if they feel you're the ideal person to take over their property and relieve them of the burden of it. Private Lenders Could Be Your Money Source. 
• Private lenders are individuals, companies, or groups of people seeking to lend money on real estate. You can tap into these sources for the loans you need for:
  First mortgages for income properties of all kinds.
• Second mortgages for larger income properties—commercial, residential, or other.
• Bridge loans for the purpose of buying new properties using an existing property as collateral for your loan.
• Construction loans for both new and existing properties of all kinds.
• Equity loans for well-kept income properties of almost any kind.
• Purchase of mortgage notes at a discount (called mortgage cash-oat) to give quick cash to the seller, eliminating years of waiting to be paid a small amount each month.
• Foreclosure-purchase loans helping the borrower to buy properties at 60 to 75 percent of their market value for flipping or rehabbing and rental.
• Government-guaranteed loans for all types of residential income real estate in which the lender is protected by the government guarantee.
• Investor loans for real estate wealth builders who might not be able to get a loan from traditional lenders who think investor loans are too risky for them.
  

Many other types of real estate loans are made by private lenders to real estate investors. Later in this chapter we'll show you how and where to find private lenders for your deals.

 

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