single-family homes is Your Keys to Real Estate Riches

Start with the possible and grow bigger. Small is better at the start. You'll learn your "trade" from single-family homes and can "graduate" to larger properties after you have a few years of experience. Know the numbers of your single-family wealth building. No matter how much you might dislike numbers, they become interesting and easy when they're about your money!

Ten single-family homes can give you the same income as a 10-unit apartment house. But it's much easier to get the 10 homes than the apartment house! Set up a Real Estate Riches Success Book to keep a record of your activities in searching for, evaluating, and buying your single-family homes.

There are thousands of loans available for single-family homes. And some First-Time Home Owner Loans offer 100 percent financing to you. Private lenders can be helpful to people without credit and to people with low credit scores. So be sure to include such lenders in your financing plans.

NEVER PAY FRONT MONEY for any loan! It is NOT NECESSARY to pay front money or advance fees to get any loan. Remember the keys to successful renting. They include schools, stores, transportation, sports facilities, parking spaces, and number of bedrooms and bathrooms! Provide what renters want and you'll get rich sooner than you think!

Be certain to have every home checked for lead paint, mold, termites, and plot pollution BEFORE you buy it! Your real estate attorney will remind you of these hazards. But in case he/she doesn't, we DID remind you!

Never buy an income single-family home until after you have studied the Seller Questionnaire required by some 30 states today. It tells you what defects the seller knows of that you might have to spend money on for repairs. 

You really can't beat the single-family home as a way to build real estate riches in your spare time working from your home. And in this business you need not spend 35 or 40 hours a week at it. Instead, you might spend 30 minutes a week on each house.

You MUST have a competent real estate attorney to guide you on the purchase of EVERY single-family home! Do NOT try to avoid this recommendation. Why? Because single-family home real estate:
1. Can present unforeseen problems if purchased without competent legal guidance to protect you from seller mistakes and neglect.

2. Can lead to ongoing lawsuits when you're not protected by competently drawn legal documents such as leases, sublet privileges, rental amount, etc.

3. Can lead to state or federal regulation when environmental rules are not followed by you, or were not obeyed by previous owners or renters.

To help you avoid problems when you buy single-family homes, many states have prepared a Seller Data Information Sheet (SDIS). The SDIS gives you questions you should ask when you buy or rent a single-family home.

 

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