wishers emporium
06-28-2006, 07:37 AM
Ok im a total newb to REI. That being said however I know its a TON of hard work NP there. I know the better your credit the better and am working on that ASAP. I know due to my poor credit ( massive medical bills from 6 years ago ect ) that I have to think out of the Box.
Im money motivated to be sure. I am a thinker and an action person.
heres the idea I have to gain funds to get my 1st bargin rental property.
I am thinking I can help buyers and sellers in my locale. Many homes are just plain sitting on the market for 8 months or longer. Many home onwers begin listing homes through a realitor , then after the home not selling they then go to for sale by owner. I have done some market reasearch in my locale and found out a big issue for buyers and sellers is POTENTIAL buyers not having the down payment on a property. Potential buyers with OK credit yet lack the savings to get the loan. Traditional realitors IMO do not go to the lenghts they could to sell the homes ( non tradtional methods )
I have found 3 companys which do down payment grants , where in the seller and buyer fill out these forms , the grant company grants the buyer the down payment for the home , enabling the buyer to get a traditional loan via the bank. The banks are aware that its a down payment grant , so nothing is shady. Many in my locale do not know of these downpayment grants.
Now I figure I could make some cash by being a consultant for the sellers. I would provide assistance in reguards to helping sellers get a down payment grant. I would also have to get the seller to take a small hit on the asking price. The way the grants work is the buyer gets the grant but the seller repays the grant on closing and 1% fee to the grant company. The buyer owes zero for the down payment grant.
IS this a viable Idea ? I have found consultant forms here on site.
What I am trying to do is get involved in real estate even if at the start im not buying propertys myself.I have also heard mention of bird dogging and finders fees for deals. Any info on this would help greatly.
I am not trying to get rich just make a good living and enjoy working for myself , I see opertunitys in REI. Bird dogging might be a good entry point while I learn , maybe even helping out FSBO's get that house sold and make a small buck while doing it.
Im money motivated to be sure. I am a thinker and an action person.
heres the idea I have to gain funds to get my 1st bargin rental property.
I am thinking I can help buyers and sellers in my locale. Many homes are just plain sitting on the market for 8 months or longer. Many home onwers begin listing homes through a realitor , then after the home not selling they then go to for sale by owner. I have done some market reasearch in my locale and found out a big issue for buyers and sellers is POTENTIAL buyers not having the down payment on a property. Potential buyers with OK credit yet lack the savings to get the loan. Traditional realitors IMO do not go to the lenghts they could to sell the homes ( non tradtional methods )
I have found 3 companys which do down payment grants , where in the seller and buyer fill out these forms , the grant company grants the buyer the down payment for the home , enabling the buyer to get a traditional loan via the bank. The banks are aware that its a down payment grant , so nothing is shady. Many in my locale do not know of these downpayment grants.
Now I figure I could make some cash by being a consultant for the sellers. I would provide assistance in reguards to helping sellers get a down payment grant. I would also have to get the seller to take a small hit on the asking price. The way the grants work is the buyer gets the grant but the seller repays the grant on closing and 1% fee to the grant company. The buyer owes zero for the down payment grant.
IS this a viable Idea ? I have found consultant forms here on site.
What I am trying to do is get involved in real estate even if at the start im not buying propertys myself.I have also heard mention of bird dogging and finders fees for deals. Any info on this would help greatly.
I am not trying to get rich just make a good living and enjoy working for myself , I see opertunitys in REI. Bird dogging might be a good entry point while I learn , maybe even helping out FSBO's get that house sold and make a small buck while doing it.