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when i was 22 years old i found out my girlfriend was pregnate so i decided it was time to grow up. before the baby was born i had purchased 3 fixer uppers and moved twice. all on an income of 8.50 an hour. and heres how i did it. the first one is always the hardest, so dont be picky find an owner carry fixer upper. once you locate this fixer upper always do things the right way. offer the owner a decent down payment like 1500 to 2000 and insist on going thru a title company for all the paperwork and title search. open up a 90 day escrow. that will give you 3 free months to come up with the down payment. dont wait until the last minute either. save your money you would normally have spent on rent. start fixing up the place clean the outside do the basic landscaping things repairs whatever is needed. a good low cost place to find materials is auctions and right here on ebay. i'll be selling some bulk lofts here shortly with tons of new remodeling stuff you will need. and i guarantee they will sell cheap. alot cheaper then if you went and bought 1 of them by itself. garage sales are another good place to by new stuff at a discounted price. always by your materials new mud, drywall, cement. unless its guaranteed fresh or still sealed. stuff like outlets screws padding for carpet all can be obtained used or what they call ends. every penny counts at this moment. once you have secured your first place and have the major stuff out of the way. then its time to search for a second place. DO NOT LOOSE SITE OF YOUR 90 DAYS ON THE FIRST. once you have found the second place with owner carry the owner is much more confident since you already own one. open your second note thru a title company the same as you did the first and place an add in the paper selling or renting the first. youll be moving out as there moving in. if your renting get a first and last plus cleaning deposit put it in the bank. always get a signed contract with stiff penalties for late fees. you cant afford for someone to be late on rent. another fair warning is if you knowingly rent to someone on disability or family assistance watch out. most states have laws protecting them from eviction. but you cannot discriminate either. so right about now your getting a general idea how to roll these things. next i'll tell you a few of the ups and downs of doing this. ups= whenever i needed a vehical i would advertise one of my houses substituting the down payment for a good car or truck. 1970 mustang 1983 blazer with a diesel. and some may say its kinda crooked i say its the person who agrees to it whos doing the injustice to themself. but always make sure the purchase price is well above that of yours. when doing an owner carry with a low down. the final price is rarely the objective. i bought one that was a 1600 down and a quit claim deed take over there note. apon purchasing my 4th place i sold this for a vehical down and 36000. with all the repairs i had done in the 6 months i lived there. my 4th was where i settled and went a different direction in life. but i kept the 4 places for the next 8 years. either renting them out or selling them. the first place i bought i ended up selling it 6 times and giving it away twice. go figure. every time i sold it i made that much more. it was a great experience and i didn't obtain anything on my credit until 4 years later. i went to finance a camaro at the car lott. and they refused me due to lack of credit. i walked back in there with 4 different contracts and payment schedules slammed them down ion the guys desk. and he personally went to the bank and got me approved. you would be surprised at how many doors opened up for me once people found out how many homes i had. all at 22 years old and hair half way down my back. so never doubt your capabilities. good luck and feel free to ask as many questions as you like. i'm always willing to help.
ok so you decided to become a slum lord. pick your renters wisely, make sure they have a stable income. DONT!!! REPEAT DONT RENT TO FRIENDS AND FAMILY, QUICKEST WAY TO MAKE ENAMIES AND LOOSE FRIENDS. THEY WILL SCREW YOU OVER QUICKER THEN A STRANGER WOULD GARUNTEED. if possible try to get a look at where there living and what condition its in. get references always and follow up on them. also nearest family member, that way you have someplace to send paperwork in the future. always pick up a landlord/tenant guide and read it. follow it closer then you follow anything else. keep a professional level with your tenants, never loose your cool or get emotional. the second you do the game is over and you just lost. when in a confrontation always take a witness. if you have to evict your tenant go by the books. and dont accept partial payments. the second you do you have to start all over again with the eviction process. when you go to court only the facts or what you can prove with evidence, pictures, or witnesses. and if your using a witness they have to be in court with you. most states wont accept a written affidavit. dont cast blame insults or slander the person in court. ONLY THE FACTS. keep in mind that this judge has listened to what your saying well over 10,000 times and the last thing he/she wants is for you to waste there time. in small claims i've never lost a case.
now if you do the smart thing and decide to sell. then whats recomended is a much higher price then what you paid. owner carries give you that luxury of setting any amount. and always set the monthly payment far enough above yours and with enough time so you can make your payment or make arangements to cover it. by selling and not renting your doing 3 main things. the buyer will tend to take better care of the home, your more guaranteeing a payment every month, and you wont have to do repairs or worry about non payment due to repairs. good luck i may add more later
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