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by Mark Walters
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Those new to real estate investing often fail to take action
because they don't have much cash. The truth is that the
very best investors got their start when they had little or
no money.
When you start at the bottom you have to work harder and
smarter. You have to make every penny count... and in doing
so you learn how to put together the most profitable deals.
Right now one of the very best ways for newbies to get started
is to buy property buy taking over the payments of an existing
loan. It's called buying "subject to".
You generate income to make the mortgage payments by quickly
leasing the property. Lease payments pay make the mortgage
payments.
Here's something most investors overlook when buying
"sub to" and why they lose around $1,000 each time they do a deal.
We often buy properties "subject to" the underlying mortgage.
That simply means we give the motivated seller a little money
(if he is really motivated no cash is needed) and take over the
payments of the loan that's already in place.
We have title, but the seller's name stays on the mortgage
loan.
This a popular way of buying property from motivated
sellers. It allows the investor to buy many properties
with very little cash. It also places a severe responsibility
on the investor to stay current with the mortgage payments. You
must be a good landlord and some the rent payments rolling in.
Here's where most investors fail to pick up that one thousand
dollar that is just waiting to be claimed.
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