The Comprehensive Guide to Hiring and Working with Virtual Assistants

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This article which was originally published in 2016 has been updated.   Hiring and Working with Virtual Assistants Hiring and working with virtual assistants doesn’t have to be hard. I have found that one of the biggest mistakes real estate investors make, it waiting too long to get help. I know because I was guilty […]

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Are you thinking of investing in property? However you do not have enough cash to do so. Here is a tip you can use as long as the property seller is willing to negotiate with you.

To be fair, not every seller will be willing (or even understand) the concept outlined. Your better wager is to find a land that the owner has great desire for selling, whether because they are moving, divorce, or they are frustrated with the people renting the place.

Actually, if you maybe currently renting and thinking about using this technique perhaps your landlord would be happy to help you out! There are several variations that could be used depending upon you and your vendor. Do they need the market price or are they just eager to get out of the monthly payments – maybe facing foreclosure?

The easiest way is to consider taking over their mortgage obligations – called ‘assuming’ the mortgage. You will need to be approved by the initial lender to presume the mortgage. If you can’t get approved for an assumable mortgage you could also try a ‘subject to’ assumption where you merely make repayments while the property stays in the seller’s name.

You take over the original mortgage and create a 2nd mortgage on the remaining cost of the property with the seller. Offer a high, interest-only payment for a short time period – two or three years. Rather than having the money sit down in a bank they can be collecting a high interest over 2 or 3 years with the rest due in full at the end of the investment term.

When the term ends you should be able to refinance the cost, or you could sell. Unless you hit an actual bad market the value of the home should have risen by then.

Most mortgage lenders merely want to make a good investment. While your local bank could still shy away there are plenty of financial lenders that would wish to make a deal. Financiers like real estate. The mortgage is mostly around 60-70% of the value of the property, so as long as they know they get their money back in the value of the land if you default, they do not care what sort of money you make. Conclude the deal with a second mortgage done with the seller. In case you default they could still foreclose on the property and sell it, settling the existing mortgage in the proceeds.

Now you can see the whole picture. It is good that seller and buyer can work hand in hand. In the event they can’t wait for a sale, you can still give them their initial price with a little overall flexibility on their part.

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