If you are thinking of investing in real estate and have very little money and less experience, there are still ways you can do this. There are many people who have made quite a bit of money doing this. With interest rates at an all time low this is the time to invest. The money you can make when you buy property and either resell or rent it can be an income that you can live on.
Consider foreclosures and tax aales. There are many ways to buy real estate with little money. Finding a foreclosure or a tax sale home can be the way to go. There are also for sale by owner homes that many people will carry the note on if you have a down payment. When you purchase a home this way, you can either rent it for more than the mortgage payments or you can resell the home, pay it off, and have extra to purchase another home.
Consider apartment complexes. One of the ways you can make even more money would be to purchase apartment complexes. The potential for earnings using this method is quite a bit more than purchasing a home. If you buy an apartment complex that has as few as four apartments, consider what your monthly income could be if the real estate is in an area that rents for a good price. The amount could pay your mortgage and leave enough for you to live on comfortably. If you invest in several apartments, hire a management company to take care of everything for you and sit back and collect the rent, you will be generating a good income.
Utilize government programs. Some options are available through government sponsored programs, cities and counties. Some counties or cities will allow you to buy homes at a very cheap price if they need renovating to help the economy and to keep from having them torn down. This is especially true in areas where housing is at a premium and people are having a hard time finding homes.
Know your options. There are various ways to purchase homes with little money or experience. All you have to do is be willing to check into a few options and check with your city or county about laws and procedures that are required when you buy property. The tax sales that your county has are another excellent way of purchasing property. The back taxes are paid by you and the owner of the property has a time limit to either pay you the taxes back with interest or the property becomes yours. This is a no-lose situation and many times homes have been purchased for a fraction of their worth. By purchasing property so cheaply, if you decide to rent or resell, the money you will be making will be all profit after the taxes are paid.
In conclusion, there are many options for investing in real estate with little or no money. Simply consider foreclosures and tax sales, apartment complexes, government programs, and more. By doing this, you will be able to find a great deal and profit handsomely for your efforts. Good luck!
By ehow.com
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