{"id":5506,"date":"2019-10-05T22:20:14","date_gmt":"2019-10-05T22:20:14","guid":{"rendered":"http:\/\/on-line-interactivity.com\/blog\/2019\/10\/05\/building-wealth-don-t-waste-your-mon\/"},"modified":"2019-10-05T22:20:14","modified_gmt":"2019-10-05T22:20:14","slug":"building-wealth-don-t-waste-your-mon","status":"publish","type":"post","link":"https:\/\/on-line-interactivity.com\/blog\/building-wealth-don-t-waste-your-mon\/","title":{"rendered":"Building Wealth  Don T Waste Your Mon"},"content":{"rendered":"<div style=\"margin-top: 0px; margin-bottom: 0px;\" class=\"sharethis-inline-share-buttons\" ><\/div><p><body>&#13;<\/p>\n<div align=\"center\">&#13;<\/p>\n<p><a href=\"https:\/\/on-line-interactivity.com\">&#13;<br \/>\n  <img loading=\"lazy\" decoding=\"async\" border=\"0\" src=\"http:\/\/on-line-interactivity.com\/blog\/wp-content\/uploads\/2019\/12\/abbtop.jpg\" width=\"800\" height=\"120\"\/><\/a><br \/><a 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class=\"style7\">&#13;<br \/>\n                <font color=\"#FB7014\" size=\"4\" face=\"Tahoma\">Building Wealth: Don&#8217;t Waste Your Money on Real Estate Investment Schemes<\/font><\/span><\/div>\n<\/td>\n<p>&#13;<br \/>\n            <\/tr>\n<tr>\n<td align=\"left\" height=\"19\">\n<div align=\"justify\"><span class=\"style2\">by: &#13;<br \/>\n                <font size=\"3\" face=\"Times New Roman\" color=\"#FB7014\">Jeanette Joy Fisher<\/font><\/span><\/div>\n<\/td>\n<p>&#13;<br \/>\n            <\/tr>\n<tr>\n<div id=\"article\">\n<td align=\"left\" height=\"12\"><span class=\"style2\">You&#8217;ve seen the real estate guru advertisements for books, DVDs, programs, seminars, and mentoring coaches promoting no-money-down deals. Perhaps you&#8217;ve watched the infomercial on TV with the people telling their stories of how they made millions investing in real estate with no-money-down and cash back to the buyers.&#13;<\/p>\n<p>Maybe you, like me and many others, have purchased books or expensive systems based on these no-money-down and lease-option investing schemes. Here&#8217;s the rest of the story.&#13;<\/p>\n<p>Perhaps you&#8217;ve seen an ad in your local newspaper offering a home with 100% financing from the seller or a lease option. You should know that the investor offering these types of deals makes money by purchasing the property at a discount and selling the property for an inflated price.&#13;<\/p>\n<p>Lease-option real estate investors play the odds. They bet that most people won&#8217;t be in a position to purchase the lease-option home in a year. So the investor seeks a hopeful tenant to make higher than average rental payments, pay more move-in cash, and make the investor&#8217;s mortgage payment. Those tenants who do eventually purchase the home paid much more for the home than the investor. Many tenants never come up with a new mortgage loan to purchase the property when the time runs out. Either way, the real estate investor makes money.&#13;<\/p>\n<p>First-Time Home Buyers&#13;<\/p>\n<p>If you need to buy your first home to live in, these home-purchase methods may help you if you have terrible credit and can clean it up in time to finalize the purchase in a year. Just understand that you&#8217;re paying too much for the property and may not make any money on appreciation. On the other hand, if you have strong credit, you can purchase a bargain house with no money down legitimately.&#13;<\/p>\n<p>Tips for Beginning Real Estate Investors&#13;<\/p>\n<p>Don&#8217;t buy overpriced property! Avoid 100% investor-financed &#8220;deals.&#8221; You will have to wait too long to make any money. Plus, the rental income most likely won&#8217;t come close to making the mortgage payment for you.&#13;<\/p>\n<p>Don&#8217;t waste your money buying real estate guru books, DVDs, programs, seminars and mentor-coach promoting no-money-down deals. Would you buy a book on how to make a fortune on the Internet that was written in 1995?&#13;<\/p>\n<p>These out-of-date, no-money down schemes, tell you to look for home sellers in distress who will let you buy their home for no-money down with the seller financing the property for you. This system worked last century. Today&#8217;s home sellers know that they can get a buyer who can get their own financing.&#13;<\/p>\n<p>Plus, today&#8217;s home sellers know that other sellers have lost money selling with no-money down. They&#8217;ve heard the stories where home sellers didn&#8217;t get paid and had to foreclose on a property. They&#8217;ve heard the stories where the investor-buyer rented the house to tenants who trashed the property. They&#8217;ve heard the stories where the investor-buyer collected the rent and didn&#8217;t pay the home seller.&#13;<\/p>\n<p>To get started building wealth in real estate today:&#13;<\/p>\n<p>1. Get your credit ready for mortgage financing. (Mortgage credit differs from consumer credit.)&#13;<\/p>\n<p>2. Buy right. Don&#8217;t overpay for deals that sound too good to be true. These schemes are too good to be true!&#13;<\/p>\n<p>3. Guard your money. Don&#8217;t get yourself in over your head with high mortgages on rental properties that cause you negative cash flow and jeopardize your financial well-being. The best way to do this is to make sure you get the best mortgage rates on a bargain-priced property.&#13;<\/p>\n<p>You can buy investment property for little &#8212; or even no-money down. Get started by buying your home or a second home. Real estate investing offers you the most tried and true way to build wealth when you avoid investing schemes.&#13;<\/p>\n<p>Copyright \u00a9 2005 Jeanette J. Fisher. All rights reserved.&#13;<\/p>\n<p>&#13;<br \/>\n About the author:<br \/>&#13;<br \/>\n &#13;<br \/>\n  Jeanette Fisher teaches beginning real estate investors five easy steps to find, finance and fix houses for profits. 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