Let’s assume you wish to acquire income or profit producing real estate with very little money and using what you can contribute, mainly time and personal effort. We’ll also assume you have the time and are willing to provide your personal labor. The idea is to use your time to fix these problems in lieu of paying, the regular cash down payments. Correcting problems have big cash values; first; I want you to ask yourself a couple of questions.
Question One: What kind of property might you expect to purchase without a cash down payment?
Question Two: What kinds of sellers are likely to own the type of property described in question one? Here are some likely candidates.
A. Out-of-town owners who are not paying attention to what goes on at their rental properties. Poor management.
B. Owners with financial problems like going broke
C. Family problems (divorce, death, lifestyle change).
D. For-sale-by-owner ads (Craigslist, web sites, newspapers).
E. Owners who have lost jobs and can’t pay their bills.
F. Elderly or disabled who can no longer provide upkeep.
G Junky looking properties—trashy, with deadbeat tenants.
H. Job transfers: owner moved, now has two house payments.
The reason you are looking for ugly, distressed-type properties is because they represent big problems for their owners. Often the price to correct these, problems can amount to a much higher dollar value than the normal cash down payment may have been.
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