Is it possible to buy houses for less than 10,000 dollars? It may seem hard to believe. But it is possible!
Here are 3 ways to buy houses for less than 10,000 dollars:
Vendor Finance. In vendor financing, the seller is responsible for financing just a portion or the entire home. Vendor financing is a great opportunity for both buyers and sellers. Buyers can avail of lower down payment or none at all. Sellers, on the other hand, can sell their homes faster because vendor financing opens up to a wider market.
Private Lending. Private Lending is a process of making a loan or lending money out of real estate funds from private individuals. The interest rates may be higher compared to other conventional investing establishments like banks and others.
Through private lenders, a real estate investor can purchase cheap houses which most banks are not eager to finance. Another advantage is, it's less complicated to acquire since the investor doesn't have to put some money down or have sufficient credit. The hassles of paper work, closing fees recording fees and the like are minimal. Simply, the investor just needs to borrow money from a private lender and pay him back the interest. In turn, the investor purchases the properties he desires quickly and easily. At the same time, he gains a passive but higher investment. On the other hand, the private lender gets a substantial income because of the interests that the real estate investor has paid.
Lease Option. In a lease option, the lessee (also known as the tenant) pays an option payment in advance. This amount secures that the lessee can acquire the property at a future date with an agreed-upon price. If the lessee takes advantage of this option, the option payment is attributed toward the purchase price. This amount is up for grabs but oftentimes, it's at least 3% of the purchase price. At the course of the lease (which usually lasts from six months to a year), the lessee should pay the agree-upon rent charges to the lessor so the lessee can now reside in the property. Oftentimes, all or just a portion of the rent is also attributed toward the purchase price. When the lease term ends, the lessee already has the choice to completely buy the property at the agreed price. Also, the option and rental payments are deductible from the price. If ever the lessee chooses not to take the option, then all the payments he has made will be forfeited to the owner.
So, those are some of the ways or measures which allow you to purchase houses for less than 10,000 dollars. Take on these opportunities so you can start a new life with your family in a new home!
Author Resource:
Did you know you can buy property without a bank? See PROOF RickOtton.com
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