With prices of homes are at a very low rate these days, you are thinking of investing in real estate. But the idea struck you, is it the best time to invest in real estate? The answer is yes, if you have the inclination – right now is the best time to put your money in real estate.
But, what about if you don’t have the cash to support your potential real estate business? Can you still move one with your dream business? Yes you can because you have other options of pushing through with your idea. You don’t always need to put money down to start your real estate venture.
Did you know that some real estate investors who have been successful in their field started out with no cash out in dealing real estate? They will tell you that money is not an issue that you can still earn even without putting money in. This is shocking because if that was the case, everybody will want to become a real estate investor. Money is just one part of the package, of course. Hard work more so because it completes the circle in dealing real estate.
Investing (your time) in Real Estate without Money Investments
Scratch the thought of you not being able to make in real estate if you don’t have a large amount of cash. You may very well have 1 dollar in your pocket and with that can make you a real estate investor. Seriously! Don’t laugh. There are quite a number of strategies and techniques that you can use to create your real estate business and that is primarily using OTHER PEOPLE’S CASH to finance your deals. One of that is utilizing the escrow account.
What is Escrow?
You must have encountered escrow before if you have experienced purchasing your own home or from your parents, family or friends who bought their own houses. In case you haven’t, opening an escrow account is like having an option or earnest money. You, as the buyer will have to pay a certain, usually small percentage to the seller so that the house will be kept off the market.
There is no money out here for you because you can either borrow money from a loaning institution for the escrow account and then sell the house almost instantly; or bring the prospective buyer to the house and let him or her pay for the earnest money. Just remember that earnest money is non-refundable in case the sale will not push through. So, you may not put in the finance aspect but you have to be a great sales talker to earn in real estate.
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