Currently viewing the tag: "money"
Question: Gifting Money for a Real Estate Investment, Cincinnati?
My two younger brothers want to “flip” a house. I have some money saved that I was going to give them to help purchase and fix-up the property and then when sold, I’d share in the profits. I don’t want to be involved in the paper work or have my name on the title of the house. Basically they’re just two guys buying and selling a house, not a company or LLC and I’m giving them money and hoping to make a more money back.
What are the legalities in terms of “gifting” large sums of money as investment money and being able to receive funds later as a profit?
Answer:
Answer by the tax lady
The IRS calls this a loan or an investment.
It’s NOT a gift.
Put together a promissary note with interest rates and have them sign it.
Question: What is it “no money down real estate”?
Answer:
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Question: “no money down real estate system”?
Hey everybody, has anyone out there ever used the seemingly popular “no money down real estate” system? Particularly the one Robert Allen promotes? If you have please share your experience including any fine print, things they don’t tell you, etc. Cuz I’ve seen infomercials about this for years from many different people, but I’d love to know what the actual program involves. Thanks.
Answer:
Answer by frankie b
They are basically legal scams. Their systems do work but only in select markets. If they made all this money buying and selling real estate they would not need to sell books. This is where they really make their money. Trust me they are a waste of time, and money.
Question: I’m in need of a hard money loan in Florida. Can anyone help me find this type of loan?
I’m a Professional that is looking to get into “flipping” houses. I have located properties that are 65% to 70% ARV. If anyone knows of a Hard Money Lender or Private Investor I would appreciate your help.
Answer:
Answer by mcmufin
This is the wrong time to do it here. You’re finding homes with such a low price to assessed value ratio for two reasons. First, no one is buying and prices are falling. There is so much inventory both on the market and not on the market (homes built by construction companies but not offered for sale so the builder’s homes that are not listed for sale so those offered for sale might go for a higher price) that it will be at least a year before prices stabilize, let alone start to rise. It could be as long as two or three years before prices bottom out.
Second, the assessed value is based upon when the homes sold during the real estate bubble. Prices were artificially high then. A house might have sold for $ 500,000.00 then, but it is only worth $ 300,000.00 now. The property is assessed at $ 500,000.00 because that is what it sold for, even if it is only worth $ 300,00.00 now.
I know many people made hundreds of thousands of dollars during the bubble, but they also caused the bubble, and they are now left holding devalued properties.
Question: Have you ever bought a home to repair and sell in a couple of months only to make some fast money?
It is called “flip” house.
Answer:
Answer by dottye7777
I am a Realtor. Many of my clients have done this. before I became a Realtor, my ex husband and I flipped some fixer-uppers. There is money to be made if you buy right- as low as possible; if property is still selling in your location- many real estate markets are slow right now; and if the house just needs cosmetic repairs and cleaning, unless you are a licensed contractor and have special skills such as plumbing, electrical wiring, etc.
Right now, you may want to look for foreclosures. There are more foreclosures now than in recent years. Many of those houses are in disrepair and need fixing.
Question: Do those making money off real estate “systems” really work?
I am thinking like “No Money Down” and other things seen on ifomercials.
Answer:
Answer by leaselg
Yes, they are generally, “get rich quick” schemes for the people selling the books, tapes, and seminars. Not so true for the attendees.
Question: I’ve got very little money, and my credit isn’t great. Is there a way that I can invest in Real Estate”?
I just declared Bankruptcy…is there a way that I can invest in Real Estate being Bankrupt, or is that even possible?
Answer:
Answer by Claudia
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