Real Estate Investing Using Other People’s Money with Jim Ingersoll
Jim and I are talking about investing using seller financing.
Do you know the craigslist secret? Jim tells us to go to craigslist on Thursdays and search for “Moving Sale”. Then send the people that are having moving sale an email or text asking if they are selling their home. Jim says it does not always work but occasionally it does help you find deals.
His Sources of Deals
- Referrals. Get referrals from agents and bird dogs and direct from sellers.
- Criagslist. Write to the ‘Moving Sale’ listings.
- Inheritance List. Jim gets leads from inheritance properties.
Three Things You Want to Use
- OPM – Other People’s Money
- OPA – Other People’s Assest. Structure seller financing using the sellers equity in the property to help you.
- OPI – Other People’s Investments – Mostly IRAs and Retirement Funds
Ways to Structure Seller Finance Deals.
- Cash Offer – This is usually a very low number.
- 50/50 Deal – Give the seller 50% up front then the remain 50% in 6 years. This is basically a zero interest loan.
- Finance – Divide the purchase price by the term of the loan and see if they will give you a ‘zero’ interest loan.
- No Payment Until – Offer a deposit then no payments until a later date.
- Use other people’s IRA accounts.
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