The biggest challenge for real estate BWBs (Beginning Wealth Builders) is the down payment needed for their first property. So if a BWB starts with a low-cost property (say $50,000–not $5-million), it’s much easier to borrow the down payment. For instance, if you need 10% down, that’s $5,000 for the $50,000 property, but $500,000 for […]
Today’s “Get Rich in Real Estate” seminars focus on foreclosures and variants like probate properties, repo homes, and ‘ugly houses,’ with emphasis on getting early information and flipping for profit. There’s growing availability of foreclosure properties and many online sources provide listings and auctions, along with necessary how-to guides and state-specific rules. These sources offer comprehensive databases, and some promise significant discounts on bank-owned properties. It’s crucial to inspect these homes thoroughly and understand the varying foreclosure laws by state.
