Posted by Lazaro on June 29, 2001 at 17:36:45:
What I have been informed is that it is $1,000 plus closing costs. So the total move in is about 5%. This is what seems to be typical in the entire state.
Cordially,
Lazaro
no equity?? - Posted by JAQ
Posted by JAQ on June 29, 2001 at 12:32:47:
I’ve been hearing that you can still find go investments in houses with little or no equity. Could some of you out there give me a couple of examples of how this my be possible.
Thanks for any help,
JAQ
Re: no equity?? - Posted by Tom
Posted by Tom on June 30, 2001 at 01:16:44:
The ABC’s course from getthedeed.com is almost entirely about buying new homes with little or no equity on Subject To and then reselling them on LO for about 20K profit on a 100k no equity home. And these deals are hard to understand, but appear to be very easy to put together. Haven’t done my first deal yet, but am working hard on putting the advertising together now.
Re: no equity?? - Posted by Lor
Posted by Lor on June 29, 2001 at 14:41:31:
In the Tampa/St. Pete area of FL you can buy VA foreclosures for about 1% down with the VA picking up the closing costs if my memory serves my correctly. These are fairly recent Vet purchases so have little or no equity. Your total costs will be about $1,500 for a small house and you can rent them for break even cash flow which after depreciation (and tax write offs) can translate to a positive cash flow. I bought three but had a crooked property manager so turned them over after a year to another invester. First call the VA office in FL. for info about the next auction. You can then contact a realtor and have them inspect houses and place the bid for you. Beware also, that property taxes are quite high, about 2%. They have something called the Homestead Act which translates to higher taxes for rentals.