Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

William Bronchick | Ways to Make $7k in the Next 30 Days

473 views

Published on

William Bronchick | How do you make cash right now in real estate? Here’s creative techniques for generating cash quickly without starting from much.

Published in: Real Estate
  • Login to see the comments

William Bronchick | Ways to Make $7k in the Next 30 Days

  1. 1. How to Make Cash Fast in Real Estate
  2. 2. The most common question I get is, “How do I make cash right now in real estate? Oh, and by the way, I have no money to put down and my credit is horrible!”Ok, not impossible, but it will take hard work, dedication, and learning a few tricks I have up my sleeve. Here’s creative techniques for generating cash quickly without starting from much.
  3. 3. • Summary: Find a fixer property that needs a lot of work, but that is priced accordingly. Get it under contract for 70% of ARV less repairs, then flip to another investor • Where to Find: MLS, Probates, Free and Clear Owners • What to Watch Out For: Banks won’t let you assign their purchase contract.
  4. 4. • Summary: Find a property that would make a good rental, and flip to another landlord. Usually a “starter” home that’s on the cheaper side and doesn’t need much more than carpet and paint to make it a fine rental property. • Where to Find: MLS, other landlords • What to Watch Out For: Sewer line, roof or structural problem will push repair costs too high to make it worthwhile for a rental.
  5. 5. Lease a property from the owner with an option to buy, then sublease to a tenant, giving him an option to buy for a higher price. When tenant is ready to buy from you, exercise your option to buy from the seller, and double-close the deal to the tenant.Don’t make payments directly to seller and trust him to make it to his bank. Instead use a third-party escrow company to service payments.
  6. 6. • Summary: Have seller who is highly motivated and little equity deed his property to you, subject to the existing mortgage. Then, lease to tenant with option to buy. More favorable than #3, because if you have title to the property for more than 12 months before tenant buys, the profit is a long-term capital gain, which means lower tax rate. • Where to Find: Properties in default or in foreclosure. May require you to make up some back payments, though. • What to Watch Out For: Seller has undisclosed liens on the property. Do a title search before proceeding.
  7. 7. • Summary: Buy on a wraparound installment land contract, mirroring the seller’s loan balance and payment terms. Then, resell on a wraparound installment land contract, marking up the price and interest rate. • Where to Find: FSBO seller who has very little equity or advertising “for sale or rent”. • What to Watch Out For: Don’t make payments directly to seller and trust him to make it to his bank. Instead use a third-party escrow company to service payments.
  8. 8. • Summary: Buy one cheap, fix it up, sell for cash. Works best on older homes that are cheap, because few people have the cash to buy a $40k mobile, and few banks are lending in this arena. • Where to Find: Put fliers out in mobile home parks • #1 Thing to Watch Out For: Your buyer may not qualify for the mobile home park lease!
  9. 9. William Bronchick, Host of Legalwiz.com is a nationally-known attorney, author, entrepreneur, and public speaker. Mr. Bronchick has been practicing law and investing in real estate since the early 90’s, having been involved thousands of real estate transactions. He has trained countless people all over the Country to become financially successful, speaking to audiences of as many as 16,000 at mega-events.
  10. 10. https://www.facebook.com/williambronchick/ https://www.linkedin.com/in/williambronchick https://bronchicklaw.com/ https://www.legalwiz.com/ https://twitter.com/bronchick https://bronchick.wordpress.com/
  11. 11. Thank you!

×